Section 110.25  Transfer of Interest to Other Funds

Interest earned from the various funds may be transferred to other funds which are determined to be in need of the interest income unless otherwise restricted by board resolution. However, pursuant to Section 10-22.44 of the School Code (Ill. Rev. Stat. 1991, ch. 122, par. 10-22.44) [105 ILCS 5/10-22.44], interest earned on funds for the purposes of Illinois Municipal Retirement under the Pension Code; tort immunity under the Local Governmental and Governmental Employees Tort Immunity Act; fire prevention and safety; environmental and energy; and capital improvements may not be transferred. Interest earned on the Working Cash Fund may be transferred to any fund of the district (Section 20-5 of the School Code; Ill. Rev. Stat. 1991, ch. 122, par. 20-5; 105 ILCS 5/20-5).

(Source:  Amended at 18 Ill. Reg. 5178, effective March 22, 1994)