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S-918 - 10/27/1998 - SPORTS CORE - Ordinances Supporting Documents "" '� * VL O � a COONQI s~� VILLAGE OF OAK BROOK 1200 OAK BROOK: ROAD OAK BROOK, ILLINOIS 60523-2255 i I PHONE: 630 990-3000 FA X: 630 990-08 7 6 i Date: October 20, 1998 To: Village President and Board of Trustees From: Darrell Langlois i Subject: Sports Core Refunding Note Attached is an ordinance authorizing the issuance of Sports Core Refunding Note-in the amount of $122,293.47 with Oak Brook Bank. The original borrowing of X300,000 commenced in 1992 and provided for the purchase of the Tennis Dome. The financing � has been accomplished by means of a series of I-yeas notes due on October 28 each year, 1 with the remaining principal balance tieing refinanced for an additional one year term. The interest rate on the note is 4.81% and the monthly payment on this obligation is 52805.78, the same terms as those in effect when the note was originally issued. The payments have been budgeted for in the Tennis Operations-Indoor Program (8104), which is then reimbursed by the General Corporate Fund through a monthly transfer. I. Please feel free to contact me if you should have any questions. i 'Ir 2) That the final plat shall be revised as necessary and the same approved by the Village Engineer; 3) That all other requirements,conditions and standards of the Subdivision Regulations of the Village of Oak Brook, except as waived or limited by this Resolution, shall be applicable to the resubdivision and development of said Final Plat of Subdivision; 4) That the owner shall work with the owners of the adjacent residential properties to the north to ensure adequate security and privacy to the extent allowed by the regulations pertaining to fencing, berming and landscaping;and 5) That parking lot lighting shall be designed and located in a manner that minimizes any impact on the adjacent residential property. Motion by Trustee Savino,seconded`by Trustee Bartecki,Ito pass Resolution 98-SD-CON+EASE-V-R-712,".A Resolution Approving Final flat Of Consolidation And Plat Of Vacation(1800 Swift Drive, Oak Brook,IL 60523) as presented and waive the full reading thereof. ROLL CALL VOTE: .Ayes: 5 Trustees Bartecki, Caleel, McInerney, Savino and j Shumate. i Nays: 0 - None. Absent: I - Trustee Kenny. Motion carried. 671( IS AN ORDINANCE AUTI- ORIZIING ORD.98-sc-5-918 THE ISSUANCE OF A S 122.293.47 REFUNDING NOTE OF AUTHORIZ_`:-� THE THE VILLAGE C?F C?AI; BROOK. DU PAGE AND COOK ISSUANCE OF A COUNTIES. IL: $122,293.-' , RI FUND7`G NOTE The ordinance authorizes the issuance of a Sports Core Refunding (Tennis D=e) Note in the amount of S1,22,293.47 with Oak Brook Bank. The ~ original borrowing of$300,000 commenced in 1992 and provided for the purchase of the Tennis Dome. The financing has been accomplished by means of a series of one-year notes due on October 28 each ycar, with the remaining principal balance being refinanced 'I for an additional one-year term. The interest rate on the note is 4.S I%and the monthly payment on this obligation is $2,805.75, the tame terms as those in effect when the note was originally issued. The payments have been budgeted in the 'Tennis Operations-Indoor Program (S 104), which is then reimbursed by the General Corporate Fund through n monthly transfer. Motion ley 'Trustee Batrtecki,seconded by Trustee Shumate, to pass Ordinance 98-SC-S-918, "Art Ordinance Authorizing 1 The Issuance f VII,I,At►1: O OAK IWO Uh A-Iunute.:, 7 of 11 October 27, 1998 l� " ''$" § Of A$122,293.47 Refunding Note Of The Village Of Oak Brook,Du 'I Page And Cook Counties, IL",as presented and waive the full reading thereof. ROLL CALL VOTE: Ayes: 5 - Trustees Bartecki, Caleel, McInerney, Savino and Shumate. Nays: 0 - None. Absent: 1 - Trustee Kenny. Motion carried. I� 8) ORDINANCE 98-BD-BOT-G-626 AN ORDINANCE ©RD.98-BD-EOT- AMENDING THE CODE OF ORDINANCES OF THE G-626 VILLAGE OF OAK BROOK RELATIVE TO COMPENSATION AMENDING CODE OF CERTAIN MUNICIPAL OFFICERS: RELATIVE TO COMPENSATION O CERTAIN MUNICI Discussed and direction given at the Regular meeting of October 13, OFFICERS 1998. The ordinance increases the annual compensation for the Village President, Board of Trustees and Village Clerk. Motion by Trustee Savino,seconded by Trttstee Caleel, to pass Ordinance 98-BD-BOT-G-626, "An Ordinance Amending The Code Of Ordinances raf The Village Of Oak Brook Relative To Compensation Of Certain Municipal Officers",as presented and waive the full reading thereof. ROLL CALL VOTE: Ayes: 2 - Trustees Caleel and Savino. Nays: 3 - Trustees Bartecki, McInerney and Shumate. Absent: I - Trustee Kenny. Motion failed. Motion by Trustee Caleel, seconded by Trustee Shumate, to amend the motion to delete Section 3, Compensation -Trustees; renumber Section 4 to Section 3. Section 4 shall read: "That this ordinance shall be in frill force :►nd effect from and after its passage,approval and publication as required by law. The Village Clerk is hereby authorized and directed to publish this ordinance in pamphlet form in I� the manner provided by law-." ROLL CALL VOTE: Ayes: 4 - Trustees Caleel, McInerney, Savino and Shumate. Nays: 1 - Trustee Bartecki. Absent: i - Trustee Kenny. Motion carried. C. AWARD 01- CONTRACTS: No Business. i VILLAGE OF (OAK BROOK Minutes 8 oi' 1 l October 27, 1998