HomeMy WebLinkAboutT1-91 0( - -
rft. Ordinance No. T1-91
AN ORDINANCE
PROVIDING FOR THE TRANSFER OF MONEY FROM THE WORKING CASH FUND
TO THE ILLINOIS MUNICIPAL RETIREMENT FUND
WHEREAS, moneys are required to meet the ordinary and
necessary disbursement for salaries and other corporate
purposes payable from the Illinois Municipal Retirement Fund;
and
WHEREAS, it is desirable that there be transferred from
the Working Cash Fund to the Illinois Municipal Retirement
Fund the sum of Five Hundred Thousand Dollars ($500,000. 00) .
NOW, - THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS:
Section 1. That the following items are hereby set forth
and determined to be correct:
a. It is proposed to transfer from the Working Cash
Fund the sum of $500,000 .00 to the Illinois Municipal
Retirement Fund in anticipation of the collection of the
Illinois Municipal Retirement Tax for the year 1990, in the
eft total amount of $1, 383,838.00.
b. The total amount of taxes extended (or to be
extended) for the year 1990 by the County Clerks of Kane and
Cook Counties for all purposes is $12,651,499.00.
The total amount of such taxes extended (or to
be extended) as an Illinois Municipal Retirement Tax, in
anticipation of which such transfer is to be made is
$1,383,838 . 00.
c. The aggregate amount of warrants heretofore
issued in anticipation of the collection of all corporate
taxes levied for the year 1990: None.
The aggregate amount of warrants issued
heretofore in anticipation of the collection of Illinois
Municipal Retirement Tax for the year 1990: None.
d. The aggregate amount of money heretofore
authorized to be transferred from the Working Cash Fund for
all corporate purposes in anticipation of the collection of
all corporate taxes for the year 1990 : None.
The aggregate amount of money heretofore
transferred from the Working Cash Fund in anticipation of the
collection of the Illinois Municipal Retirement Tax for the
year 1990 : None.
4
eft. Section 2 . That the City Treasurer be and he is hereby
directed to transfer in anticipation of the collection of the
Illinois Municipal Retirement Tax for the year 1990 from the
Working Cash Fund to the Illinois Municipal Retirement Fund
the sum of $500,000.00 to meet the ordinary and necessary
disbursements for salaries and other corporate purposes
payable from such fund, provided that the total amount of
warrants heretofore issued against such Illinois Municipal
Retirement Tax shall not exceed ninety percent of the actual
or estimated taxes extended or to be extended for such
Illinois Municipal Retirement Tax.
Section 3. That this ordinance shall be in full force
and effect from and after its passage and approval.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: February 13, 1991
Adopted: February 13, 1991
Vote: Yeas 7 Nays 0
Recorded:
Attest:
r
s/ Dolonna Mecum
Dolonna Mecum, City Clerk