Synopsis As Introduced Amends the Public Library District Act. Provides that the balance in the working cash fund may not exceed 0.2% of the equalized assessed value of the taxable property in the district (instead of 0.2% of the equalized assessed value of taxable property for the year the fund was established or, for funds established after January 1, 1979, for the year 1978). Provides that the library district board may invest temporarily idle moneys from the district's working cash fund. Provides that the interest earned from the investments may be transferred to the general fund or may remain in the working cash fund, provided that the balance of the working cash fund does not exceed the statutory maximum. Provides that, if a working cash fund is abolished, it may be reestablished in the same manner as the fund was originally created. Effective immediately.
Senate Committee Amendment No. 1 Provides that the balance in a public library district working cash fund shall not exceed 0.2% of the equalized assessed value of taxable property in the district for the year 1998 (instead of 0.2% of the equalized or assessed value for the current taxable year).
Fiscal Note (Office of the Secretary of State)
SB 186 has no fiscal impact on the Secretary of State, however, it does affect certain local library districts.