S-1331 - 03/13/2012 - SPORTS CORE - OrdinancesORDINANCE 2012 -SC- GOLF -S -1331
AN ORDINANCE AUTHORIZING A LOAN FROM THE
GENERAL CORPORATE FUND TO THE SPORTS CORE FUND
WHEREAS, on February 28, 2012, the Village President and Board of Trustees passed
Ordinance 2012 -SC- GOLF -R -1160 approving a contract by and between the Village and E -Z -GO Textron,
Inc. ( "E- Z -GO ") for E -Z -GO to provide the Village with a new fleet of golf cars ( "Goff Cars") for a total
purchase price of $245,197.00 ( "Payment'); and
WHEREAS, the Village is making the Payment with funds from the Village's General Corporate
Fund; and
WHEREAS, the Village desires to consider the Payment from the General Corporate Fund a loan
to the Sports Core Fund, whereby the Village will be reimbursed the Village's General Corporate Fund for
the Payment over the next four years, with interest, with funds from the Sports Core Fund, and
WHEREAS, the President and Board of Trustees have determined that it is in the best interest of
the Village to enter into this Ordinance authorizing a loan from the General Corporate Fund to the Sports
Core Fund,
NOW THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1: Recitals. The foregoing recitals are hereby incorporated into, and made a part of,
this Ordinance as the findings of the President and Board of Trustees of the Village of Oak Brook.
Section 2: Authorization of Loan. The President and Board of Trustees hereby authorize the
Payment made by the General Corporate Fund to be a loan of $245,197.00 from the General Corporate
Fund to the Sports Core Fund.
Section 3: Repayment of Loan. The loan authorized in Section 2 of this Ordinance shall be
due and payable from the Sports Core Fund in four installments of $61,299.25, plus 1.5 percent interest,
each due on October 1" of each year until such time as the loan is paid off in full.
Section 4: Conflicts. All ordinances or resolutions, or parts thereof, in conflict with the
provisions of this Ordinance are hereby repealed.
Section 5: Effective Date. That this ordinance shall be in full force and effect from and after
passage and approval pursuant to law.
[SIGNATURE PAGE FOLLOWS]
Ayes:
Nays:
APPROVED THIS 13'h of March. 2012.
G&pal -G. Lalmalani
Village President
PASSED THIS 131" day of March 2012.
Ordinance 2012 -SC- GOLF -1331
Authorizing Loan to
Sports Core Fund, Page 2 of 2
-I
Trustees Aktipis, Manzo, Moy, Wolin, Yusuf and Zannis
None
Absent: None
#11061465_vl
Charlotte K. Pruss
Village Clerk