(A) Pursuant to and in accordance with the provisions of ILCS Ch. 65, Act 5, §§ 8-7-1 et seq., and all acts amendatory thereof and supplementary thereto, a fund to be known as the “Working Cash Fund” of the city is hereby created and set apart in the amount of $25,000, such fund to be maintained and administered in the manner prescribed by the provisions of ILCS Ch. 65, Act 5, §§ 8-7-1 et seq., for the purpose of enabling the city to have in its treasury at all times sufficient money to meet demands thereon for ordinary and necessary expendi-tures of all general and corporate purposes.
(Ord. 665, passed 1-18-65)
(B) The Treasurer of the city is directed to set apart in such working cash fund all moneys received from bonds in the amount of $25,000, authorized to be issued by such act and authorized to be issued pursuant to an ordinance adopted by the City Council on January 18, 1965, or from any tax levied pursuant to authority granted by such act authorizing the creation of the working cash fund referred to in division (A) of this section, which money shall be used only for the purposes and in the manner provided in such act and as authorized by separate ordinance, to be adopted by the Council from time to time in order to provide moneys to meet ordinary and necessary expenditures for all general and special corporate purposes.
(C) That all interest earned on investments of moneys of the working cash fund of the city received for the tax year 1973 and thereafter shall be transferred to the general corporate fund of the city.
(`79 Code, § 35.030) (Ord. 785, passed 3-18-74)