School District No. 26 v. Palatine National Bank

The respondent tax objectors appeal from a judgment of the circuit court of McHenry County denying their objections to taxes levied for the years 1982 and 1983 by School District No. 26.

The parties stipulated to the facts. On July 13, 1981, the Board of Education of School District No. 26 in McHenry County (the District) adopted a resolution abolishing its working cash fund and directing that the balance remaining in the fund, $99,559, be transferred to the educational fund at the end of the current school year. In the same resolution, it created a new working cash fund and authorized the…