(65 ILCS 5/8-2-9.5) (from Ch. 24, par. 8-2-9.5)
Sec. 8-2-9.5.
In the preparation by the municipal budget officer of the
annual budget, an amount not to exceed 3% of the equalized assessed value of
property subject to taxation by the municipality may be accumulated in a
separate fund for the purpose or purposes of specific capital improvements,
repairs, and/or replacements of specific types of municipal equipment or
other tangible property, both real and personal, to be designated as the
"Capital Improvement, Repair or Replacement Fund". Expenditures from the
Capital Improvement, Repair or Replacement Fund shall be budgeted in the
fiscal year in which the capital improvement, repair or replacement will
occur. Upon the completion or abandonment of any object for which the
Capital Improvement, Repair or Replacement Fund, or should any surplus
monies remain after the completion or abandonment of any object for which
the Capital Improvement, Repair or Replacement Fund was inaugurated, then
such funds no longer necessary for capital improvement, repair or
replacement shall be transferred into the general corporate fund of the
municipality on the first day of the fiscal year following such
abandonment, completion, or discovery of surplus funds.
(Source: P.A. 84-147.)
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