Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 805/3-33.6

(110 ILCS 805/3-33.6) (from Ch. 122, par. 103-33.6)

Sec. 3-33.6.

Monies in the working cash fund may be used for any and all community college purposes and may be transferred in whole or in part from the working cash fund to
the educational fund or operations and maintenance fund only
upon the authority of the board, which shall by resolution direct the
community college treasurer to make such transfers. The resolution shall
set forth (a) the taxes or other funds in anticipation of the collection
or receipt of which the working cash fund is to be reimbursed, (b) the
entire amount of taxes extended, or which the board shall estimate will
be extended or received, for any year in anticipation of the collection
of all or part of which such transfers are to be made, (c) the aggregate
amount of warrants or notes theretofore issued in anticipation of the
collection of such taxes under this Act together with the amount of
interest accrued and which the community college board estimates will
accrue thereon, (d) the amount of monies which the community college
board estimates will be derived for any year from the State, Federal
government or other sources in anticipation of the receipt of all or
part of which such transfer is to be made, (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, and (f) the
aggregate amount of monies theretofore transferred from the working cash
fund to the educational fund or operations and maintenance fund in
anticipation of the collection of such taxes or of the receipt of such
other monies from other sources. The amount which the resolution shall
direct the community college 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 anticipation tax warrants or notes
theretofore drawn against such taxes and the amount of the interest
accrued and estimated to accrue thereon,
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 may not exceed 90% of the actual or estimated amount of such taxes
extended or to be extended or to be received as set forth in the
resolution. The amount which the resolution shall direct the community
college treasurer so to transfer in anticipation of the receipt of
monies to be derived for any year from the State, Federal government or
from other sources, together with the aggregate amount theretofore
transferred in anticipation of the receipt of any such monies, may not
exceed the total amount which it is so estimated will be received from
such source. Any community college district may also abolish its working
cash fund upon the adoption of a resolution so providing and directing
the transfer of any balance in such fund to the operating funds at the close of the then-current fiscal year or may abate its working cash fund upon the adoption of a resolution so providing and directing the transfer of part of the balance in such fund to the operating funds at any time.  If a
community college district elects to abolish or abate its working cash fund under
this provision, it shall have the authority to  increase or again create a working cash fund at any time in the manner
provided by Article III of this Act. When monies are available in the
working cash fund, they shall, unless the community college district has
abolished or abated its working cash fund pursuant to this Section, be transferred
to the educational fund and operations and maintenance fund and
disbursed for the payment of salaries and other educational purposes
and operation and maintenance of facilities purposes expenses so as to
avoid, whenever possible, the issuance of tax anticipation warrants.

Monies earned as interest from the investment of the working cash fund,
or any portion thereof, may be transferred from the working cash fund to
the educational fund or operations and maintenance fund of
the district without any requirement of repayment to the working cash fund,
upon the authority of the board by separate resolution directing the
treasurer to make such transfer and stating the purpose therefor.

(Source: P.A. 103-278, eff. 7-28-23.)