(70 ILCS 1510/4) (from Ch. 105, par. 333.27)
Sec. 4.
Money shall be transferred from said working cash fund to the
general corporate fund only upon the authority of the commissioners who
shall from time to time by separate resolution direct the treasurer to
make transfers of such sums as may be required for the purposes herein
authorized. Every resolution shall set forth:
(a) The taxes in anticipation of the collection of which such
transfer is to be made and from which such working cash fund is to be
reimbursed;
(b) The entire amount of taxes extended or which such commissioners
estimate will be extended or received for any year, in anticipation of
the collection of all or part of which, such transfer is to be made;
(c) The aggregate amount of warrants theretofore issued in
anticipation of the collection of such taxes under the provisions of "An
Act to provide for the manner of issuing warrants upon the treasurer of
the state or of any county, township, city, village or other municipal
corporation and jurors' certificates," approved June 27, 1913, as
amended, together with the amount of interest accrued and/or which such
commissioners estimate will accrue thereon.
(d) The aggregate amount of moneys theretofore transferred from the
working cash fund to the general corporate fund in anticipation of the
collection of such taxes.
(e) The aggregate amount of receipts from taxes imposed to replace revenue
lost by units of local government and school districts as a result of the
abolition of ad valorem personal property taxes, pursuant to Article IX,
Section 5(c) of the Constitution of the State of Illinois, which the corporate
authorities estimate will be set aside for the payment of the proportionate
amount of debt service and pension or retirement obligations, as required by
Section 12 of "An Act in relation to State Revenue Sharing with local
government
entities", approved July 31, 1969, as amended.
The amount which any such resolution shall direct the treasurer so to
transfer, in anticipation of the collection of taxes levied or to be
received for any year, together with the aggregate amount of such tax
anticipation warrants theretofore issued against such taxes and the
amount of the interest accrued and/or estimated to accrue on such
warrants,
the amount estimated to be required to satisfy debt service and pension
or retirement obligations, as set forth in Section 12 of "An Act in relation
to State revenue sharing with local government entities", approved July
31, 1969, as amended,
and the aggregate amount of such transfers theretofore made in
anticipation of the collection of such taxes, shall not exceed ninety
per cent of the actual estimated amount of said taxes extended and to be
extended or to be received as set forth in said resolution.
To the extent that at any time moneys are available in the working
cash fund they shall be transferred to the general corporate fund and
disbursed for the payment of salaries and other corporate expenses so as
to avoid whenever possible, the issuance of tax anticipation warrants.
(Source: P.A. 81-1506.)
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