S-959 - 01/25/2000 - BUDGET- SPORTS CORE - Ordinances ORDINANCE 2000-BU-S-959
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 98-BU-S-921 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, an additional sum of$100,000 is needed to provide for operating and capital needs
of the Sports Core; and
WHEREAS, Ordinance 98-BU-S-921 authorized a loan of not more than $1,313,440 in order to
fund the golf clubhouse expansion project in advance of proceeds from the sale of real estate in
Westchester Park; and
WHEREAS, the sale of real estate in Westchester Park has not yet occurred which necessitates
extending the loan authorization for an additional one-year term; and
WHEREAS, the Village Board has authorized replacement of the pool deck at the Sports Core,
estimated at$125,000, said funding anticipated from the sale of right-of-way on 31s`Street; and
WHEREAS, financing of this project is needed in order to fund the project, as no sale of right-of-
way has occurred;
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 $750,000 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 a loan of not more than $125,000 from the General Corporate Fund to the Sports
Core Fund is authorized in order to fund the pool deck replacement project.
Section 5: 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 6: That any unpaid balance on these loans will be due and payable on January 31, 2000.
Ordinance 2000-BU-S-959
Authorizing a Loan 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 25th day of January, 2000.
Ayes: Trustees Butler Caleel Craig Kenny McInerney Savino
Nays: None
Absent: None
Abstain: None
APPROVED THIS 25th day of January, 2000.
Karen BushV /s/
Village President
ATTEST:
Linda K. Gonnella /s/
Village Clerk
Approved as to Form:
Richard Martens /s/
Village Attorney
Published
Date Paper
Not Published X