Bill Text: IL SB1805 | 2019-2020 | 101st General Assembly | Enrolled
Bill Title: Amends the Metropolitan Water Reclamation District Act. Provides that in addition to the District's pension contributions from taxes levied, the board of trustees, by a two-thirds vote of all its members, may also transfer revenue from any lawfully available source into the District's funds that are in most need of income.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Enrolled - Dead) 2021-01-13 - Passed Both Houses [SB1805 Detail]
Download: Illinois-2019-SB1805-Enrolled.html
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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Metropolitan Water Reclamation District Act | ||||||
| 5 | is amended by changing Section 5.9 as follows:
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| 6 | (70 ILCS 2605/5.9) (from Ch. 42, par. 324s)
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| 7 | Sec. 5.9. The board of trustees shall, at any time after | ||||||
| 8 | March 1 of each
fiscal year, have power, by a two-thirds vote | ||||||
| 9 | of all the
members of such body, to authorize the making of | ||||||
| 10 | transfers within a department
or between departments of sums of | ||||||
| 11 | money appropriated for one corporate object
or function to | ||||||
| 12 | another corporate object or function. Any such action by the
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| 13 | board of trustees shall be entered in the proceedings of the | ||||||
| 14 | board. No
appropriation for any object or function shall be | ||||||
| 15 | reduced below an amount
sufficient to cover all unliquidated | ||||||
| 16 | and outstanding contracts or
obligations certified from or | ||||||
| 17 | against the appropriation for such purpose.
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| 18 | In addition to the contributions required under Section | ||||||
| 19 | 13-503 of the Illinois Pension Code, the The board of trustees, | ||||||
| 20 | by a two-thirds vote of all its members, may transfer
the | ||||||
| 21 | interest earned on any moneys of the district as well as | ||||||
| 22 | revenue from any lawfully available source into the district's | ||||||
| 23 | fund or
funds that are most in need of the interest income or | ||||||
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| 1 | revenue from any lawfully available source, or the Metropolitan | ||||||
| 2 | Water Reclamation District Retirement Fund. This authority | ||||||
| 3 | does not
apply to any interest that has been earmarked or | ||||||
| 4 | restricted by the board for a
designated purpose. This | ||||||
| 5 | authority does not apply to any interest earned on
any funds | ||||||
| 6 | for purposes of the Metropolitan Water Reclamation District
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| 7 | Retirement Fund or Reserve Claim Fund.
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| 8 | The board of trustees, by a two-thirds vote of all its | ||||||
| 9 | members, may
transfer fund balances between its Working Cash | ||||||
| 10 | Funds.
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| 11 | (Source: P.A. 95-891, eff. 8-22-08.)
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