(A) There is hereby created pursuant to the authority set forth in ILCS Ch. 65, Act 5, § 8-7-1 et seq., a fund known as the working cash fund to be administered in accordance with the terms and provisions of state law. In order to maintain this fund there shall be levied a tax of .05% upon all taxable property in the municipality as equalized or assessed by the Department of Local Government Affairs for the year in which each levy is made.
(B) No warrants shall be drawn on the working cash fund against the tax anticipated to be collected by the levy set forth in division (A) above. All taxes levied pursuant to the terms and provisions of this section shall be set apart by the Village Treasurer in a fund entitled working cash fund. The monies in the fund shall not be considered current assets available for appropriation and shall not be appropriated by the corporate authorities in the annual appropriation ordinance. All funds in the working cash fund shall be used only for those purposes set forth in ILCS Ch. 65, Act 5, § 8-7-1 et seq.
(Ord. 758, passed 10-15-80)