HomeMy WebLinkAboutRESOLUTIONS-2003-026-R-03• RESOLUTION 26-R-03
A RESOLUTION TO AMEND THE CITY OF EVANSTON BUDGET POLICY
WHEREAS the City of Evanston, Cook County, Illinois (the "City") has adopted a Budget
Policy (the "Budget Policy ") pursuant to proceedings of December 18, 2000; and
WHEREAS the Budget Policy paragraph J relating to the Debt Service Fund must be
amended to accommodate current needs of the City and the recommendations of bond counsel:
Now, THEREFORE, BE IT ORDAINED by the City Council of the City of Evanston, Cook
County, Illinois, as follows:
Section 1. Paragraph J of the Budget Policy is hereby deleted in its entirety as
currently written and amended to read as follows:
J. Debt Service Fund. General Obligation Debt of the City
means debt (viz., bonds) for which an unlimited real property tax
levy is made or pledged for payment. General Obligation Debt
• shall be allocated into two categories. Self -Supporting General
Obligation Debt shall mean General Obligation Debt which, at the
time of issuance, is expected and intended by the Finance Director
to be payable out of a source of funds other than the City's general
real property tax levy, thus permitting the abatement and avoidance
of the property tax levy to pay such bonds; examples of
Self -Supporting General Obligation Debt include (without
limitation) bonds payable from the Water Fund or the Sewer Fund,
bonds payable from special assessments, bonds payable from tax
increment financing areas, and bonds payable from Motor Fuel
Taxes. Tax -Supported General Obligation Debt shall mean all
other General Obligation Debt, which is expected and intended to
be paid from a general real property tax levy. General Obligation
Debt shall not include any obligation of the City not denominated a
bond, including, without limitation, short term notes or warrants or
other obligations which the City may issue from time to time for
various purposes and to come due within three (3) years of
issuance. General Obligation Debt does not include bonds which
have been refunded or defeased and which, as a consequence of
same, are provided for from a dedicated source of funds or
investments. Self -Supporting General Obligation Debt shall not be
• limited by this Budget Policy. Tax -Supported General Obligation
Debt shall not exceed $85,000,000 in aggregate principal amount,
which limit is expressly subject to increase from time to time by
Budget Policy Resolution 26-R-03 FINAL
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action of the City Council as the needs of the City may grow. •
General Obligation Debt issued as so-called zero coupon bonds or
capital appreciation bonds shall be counted as debt in the original
principal amount issued. The Finance Director shall at all times
keep a book or record of all General Obligation Debt and its proper
allocation. The Finance Director's statements as to the allocation
of General Obligation Debt into these two categories shall be
conclusive. Notwithstanding this statement of policy, all bonds or
other obligations by whatever name designated of the City duly
authorized to be issued by the City Council shall be valid and
legally binding as against the City, and there shall be no defense of
the City as against any bondholder or other obligation holder on the
basis of this policy.
Section 2. This resolution shall be effective immediately, and the Budget Policy shall
be accordingly restated.
Section 3. This resolution may only be amended by subsequent resolution or ordinance
as adopted by this City Council.
Section 4. All motions, resolutions and orders, or parts thereof, in conflict herewith,
are to the extent of such conflict hereby repealed.
ADOPTED: 7 , 2003 •
APPROVED: jl" �, 2003
W,
Mayor, City of Evanston
Cook County, Illinois
ATTEST:
City I rk, Ci of Evanston
Cook o ty, Illinois
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