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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(70 ILCS 805/13.7)
Sec. 13.7.
Endowment Fund.
Each forest preserve district may create,
maintain, and increase a separate fund to be known as the "Endowment Fund" to
pay all costs and expenses incurred or anticipated by the forest preserve
district for the long-term maintenance and improvement of forest preserve
facilities and lands, and for the future purchase of real property. Only one
"Endowment Fund" may be created by a forest preserve district, but the fund may
provide for the collection, maintenance, investment, and expenditure of monies
for more than one purpose. All revenues deposited in the Endowment Fund shall
be designated by purpose and appropriated and expended for the purpose for
which it was designated. No appropriation in the Endowment Fund shall lapse,
and the monies received and designated for a specific purpose shall not become
part of the general funds of the district or considered an asset available for
appropriation for another purpose in a subsequent year unless the purpose for
which the monies were originally appropriated has been completed. Revenues
deposited in the Endowment Fund must come from private sources,
whether received
before, on, or after the effective date of this amendatory Act of 1995.
No revenues shall come
from any Federal, State, or local government
source, except for those
received as a result of agreements obligating the district to the long-term
maintenance of improvements constructed on district lands.
The Fund shall be audited
annually by a licensed certified public accountant.
(Source: P.A. 89-119, eff. 7-7-95.)
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