S-1273 - 01/26/2010 - BUDGET - OrdinancesORDINANCE 2010 -BU -S -1273
AN ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2009 -BU -S -1253 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 loan amount authorized remains outstanding requiring a one year extension to
January 31, 2011
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 $1,290,000 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, 2011
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ordinance be and are hereby repealed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 26th of January, 2010
PASSED THIS 26th day of January, 2010
Ayes Trustees Aktipis, Carson, Moy, Saiyed, Wolin and Zannis
Nays
None
Absent None
Ordinance 2010 -BU -S -1273
Authorizing a Loan to the
Sports Core Fund, Page 2 of 2
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ATTEST
Charlotte K Pruss
Village Clerk
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