S-1145 - 02/13/2006 - BUDGET - OrdinancesORDINANCE 2006 -BU -S -1145
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2005 -BU -S -1101 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, Ordinance 2005 -BU -S -1101 authorized a loan of not more than $600,600 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, a loan of not more than $162,100 in order to fund engineering and subdivision
expenses in Westchester Park and a loan of not more than $45,300 in order to fund remaining expenses
for the completion of the B & T Clubhouse expansion project, with all four (4) loan authorizations expected
to be repaid with the proceeds from the sale of certain surplus public real estate in Westchester Park, and
WHEREAS, the loan amounts authorized for the Golf Clubhouse expansion project, the pool deck
replacement project, subdivision improvements in Westchester Park and the completion of the Bath and
Tennis Clubhouse expansion project were fully repaid during 2005 with proceeds from the sale of surplus
real estate in Westchester Park
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, 2007
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ordinance be and are hereby repealed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 13th of February, 2006
v
Kevin QyAlan
Village resident
I
PASSED THIS 13th day of February, 2006
Ayes Trustees Aktipis Craig, Kennedy, Manofsky and Yusuf
Nays None
Absent Trustee Sanford
S
Ordinance 2006 -BU -S -1145
Authorizing a Loan to the
Sports Core Fund, Page 2
TTEST
da K Gonnella, CIVIC
jllage Clerk