S-1253 - 02/10/2009 - BUDGET - OrdinancesORDINANCE 2009 -BU -S -1253
AN ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2008 -BU -S -1227 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, 2010
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, 2010.
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ordinance be and are hereby repealed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 10th of February, 2009
a
`J - n W Craig
illage President
PASSED THIS 10th day of February, 2009
Ayes Trustees Carson, Kennedy, Manofsky, Saiyed and Wolin
Nays
None
Absent Trustee Sanford
CC
'�'cw� '1i� • y
Ordinance 2009 -BU -S -1253
Authorizing a Loan to the
Sports Core Fund, Page 2 of 2
ATTEST
Ar tt",�
Charlotte K Pruss
Village Clerk