S-1227 - 01/22/2008 - BUDGET - Ordinances Supporting Documents' • I
ITEM 1 091;.9 )
AGENDA ITEM
Regular Board of Trustees of
January 22, 2008
SUBJECT: Interfund Loan to the Sports Core Fund
FROM: Darrell Langlois 04-_�
BUDGET SOURCE/BUDGET IMPACT: N/A
RECOMMENDED MOTION: I move that the Village Board approve Ordinance 2008 -
BU -S -1227, an Ordinance Authorizing a Loan to the Sports Core Fund.
Backizround/History:
The ordinance authorizing loans from the General Corporate Fund to the Sports Core Fund
expires on January 31, 2008. The prior ordinance authorized a consolidated loan of up to
$1,290,000 in order to fund capital and operating needs of the Sports Core dating from 1996-
2003. For the fourth consecutive year, an interfund loan was not required in order to finance
Sports Core operations in 2007. That being said, none of the principal on the $1,290,000
obligation was repaid during 2007. The 2007 budget did not project repaying any of the
principal in 2007.
At the present time the only action requested is to extend the term of the loan for an additional
one -year period. Over the last several years the Sports Core has made strides in eliminating
operating deficits that averaged $161,000 from 1996 -2003. If progress continues towards
consistent and increased profitability, the Sports Core should be able to begin progress on
retiring this obligation. Per the 2008 -2012 Five -Year Financial Plan, repayment of this loan is
projected to begin in 2011.
Recommendation: f
I recommend approval of the attached ordinance which extends the loan authorization to the
Sports Core Fund for an additional one -year term.
AM
ORDINANCE 2008 -BU -S -1227
ORDINANCE AUTHORIZING A LOAN
TO THE SPORTS CORE FUND
WHEREAS, Ordinance 2007 -BU -S -1186 authorized a consolidated loan of not more than
$1,290,000 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, the loan amount authorized remains outstanding requiring a one year extension to
January 31, 2009
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 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, 2009
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 22nd of January, 2008
John W Craig
Village President
PASSED THIS 22nd day of January, 2008
Ayes
Nays
Absent
Ordinance 2008 -BU -S -1227
Authorizing a Loan to the
Sports Core Fund, Page 2 of 2
ATTEST
Charlotte K Pruss
Village Clerk