Illinois General Assembly - Illinois Compiled Statutes

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60 ILCS 1/285-5

(60 ILCS 1/285-5)

Sec. 285-5. Payment of bond fund balance to township.

(a)
Whenever
all the bonds
of any township have been fully paid and canceled and there remains in the
hands of the county collector of taxes or county treasurer, after the payment,
any balance to the credit of the bond fund of the township, the county
collector of taxes or county treasurer shall pay to the supervisor of the
township the balance of the fund in his hands, taking a receipt of the
supervisor for the payment, and the balance may be appropriated and expended in accordance with subsection (a) of Section 285-10.

(b) Beginning on the effective date of this amendatory Act of the 93rd General Assembly and through December 31, 2004, whenever all the bonds of any township have been fully paid and canceled and there remains any balance to the credit of the bond fund of the township, including any amounts that were in the bond fund prior to the payment in full and cancellation of the bonds, in the hands of the township supervisor (other than amounts paid to the supervisor under subsection (a)), the balance  may be appropriated and expended in accordance with subsection (b) of Section 285-10.

(Source: P.A. 93-1025, eff. 8-25-04.)