S-892 - 01/13/1998 - BUDGET- SPORTS CORE - Ordinances ORDINANCE 98-BU-S-892
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 96-BU-S-864 authorized a consolidated loan of not more than $450,000
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-864 authorized a loan of not more than $75,000 to the Golf
Surcharge account of the Sports Fund in order to fund lake repairs at the Oak Brook Golf Club; and
WHEREAS,the loan authorized in Ordinance 96-BU-S-864 to the Golf Surcharge account of the
Sports Core Fund can be eliminated due to the full payment of principal on the loan; and
WHEREAS, an additional sum of$200,000 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 a consolidated loan of not more than $650,000 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 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 made available.
Section 4: That any unpaid balance on these loans will be due and payable on January 31,
1999.
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this ordinance be and are hereby repealed.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.
PASSED THIS 13th day of January, 1998.
Ayes: Trustees Bartecki, Caleel, Kenny, McInerney, Savino and Shumate
Nays: None
Absent: None
Abstain: None
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Ordinance 98-BU-S-892
Authorizing a Loan to the
Sports Core Fund, Page 2
APPROVED THIS 13thday of January, 1998.
Village President
ATTEST:
Village Cle
Approved as to FormlV
�i
Village Attorney
Published
C�
- 0i 0 Date Paper
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Not Published
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