1982-0450 �
ORDINANCE NO. 82 - 1 +5
AN ORDINANCE REGARDING THE INVESTMENT OF WORKING CASH
FUNDS AND THE USE OF INTEREST EARNINGS ON WORKING CASH
INVESTMENTS
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit of
Government by virtue of the provisions of the Constitution of the State
of Illinois of 1970; and
WHEREAS, the Village of Buffalo Grove has established a Working
Cash Fund as provided by Chapter 24, Section 8 -7 -1 through 8 -7 -6 of the
Illinois Revised Statutes; and
WHEREAS, the intent of the Working Cash Fund was.to provide for the
accumulation of property tax levy proceeds up to a maximum of $100,000 for
the purpose of enabling the Village to have in its treasury sufficient
funds to meet unexpected demands; and
WHEREAS, the Village has accumulated the sum of $100,000 and has
not levied a Working Cash Fund Tax since 1976 and these proceeds have been
invested according to applicable provisions of Illinois State Statutes; and
WHEREAS, as of December 1, 1982, a sum total of $138,872.40 is
deposited to the credit of the Village of Buffalo Grove Working Cash fund;
and
WHEREAS, Section 8 -7 -4 of Chapter 24 of the Illinois State Statutes
allows for the transfer of interest earnings accruing to the Working Cash
Fund in whole or in part to either the General or Special Corporate Funds of
the Village without the necessity to provide for the statutory reimbursement
of the Working Cash Fund.
NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that:
SECTION 1. The Village of Buffalo Grove will continue to maintain
a maximum of $100,000 in its Working Cash Fund and will invest these funds
in securities authorized for investment in "An Act Relating to Certain
Investment of Public Funds by Public Agencies ", that being Chapter 85,
Section 901 et. seq.
A . .
0 0
SECTION 2. Any interest that accrues to the Working Cash Fund from
investments made within this fund will first be credited to the Working Cash
Fund and transferred to the Village's General (Corporate) Fund as it is
earned. These transfers will be considered equity transfers under standard
governmental accounting terminology.
SECTION 3. Any transfers of interest earnings will be used for the
purpose of acquiring capital equipment for General (Corporate) Fund operating
departments for identified equipment not provided for in the operating transfers
to the Central Garage Fund.
SECTION 4. Purchases of capital equipment must be properly identified
and made a part of a budgetary or appropriation request to the Village Board
of Trustees.
SECTION 5. These equity transfers do not constitute a reimbursable
obligation of the General (Corporate) Fund as would be the case if the
identified Working Cash Fund base was so utilized.
SECTION 6. This ordinance shall be in full force and effect from and
after its passage and approval.
SECTION 7. This ordinance will not be codified in the Village of Buffalo
Grove Municipal Code.
AYES: 5 - Stone, O'Reilly, Hartstein, Gerschefske, Schwartz
NAYES: 1 - Marienthal
ABSENT: 0 - None
PASSED: December 20 , 1982.
APPROVED: December 20 1982.
PUBLISHED: , 1982,
Village President!
ATTEST:
'Village Clerk
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r
VILLAGE OF BUFFALO GROVE
ORDINANCE NO.
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GRO E
TH I SQQt6 DAY OF ,
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffalo Grove, Cook and Lake Co nties, Illin_oi�s,
this day of �� 19 ?�
/ - Vi l lla�ge�GIerk
ORDINANCE NO. 82 - 1 +5
AN ORDINANCE REGARDING THE INVESTMENT OF WORKING CASH
FUNDS AND THE USE OF INTEREST EARNINGS ON WORKING CASH
INVESTMENTS
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit of
Government by virtue of the provisions of the Constitution of the State
of Illinois of 1970; and
WHEREAS, the Village of Buffalo Grove has established a Working
Cash Fund as provided by Chapter 24, Section 8 -7 -1 through 8 -7 -6 of the
Illinois Revised Statutes; and
WHEREAS, the intent of the Working Cash Fund was to provide for the
accumulation of property tax levy proceeds up to a maximum of $100,000 for
the purpose of enabling the Village to have in its treasury sufficient
funds to meet unexpected demands; and
WHEREAS, the Village has accumulated the sum of $100,000 and has
not levied a Working Cash Fund Tax since 1976 and these proceeds have been
invested according to applicable provisions of Illinois State Statutes; and
WHEREAS, as of December 1, 1982, a sum total of $138,872.40 is
deposited to the credit of the Village of Buffalo Grove Working Cash fund;
c�
and
e
WHEREAS, Section 8 -7 -4 of Chapter 24 of the Illinois State Statutes
allows for the transfer of interest earnings accruing to the Working Cash
Fund in whole or in part to either the General or Special Corporate Funds of
the Village without the necessity to provide for the statutory reimbursement
of the Working Cash Fund.
NOW, THEREFORE BE IT ORDAINED.BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that:
SECTION 1. The Village of Buffalo Grove will continue to maintain
a maximum of $100,000 in its Working Cash Fund and will invest these funds
in securities authorized for investment in "An Act Relating to Certain
Investment of Public Funds by Public Agencies ", that being Chapter 85,
Section 901 et. seq.
� r
a
I
L
SECTION 2. Any interest that accrues to the Working Cash Fund from
investments made within this fund will first be credited to the Working Cash
Fund and transferred to the Village's General (Corporate) Fund as it is
earned. These transfers will be considered equity transfers under standard
governmental accounting terminology.
SECTION 3. Any transfers of interest earnings will be used for the
purpose of acquiring capital equipment for General (Corporate) Fund operating
departments for identified equipment not provided for in the operating transfers
to the Central Garage Fund.
SECTION 4. Purchases of capital equipment must be properly identified
and made a part of a budgetary or appropriation request to the Village Board
of Trustees.
SECTION 5. These equity transfers do not constitute a reimbursable
obligation of the General (Corporate) Fund as would be the case if the
identified Working Cash Fund base was so utilized.
SECTION 6. This ordinance shall be in full force and effect from and
after its passage and approval.
SECTION 7. This ordinance will not be codified in the Village of Buffalo
Grove Municipal Code.
AYES: 5 - Stone, O'Reilly, Hartstein, Gerschefske, Schwartz
NAYES: 1 - Marienthal
ABSENT: 0. - None
PASSED:. December 20 1982.
APPROVED: December 20 1982.
PUBLISHED: 1982.
� -�-- --
Vi11 age President%
ATTEST:
��il I ag e Clerk - -
-2-