18-3521.

Property tax levy authorized; county treasurer; duties.

(1) The community improvement district shall have the power to annually levy a tax on the taxable value of the taxable property in the community improvement district at an aggregate rate not to exceed the levy rate specified in the articles of organization and approved by ordinance of the city or village pursuant to section 18-3506, the proceeds of which shall be deposited to and held in the general fund, bond fund, or other fund or account established as determined by the board of trustees of such community improvement district, and used for payment of bonds and warrants, and other general corporate purposes of the community improvement district as permitted by the Community Improvement District Act.

(2) The county treasurer of the county in which the greater portion of the area of the community improvement district is located shall be ex officio treasurer of the community improvement district and shall be responsible for all funds of the community improvement district coming into his or her hands. As treasurer of the community improvement district he or she shall (a) establish such funds and accounts on behalf of the community improvement district as he or she determines necessary or appropriate at the direction of the board of trustees of the community improvement district and (b) collect all taxes and special assessments levied by the community improvement district and deposit the same in the appropriate funds and accounts of the community improvement district for the payment of principal and interest on any bonds, warrants, and other obligations outstanding and for general corporate purposes of the community improvement district, all in accordance with action of the board of trustees of the community improvement district.

(3) The treasurer of the community improvement district shall not be responsible for funds of the community improvement district until they are received by him or her. The treasurer of the community improvement district shall disburse the funds of the community improvement district upon the direction of the trustees or the administrator and signed by the chairperson and clerk of the community improvement district or the administrator, including issuance of warrants and other action of the board of trustees.