(70 ILCS 1205/11.2-4) (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.)
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