(105 ILCS 5/34-34) (from Ch. 122, par. 34-34)
Sec. 34-34.
Bond moneys set apart-Use and reimbursement of fund.
All
moneys derived from the issuance of bonds under Sections 34-31 and
34-32, or from any tax levied pursuant to Section 34-57 when received by
the city treasurer, as school treasurer, shall be set apart in the
working cash fund. The moneys in such fund shall not be regarded as
current assets available for appropriation and shall not be appropriated
by the board in the annual school budget, but in order to provide moneys
with which to meet ordinary and necessary disbursements for salaries and
other educational purposes may be transferred, in whole or in part, to
the educational purposes fund of the board and so disbursed therefrom
(a) in anticipation of the collection of any taxes lawfully levied for
educational purposes, (b) in anticipation of the receipt of moneys to be
derived from the common school fund of the State and from State
appropriations, or (c) in anticipation of such taxes, as by law now or
hereafter enacted or amended, 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. Moneys transferred to the educational
purposes fund in anticipation of the collection of taxes shall be deemed
to have been 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 or amounts thereof required to pay any warrants, and the interest
thereon, theretofore or thereafter issued under Sections 34-22 through
34-24, the amount estimated to be required to satisfy debt service and
pension or retirement obligations as set forth in Section 12 of "An Act
in relation to State revenue sharing with local government entities", approved
July 31, 1969, as amended.
Such taxes levied for educational purposes when collected
shall be applied first to the payment of any such warrants or notes and
the interest thereon and
the amount estimated to be required to satisfy debt service and pension
or retirement obligations, as set forth in Section 12 of "An Act in relation
to State revenue sharing with local government entities", approved July
31, 1969, as amended, and
then to the reimbursement of the working cash
fund as hereinafter provided. Upon the receipt by the city treasurer, as
school treasurer, of any taxes or other moneys, in anticipation of the
collection or receipt whereof moneys of the working cash fund have been
so transferred for disbursement, such fund shall immediately be
reimbursed therefrom until the full amount so transferred has been
re-transferred to said fund. If taxes in anticipation of the collection
of which such transfers are made are not collected in sufficient amounts
to effect a complete reimbursement of the working cash fund of the
amounts transferred from the working cash fund to the educational
purposes fund the deficiencies between the amounts thus transferred and
the amounts repaid from collections shall be general obligations of the
educational purposes fund until repaid either from taxes in anticipation
of which transfers were made or from appropriations which may be made in
annual school budgets of sums of money to apply on such general
obligations or until repaid from both the taxes in anticipation of which
such transfers were made and from appropriations which may be made in
annual school budgets of sums of money to apply on such general
obligations.
(Source: P.A. 81-1506.)
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