S-1291 - 09/14/2010 - SPORTS CORE - OrdinancesORDINANCE 2010 -BU -S -1291
AN ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2010 -BU -S -1273 authorized a consolidated loan of not more than
$1,290,000 from the General Corporate Fund to the Sports Core Fund in order to fund capital projects and
operating needs of the Sports Core; and
WHEREAS, the amount of $205,000 was loaned from the General Fund to the Sports Core Fund
on December 15, 2009 to fund the operating needs of the Sports Core, which brought the consolidated
loan amount to $1,495,000 at December 31, 2009.
WHEREAS, an amount up to $400,000 be loaned from the General Fund to the Sports Core
Fund to fund the operating needs of the Sports Core for the calendar year 2011. The consolidated loan of
$1,895,000 authorized would remain outstanding requiring an extension to January 31, 2012.
NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1: That the preamble hereinabove set forth is hereby adopted as though fully set forth
herein.
Section 2: That a consolidated loan of not more than $1,895,000 from the General Corporate
Fund to the Sports Core Fund is hereby authorized in order to fund capital projects and operating needs of
the Sports Core.
Section 3: That the loan authorized in Section 2 hereof shall be treated as revolving loans. The
Finance Director is hereby authorized to draw on the principal amounts on an as- needed basis and to
repay the outstanding balances as funds are made available.
Section 4: That any unpaid balance on these loans will be due and payable on January 31, 2012,
Section 5: That all ordinances or resolutions, or parts thereof, in conflict with the provisions of this
ordinance be and are hereby repealed.
Section 6: That this ordinance shall be in full force and effect from and after passage and
approval pursuant to law.
APPROVED THIS 14'" of September, 20
PASSED THIS 14'" day of September, 2(
Ayes: Trustees Moy, Saiyed, Wolin and Zannis
Nays: None
Absent: Trustee Aktipis and Trustee Carson
Ordinance 2010- BUS -1291
Authorizing a Loan to the
Sports Core Fund, Page 2 of 2
ATTEST:
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v
Charlotte K. Pruss
Village Clerk