S-984 - 01/09/2001 - BUDGET - OrdinancesORDINANCE 2001 -BU -S- 984
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
9
WHEREAS, Ordinance 2000 -BU -S -959 authorized a consolidated loan of not more thani $750,000
from the General Corporate Fund to the Sports Core Fund in order to fund capital projects and operating
needs of the Sports Core; and
d
WHEREAS, an additional sum of $40,000 is needed to provide for operating and capital ineeds of
the Sports Core; and
WHEREAS, Ordinance 2000 -BU -S -959 authorized a loan of not more than $1,313,440 in order to
fund the golf clubhouse expansion project and also authorized a loan of not more than $125,000 in order
to fund the pool deck replacement project, with both loan authorizations expected to be repaid with the
proceeds from the sale of real estate; and
WHEREAS, the amount of the loan authorized for the golf clubhouse expansion project can be
reduced to $1,298,300 and the amount of the loan authorized for the pool deck replacement project is
required to be increased to $125,500; and
WHEREAS, the sale of real estate has not yet occurred which necessitates extending these loan
authorizations for an additional one -year term; and
WHEREAS, it is necessary that the General Corporate Fund loan funds to the Sports Core Fund
in order to fund the costs related to engineering and subdivision preparation in Westchester Park in
advance of the land sale;
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: i
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 $790,000 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 $1,298,300 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 $125,500 from the General Corporate Fund to the Sports
Core Fund is authorized in order to fund the pool deck replacement project.
Section 5: That a loan of not more than $125,000 from the General Corporate Fund to the Sports
Core Fund is hereby authorized in order to fund engineering and subdivision expenses in Westchester
Park.
Ordinance 2001 -BU -S -984
Authorizing a Loan to the
Sports Core Fund, Page 2
Section 6: 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 7: That any unpaid balance on these loans will be due and payable on January 31, 2002.
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 9th day of January , 2001.
Ayes: Trustees Butler, Craig, Kenny, McInerney and Savino
Nays: None
Absent: Trustee Caleel
Abstain: None
APPROVED THIS 9th day of January , 2001.
ATTEST:
JVi Clerk U
Approve as to Form:
Village Attorney
sc.ord
d
0 F 04�.
Published
Date Paper
Not Published XX