S-840 - 01/23/1996 - BUDGET- SPORTS CORE - Ordinances ORDINANCE 96-BU-S-840
ORDINANCE AUTHORIZING LOANS
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 95-BU-S-832 authorized a consolidated loan of not
more than $735,000 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 95-BU-S-832 authorized a consolidated loan of not
more than $150,000 to the Golf Surcharge account of the Sports Fund in order
to fund lake repairs at the Oak Brook Golf Club; and
WHEREAS, there are insufficient funds available in the Sports Core Fund
and the Golf Surcharge account of the Sports Core Fund to repay the
outstanding loan balance;
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 $735,000 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 a consolidated loan of not more than $150,000 from the
General Corporate Fund to the Golf Surcharge account of the Sports Core Fund
is hereby authorized to fund lake repairs at the Oak Brook Golf Club.
Section 4: That the loans authorized in Sections 2 and 3 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.
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 these loans will be due and
payable on January 31, 1997.
Ordinance 96-BU-S-840
Authorizing Loans to the
Sports Core Fund
Page 2
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conflict with the provisions of this ordinance be and are hereby repealed.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 23rd day of January, 1996.
Ayes: Trustees Bartecki, Kenny, McInerney and Shumate
Nays: None
Absent: Trustees Payovich and Savino
Abstain: None
APPROVED THIS 23rd day of January, 1996.
s;
V 11age President
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Village Attorney
Published
Date Paper
Not Published XX
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