(65 ILCS 5/8-7-7) (from Ch. 24, par. 8-7-7)
Sec. 8-7-7.
Abolishment of working cash fund.
(a) The corporate authority of any municipality may abolish its working cash
fund by resolution and may transfer any balance remaining in the fund,
including any interest that may have accrued, to the general corporate fund at
the end of the fiscal year.
(b) A municipality that has abolished its working cash fund may not
establish another working cash fund under this Division 7 for 4 years
after the date the fund was abolished. Any general obligation bonds that were
previously issued for working cash purposes must be retired before a
municipality may establish another working cash fund.
(Source: P.A. 87-982.)
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