70 ILCS 1205/11.2-3
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 1205/ - Park District Code.|Article 11.2 - Working Cash Fund

 (from Ch. 105, par. 11.2-3)Sec. 11.2-3.         This Section shall not apply in any park district which  does not operate a working cash fund.All monies received from any tax levied pursuant to this Article  shall be set apart in the working cash fund and shall be used only for  the purposes and in the manner hereinafter provided.  Such fund, and the  monies therein, shall not be regarded as current assets available for  appropriation nor appropriated by the governing board in the annual  appropriation ordinance.  The governing board may appropriate monies 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.  In order to provide monies with which to  meet ordinary and necessary disbursements for salaries and other  corporate purposes, such fund and the monies therein may be  transferred in whole or in part to the  general corporate fund of the park district and so disbursed therefrom  in anticipation of the collection of taxes lawfully levied for general  corporate purposes or 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.  Monies so transferred 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 and the interest thereon theretofore and  thereafter issued in anticipation of the collection thereof and such  taxes levied for general corporate purposes when collected shall be  applied first, to the payment of any such warrants and the interest  thereon, to  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 such working cash fund as  hereinafter provided.Upon receipt by the park district of any taxes 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 general fund, and the governing board shall make provisions for the  immediate reimbursement of the amount of any such deficiency in its next  annual tax levy.    (Source: P.A. 85-459.)