Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(75 ILCS 16/30-95)
Sec. 30-95. Working cash fund.
(a) A board may, by ordinance, create and maintain a
working cash fund, for the sole purpose of enabling the district to have
in its funds, at all times, sufficient money to meet demands for
ordinary and necessary and committed expenditures for library purposes.
(b) The working cash fund shall be known as the public library district
working cash fund and may contain any amount deemed necessary by the
board to satisfy the purpose of the fund. The balance in
the fund shall not, however, at any time be allowed to exceed 0.2% of the full,
fair cash value of all taxable property within the district, as
equalized or assessed by the Department of Revenue for the year 1998. The money for the fund shall accrue
from the public library district working cash fund tax the board is
authorized to levy under Section 35-35.
The board may appropriate
moneys to the working cash fund up to the maximum amount allowable in the
fund, and the working cash fund may receive those appropriations and any
other contributions.
(c) Once the fund has been created, the proceeds shall be deposited
into a
special and separate fund and may be carried over from year to year
without in any manner reducing or abating a future annual library tax
levy. The fund shall be identified in the budget each year, but shall not be
deemed a current asset available for library purposes.
(d) The proceeds of the fund may be transferred from the working cash
fund to the general library fund and disbursed from the general
library fund in
anticipation of the collection of taxes lawfully levied for general
library purposes or in anticipation of taxes imposed before or after the effective
date of this Act 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, subsection
(c), of the Illinois Constitution. These taxes, when
collected and after payment
of tax warrants, shall be drawn upon to reimburse the working cash fund.
(e) Temporarily idle moneys in the working cash fund may be invested as directed by the governing board of the library district, and the interest earned on the investments may, at the option of the board, be either transferred permanently to the general corporate fund or may remain in the working cash fund. If the interest remains in the working cash fund, it may 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. 95-659, eff. 10-11-07.)
|
