S-1358 - 12/11/2012 - BUDGET - OrdinancesORDINANCE 2012- BU -SC -S -1358
AN ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2011 -BU -S -1325 authorized a consolidated loan of not more than
$2,087,000 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 amount up to $275,000 be loaned from the General Fund to the Sports Core
Fund to fund the operating needs of the Sports Core for the calendar year 2012. The consolidated loan
of $2,362,000 authorized would remain outstanding requiring an extension to January 31, 2014.
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 $2,362,000 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 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 4: That any unpaid balance on these loans will be due and payable on January 31, 2014.
Section 5: That all ordinances or resolutions, or parts thereof, in conflict with the provisions of
this ordinance be and are hereby repealed.
Section 6: That this ordinance shall be in full force and effect from and after passage and
approval pursuant to law.
APPROVED THIS 11'" of December, 2012.
r
Gopal G. Lalmalani
Village President
PASSED THIS 11`" day of December, 2012.
Ayes: Trustees Aktipis, Manzo, Moy, Wolin, and Yusuf
Nays: None
Absent: Trustee Znnnis
ATTEST:
Ordinance 2012 -BU -S -1358
n Authorizing Loan to
Sports Core Fund, .eage 2 of 2
Charlotte K. Pruss
Village Clerk