(110 ILCS 805/3-33.5) (from Ch. 122, par. 103-33.5)
Sec. 3-33.5.
All monies derived from the issuance of bonds under Section
3-33.2 when received by the community college treasurer, shall be set apart
in the working cash fund and used in the manner provided in this Section.
The monies in such fund shall not be regarded as current assets available
for appropriation and may not be appropriated by the board in the annual
community college budget. The 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 educational and operations and maintenance of facilities
purposes, such monies may be transferred, in whole or in part, to the
educational purposes or operations and maintenance purposes fund of the
board, or to both, and so disbursed therefrom (a) in anticipation of the
collection of that part of the taxes so levied which is in excess of the
amount or amounts thereof required to pay any warrants, and the interest
thereon, theretofore or thereafter issued under this Act, (b) in
anticipation of the receipt by the district of monies from the State,
Federal government or other sources or (c) 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. Such taxes levied or to be received
for educational or operations and maintenance of facilities purposes when
collected shall be applied first to the payment of any such warrants or
notes and the interest thereon and then to the reimbursement of the working
cash fund as hereinafter provided. Such monies from the State, Federal
government and other sources, when received, shall be used to reimburse the
working cash fund to the extent transfers therefrom were made in
anticipation thereof. If taxes in anticipation of the collection of which
such transfers are made are not collected in sufficient amounts to effect a
complete reimbursement of the working cash fund of the amounts transferred
from the working cash fund to the educational fund and operations and
maintenance fund the deficiencies between the amounts thus transferred and
the amounts repaid from collections shall be general obligations of the
educational fund and operations and maintenance fund until repaid either
from taxes in anticipation of which transfers were made or from
appropriations which may be made in annual community college budgets of
sums of money to apply on such general obligations, or until repaid from
both the taxes in anticipation of which such transfers were made and from
appropriations which may be made in annual community college budgets of
sums of money to apply on such general obligations.
(Source: P.A. 85-1335; 86-1246.)
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