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IL HB2807

Bill

Official Source

Status

Engrossed

4/15/2021

Primary Sponsor

Brad Halbrook

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Establishes the Local Accumulation of Funds Act to regulate how local government units accumulate reserves.
  • Defines "capital fund" as a fund established by townships or other local government units to dedicate resources toward capital improvements as part of annual budgets.
  • Limits non-capital funds of local government units to an amount not exceeding 2.5 times the average annual expenditure from the previous 3 fiscal years.
  • Repeals Section 85-65 of the Township Code.
  • Takes effect upon becoming law.

Legislative Description

LOCAL ACCUMULATION OF FUNDS

Last Action

Referred to Assignments

4/19/2021

Committee Referrals

Assignments4/19/2021
Cities & Villages3/9/2021
Rules2/19/2021

Full Bill Text

No bill text available