(605 ILCS 5/5-913) (from Ch. 121, par. 5-913)
Sec. 5-913.
Impact Fees to be Held in Interest Bearing Accounts.
All
impact fees collected pursuant to this Division shall be deposited into interest
bearing accounts designated solely for such funds for each service area.
All interest earned on such funds shall become a part of the moneys to be
used for the road improvements authorized by this Division. The unit of
local government shall provide that an accounting be made annually for any
account containing impact fee proceeds and interest earned. Such
accounting shall include, but shall not be limited to, the total funds collected,
the source of the funds collected, the total amount of interest accruing on
such funds, and the amount of funds expended on road improvements. Notice of
the results of the accounting shall be published in a newspaper of general
circulation within the unit of local government at least 3 times. A
statement that a copy of the report is available to the public for
inspection at reasonable times shall be contained in the notice. A copy of
the report shall be provided to the Advisory Committee.
(Source: P.A. 86-97.)
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