S-921 - 12/08/1998 - BUDGET- SPORTS CORE - Ordinances ORDINANCE 98-BU-S-921
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 98-BU-S-892 authorized a consolidated loan of not more than$650,000
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, the Village Board has authorized an expansion of the golf clubhouse of the Oak
Brook Golf Club; and
WHEREAS, the total cost of the project is anticipated to be$1,313,440, said project to be financed
from the proceeds of the sale of real estate in Westchester Park; and
WHEREAS, the clubhouse expansion project will be substantially completed prior to the sale of
real estate, and temporary financing is needed to fund the project prior to the receipt of the real estate sale
proceeds;
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 a loan of not more than$1,313,440 from the General Corporate Fund to the
Sports Core Fund is hereby authorized in order to fund the golf clubhouse expansion project.
Section 4: 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 5: That any unpaid balance on these loans will be due and payable on January 31, 2000.
Section 6: That all ordinances or resolutions, or parts thereof, in conflict with the provisions of this
ordinance be and are hereby repealed.
Section 7: That this ordinance shall be in full force and effect from and after passage and
approval pursuant to law.
PASSED THIS Rth day of December, 1998.
Ordinance 98-BU-S-921
Authorizing a Loan to the
Sports Core Fund, Page 2
Ayes: Trustees Caleel, Kenny, McInerney Saving and Shumate
Nays: NnnP
Absent: Trustee Bartecki
Abstain: None
APPROVED THIS 8th day of December, 1998.
Village President
1 r
Villag Jerk
Approved as to Form:
Village Attorney
Published
Date Paper
Not Published XX
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