T1-90 Ordinance No. T I-90
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 Municpal 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 I. 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 1989, in the total amount of
$1,111,111.00.
(b) The total amount of taxes extended (or to be extended) for the year 1989
by the County Clerks of Kane and Cook Counties for all purposes $11,291,222.
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
$1,III,III.00
(c) The aggregate amount of warrants heretofore issued in anticipation of the
collection of all corporate taxes levied for the year 1989: None.
The aggregate amount of warrants issued heretofore in anticipation of the
collection of Illinois Municipal Retirement Tax for the year 1989: 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 1989: 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 1 989: None.
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 1989
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
l"b.' 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 be in force and effect upon its passage and
approval.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: February 14, 1990
Passed: February 14 , 1990
Vote: Yeas 7 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
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