Establishes a fund for interest penalties on delinquent property taxes and mandates distribution to the county and other authorities.
Creates a fund for interest penalties on delinquent property taxes, requiring the county collector to place all proceeds into this fund. The fund's moneys must be distributed within 30 days to the county of record and other proper authorities or persons based on their share of the overall tax extension. The county collector may notify recipients that the funds come from interest penalties.
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