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(105 ILCS 5/20-5)
(from Ch. 122, par. 20-5)
Sec. 20-5. Transfer to other fund. This Section shall not apply in any
school district which does not operate a working cash fund.
Moneys in the working cash fund shall be transferred from the working cash fund to
another fund of the district only upon the authority of the school board which
shall from time to time by separate resolution direct the school treasurer to
make transfers of such sums as may be required for the purposes herein
authorized.
The resolution shall set forth (a) the taxes and State funding in anticipation of which
such transfer is to be made and from which the working cash fund is to
be reimbursed; (b) the entire amount of taxes extended, or which the school
board estimates will be extended or received, for any year in anticipation of
the collection of all or part of which such transfer is to be made; (c) the
aggregate amount of warrants or notes theretofore issued in anticipation of the
collection of such taxes together with the amount of interest accrued and which
the school board estimates will accrue thereon; (d) the aggregate amount of
receipts from taxes imposed 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, which the corporate authorities estimate
will be set aside for the payment of the proportionate amount of debt service
and pension or retirement obligations, as required by Section 12 of the State
Revenue Sharing Act; (e) the aggregate amount of money theretofore
transferred from the working cash fund to the other fund in anticipation of the
collection of such taxes and State funding; and (f) the aggregate amount of funding received by the school district under Section 18-8.15. The amount which any such resolution shall direct the
treasurer so to transfer, in anticipation of the collection of taxes levied or
to be received for any year, together with the aggregate amount of such
anticipation tax warrants or notes theretofore drawn against such taxes and the
amount of interest accrued and estimated to accrue thereon and the aggregate
amount of such transfers to be made in anticipation of the collection of such
taxes and the amount estimated to be required to satisfy debt service and
pension or retirement obligations, as set forth in Section 12 of the State
Revenue Sharing Act, shall not exceed 85% of the actual or estimated amount of
such taxes extended or to be extended or to be received as set forth in such
resolution. At any time moneys are
available in the working cash fund they
shall be transferred to such other funds of the district and used for any and all school purposes so as to avoid, whenever possible, the
issuance of anticipation tax warrants or notes.
Moneys earned as interest from the investment of the working cash fund, or
any portion thereof, may be transferred from the working cash fund to another
fund of the district that is most in need of the interest without any requirement of repayment to the working cash
fund, upon the authority of the school board by separate resolution directing
the school treasurer to make such transfer and stating the purpose in accordance with subsection (c) of Section 9 of the Local Government Debt Reform Act.
(Source: P.A. 101-416, eff. 8-16-19.)
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