55 ILCS 5/6-29005
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 6 - Finance

 (from Ch. 34, par. 6-29005)Sec. 6-29005.     Transfer and investment of monies.     Monies may be  transferred from the county working cash fund  to the general corporate fund or special tax funds only upon the  authority of the county board, which shall from time to time by separate  resolution direct the county treasurer to make transfers of such sums as  may be required for the purposes authorized by this Division. Every such  resolution must set forth (a) the taxes or other monies in anticipation  of the collection or receipt of which such transfer is to be made and  from which the working cash fund is to be reimbursed, (b) the entire  amount of taxes extended or which the county board estimates will be  extended or received, for any year in anticipation of the collection of  all or part of which such transfer is to be made, (c) the aggregate  amount of warrants or notes theretofore issued in anticipation of the  collection of such taxes together with the amount of interest accrued or  which the county board estimates will accrue, thereon (d) the aggregate  amount of notes theretofore issued in anticipation of the collection of  such taxes, together with the amount of the interest accrued or which  the county board estimates will accrue thereon, (e) the amount of monies  which the county board estimates will be earned by the county clerk and  the county collector, respectively, as fees or commissions for extending  or collecting taxes for any year, in anticipation of the receipt of all  or part of which such transfer is to be made, (f)  the aggregate amount of receipts from taxes imposed 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, which the corporate  authorities estimate will be set aside for the payment of the proportionate  amount of debt service and pension or retirement obligations, as required by  Section 12 of "An Act in relation to State Revenue Sharing with local  government entities", approved July 31, 1969, as amended, and (g) the aggregate  amount of monies theretofore transferred from the working cash fund to  the general corporate fund and special tax funds in anticipation of the  collection of such taxes or the receipt of such other monies to be  derived from fees or commissions.The amount which any such resolution directs the county treasurer to  transfer, in anticipation of the collection of taxes levied or to be  received for any year, together with (a) the aggregate amount of such  anticipation tax warrants and notes theretofore drawn against such taxes  (b) the amount of the interest accrued or estimated to accrue on such  warrants and notes, (c) 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 (d) the aggregate amount of such  transfers theretofore made in anticipation of the collection of such taxes,  may not exceed 90% of the actual or estimated amount of such taxes extended  or to be extended or to be received, as set forth in the resolution. The  amount which any such resolution directs the county treasurer so to  transfer, in anticipation of the receipt of any monies to be derived  from fees or commissions, together with the aggregate amount theretofore  transferred in anticipation of the receipt of any such monies, may not  exceed the total amount which it is so estimated will be received from  those sources. To the extent that at any time monies are available in  the working cash fund they shall be transferred to the general corporate  fund and disbursed for the payment of salaries and other corporate  expenses so as to avoid, whenever possible, the issuance of anticipation  tax warrants or notes.Temporarily idle monies in the working cash fund may be invested as  directed by the county board, and the interest earnings on such  investments may, at the option of the board, be either transferred  permanently to the general corporate or special tax funds or both or be  allowed to remain in the working cash fund. If such interest earnings  remain in the working cash fund they will serve to increase the balance  of the working cash fund available for loans.    (Source: P.A. 86-962; 86-1028.)