S-1060 - 01/27/2004 - BUDGET - Ordinances41�
ORDINANCE 2004 -BU -S- 1060
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2003 -BU -S -1032 authorized a consolidated loan of not more than
$1,140,000 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 $150,000 is needed to provide for operating and capital needs
of the Sports Core, and
WHEREAS, Ordinance 2003 -BU -S -1032 authorized a loan of not more than $1,298,300 in order
to fund the golf clubhouse expansion project, a loan of not more than $125,500 in order to fund the pool
deck replacement project, a loan of not more than $148,900 in order to fund engineering and subdivision
expenses in Westchester Park and a loan of not more than $41,300 in order to fund remaining expenses
for the completion of the B & T Clubhouse expansion project, with all four (4) loan authorizations expected
to be repaid with the proceeds from the sale of certain surplus public real estate in Westchester Park, and
WHEREAS, the amount of the loan authorized for engineering and subdivision expenses in
Westchester Park is required to be increased to $162,100, and
WHEREAS, the amount of the loan authorized to fund remaining expenses for the completion of
the Bath and Tennis Clubhouse expansion project is required to be increased to $45,300, and
WHEREAS, the proceeds from the partial sale of the surplus real estate in Westchester Park
enables reduction of the loan amount authorized for the golf clubhouse expansion project to $600,600,
and
WHEREAS, the sale of the remaining surplus public real estate in Westchester Park has not
occurred, requiring extending the remaining loan authorization for an additional one -year term
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 $1,290,000 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 $600,600 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 $162,100 from the General Corporate Fund to the Sports
Core Fund is hereby authorized in order to fund engineering and subdivision expenses in Westchester
Park
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Ordinance 2004 -BU -S- 1060
Authorizing a Loan to the
Sports Core Fund, Page 2
Section 6 That a loan amount of not more than $45,300 is authorized in order to fund remaining
expenses for the completion of the Bath and Tennis Clubhouse expansion project
Section 7 That the loan authorized in Section 2 hereof shall be treated as revolving loans The
Finance Director 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 8 That any unpaid balance on these loans will be due and payable on January 31, 2005
Section 9. That all ordinances or resolutions, or parts thereof, in conflict with the provisions of this
ordinance be and are hereby repealed.
Section 10 That this ordinance shall be in full force and effect from and after passage and
approval pursuant to law
APPROVED THIS 27th day of January , 2004
r
i
Vi ge Presid
PASSED THIS 27th day of January , 2004
Ayes Trustees Aktipis, Caleel, Craig, Korin, Miologos and Yusuf
Nays None
Absent None