(65 ILCS 5/8-6-5) (from Ch. 24, par. 8-6-5)
Sec. 8-6-5.
Money shall be transferred from the working cash fund to
the general corporate fund only upon the authority of the corporate
authorities who, from time to time by a separate ordinance, shall direct
the municipal treasurer to make a transfer of such sums as may be
required for the purposes authorized in this Division 6. That ordinance
shall set forth (1) the taxes in anticipation of the collection of which
the transfer is to be made and from which the working cash fund is to be
reimbursed, (2) the entire amount of taxes extended, or which the
corporate authorities estimate will be extended, or received, for any
particular year in anticipation of the collection of all or part of
which the transfer is to be made, (3) the aggregate amount of warrants
or notes theretofore issued in anticipation of the collection of these
taxes together with the amount of the interest which has accrued and
which, the corporate authorities estimate, will accrue thereon, (4)
the aggregate amount of receipts from taxes imposed to replace revenue
lost by units of local government and school districts as a result of the
abolition of ad valorem personal property taxes, pursuant to Article IX,
Section 5(c) of the Constitution of the State of Illinois, which the corporate
authorities estimate will 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, and (5)
the aggregate amount of money theretofore transferred from the working
cash fund to the general corporate fund in anticipation of the
collection of such taxes. The amount which that ordinance shall direct
the treasurer so to transfer in anticipation of the collection of taxes
levied or to be received for any particular year, together with the
aggregate amount of such tax anticipation warrants or notes theretofore
drawn against such taxes and the amount of the 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
theretofore made in anticipation of the collection of these taxes, shall
not exceed 90% of the actual or estimated amount of such taxes extended
or to be extended or to be received as set forth in that ordinance.
If money is available in the working cash fund, it shall be
transferred to the general corporate fund and disbursed for the payment
of salaries and other corporate expenses so as to avoid, whenever
possible, the issuance of tax anticipation warrants or notes.
(Source: P.A. 81-1506.)
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