Public Act 90-0556 of the 90th General Assembly

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Public Act 90-0556

HB1118 Re-Enrolled                             LRB9003239DNsb

    AN ACT  to  amend  the  Property  Tax  Code  by  changing
Sections 20-35 and 23-20.

    Be  it  enacted  by  the People of the State of Illinois,
represented in the General Assembly:

    Section 5.  The Property Tax Code is amended by  changing
Sections 20-35 and 23-20 as follows:

    (35 ILCS 200/20-35)
    Sec. 20-35.  Investments by county collector.  The county
collector shall, as provided in Section 2 of the Public Funds
Investment  Act,  invest  and  reinvest  the  proceeds of the
lesser of any taxes paid under protest or funds withheld from
distribution and held in  a  Protest  Fund,  as  provided  in
Section  23-20.   The investments shall be obligations of the
United States Government maturing not more than 91 days after
the  date  of  purchase,  or  savings   accounts,   including
certificates  of  deposit,  investment  certificates  or time
deposit  open  accounts,  in  banks  or  savings   and   loan
associations  insured  by  the United States or other federal
agency. Investments made in obligations of the United  States
Government  shall be at then existing market price and in any
event not to exceed par  plus  accrued  interest.   The  cost
price of the obligations and all savings accounts in banks or
savings  and loan associations shall be considered as cash in
the custody of the county collector.  All  earnings  accruing
on  any  Protest  Fund investment or bank or savings and loan
association savings account in excess of those  amounts  paid
as interest on moneys refunded to taxpayers shall be credited
to  and  paid  into  the  county  corporate  fund,  except as
provided in Section 23-20.
    No bank or savings and  loan  association  shall  receive
public  funds  under this Section unless it has complied with
Section 6 of the Public Funds Investment Act.
    After the effective date of this amendatory Act of  1997,
no  additional  funds shall be deposited into a Protest Fund,
other  than  interest  on  investments  of  funds  that  were
deposited into a Protest Fund prior to this amendatory Act of
1997.
(Source: P.A. 83-1362; 88-455.)

    (35 ILCS 200/23-20)
    Sec. 23-20.  Effect of protested  payments;  refunds.  No
protest  shall  prevent  or  be  a  cause  of  delay  in  the
distribution  of  tax  collections to the taxing districts of
any taxes collected which were not paid under  protest.   The
collector shall withhold from distribution the lesser of: (a)
the  total  amount of taxes paid under protest; (b) an amount
equal to the average annual tax objections sustained over the
preceding 5 year period; or  (c)  1/2%  of  the  total  taxes
collected.    Amounts  paid  under  protest  or withheld from
distribution shall be deposited by the collector in  interest
bearing  accounts  as provided in Section 20-35. If the final
order of the Property Tax Appeal Board or of a court  results
in  a  refund  to  the taxpayer, refunds shall be made by the
collector from funds remaining in the Protest Fund until such
funds are  exhausted  and  thereafter  from  the  next  funds
collected  after  entry of the final order until full payment
of the refund and interest thereon has been made. The  amount
of  the refunds shall be paid out of the Protest Fund created
by  Section  20-35.   Interest  from  the  date  of  payment,
regardless  of  whether  the  payment  was  made  before  the
effective date of this amendatory Act of 1997, under  protest
or  from  the date payment is due, whichever is later, to the
date of refund shall also be paid to the taxpayer at the rate
of 5% per year.  If the  final  order  of  the  Property  Tax
Appeal Board or of a court results in a payment to the taxing
districts of all or a part of the taxes paid under protest or
withheld,  any  excess  interest earned on the funds withheld
from distribution shall be paid into the county treasury.  If
refunds ordered by the Property Tax Appeal Board or  a  court
exceed  the  funds  available in the Protest Fund provided in
Section 20-35, the refunds of principal and interest shall be
paid out of the first funds collected for the taxing district
in the following taxable year.
(Source: P.A. 87-17; 88-455.)

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.

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