HomeMy WebLinkAboutRESOLUTIONS-2004-041-R-04• 8i 16/G4
41-R-04
A RESOLUTION
Authorizing the City of Evanston to Enter an
Intergovernmental Agreement with
Evanston Township to Loan the Township Funds
WHEREAS, the City of Evanston ("City") and Evanston Township ("Township")
are geographically coterminous and serve the same population; and
and
WHEREAS, the Township provides services to all qualified residents of the City;
WHEREAS, the Township budget, both the Town Fund and General Fund, is
funded by property taxes collected by Cook County; and
• WHEREAS, the timing of the Cook County property tax bills will cause the
Township cash flow problems: and
WHEREAS, the Township in, anticipation of receiving its funds late, needs
assistance; and
WHEREAS, the Township will not receive the 2003 levy second installment of
said tax revenues until November, 2004, over even later; and
WHEREAS, because of the delay in receiving its share of the property tax
revenues, the Township finds it necessary to borrow funds to offset the delayed receipt
of property tax revenues; and
WHEREAS, pursuant to the Intergovernmental Cooperation Act, 5 ILCS 220/3,
• the City and Township may and desire to enter into an Intergovernmental Agreement
1
whereby Y the City will loan the Township funds to offset the delayed receipt of property •
tax revenues, and the Township will repay said loan within 180 days,
NOW. THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the City of Evanston is authorized to loan Evanston Township
a sum not to exceed $350,000.00 for 180 days at a rate of 0.0% to be paid back in full
by February 28, 2005.
SECTION 2: That the Interim City Manager is authorized to execute an
Intergovernmental Agreement providing for said loan by the City of Evanston to
Evanston Township.
SECTION 3: That the Interim City Manager is authorized to negotiate any •
additional conditions on the Agreement as may be determined to be in the best
interests of the City.
SECTION 4: That this Resolution shall be in full force and effect from and after
its passage and approval in the manner provide by law.
Mayor
ATTEST:
q%6k)I. `
it Jerk
Adopted: ( l,Z-Le, 2004
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