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(105 ILCS 5/17-2B) (from Ch. 122, par. 17-2B)
Sec. 17-2B.
Transfer from operations and maintenance fund to educational
fund. In counties having a population in excess of 600,000 and less than
2,000,000 inhabitants, the school board of an elementary school district
maintaining only grades kindergarten through 8 and having an enrollment of
less than 800 students may, by proper resolution, cause a proposition to
transfer moneys accumulated in its operations and maintenance fund to its
educational fund to be submitted to the voters of the school district at a
regular scheduled election held in accordance with Article 9 and the
general election law of the State; provided, however, that no such
resolution, referendum or transfer shall be adopted, held or approved
pursuant to this Section unless at the time such resolution is adopted by
the school board: (i) the school district has no bonded indebtedness
outstanding, has in excess of $1,000,000 accumulated in its operations and
maintenance fund and has in each of the 16 years preceding adoption of the
resolution levied taxes for both educational purposes and for operations
and maintenance purposes at the maximum rates from time to time
permitted by law to be levied by such district; and (ii) the voters of the
district have not at any time previously by referendum approved or refused
to approve the transfer of any moneys from the operations and
maintenance fund to the educational purposes fund.
If a majority of the votes cast on the proposition at a referendum
authorized by this Section is in favor of the proposition, the school board
may thereafter transfer the moneys from the operations and maintenance fund
to the educational fund as approved by the voters of the school district.
(Source: P.A. 86-225; 86-970; 86-1028; 86-1334.)
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