ࡱ> 796[ bjbjmm 8bb    'w'y'y'y'y'y'y'$),'''EEE"w'Ew'EE$h[%e_R$c''0'$-%- [%-[%E''5'- B `: Sauk Valley Community College July 24, 2017 Action Item 4.4 Topic: Working Cash Fund Borrowing Strategic Direction: Goal 1, Objective 3 Be operationally efficient in order to maintain a low cost of attendance for students Presented By: Dr. David Hellmich and Melissa Dye Presentation: The Public Community College Act allows for the lending of funds from the Working Cash Fund to the Operating Funds if needed. A Board resolution is required authorizing an optional loan of $2,160,300 and indicating the taxes or other funds anticipated to be received by the College to reimburse the Working Cash Fund. The attached resolution meets these statutory requirements. Recommendation: The administration recommends the Board approve the accompanying resolution for the borrowing if needed of $2,160,300 from the Working Cash Fund to the Operating Funds. RESOLUTION AUTHORIZING TRANSFER OF WORKING CASH FUNDS WHEREAS, the Board of Trustees of Community College District No. 506 has issued and sold working cash funds, and the proceeds thereof have been deposited in a Working Cash Fund; and WHEREAS, the Public Community College Act (Illinois Compiled Statutes, Chapter 110, Section 805/3-33.6) authorizes the transfer of monies from said Working Cash Fund to the Operating Funds; and WHEREAS, the Board further states: That the taxes or other funds in anticipation of the collection or receipt of which the Working Cash Fund is to be reimbursed are approximately $15,527,151. The entire amount of taxes extended, or which the Board estimates will be extended or received for the year, in anticipation of the collection of all or a part of which this transfer is to be made is $4,767,835. The aggregate amount of warrants or notes heretofore issued under the Community College Act in anticipation of the collection of such taxes, together with the amount of interest accrued and which the Board estimates will accrue thereon is 0. The amount of monies which the Board estimates will be derived for the year from state, federal, government and other sources in anticipation of the receipt of all or part of which the transfer herein below is to be made is approximately $1,542,512. The aggregate amount of monies heretofore transferred from the Working Cash Fund to the Operating Funds in anticipation of the collection of such taxes or the receipt of such other monies from other sources is 0. NOW, THEREFORE, BE IT RESOLVED, that the Treasurer of the District be and is hereby directed to transfer from the Working Cash Fund up to $2,160,300 to the Operating Funds. Adopted: July 24, 2017 ____________________________________ Chair, Board of Trustees _____________________________________ Secretary, Board of Trustees .>@bd  ' ( )   d h>"ch5 h>+h>"c h-th>"c h jh>"c hf`h>"c h^h>"chhh>"c5h>"ch>"c5PJhQ!h>"c5h>"c h>"c5>* h>"c5,,-.?@cd  ) c d f dgd>"c^gd>"c 0^`0gd>"c`gd>"c p^p`gd>"cgd>"c$a$gd>"c$a$gd>"cf U V   < = st d^gd>"c & Fdgd>"cm$ d`gd>"cdgd>"c Hdgd>"c$0^`0a$gd>"ct!"9 dgd>"c`gd>"cgd>"cdgd>"c d`gd>"c6&P1F:p/ =!"#$% s2 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@_HmH nH sH tH @`@ NormalCJ_HaJmH sH tH BB ` Heading 1$$@&a$5aJDA D Default Paragraph FontRiR  Table Normal4 l4a (k (No List `$` a iEnvelope Address!@ &+D/^@ ^JF%F a iEnvelope Return CJ^JaJHH qp Balloon TextCJOJQJ^JaJb/"b jDefault 7$8$H$-B*CJOJQJ^J_HaJmH phsH tH f@2f rm List Paragraphd^m$CJOJPJQJ^JaJPK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭Vc:E3v@P~Ds |w<  f t 8@0(  B S  ?@E @b)4pp q 33333   b%u)$ؤ T"cDe0fh ia i~Alrm/9m n`nl*pt@pqpZuYxl}A?4'ME2z@0@fwKz'y.hAAR(FXa3`r *1V=gg>W;6 s[8uevz;mXBDm #,HfNY ^r @FFFF @UnknownG.Cx Times New Roman5Symbol3. *Cx Arial7.@Calibri5..[`)Tahoma?= *Cx Courier New;WingdingsA$BCambria Math"qh7W7We8g> > x24  3QHP ?qp2!xx{S Sauk Valley Community CollegeSVCC dana.j.chacon      Oh+'0  < H T `lt| Sauk Valley Community College̽ѡNormaldana.j.chacon2Microsoft Office Word@@β@<_@<_> ՜.+,0 hp  ̽ѡ  Sauk Valley Community College Title  !"#$%'()*+,-/0123458Root Entry F e_:1Table6-WordDocument8SummaryInformation(&DocumentSummaryInformation8.CompObjr  F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q