HomeMy WebLinkAboutOrdinance #1331ORDINANCE N0. 1331
AN ORDINANCE AUTHORIZING AND DIRECTING THE TRANSFER OF FUNDS FROM
THE WORgING CASH FUND TO THE GENERAL CORPORATE FDND AND DIRECTING
THE CITY TREASURER TO MAgE TRANSFERS AS HEREIN SET FORTH.
WHEREAS, Division 7, Article 8 of Chapter 24, Illinois
Revised Statutes (1987) authorizes the City of Canton to create
and maintain a Working Cash Fund for the uses and purposes therein
set forth; and,
WHEREAS, the City of Canton has previously created, pursuant
to said authority, a Working Cash Fund which has a present
approximate balance of $220,436.77; and,
WHEREAS, the Corporate Authorities of the City of Canton
may, by ordinance, authorize and direct the transfer of Working
Cash Fund money to the General Corporate Fund; and,
WHEREAS, it is necessary and in th e best interest of the
City of Canton that money in the Working Cash Fundnot in excess of
$220,/+36.77 be transferred to the General Corporate Fund of the
City of Canton in anticipation of the 1991 general real estate
taxes levied by the City of Canton, due and payable in 1992.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois, as follows:
1. That the foregoing recitals are hereby found to be fact.
2. That money now in the Working Cash Fund in an amount not
to exceed $220,436,77 be transferred from the Working Cash Fund to
the General Corporate Fund.
3. That the City Treasurer is hereby authorized and
directed to make one or more transfers from the Working Cash Fund
to the General Corporate Fund in an aggregate amount not to exceed
$220,436.77.
required by statute:
(a) That taxes in anticipation of collection of which the
foregoing transfer is to be made and from which the
Working Cash Fund is to be reimbursed: 1991 general
real estate taxes due and payable in 1992;
(b) The entire amount of taxes extended, or estimated to be
extended or received in anticipation of the collection
of all or part of which the transfer is to be made:
Approximately $725,350.00
(c) The aggregate amount of warrants or notes heretofore
issued in anticipation of the collection of 1991
general real estate taxes together with the amount of
interest which has accrued, or, which it is estimated
will accrue thereon: None;
(d) The aggregate amount of receipts from taxes imposed to
replace revenue lost as a result of the abolition of ad
valorem personal property taxes estimated to be set
aside for the payment of the proportionate amount of
debt service and pension or retirement obligations as
required by Section 12 of "An Act in relation to State
Revenue Sharing with local government entities"
approved July 31, 1969, as amended: Approximately
$52,889.00;
(e) The aggregate amount of money heretofore transferred
from the Working Cash Fund to the General Corporate
Fund: $-0-.
5. The aggregate amount of Working Cash Funds to be
transferred from the Working Cash Fund to the General Corporate
Fund, together with the aggregate amount of tax anticipation
warrants or notes heretofore drawn against the 1991 general real
estate taxes and the amount of interest accrued and estimated to
accrue thereon, the amount estimated to be required to satisfy
debt service and pension or retirement obligations as set forth in
Section 12 of "An Act in relation to State Revenue Sharing with
local government entities", approved July 31, 1969, as amended,
and the aggregate amount of such transfers heretofore made in
anticipation of the collection of the 1991 general real estate
taxes, shall not exceed 90~ of the actual or estimated amount of
such taxes extended or to be extended or to be received as
hereinabove set forth.
6. That this Ordinance shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton, Fulton County, Illinois and approval by the Mayor thereof.
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 7th day of
.Ta„t,a,-~_, 19g~_ upon a roll call vote as follows:
AYES• Alder~z May, Barnett, Meade, Bohler, Steck, Sarff, Coay,
• Molleck.
NAYS: None.
ABSENT: None.
APPROVED:
~,~.
onald E. Edwards, Mayor
ATTEST:
Nancy Whi es, City Clerk.