HomeMy WebLinkAboutRESOLUTIONS-2004-043-R-04•
8/6/04
43-R-04
A RESOLUTION
Authorizing Evanston Township to Enter
an Intergovernmental Agreement with
The City of Evanston and to Accept a Loan
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
--whereby the City will loan the T ownship funds to offset the delayed receipt of property
tax revenues, and the Township will repay said loan within 180 days; and 43-R-04 •
WHEREAS, the Township Board of Trustees has determined it is in the best
interest of the citizens of the Town of Evanston to enter said Agreement and accept
said loan;
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That Evanston Township agrees to accept a loan from the City of
Evanston for 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 Township Supervisor is authorized to execute an
Intergovernmental Agreement providing for said loan by the City of Evanston to
Evanston Township. •
SECTION 3: That the Township Supervisor is authorized to negotiate any
additional conditions of the Agreement as may be determined to be in the best interests
of the Township.
SECTION 4: That this Resolution shall be inq force and effec�ffrod after
its passage and approval in the manner provi ed y aw.
ie
(Township Supervisor
ATTEST:
w� Clerk
Adopted: /i <2 , 2004 •
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