105 ILCS 5/34-35
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 34 - Cities Of Over 500,000 Inhabitants - Board Of Education

 (from Ch. 122, par. 34-35)Sec. 34-35.     Resolution for transfer from fund-Amount transferred.     Moneys shall be transferred from the working cash fund to the  educational purposes fund only upon the authority of the board, which  shall by resolution direct the school 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 transfer is  to be made, (c) the aggregate amount of warrants or notes theretofore  issued in anticipation of the collection of such taxes under the  provisions of Sections 34-22 through 34-24 together with the amount of  interest accrued and which the board of education estimates will accrue  thereon, (d) the amount of moneys which the board of education estimates  will be derived for any year from the common school fund of the State  and from State appropriations 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 moneys theretofore transferred from the working cash fund to the  educational purposes fund in anticipation of the collection of such  taxes or of the receipt of such other moneys from the State. The amount  which the resolution shall direct the school 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 shall 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 school treasurer so to transfer in anticipation of the receipt of  moneys to be derived for any year from the common school fund of the  State or from any State appropriation, together with the aggregate  amount theretofore transferred in anticipation of the receipt of any  such moneys, shall not exceed the total amount which it is so estimated  will be received from such source. When moneys are available in the  working cash fund they shall be transferred to the educational purposes  fund and disbursed for the payment of salaries and other educational  expenses so as to avoid, whenever possible, the issuance of tax  anticipation warrants or notes.    (Source: P.A. 81-1506.)