Illinois § 20
Full text of Illinois Illinois Compiled Statutes § 20, with citation guidance and answers to common questions.
§ 20.
Use of lease proceeds by lessor. (a) With respect to any leased facility property used for airport purposes, at least 90% of the net proceeds of the lease shall be expended or obligated by the lessor municipality for: (i) the construction and maintenance of infrastructure within the municipality; (ii) contributions to pension funds created for municipal employees; or (iii) any combination of (i) or (ii). (b) The amount of net proceeds expended or obligated for item (ii) in subsection (a) may not exceed the amount of net proceeds expended or obligated for item (i) in subsection (a). As used in this Section, "net proceeds" means the gross proceeds less any debt service payments on, and payments to retire, debt that is specifically associated with the leased facility property or otherwise required to be paid out of lease proceeds. (Source: P.A. 94-750, eff. 5-9-06.)
Frequently Asked Questions About Illinois § 20
What does Illinois Compiled Statutes § 20 cover?
Section 20 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 20?
A common citation format is "Illinois Compiled Statutes § 20" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.