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Illinois Compiled Statutes 70 ILCS 915 Illinois Medical District Act. Section 10

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    (70 ILCS 915/10) (from Ch. 111 1/2, par. 5020)

    Sec. 10. Disposition of money; income fund. All money received by the Commission from the sale or lease of any property, in excess of such amount expended by the Commission for authorized purposes under this Act or as may be necessary to satisfy the obligation of any revenue bond issued pursuant to Section 5, shall be paid into the State Treasury for deposit into the Medical Center Commission Income Fund provided, however, the Commission is authorized to use all money received as rentals for the purposes of planning, acquisition, and development of property within the District and operation, maintenance and improvement of property of the Commission and for all purposes and powers set forth in this Act. Beginning in 1993, not later than July 10 of each year, the Commission shall transmit to the State Treasurer for deposit into the Medical Center Commission Income Fund all monies on hand at June 30 in excess of $350,000 without deduction or offset of any kind, except that the Commission may retain such additional funds as are necessary to pay enforceable contractual obligations existing as of June 30 and which will be paid not later than September 30 of that year. All monies retained for the payment of these obligations and not paid out by September 30, shall be remitted in full to the State Treasury, without deduction or offset of any kind, not later than October 10 of the same year. All monies held pursuant to this Section shall be maintained in a depository approved by the State Treasurer. The Auditor General shall, at least biennially, audit or cause to be audited all records and accounts of the Commission pertaining to the operation of the District.

(Source: P.A. 89-356, eff. 8-17-95.)

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Last modified: February 20, 2012


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