IL SB1746

School districts may issue bonds for working cash funds up to 85% of taxes permitted for educational purposes plus 85% of state replacement revenue for abolished personal property taxes, plus 85% of funding received under Section 18-8.15.

Working cash fund moneys may be used for any school purposes and transferred to general funds in anticipation of collection of levied taxes or state funding under Section 18-8.15.

School board must authorize transfers from working cash fund by separate resolution specifying the taxes and state funding anticipated for reimbursement and documenting existing warrants, notes, and prior transfers.

Amounts transferred from working cash fund in anticipation of taxes and state funding cannot exceed 85% of actual or estimated taxes extended or to be received.

Interest earned from investment of working cash fund moneys may be transferred to another district fund without repayment requirement, upon school board resolution.