S-864 - 11/26/1996 - BUDGET- SPORTS CORE - Ordinances ORDINANCE 96-BU-S-864
ORDINANCE AUTHORIZING LOANS
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 96-BU-S-840 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 96-BU-S-840 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, the consolidated loan authorized in Ordinance 96-BU-S-840 to
the Golf Surcharge account of the Sports Core Fund can be reduced to $75,000
due to the partial payment of principal on the loan; and
WHEREAS, an additional sum of $450,000 is needed to provide for
operating and capital needs of the Sports Core;
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 in recognition of the general public benefit provided
by the Sports Core over the years that the property has been owned by the
Village for which no contribution was made by the General Corporate Fund, the
principal and accrued interest on the consolidated loan to the Sports Core
Fund authorized by Ordinance 96-BU-S-840 is hereby forgiven.
Section 3: That a consolidated loan of not more than $75,000 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 an additional loan of not more than $450,000 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 5. That the loans authorized in Sections 3 and 4 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,
the proceeds from sale of right-of-way to DuPage County, or the amounts
received from the Golf Surcharge, as applicable.
Section 6: That interest on loans made to the Golf Surcharge account of
the Sports Core Fund 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. Interest will be due and payable no later
Ordinance 96-BU-S-864
Authorizing Loans to the
Sports Core Fund, Page 2
than the last day of the succeeding month.
Section 7: That any unpaid balance on these loans will be due and
payable on January 31, 1998.
Section 8: That all ordinances or resolutions, or parts thereof, in
conflict with the provisions of this ordinance be and are hereby repealed.
Section 9: That this ordinance shall be in full force and effect from
and after passage and approval pursuant to law.
PASSED THIS 26th day of November, 1996.
Ayes: Trustees Bartecki, Kenny, McInerney, Payovich, Savino and Shumate
Nays: None
Absent: None
Abstain: None
APPROVED THIS 26th day of November, 1996.
a• 01 0',{i
llage Pres' ent
i~
to Form:
Village Attorney
Published
Date Paper
Not Published XX
sc.ord