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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(70 ILCS 410/15.6) (from Ch. 96 1/2, par. 7122)
Sec. 15.6.
All revenue derived from the operation of such facility or facilities
constructed, equipped, extended or improved in whole or in part with the
proceeds of any bonds issued under Sections 15.2 through 15.9 of this Act
for the construction, equipping, extension, or improvement of such facility
or facilities shall be deposited in a separate fund. Each fund shall be
used only for paying the cost of operation and maintenance of the
recreational facility or facilities or any combination thereof constructed,
equipped, extended or improved in whole or in part with the proceeds of
such bonds so issued for such facility or facilities, and for paying the
principal of and interest on the bonds so issued and creating the accounts
provided for by the ordinance authorizing their issuance.
The district shall install and maintain a proper system of account for
each fund, showing the amount received and disbursed from the operation of
such facility or facilities. At least once each year the district shall
have such accounts for bonds properly audited, and the report of this audit
shall be open to the public for inspection at all times.
(Source: P.A. 77-1330.)
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