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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(70 ILCS 2805/26m) (from Ch. 42, par. 437m)
Sec. 26m.
Any district issuing revenue bonds under this Act for a drainage system
shall install and maintain a proper system of accounts, showing the amount
of revenue received and its application. At least once a year the district
shall have the accounts properly audited by a competent auditor. The report
of that audit shall be open for inspection at all proper times to any
taxpayer, user, or any holder of bonds issued under this Act, or to anyone
acting for and on behalf of the taxpayer, user, or bondholder. The
treasurer of the district shall be custodian and ex-officio collector of
the funds derived from income received from a drainage system purchased or
constructed under the provisions of this Act. He shall give proper bond for
the faithful discharge of his duties as such custodian, and this bond shall
be fixed and approved by the trustees.
All of the funds received as income from a drainage system purchased or
constructed in whole or in part under the provisions of this Act, and all
of the funds received from the sale of revenue bonds shall be kept separate
and apart from the other funds of the district.
(Source: Laws 1961, p. 3028.)
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