HomeMy WebLinkAboutRESOLUTIONS-2004-015-R-04•
03/10/2004
15-R-04
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. That 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
15-R-04
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
$90,000,000 in aggregate principal amount, which limit is expressly
subject to increase from time to time by 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. That this resolution may be amended only by subsequent
resolution or ordinance as adopted by this City Council. •
SECTION 3. That all motions, resolutions and orders, or parts thereof, in conflict
herewith, are to the extent of such conflict hereby repealed.
SECTION 4. This resolution shall be effective immediately, and the Budget
Policy shall be accordingly restated.
i ^A
Adopted: GI,rC�� 22 , 2004
A ved: �'�-�'!�1 � 2004
Ll ,
Mayor
ATTEST:
Il,
/1,
City ler •
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