Illinois General Assembly - Illinois Compiled Statutes

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105 ILCS 5/20-8

(105 ILCS 5/20-8) (from Ch. 122, par. 20-8)

Sec. 20-8. Abolishment of working cash fund.

Any school district may abolish
its working cash fund, upon the adoption of a resolution so providing, and
direct the transfer of any balance in such fund to the educational fund at the
close of the then current school year. Any outstanding loans to other funds of the district 
shall be paid or become payable to the educational fund at the close of the
then current school year. Thereafter, all outstanding taxes of such school
district levied pursuant to Section 20-3 shall be collected and paid into the
educational fund.

Any balance in any working cash fund that is created in any school
district on or after the effective date of this amendatory Act of 1991
(including all outstanding loans from any such working cash fund to other funds of the district and all outstanding taxes levied by the district
under Section 20-3 to provide moneys for any such working cash fund) may, when
such working cash fund is abolished, be used and applied for the purpose of
reducing, by the balance in that working cash fund at the close of the school
year in which the fund so created is abolished, the amount of the taxes that
the school board of the school district otherwise would be authorized or
required to levy for educational purposes for the immediately succeeding school
year.

Any obligation incurred by any school district pursuant to Section 20-2
shall be discharged as therein provided.

(Source: P.A. 96-1277, eff. 7-26-10.)