Sec. 240. Amount to be retained in indemnity fund.
144 words·~1 min read·
/il/chapter-35/act-516/240A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 240. Amount to be retained in indemnity fund.
(a)The county board in each county shall determine the amount of the fund to be maintained in that county, which amount shall not be less than $50,000 and shall not be greater than $1,000,000 in counties with less than 3,000,000 inhabitants. Any moneys accumulated by the county treasurer in excess of the amount so established, as trustee of the fund, shall be paid by him or her annually to the general fund of the county.
(b)In counties in which a Tort Liability Fund is established, all sums of money received under subsection
(a)of Section 235 may be deposited in the general fund of the county for general county governmental purposes, if the county board provides by ordinance that the indemnity required by this Section shall be provided by the Tort Liability Fund.