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

   (from Ch. 122, par. 20-5)Sec. 20-5. Transfer to other fund. This Section shall not apply in any  school district which does not operate a working cash fund.Moneys in the working cash fund shall be transferred from the working cash fund to  another fund of the district only upon the authority of the school board which  shall from time to time by separate resolution direct the school treasurer to  make transfers of such sums as may be required for the purposes herein  authorized.The resolution shall set forth (a) the taxes and State funding 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 school  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 and which  the school 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 the State  Revenue Sharing Act; (e) the aggregate amount of money theretofore  transferred from the working cash fund to the other fund in anticipation of the  collection of such taxes and State funding; and (f) the aggregate amount of  funding received by the school district under Section 18-8.15. The amount which any such resolution shall direct the  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 interest accrued and estimated to accrue thereon and the aggregate  amount of such transfers to be made in anticipation of the collection of such  taxes and 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, shall not exceed 85% 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 such other funds of the district and used for any and all school purposes so as to avoid, whenever possible, the  issuance of anticipation tax warrants or notes.Moneys earned as interest from the investment of the working cash fund, or  any portion thereof, may be transferred from the working cash fund to another  fund of the district that is most in need of the interest without any requirement of repayment to the working cash  fund, upon the authority of the school board by separate resolution directing  the school treasurer to make such transfer and stating the purpose in accordance with subsection (c) of Section 9 of the Local Government Debt Reform Act.  (Source: P.A. 101-416, eff. 8-16-19.)