S-1008 - 01/08/2002 - BUDGET - OrdinancesORDINANCE 2002 -BU -S- 1008
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2001 -BU -S -984 authorized a consolidated loan of not more than ($790,000
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, an additional sum of $225,000 is needed to provide for operating and capital needs of
the Sports Core; and
WHEREAS, Ordinance 2001 -BU -S -984 authorized a loan of not more than $1,298,300 in' order to
fund the golf clubhouse expansion project, a loan of not more than $125,500 in order to fund the (pool deck
replacement project, and a loan of not more than $125,000 in order to fund engineering and subdivision
expenses in Westchester Park, with all three loan authorizations expected to be repaid with the proceeds
from the sale of real estate in Westchester Park; and
WHEREAS, the amount of the loan authorized for engineering and subdivision expenses in
Westchester Park is required to be increased to $134,700; and
WHEREAS, the sale of real estate has not yet occurred which necessitates extending these loan
authorizations for an additional one -year term;
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 $1,015,000 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 a loan of not more than $1,298,300 from the General Corporate Fund tc the
Sports Core Fund is hereby authorized in order to fund the golf clubhouse expansion project.
Section 4: That a loan of not more than $125,500 from the General Corporate Fund to the Sports
Core Fund is authorized in order to fund the pool deck replacement project.
Section 5: That a loan of not more than $134,700 from the General Corporate Fund to the Sports
Core Fund is hereby authorized in order to fund engineering and subdivision expenses in Westchester
Park.
i
Ordinance 2002 -BU -Si 1008
Authorizing a Loan to the
Sports Core Fund, Page 2
Section 6: That the loan authorized in Section 2 hereof shall be treated as revolving loan' S. 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 7: That any unpaid balance on these loans will be due and payable on January 131, 2003.
ti • That all ordinances r r '
Section 8• e o resolutions, or parts thereof, �n conflict with the provisions of this
ordinance be and are hereby repealed.
Section • That this ordinance shall be in full force and effect from and after passage and
approval pursuant to law.
PASSED THIS 8th day of January, 2002.
Ayes: Trustees Caleel. Craig. Korin. Miologos and Savino
Nays: None
Absent: None
Abstain: None
APPRO
ATTEST:
Village Clerk
Approvgd as to
Village Attorney
ord/budgetdoc
day of January, 2002.
MA V4 P/rA
-Mv 001
Published
Date
Not Published
6; � 2 ' t":�
Village Presiden
XX
Pap