105 ILCS 5/34-34
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. 34-34)Sec. 34-34.     Bond moneys set apart-Use and reimbursement of fund.     All  moneys derived from the issuance of bonds under Sections 34-31 and  34-32, or from any tax levied pursuant to Section 34-57 when received by  the city treasurer, as school treasurer, shall be set apart in the  working cash fund. The moneys in such fund shall not be regarded as  current assets available for appropriation and shall not be appropriated  by the board in the annual school budget, but in order to provide moneys  with which to meet ordinary and necessary disbursements for salaries and  other educational purposes may be transferred, in whole or in part, to  the educational purposes fund of the board and so disbursed therefrom  (a) in anticipation of the collection of any taxes lawfully levied for  educational purposes, (b) in anticipation of the receipt of moneys to be  derived from the common school fund of the State and from State  appropriations, 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.  Moneys transferred to the educational  purposes fund in anticipation of the collection of taxes shall be deemed  to have been 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 or amounts thereof required to pay any warrants, and the interest  thereon, theretofore or thereafter issued under Sections 34-22 through  34-24, 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.   Such taxes levied for educational purposes when collected  shall be applied first to the payment of any such warrants or notes and  the interest thereon and  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  then to the reimbursement of the working cash  fund as hereinafter provided. Upon the receipt by the city treasurer, as  school treasurer, of any taxes or other moneys, in anticipation of the  collection or receipt whereof moneys of the working cash fund have been  so transferred for disbursement, such fund shall immediately be  reimbursed therefrom until the full amount so transferred has been  re-transferred to said fund. 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  purposes fund the deficiencies between the amounts thus transferred and  the amounts repaid from collections shall be general obligations of the  educational purposes fund until repaid either from taxes in anticipation  of which transfers were made or from appropriations which may be made in  annual school 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 school budgets of sums of money to apply on such general  obligations.    (Source: P.A. 81-1506.)