110 ILCS 805/3-33.6
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article III - Community College Districts; Organization; Powers And Duties; Elections

 (from Ch. 122, par. 103-33.6)Sec. 3-33.6.         Monies may be transferred from the working cash fund to  the educational fund or operations and maintenance fund only  upon the authority of the board, which shall by resolution direct the  community college treasurer to make such transfers. The resolution shall  set forth (a) the taxes or other funds in anticipation of the collection  or receipt of which the working cash fund is to be reimbursed, (b) the  entire amount of taxes extended, or which the board shall estimate will  be extended or received, for any year in anticipation of the collection  of all or part of which such transfers are to be made, (c) the aggregate  amount of warrants or notes theretofore issued in anticipation of the  collection of such taxes under this Act together with the amount of  interest accrued and which the community college board estimates will  accrue thereon, (d) the amount of monies which the community college  board estimates will be derived for any year from the State, Federal  government or other sources in anticipation of the receipt of all or  part of which such transfer is to be made, (e)  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 (f) the  aggregate amount of monies theretofore transferred from the working cash  fund to the educational fund or operations and maintenance fund in  anticipation of the collection of such taxes or of the receipt of such  other monies from other sources. The amount which the resolution shall  direct the community college treasurer so to transfer in anticipation of  the collection of taxes levied or to be received for any year, together  with the aggregate amount of such anticipation tax warrants or notes  theretofore drawn against such taxes and the amount of the interest  accrued and estimated to accrue thereon,  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 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 the resolution shall direct the community  college treasurer so to transfer in anticipation of the receipt of  monies to be derived for any year from the State, Federal government or  from other sources, 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  such source. Any community college district may also abolish its working  cash fund upon the adoption of a resolution so providing and directing  the transfer of any balance in such fund to the operating funds.  If a  community college district elects to abolish its working cash fund under  this provision, it shall not establish another working cash fund, unless  approved by the voters of the community college district in the manner  provided by Article III of this Act. When monies are available in the  working cash fund, they shall, unless the community college district has  abolished its working cash fund pursuant to this Section, be transferred  to the educational fund and operations and maintenance fund and  disbursed for the payment of salaries and other educational purposes  and operation and maintenance of facilities purposes expenses so as to  avoid, whenever possible, the issuance of tax anticipation warrants.Monies earned as interest from the investment of the working cash fund,  or any portion thereof, may be transferred from the working cash fund to  the educational fund or operations and maintenance fund of  the district without any requirement of repayment to the working cash fund,  upon the authority of the board by separate resolution directing the  treasurer to make such transfer and stating the purpose therefor.    (Source: P.A. 85-1335.)