HomeMy WebLinkAboutOrdinance # 1886ORDINANCE NO. 1886
AN ORDINANCE AUTHORIZING AND DIIECTING THE TRANSFER OF
FUNDS FROM THE WORKING CASH FUND TO THE HEALTH CARE 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 Working Cash Fund which has a present approximate balance of
$535,194.78; 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 $390,000.00 be transferred to the
Health Care Fund of the City of Canton in anticipation of the 2006 general real estate
taxes levied by the City of Canton, due and payable in 2007.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF CANTON, Fulton County, Illinois, as follow:
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
$390,000.00 be transferred from the Working Cash fund to the Health Care Fund.
3. That the City Treasurer is hereby authorized and directed to make one or more
transfers from the Working Cash fund to the Health Care Fund in aggregate amount not
to exceed $390,000.00.
4. That the following additional information is supplied as 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: 2006 general real estate taxes due and payable
in 2007;
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 $1,525,984.00;
c. The aggregate amount of warrants or notes heretofore issued in
anticipation of the collection of 2006 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 $538,000.00;
e. The aggregate amount of money heretofore transferred from the
Working Cash Fund to the Health Care Fund: $-0-.
5. The aggregate amount of Working Cash Funds to be transferred from the
Working Cash Fund to the Health Care Fund, together with the aggregate amount of tax
anticipation warrants or notes heretofore drawn against the 2006 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 2006 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 Novenber , 2006 upon a roll call vote
as follows:
AYES• ~-dermen Scehenck, Carl, Meade, Sarff, West, Hartford,
• Berardi, (Alderman Reed resnded.)
NAYS: None .
ABSENT: None .
APPROVED:
Rodney W Heinze, Mayor
ATTEST:
Nancy L ites, City Clerk