105 ILCS 5/20-4
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 20 - Working Cash Fund

 (from Ch. 122, par. 20-4)Sec. 20-4. Use and reimbursement of fund. This Section shall not  apply in any school district which does not operate a working cash fund.Moneys derived from the issuance of bonds as authorized by Section  20-2, or from any tax levied pursuant to Section 20-3, shall be used  only for the purposes and in the manner provided in this Article. Moneys in  the fund shall not be regarded as current assets available for school  purposes.  The school board may appropriate moneys 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.  Moneys  in the fund may be used by the school board for any and all school purposes and may be  transferred in whole or in part to the general funds or both of the  school district and disbursed therefrom in anticipation of the collection of  taxes lawfully levied for any or all purposes, in anticipation of such taxes  as by law now or hereafter enacted or amended are 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, or in anticipation of funding received by the school district under Section 18-8.15.  Moneys so transferred to any other fund  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 or notes and the interest thereon  theretofore and thereafter issued in anticipation of the collection thereof and  such taxes when collected shall be applied to the payment of any such warrants  and the interest thereon, the amount estimated to be required to satisfy debt  service and pension or retirement obligations, as set forth in Section 12 of  the State Revenue Sharing Act and then to the reimbursement of such working  cash fund as hereinafter provided.Upon receipt by the school district of any taxes or State funding 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 educational fund, and the school board shall make provisions for the  immediate reimbursement of the amount of any such deficiency in its next  annual tax levy.  (Source: P.A. 101-416, eff. 8-16-19.)