(65 ILCS 5/8-7-5) (from Ch. 24, par. 8-7-5)
Sec. 8-7-5.
Money shall be transferred from the working cash fund to
the general corporate or special funds 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 7. 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 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 such general or special 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 such general or special 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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