Full Text of SB0186 95th General Assembly
SB0186 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 SB0186
Introduced 1/31/2007, by Sen. Louis S. Viverito SYNOPSIS AS INTRODUCED: |
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75 ILCS 16/30-95 |
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75 ILCS 16/30-100 |
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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.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0186 |
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LRB095 04880 HLH 24944 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Public Library District Act of 1991 is | 5 |
| amended by changing Sections 30-95 and 30-100 as follows:
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| (75 ILCS 16/30-95)
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| Sec. 30-95. Working cash fund.
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| (a) A board may, by ordinance, create and maintain a
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| working cash fund, for the sole purpose of enabling the | 10 |
| district to have
in its funds, at all times, sufficient money | 11 |
| to meet demands for
ordinary and necessary and committed | 12 |
| expenditures for library purposes.
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| (b) The working cash fund shall be known as the public | 14 |
| library district
working cash fund and may contain any amount | 15 |
| deemed necessary by the
board to satisfy the purpose of the | 16 |
| fund. The balance in
the fund shall not, however, at any time | 17 |
| be allowed to exceed 0.2% of the full,
fair cash value of all | 18 |
| taxable property within the district, as
equalized or assessed | 19 |
| by the Department of Revenue for
the year the fund was | 20 |
| established or, if established after January 1,
1979, then for | 21 |
| the year 1978 . The money for the fund shall accrue
from the | 22 |
| public library district working cash fund tax the board is
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| authorized to levy under Section 35-35.
The board may |
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SB0186 |
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LRB095 04880 HLH 24944 b |
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| appropriate
moneys to the working cash fund up to the maximum | 2 |
| amount allowable in the
fund, and the working cash fund may | 3 |
| receive those appropriations and any
other contributions.
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| (c) Once the fund has been created, the proceeds shall be | 5 |
| deposited
into a
special and separate fund and may be carried | 6 |
| over from year to year
without in any manner reducing or | 7 |
| abating a future annual library tax
levy. The fund shall be | 8 |
| identified in the budget each year, but shall not be
deemed a | 9 |
| current asset available for library purposes.
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| (d) The proceeds of the fund may be transferred from the | 11 |
| working cash
fund to the general library fund and disbursed | 12 |
| from the general
library fund in
anticipation of the collection | 13 |
| of taxes lawfully levied for general
library purposes or in | 14 |
| anticipation of taxes imposed before or after the effective
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| date of this Act by the General Assembly of the
State of | 16 |
| Illinois to replace revenue lost by units of local government
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| and school districts as a result of the abolition of ad valorem | 18 |
| personal
property taxes pursuant to Article IX, Section 5, | 19 |
| subsection
(c), of the Illinois Constitution. These taxes, when
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| collected and after payment
of tax warrants, shall be drawn | 21 |
| upon to reimburse the working cash fund.
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| (e) Temporarily idle moneys in the working cash fund may be | 23 |
| invested as directed by the governing board of the library | 24 |
| district, and the interest earned on the investments may, at | 25 |
| the option of the board, be either transferred permanently to | 26 |
| the general corporate fund or may remain in the working cash |
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SB0186 |
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LRB095 04880 HLH 24944 b |
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| fund. If the interest remains in the working cash fund, it may | 2 |
| serve to increase the balance of the working cash fund | 3 |
| available for loans, but in no event may the balance of that | 4 |
| fund be allowed to exceed the statutory maximum for the fund | 5 |
| established in this Section.
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| (Source: P.A. 87-1277.)
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| (75 ILCS 16/30-100)
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| Sec. 30-100. Abolition of working cash fund. The board may, | 9 |
| by resolution,
abolish a working cash fund
established under | 10 |
| Section 30-95 and direct
the transfer of any balance
in the | 11 |
| fund, including any interest that has accrued, to the general | 12 |
| library
fund at the close of the fiscal year. If the board | 13 |
| abolishes a
working cash fund under this Section, it may be | 14 |
| reestablished in the same manner as the fund was originally | 15 |
| created under Section 35-35 of this Act
however, it
shall not | 16 |
| establish another working
cash fund, unless establishment of | 17 |
| the fund is approved by a majority of
the voters of the | 18 |
| district voting on the question at a referendum .
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| (Source: P.A. 87-1277.)
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| Section 99. Effective date. This Act takes effect upon | 21 |
| becoming law.
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