110 ILCS 805/3-33.5
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. 103-33.5)Sec. 3-33.5.         All monies derived from the issuance of bonds under Section  3-33.2 when received by the community college treasurer, shall be set apart  in the working cash fund and used in the manner provided in this Section.  The monies in such fund shall not be regarded as current assets available  for appropriation and may not be appropriated by the board in the annual  community college budget.  The 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 educational and operations and maintenance of facilities  purposes, such monies may be transferred, in whole or in part, to the  educational purposes or operations and maintenance purposes fund of the  board, or to both, and so disbursed therefrom (a) in anticipation of the  collection of that part of the taxes so levied which is in excess of the  amount or amounts thereof required to pay any warrants, and the interest  thereon, theretofore or thereafter issued under this Act, (b) in  anticipation of the receipt by the district of monies from the State,  Federal government or other sources or (c) 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. Such taxes levied or to be received  for educational or operations and maintenance of facilities purposes when  collected shall be applied first to the payment of any such warrants or  notes and the interest thereon and then to the reimbursement of the working  cash fund as hereinafter provided. Such monies from the State, Federal  government and other sources, when received, shall be used to reimburse the  working cash fund to the extent transfers therefrom were made in  anticipation thereof. If taxes in anticipation of the collection of which  such transfers are made are not collected in sufficient amounts to effect a  complete reimbursement of the working cash fund of the amounts transferred  from the working cash fund to the educational fund and operations and  maintenance fund the deficiencies between the amounts thus transferred and  the amounts repaid from collections shall be general obligations of the  educational fund and operations and maintenance fund until repaid either  from taxes in anticipation of which transfers were made or from  appropriations which may be made in annual community college budgets of  sums of money to apply on such general obligations, or until repaid from  both the taxes in anticipation of which such transfers were made and from  appropriations which may be made in annual community college budgets of  sums of money to apply on such general obligations.    (Source: P.A. 85-1335; 86-1246.)