LOCAL GOV-INTEREST-EARMARKS

Amends the Local Government Debt Reform Act, the Township Code, the Downstate Forest Preserve District Act, the Park District Code, the Metropolitan Water Reclamation District Act, and the School Code. Provides that earned interest included in the annual budget or appropriation ordinance of a governmental unit and earned interest designated as "Reserved" funds in a governmental unit's annual audit or financial reports shall not be construed to be earmarked or restricted unless the governing body specifically states that the interest is earmarked or restricted. Provides that any transfer of interest income prior to the effective date of the amendatory Act that would have been valid under the provisions of the amendatory Act is validated. Amends the Property Tax Code. In the Property Tax Extension Limitation Law, defines "new rate" as a tax included within a taxing district's aggregate extension that was newly authorized by statute after the affected taxing district first became subject to the Property Tax Extension Limitation Law. Provides that taxes that are not submitted to direct referendum under the Property Tax Extension Limitation Law and that are not new rates are validated. Contains provisions allowing taxing districts to accumulate balances in funds. Effective immediately.