SB1432 amends the Illinois Municipal Code to expedite the distribution of surplus funds in the special tax allocation fund.
SB1432 amends the Illinois Municipal Code to change how surplus funds in the special tax allocation fund are distributed. Previously, these funds were distributed annually within 180 days after the close of the municipality's fiscal year. The bill now requires that all surplus funds be distributed as soon as possible after they are calculated. This change aims to make the distribution process more timely and efficient.
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