HomeMy WebLinkAboutRESOLUTIONS-1999-071-R-9910/20/99
71-R -99
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 mailing of second installment Cook County property tax bills
was delayed by action of the County; and
WHEREAS, as a result of the delay by Cook County in mailing the second
installment tax bills, payment of said bills is not due until November 1, 1999; and
WHEREAS, the Township will not receive said tax revenues until mid or late
November; 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 22.0/3,
• the City and Township may and desire to enter into an Intergovernmental Agreement
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71-R-99
whereby the City will loan the Township funds to offset the delayed receipt of property
tax revenues, and the Township will repay said loan within 60 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 $200,000.00 for 60 days at a rate of 3.65% to be paid back in full
with interest by December 21, 1999.
SECTION 2: That the City Manager is authorized to prepare an
Intergovernmental Agreement providing for said loan by the City of Evanston to
Evanston Township.
SECTION 3: That this Resolution shall be in full force and effect from and after •
its passage and approval in the manner prod by law.
Mayor
ATTEST: +
�I
ity Clerk
C' C� �� Z S
Adopted: �_: ,� , 1999
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