HomeMy WebLinkAboutOrdinance #1238i
ORDINANCE NO. 1238
AN ORDINANCE AUTHORIZING AND DIRECTING THE TRANSFER OF FUNDS FROM
THL WORKING CASH FUND TO THE GFdJERAL CORPORATE FUND AND DIRECTING
THE CITY TREASURER TO MAKE 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 6Vorking Cash Fund which has a present
approximate balance of $140,873.00; 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,
WIIiEREAS, it is necessary and in the best interest of the City
of Canton that money in the Working Cash Fund not in excess of
$140,873.00 be transferred to the General Corporate Fund of the
City of Canton in anticipation of the 1988 general real estate
taxes levied by the City of Canton, due and payable in 1989.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF CAN'PON, 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 $140,873.0 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
$141,000.00.
4. That the following additional information is supplied as
required by statute:
(a) The taxes in anticipation of the collection of
which the foregoing transfer is to be made and from
which the Working Cash Fund is to be reimbursed: 1988
general real estate taxes due and payable in 1989;
(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 $620,815.00;
(c) The aggregate amount of warrants or notes
heretofore issued in anticipation of the collection of
the 1988 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
$25,849.00;
(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 1988 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
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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 1988 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 5th day of
April , 1989 upon a roll call vote as follows:
Ate. Aldermen Zilly, Steck, Sarff, Meade, Bohler, May,
Chapman,
NAYS: None.
~~: Alderman Kovachevich.
APPROVED:
nald E. Edwards, Mayor
AT1'FST:
Nan y Whi s, City Clerk
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