2.2.2 Working Cash Fund
last revised: Sept-2017
The Working Cash Fund may be established by resolution of the Board of Trustees for the purpose of enabling the Board to have on hand at all times sufficient cash to meet the demands for ordinary and necessary expenditures.
In accordance with the Illinois Public Community College Act (110 ILCS 805/3-33.2-33.3, bonds may be issued in an amount or amounts not to exceed at any one time 75% of the total taxes from the authorized maximum rates for the Educational Fund and the Operations and Maintenance Fund combined, plus 75% of the last known entitlement of the College to taxes imposed to replace revenue lost as a result of the abolition of ad valorem personal property taxes as provided by law. These bonds may be issued by resolution of the Board of Trustees without voter approval.