§ 285-5 — Payment of bond fund balance to township

Illinois § 285-5

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 60: TOWNSHIPS
• Act 60 ILCS 1/: Township Code.
• Art.: Article 285 - Township Bond Money Refunds

Text

(a) Whenever all the bonds of any township have been fully paid and canceled and there remains in the hands of the county collector of taxes or county treasurer, after the payment, any balance to the credit of the bond fund of the township, the county collector of taxes or county treasurer shall pay to the supervisor of the township the balance of the fund in his hands, taking a receipt of the supervisor for the payment, and the balance may be appropriated and expended in accordance with subsection (a) of Section 285-10. (b) Beginning on the effective date of this amendatory Act of the 93rd General Assembly and through December 31, 2004, whenever all the bonds of any township have been fully paid and canceled and there remains any balance to the credit of the bond fund of the township, including any amounts that were in the bond fund prior to the payment in full and cancellation of the bonds, in the hands of the township supervisor (other than amounts paid to the supervisor under subsection (a)), the balance may be appropriated and expended in accordance with subsection (b) of Section 285-10.

Legislative History

(Source: P.A. 93-1025, eff. 8-25-04.)