Illinois Compiled Statutes 65 ILCS 5/11-63-7 – The managing authority may accept any gift of real or personal …
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/11-63-7
- 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.
The managing authority may accept any gift of real or personal property, but if the acceptance will subject the municipality to expense, or is subject to a condition, it shall be subject to approval by the corporate authorities.