(105 ILCS 5/20-4) (from Ch. 122, par. 20-4)
Sec. 20-4. Use and reimbursement of fund. This Section shall not
apply in any school district which does not operate a working cash fund.
Moneys derived from the issuance of bonds as authorized by Section
20-2, or from any tax levied pursuant to Section 20-3, shall be used
only for the purposes and in the manner provided in this Article. Moneys in
the fund shall not be regarded as current assets available for school
purposes. The school board 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. Moneys
in the fund may be used by the school board for any and all school purposes and may be
transferred in whole or in part to the general funds or both of the
school district and disbursed therefrom in anticipation of the collection of
taxes lawfully levied for any or all purposes, in anticipation of such taxes
as by law now or hereafter enacted or amended are 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, or in anticipation of funding received by the school district under Section 18-8.15. Moneys so transferred to any other fund
shall be deemed to be 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 or notes and the interest thereon
theretofore and thereafter issued in anticipation of the collection thereof and
such taxes when collected shall be applied to the payment of any such warrants
and the interest thereon, 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 and then to the reimbursement of such working
cash fund as hereinafter provided.
Upon receipt by the school district of any taxes or State funding in anticipation of
the collection whereof moneys of the working cash fund have been so
transferred for disbursement, the fund shall immediately be reimbursed
therefrom until the full amount so transferred has been retransferred to
the fund. Unless the taxes so received and applied to the reimbursement
of the working cash fund prior to the first day of the eighth month
following the month in which due and unpaid real property taxes begin to
bear interest are sufficient to effect a complete reimbursement of such
fund for any moneys transferred therefrom in anticipation of the
collection of such taxes, the working cash fund shall be reimbursed for
the amount of the deficiency therein from any other revenues accruing to
the educational fund, and the school board shall make provisions for the
immediate reimbursement of the amount of any such deficiency in its next
annual tax levy.
(Source: P.A. 101-416, eff. 8-16-19.)
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