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HomeMy WebLinkAboutOrdinance #1138ORDINANCE N0. 1138 AN ORDINANCE AUTHORIZING AND DIRECTING THE TRANSFER OF FUNDS FROM THE WORKING CASH FUND TO THE GENERAL 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 (1985) 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 $88,402.06; 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 the best interest of the City of Canton that money in the Working Cash Fund not in excess of $88,402.06 be transferred to the General Corporate Fund of the City of Canton in anticipation of the 1986 general real estate taxes levied by the City of Canton, due and payable in 1987. NOW, THEREFORE, BE 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 $88,402.06 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 $88,402.06. 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: 1986 general real estate taxes due and payable in 1987; (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 $841,273.00; (c) The aggregate amount of warrants or notes heretofore issued in anticipation of the collection of the 1986 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 $35,120.00. (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 1986 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 1986 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 17th day of March , 1987, upon a roll call vote as follows: AYES: Aldermen Zilly, Steck, Sarff, Workman, Bohler, May, Chapman. NAYS: None. ABSENT: Alderman Kovachevich. APPRO ED: ~_~~ Donald E. Edwards, Mayor. ATTEST: Nancy Wh tes, City Clerk.