S-797 - 01/24/1995 - SPORTS CORE - Ordinances ORDINANCE 95-BU-S-797
ORDINANCE AUTHORIZING LOANS
TO THE SPORTS CORE FUND
WHEREAS, on March 4, 1994 the President and Board of Trustees of the
Village of Oak Brook, DuPage and Cook Counties, Illinois, approved a loan of
$225,000 from the General Corporate Fund to the Sports Core Fund to provide
for the refund of memberships paid from October 1, 1993 through March 1, 1994
and for other operating needs of the Sports Core; and
WHEREAS, on December 19, 1994 the President and Board of Trustees of the
Village of Oak Brook, DuPage and Cook Counties, Illinois, has adopted an
ordinance entitled "Ordinance Adopting the Budget of the Village of Oak Brook
for 1995" , which ordinance is numbered among the ordinances of the Village as
Ordinance No. 94-BU-S-792; and
WHEREAS, Ordinance 94-BU-S-792 provided for the completion of lake
repairs at the Oak Brook Golf Club with funds accumulated in the Golf
Surcharge account of the Sports Core Fund; and
WHEREAS, Ordinance 94-BU-S-792 provided that due to insufficient funds
available in the Golf Surcharge account, $175,000 be loaned from the General
Corporate Fund in order to accelerate the completion of the lake repairs; and
WHEREAS, Ordinance 94-BU-S-792 provided that an additional sum of
$260,000 be loaned from the General Corporate Fund to the Sports Core Fund in
order to fund capital projects and other operating needs of the Sports Core in
1995.
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 the General Corporate Fund is authorized to loan up to
$485,000 to the Sports Core Fund in order to fund capital projects and other
operating needs of the Sports Core.
Section 3: That the General Corporate Fund is authorized to loan up to
$175,000 to the Golf Surcharge account of the Sports Core Fund to fund lake
repairs at the Oak Brook Golf Club.
Section 4: That the loans authorized in Section 1 and 2 hereof shall be
treated as revolving loans. The Finance Officer/Treasurer is hereby
authorized to draw on the principal amounts on an as-needed basis and to repay
the outstanding balances as funds are available from Sports Core operations or
amounts received from the Golf Surcharge, as applicable.
Ordinance 94-BU-S-797
Authorizing Loans to the
Sports Core Fund
Page 2
Section 5: That interest will be calculated monthly at the end-of-month
rate of the Illinois Public Treasurer's Investment Pool (IPTIP) and applied to
the average outstanding balance of each component operation utilizing the
funds. Interest will be due and payable no later than the last day of the
succeeding month.
Section 6: That any unpaid balance on this loan will be due and payable
on January 31, 1996.
Section 7: That all ordinances or resolutions, or parts thereof, in
conflict with the provisions of this ordinance be and are hereby repealed.
Section 8: That this ordinance shall be in full force and effect from
and after passage and approval pursuant to law.
PASSED THIS 24th day of January, 1995.
Ayes: Trustees Bartecki, Calzaretta, Kenny, McInerney, Payovich and Shumate
Nays: None
Absent: None
Abstain: None
APPROVED THIS 24th day of January, 1995.
Village President
ATTEST:
f/
Village Clerk---
Approved as to Form:
&�a-
Village Attorney
Published
Date Paper
Not Published XX