S-955 - 10/12/1999 - NOTE - Ordinances Supporting Documents `.160 y�"Z.` « i •
VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60523.2255
PHONE: 630 990-3000
FAX: 630 -990-0876
W E B S I T E: vtww oak-twaak,oM
Date: October 7, 1999
To: Village President and Board of Trustees
I
From: Darrell Langlois
Subject: Sports Core Refunding Note:
Attached is an ordinance authorizing the issuance of a Sports Core Refunding Note €the
amount of $93,8$1,56 with Oak Brook Bank, The original borrowing of S300.Olt?
commenced in 1992 and provided for the purchase of the Tennis Dome. The financing
has been accomplished,by means of a series of 1-year notes due on October 28 each year,
with, the remaining principal balance being refinanced for an additional one year term.
The interest rate on the note is 4.81% and the monthly payment on this obligation is
$2805.78, the same terms as those in effect when d%-. note was originally issued. The
payments have been budgeted for in the"Tennis Operations-Indoor Program (814), which
is then reimbursed by the General Corporate Fund through a monthly transfer.
Please feel free to contact me if you should have any questions.
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7.
B. ORMANCE 122MU-2�5
AUT H I D MANGE f , 193.881.56_ mr.sc• s
REFUND] G . C�. .:E YULAQEQf OAK EIKQQL ISSUE
DIPAGE AND CQK�2' a I'L• rrora- a
COOK
Ordinance #1999-SC-S-955 authorizes the issuance of a Sports Core
Refunding Note in the amount of$93,881.56 with Oak Brook Bank.
The original borrowing of $300,000 commenced in 1992 and
provided for the purchase of the Tennis Dome. The financing has
been accomplished by means of a series of 1-year notes due on
October 28`'of each year, with the remaining principal balance being
refinanced for an additional one year term. The interest rate on the
note is 4.81% and the monthly payment on this obligation is
$2805.78, the same terms as those in effect when the note was
originally issued. The payments have been.budgeted for in the Tennis
Operations-Indoor Program (814), which is then reimbursed by the
General Corporate Fund through a monthly transfer.
Motion by Trustee Caleel, seconded by Trustee Butler to adopt
Ordinance#1999-SC-S-955"An Ordinance Authorizing The Issuance
Of ,A $93,881.56 Ref ending Note Of The Village Of'Oak Brook,
DuPage And Cook Counties, IL," as presented and waive the full
reading thereof. ROLL CALL VOTE:
Ayes: 6 Trustees Butler, Cateel, Craig, Kenny, McInerney and
Savino.
Nays: 0 None.
Absent: 0 None. Motion Carried
3) ORDINANCE 1999-AL-RR-G-543 AN ORDINANCE OWN AWE
AMENDING CHAPTER 3 ENTITL91 "ALM OLIC WAL- ! •o-c
BEVERAGES" OF THE CODE QF ORDINANCES Atacx 'Cx3
OF THE VILLAGE OF OAK BROOK.ILLINOIS: ALCOHOLSI
Ordinance #1999-AL-RR-G-643 amends Chapter 3, Alcoholic
Beverages, of the Village Code of Ordinances. Section 3-31.
Temporary License is being revised to extend the time a temporary
liquor license may be valid for a period of up to six.(6) months rather
than two (2) months. The Village Clerk is requesting this amendment
since the Illinois State Police and Federal Bureau of Investigation are
unable to complete approximately sixty (60) fingerprint requests from
the Village for all of our liquor licensed establishments within a
reasonable time frame. All thirty (30) licensed establishments have
been issued their second temporary liquor licenses which will expire
at the end of the month,
VILLAGE OF OAK BROOK Minutes Page 5 of 22 October 12, 1999
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