§ 2-130. Keep account for special assessments.

The comptroller shall keep records for special assessment projects in accordance with generally accepted principles of municipal accounting for such projects, and as a minimum such records shall currently show the amounts assessed, the cash collected thereon and from other sources, the cash disbursed for the improvement and other authorized purposes, and such records shall contain references to the documentary or other evidence supporting transactions and the entries relating thereto. The funds so received shall be held as a trust fund and applied only to payment for the improvement for which the assessment was made, or for principal and interest on bonds issued therefor, and for no other purposes except as may be provided by law or ordinance.

(Code 1977, § 2.57)

State law reference

Restrictions on handling of special assessment funds by treasurer, 65 ILCS 5/3.1-35-85.