(70 ILCS 1510/3) (from Ch. 105, par. 333.26)
Sec. 3.
All money received from the proceeds of the sale of such
bonds shall be set apart in said working cash fund by the treasurer and
comptroller of the Chicago Park District and shall be used only for the
purposes and in the manner hereinafter provided. Such fund and the money
therein shall not be regarded as current assets available for
appropriation and shall not be appropriated for by the commissioners or
included in any other appropriation bill, resolution or ordinance. The
commissioners of the Chicago Park District may appropriate moneys 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 moneys with which to meet ordinary and necessary
disbursements for salaries and other corporate purposes, such fund and
the money therein may be
transferred in whole or in part to the general corporate fund of the
Chicago Park District and shall be disbursed therefrom in anticipation
of the collection of any taxes lawfully levied for general corporate
purposes or in the anticipation of such taxes, as 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.
Moneys transferred to the general corporate fund in anticipation of
the collection of taxes shall be deemed to have been 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 interest thereon theretofore or thereafter issued 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 juror's certificates," approved June 27,
1913, as amended,
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 such taxes levied for general corporate purposes
when collected shall be applied, first, to the payment of any such
warrants and interest thereon and then to the reimbursement of said
working cash fund as hereinafter provided.
Upon receipt by the treasurer of the Chicago Park District of any
taxes in anticipation of the collection whereof moneys of such working
cash fund have been so transferred for disbursement, such fund shall be
immediately reimbursed therefrom until the full amount so transferred
has been retransferred to such fund.
Unless taxes so received and applied to the reimbursement of the
working cash fund, prior to the first day of the twelfth month following
the month in which the second installment of due and unpaid real
property taxes begin to bear interest, shall be sufficient to effect a
complete reimbursement of such funds for any moneys transferred
therefrom in anticipation of the collection or receipt of such taxes,
such working cash fund shall be reimbursed for the amount of the
deficiency therein from any other revenues accruing to said general
corporate fund and it shall be the duty of such commissioners to make
provision for the immediate reimbursement of the amount of any such
deficiency in its next general appropriation bill, ordinance or
resolution.
(Source: P.A. 85-459.)
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