Illinois General Assembly - Bill Status for HB3226
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 Bill Status of HB3226  98th General Assembly

Short Description:  SCH CD-WORKING CASH FUND

House Sponsors
Rep. Michael J. Zalewski

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
105 ILCS 5/20-5from Ch. 122, par. 20-5
105 ILCS 5/20-9from Ch. 122, par. 20-9
105 ILCS 5/20-11 new
105 ILCS 5/20-10 rep.

Synopsis As Introduced
Amends the Working Cash Fund Article of the School Code. Provides that only moneys earned as interest from the investment of a working cash fund may be permanently transferred (instead of moneys earned as interest from the investment of a working cash fund may be transferred) from the working cash fund to another fund of the school district that is most in need of the interest without any requirement of repayment to the working cash fund. Provides that once a district abolishes its working cash fund, the district may not create a working cash fund until the expiration of 5 years from the end of the fiscal year in which the district adopted the resolution to abolish its working cash fund (instead of providing that a school district that has abolished or abated its working cash fund has the authority to again create a working cash fund at any time). Repeals provisions allowing a school district to abate its working cash fund at any time. Instead, adds provisions prohibiting a school district from abating its working cash fund. Effective immediately.

DateChamber Action
  2/26/2013HouseFiled with the Clerk by Rep. Michael J. Zalewski
  2/26/2013HouseFirst Reading
  2/26/2013HouseReferred to Rules Committee
  3/11/2013HouseAssigned to Revenue & Finance Committee
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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