S-481 - 09/22/1981 - BUDGET - Ordinances ORDINANCE NO. S- 481
AN ORDINANCE AUTHORIZING THE BORROWING OF MONIES FROM
THE GENERAL CORPORATE FUND OF THE VILLAGE OF OAK BROOK
BY SPECIAL SERVICE AREA NUMBER 1 , AND AUTHORIZING A
TRANSFER AMONGST APPROPRIATIONS
WHEREAS, pursuant to Ordinance S- 480 the President and Board
of Trustees have heretofore established Special Service Area Number 1
within the Village of Oak Brook; and
WHEREAS, the President and Board of Trustees pursuant to
Ordinance S-476 passed and approved July 15 , 1981 have heretofore ap-
propriated 'certain sums for the fiscal year beginning May 1 , 1981
And ending April 30 , 1982 including the following appropriations
for capital improvements , Fund 01-438 :
Transfer to Special Service Area Number 1 (Street
Lights) - $. 0
Street Light Improvements - $80 ,500 . 00 ; and
WHEREAS, it was contemplated that the construction of the pro-
posed public improvements pursuant to Special Service Area Number 1
would be financed through a borrowing of said sums appropriated in
the General Corporate Fund as heretofore noted for street light im-
provements ; and
WHEREAS, the question of the borrowing of funds from the
Village ' s General Corporate Fund for said such Special Service Area
Number 1 was considered at the public hearing relating to the question.
of the proposed establishment of said special service area held July
21 , 1981 .
WHEREAS, the President and Board of Trustees deem the borrowing
of previously appropriated General Corporate Funds by Special Service
Area Number 1 for the purpose of constructing the improvements therein
to be the most economical method of financing the said improvements ;
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 provisions of the preamble hereinabove set
forth are ergby adopted as though fully set forth herein.
Section 2 : That there is hereby authorized a loan to the Village
of Oak Brook Special Service Area Number 1 in the amount of Thirty
Thousand Five Hundred Twenty Nine Dollars and No Cents ($30 ,529 . 00).
for the purpose of paying the cost of the construction of the pro-
posed municipal services in said Special Service Area Number 1 . The
conditions of said loan are that said indebtedness is to be retired
over a period not to exceed 10 years and to bear interest at a rate
of six percent (60) per annum based on the outstanding indebtedness .
Said indebtedness , including principal and interest thereon , shall be
retired by the levy of a direct tax to pay the interest on such in-
debtedness as it falls due and to discharge the principal thereof at
maturity. Said tax is to be levied upon all taxable property within
Special Service Area Number 1 , as detailed and defined in the Ordinance
establishing said Special Service Area Number 1 .
Section 3 : That the Village Treasurer is hereby authorized and
directed to effect said. transfer of the amount so borrowed ($30 ,529 - 00)
to said Special Service Area Number 1 fund pursuant to the provisions
of Article 8, Division 2 of Chapter 24 of the Illinois Revised Statutes .
Ordinance No . 481
Page 2
An Ordinance Authorizing the Borrow-
ing of Monies from the General
Corporate Fund of the Village of
Oak Brook by Special Service Area No.
1 , and Authorizing a Transfer
Amongst Appropriations
Section 4 : That this Ordinance shall be in full force and
effect from and after its passage and approval pursuant to law.
Passed this 22nd day of September 1981 .
Ayes : Trustees Congreve, Listecki, Rush and Watson
Nays : None
Absent : Trustees Imrie and Philip
Approved this 22nd day of September 1981 .
exe
Vi lage President
ATTEST:
-
Village Clerk
Approved as to Form:
Vill ge Attorney
Published_
Date Paper
Not Published X