Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(110 ILCS 805/3-27) (from Ch. 122, par. 103-27)
Sec. 3-27.
To pay no orders except for teachers' wages unless at the time there are
sufficient funds in the hands of the treasurer to pay such order, except as
herein provided.
(a) It shall be lawful for the board to submit to the treasurer a
certified copy of the board minutes properly signed by the secretary and
chairman or by a majority of the Board, showing all bills approved for
payment by the Board and clearly showing to whom and for what purpose each
payment is to be made by the treasurer and to what budgetary item each
payment shall be debited and such certified copy shall serve as full
authority to the treasurer to make the payments as thus approved; this
shall not preclude the use of a voucher system, or any other system of
sound accounting and business procedure, provided that such system reflects
the facts and that the same is in accordance with the regulations
prescribed by or approved by the State Board.
(b) It shall be lawful for the Board by resolution to establish
revolving funds provided such funds are in the custody of an employee who
shall be bonded as provided in Section 3-19 for bonding treasurers and who
shall be responsible to the Board and the treasurer, subject to regular
annual audit by licensed public accountants and other such examinations as
the Board shall deem advisable and kept in accordance with regulations
prescribed by the State Board. A monthly report and annual summary of all
receipts and expenditures of the fund shall be submitted to the Board and
the treasurer. All funds advanced by the treasurer to operate the revolving
funds shall be carried on the treasurer's books as cash obligations due the
district and all receipts of such revolving funds shall be deposited daily
in a bank or savings and loan association to be approved by the treasurer,
unless there is no bank or savings and loan association in the
community, in which event receipts shall be deposited intact not less than
once a week in a bank or savings and loan association approved by the
treasurer. All reimbursements to any
such revolving funds from the district funds shall be completely itemized
as to whom paid, for what purpose, and against what budgetary item the
expenditure is chargeable.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments of public
funds by public agencies", approved July 23, 1943, as now or hereafter amended.
(c) The Board shall establish rules and regulations governing conditions
under which classes, clubs, and associations may acquire or collect funds
in the name of any college and under such regulations as the State Board
may prescribe.
(Source: P.A. 83-541.)
|
