(70 ILCS 1205/11.2-3) (from Ch. 105, par. 11.2-3)
Sec. 11.2-3.
This Section shall not apply in any park district which
does not operate a working cash fund.
All monies received from any tax levied pursuant to this Article
shall be set apart in the working cash fund and shall be used only for
the purposes and in the manner hereinafter provided. Such fund, and the
monies therein, shall not be regarded as current assets available for
appropriation nor appropriated by the governing board in the annual
appropriation ordinance. The governing board may appropriate monies to
the working cash fund up to the maximum amount allowable in the fund, and
the working cash fund may receive such appropriations and any other contributions.
In order to provide monies with which to
meet ordinary and necessary disbursements for salaries and other
corporate purposes, such fund and the monies therein may be
transferred in whole or in part to the
general corporate fund of the park district and so disbursed therefrom
in anticipation of the collection of taxes lawfully levied for general
corporate purposes or in anticipation of such taxes, as by law now or
hereafter enacted or amended, imposed by the General Assembly of the
State of Illinois 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. Monies so transferred shall be deemed to be
transferred in anticipation of the collection of that part of the taxes
so levied or to be received which is in excess of the amount thereof
required to pay any warrants and the interest thereon theretofore and
thereafter issued in anticipation of the collection thereof and such
taxes levied for general corporate purposes when collected shall be
applied first, to the payment of any such warrants and the interest
thereon, to
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 then to the reimbursement of such working cash fund as
hereinafter provided.
Upon receipt by the park district of any taxes in anticipation of the
collection whereof moneys of the working cash fund have been so
transferred for disbursement, the fund shall immediately be reimbursed
therefrom until the full amount so transferred has been retransferred to
the fund. Unless the taxes so received and applied to the reimbursement
of the working cash fund prior to the first day of the eighth month
following the month in which due and unpaid real property taxes begin to
bear interest are sufficient to effect a complete reimbursement of such
fund for any moneys transferred therefrom in anticipation of the
collection of such taxes, the working cash fund shall be reimbursed for
the amount of the deficiency therein from any other revenues accruing to
the general fund, and the governing board shall make provisions for the
immediate reimbursement of the amount of any such deficiency in its next
annual tax levy.
(Source: P.A. 85-459.)
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