70 ILCS 1205/11.2-4
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 1205/ - Park District Code.|Article 11.2 - Working Cash Fund

 (from Ch. 105, par. 11.2-4)Sec. 11.2-4.         This Section shall not apply in any park district which  does not operate a working cash fund.  Monies shall be transferred from  the working cash fund to the general funds of the district only upon the  authority of the governing board which shall from time to time by  separate resolution direct the treasurer to make transfers of such sums  as may be required for the purposes herein authorized.Every such resolution shall set forth (a) the taxes in anticipation  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 governing 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 governing  board estimates will accrue thereon, (d)  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 (e)  the aggregate amount of  monies theretofore transferred from the working cash fund to the general  corporate fund of the district in anticipation of the collection of such  taxes. The amount which any such resolution shall direct the treasurer  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 interest accrued and estimated to accrue thereon and  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  the aggregate amount of such transfers to be made in anticipation of the  collection of such taxes shall not exceed 75% of the actual or estimated  amount of such taxes extended or to be extended or to be received as set  forth in such resolution. At any time moneys are available in the  working cash fund they shall be transferred to the general funds of the  district 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 governing board of the park district, and the interest  earnings on such investments may, at the option of the board, be either  transferred permanently to the general corporate fund 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, but in no event may the balance  of that fund be allowed to exceed the statutory maximum for the fund  established in this Section.    (Source: P.A. 81-1506.)