(A) There is hereby established in the Village Treasury a special fund to be known as the Utility Tax Fund. All taxes imposed by the village pursuant to 65 ILCS 5/8-11-2, and thereafter received by the village, shall be placed by the Village Treasurer in the Utility Tax Fund, which shall be segregated from all other funds of the village.
(B) Annually, as part of the village appropriation ordinance, the funds in the Utility Tax Fund shall be appropriated for the following purposes, and may thereafter be expended for the following purposes, and no other purposes, except as set forth in division (C) below:
(1) Funding of retirement benefits for full-time village employees;
(2) The purchase of village equipment;
(3) Salary adjustments for village employees; and
(4) Capital improvements.
(C) The funds in Utility Tax Fund may be appropriated and expended for purposes other than those set forth in division (B) above only with a two-thirds vote of the corporate authorities of the village then in office.
(Ord. 2000-50, passed 11-21-2000)