Illinois Compiled Statutes 40 ILCS 5/4-129.1 – To accept donations
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/4-129.1
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
To accept by gift, grant, transfer or bequest, any money, real estate or personal property. Such money and the proceeds from the sale of or income from such real estate or personal property shall be paid into the pension fund.