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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/8-5-16
(65 ILCS 5/8-5-16) (from Ch. 24, par. 8-5-16)
Sec. 8-5-16.
The corporate authorities of any municipality which is not
a home rule unit under the Constitution of 1970 are authorized to issue
the bonds of such municipality without referendum subject to the limitation
contained herein and the requirements of the Bond Issue Notification Act.
Such bonds shall be payable from ad valorem tax receipts.
The amount of such bonds, together with other bonds issued pursuant to this
Section and outstanding, shall not exceed at the time of issue one-half
of 1% of the assessed value of all of the taxable property located within
the municipality.
Such bonds shall be authorized by a bond ordinance adopted by the corporate
authorities of the municipality. The bond ordinance shall make provision
for the payment of the principal of and interest on the bonds by the levy
of a direct annual irrepealable tax upon all of the taxable property within
the municipality. A properly certified copy of the bond ordinance shall
be filed in the office of the county clerk of each county in which any portion
of the municipality is situated. Such county clerk or clerks shall extend
the taxes levied in the bond ordinance for collection against all of the
taxable property situated within the municipality. The taxes levied in
the bond ordinance shall be extended annually by the county clerk or clerks
without limitation as to rate or amount and such taxes shall be in addition
to and in excess of all other taxes levied or authorized to be levied by
the municipality.
Bonds heretofore or hereafter issued and outstanding which are approved
by referendum, bonds issued under this Section which have been paid in full
or for which provision for payment has been made
by an irrevocable deposit of funds in an amount sufficient
to pay the principal and interest on any such bonds to their respective maturity date,
non-referendum bonds issued pursuant to other provisions of this Code, and
bonded indebtedness assumed from another municipality, shall not operate
to limit in any way the right of the municipality to issue its non-referendum
bonds in accord with this Section.
(Source: P.A. 89-655, eff. 1-1-97.)
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65 ILCS 5/Art. 8 Div. 6
(65 ILCS 5/Art. 8 Div. 6 heading)
DIVISION 6.
WORKING CASH FUND IN
MUNICIPALITIES OF 500,000 OF MORE
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65 ILCS 5/8-6-1
(65 ILCS 5/8-6-1) (from Ch. 24, par. 8-6-1)
Sec. 8-6-1.
In each municipality with a population of more than 500,000, a
fund to be known as a working cash fund may be created, set apart,
maintained, and administered in the manner prescribed in this Division 6,
for the purpose of enabling the municipality to have in its treasury at all
times sufficient money to meet demands thereon for ordinary and necessary
expenditures for corporate purposes and payment of corporate liabilities.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/8-6-2
(65 ILCS 5/8-6-2) (from Ch. 24, par. 8-6-2)
Sec. 8-6-2.
For the purpose of creating a working cash fund, the corporate
authorities may incur an indebtedness and issue bonds therefor in an amount
not exceeding in the aggregate $20,000,000 in addition to all bonded
indebtedness authorized for that purpose prior to July 1, 1949.
These bonds shall bear interest at a rate of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract,
and shall mature within 20 years from the date thereof. The corporate
authorities may provide that the ordinance authorizing the issuance of
these bonds shall be operative and valid without the submission thereof to
the electors of the municipality for approval in accordance with the
requirements of Sections 8-4-1 and 8-4-2. The corporate authorities before
or at the time of issuing these bonds, shall provide for the collection of
a direct annual tax upon all the taxable property in the issuing
municipality, sufficient to pay and discharge the principal thereof at
maturity and to pay the interest thereon as it falls due. The amendatory
Acts of 1971, 1972 and 1973 are not a limit upon any municipality which is
a home rule unit.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been supplementary
grants of power to issue instruments in accordance with the Omnibus Bond
Acts, regardless of any provision of this Act that may appear to be or to
have been more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Act that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 86-4.)
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65 ILCS 5/8-6-3
(65 ILCS 5/8-6-3) (from Ch. 24, par. 8-6-3)
Sec. 8-6-3.
For the purpose of providing money for such a working
cash fund, the corporate authorities also have the power to levy
annually, upon all the taxable property in the municipality, a tax of
not to exceed .05% upon the value, as equalized or assessed by the
Department of Revenue, of that property for purposes of
taxation for the year in which each such levy is made.
The collection of this tax shall not be anticipated by the issuance
of any warrants drawn against the tax. This tax shall be levied and
collected, except as otherwise provided in this Section, in like manner
as are the general taxes of the collecting municipality. It shall be
known as the working cash fund tax and shall be in addition to the
maximum of all other taxes which that municipality is now, or may be
hereafter, authorized by law to levy upon the taxable property within
the municipality.
This tax may be levied by a separate ordinance prior to March 28 in
each year. This tax may be levied for the purpose specified in this
Section without any appropriation thereof being made in the annual or
supplemental appropriation ordinance.
No tax shall be levied under this Section if the municipality has
previously issued the maximum amount of bonds permitted under Section
8-6-2.
(Source: P.A. 81-1509.)
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65 ILCS 5/8-6-4
(65 ILCS 5/8-6-4) (from Ch. 24, par. 8-6-4)
Sec. 8-6-4.
All money received from the issuance of bonds as
authorized in Section 8-6-2, or from any tax levied pursuant to the
authority granted by Section 8-6-3, shall be set apart in the specified
working cash fund by the municipal treasurer and shall be used only for
the purposes and in the manner provided in this section. The fund and
the money therein shall not be regarded as current assets available for
appropriation and shall not be appropriated by the corporate authorities
in the annual appropriation ordinance.
The corporate authorities may appropriate moneys to the working cash
fund up to the maximum amount allowable in the fund, and the working cash
fund may receive such appropriations and any other contributions.
In order to provide money with which to meet ordinary and necessary
disbursements for salaries and other corporate purposes, the fund may be
transferred in whole or in part to the general corporate fund of the
municipality and so disbursed therefrom in anticipation of the
collection of any taxes lawfully levied for general corporate purposes,
or in the anticipation of such taxes, as by law now or hereafter enacted
or amended, imposed by the General Assembly of the State of Illinois 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.
Money so transferred to the general corporate fund shall be deemed to
have been transferred in anticipation of the collection of that part of
the taxes so levied or to be received which is in excess of the amount required
to pay any
tax anticipation warrants, and the interest thereon.
Taxes levied for general corporate purposes, when collected, shall be
applied first to the payment of tax anticipation warrants or notes and the
interest thereon, and then to the reimbursement of the working cash
fund.
Upon the receipt by the municipal treasurer of any taxes, in
anticipation of the collection of which, money in the working cash fund
has been so transferred for disbursement, the fund shall be immediately
reimbursed therefrom until the full amount so transferred has been
retransferred to the fund.
(Source: P.A. 85-459.)
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65 ILCS 5/8-6-5
(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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