Section 75 ILCS 16/35-25 - Levy, collection, and deposit of taxes(a) The library taxes provided for in this Act shall be levied by the district and collected in the same manner as other general taxes by the county collector or collectors affected by the levy. The proceeds of all taxes collected for district purposes, and all other moneys belonging to the district, shall be deposited with the treasurer of the district, who shall keep them in separate funds as follows: (1) The annual public library tax proceeds shall be kept in the Library Fund.(2) The working cash fund tax proceeds shall be kept in the Working Cash Fund.(3) The annual restoration fund tax proceeds shall be kept in the Restoration Fund.(4) All other tax proceeds shall be kept in special funds as required by law. The funds shall be kept in separate and interest bearing accounts in one or more banks or savings and loan associations in which public funds may be deposited or invested as provided by law.
(b) The treasurer shall not make an expenditure from any fund except upon a warrant certified to as correct by the district librarian and approved by the board.(c) The board may transfer moneys from the Library Fund to the Working Cash Fund and from the Working Cash Fund to the Library Fund.(d) No bank or savings and loan association shall receive public funds as permitted by this Section unless it has complied with the requirements established under Section 6 of the Public Funds Investment Act.