Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 2005/12

(70 ILCS 2005/12) (from Ch. 85, par. 6862)

Sec. 12.

A district organized under
this Act, in the preparation of its annual budget and appropriation ordinance,
may provide that an amount equal to not more than 0.5%
of the total equalized assessed value of real property situated in the district
shall be allocated to and accumulated in an Equipment Repair or
Replacement Fund for the purposes of equipment repairs
or replacements of specific types of district equipment.
 Expenditures from the Equipment Repair or
Replacement Fund shall be budgeted and appropriated for the fiscal year
in which the equipment repair or replacement will occur.  Upon
completion or abandonment of any object or purpose for which an Equipment
Repair or Replacement Fund has been initiated, monies remaining in the
fund shall be transferred into the general corporate fund of the district on
the first day of the fiscal year following the abandonment or completion
resulting in the surplus moneys in such fund.

(Source: P.A. 98-756, eff. 7-16-14.)