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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 SB0186
Introduced 1/31/2007, by Sen. Louis S. Viverito SYNOPSIS AS INTRODUCED: |
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75 ILCS 16/30-95 |
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75 ILCS 16/30-100 |
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Amends the Public Library District Act. Provides that the balance in the working cash fund may not exceed 0.2% of the equalized assessed value of the taxable property in the district (instead of 0.2% of the equalized assessed value of taxable property for the year the fund was established or, for funds established after January 1, 1979, for the year 1978). Provides that the library district board may invest temporarily idle moneys from the district's working cash fund. Provides that the interest earned from the investments may be transferred to the general fund or may remain in the working cash fund, provided that the balance of the working cash fund does not exceed the statutory maximum. Provides that, if a working cash fund is abolished, it may be reestablished in the same manner as the fund was originally created. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0186 |
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LRB095 04880 HLH 24944 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Public Library District Act of 1991 is |
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| amended by changing Sections 30-95 and 30-100 as follows:
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| (75 ILCS 16/30-95)
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| Sec. 30-95. Working cash fund.
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| (a) A board may, by ordinance, create and maintain a
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| working cash fund, for the sole purpose of enabling the |
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| district to have
in its funds, at all times, sufficient money |
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| to meet demands for
ordinary and necessary and committed |
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| expenditures for library purposes.
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| (b) The working cash fund shall be known as the public |
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| library district
working cash fund and may contain any amount |
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| deemed necessary by the
board to satisfy the purpose of the |
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| fund. The balance in
the fund shall not, however, at any time |
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| be allowed to exceed 0.2% of the full,
fair cash value of all |
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| taxable property within the district, as
equalized or assessed |
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| by the Department of Revenue for
the year the fund was |
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| established or, if established after January 1,
1979, then for |
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| the year 1978 . The money for the fund shall accrue
from the |
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| public library district working cash fund tax the board is
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| authorized to levy under Section 35-35.
The board may |