HomeMy WebLinkAboutRESOLUTIONS-1999-072-R-990 10/20/99
72-R-99
A RESOLUTION
Authorizing Evanston Township to Enter an
Intergovernmental Agreement with the
City of Evanston for a Loan
WHEREAS, the City of Evanston ("City") and Evanston Township
("Township") are geographically coterminous and serve the same population; and
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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
0 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, the Township is authorized to borrow money, pursuant to 60 ILCS
• 1 /240-5; and
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72-R-99
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 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 BOARD OF TRUSTEES
OF THE TOWN OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That Evanston Township is authorized to borrow from the
City of Evanston 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 this Resolution shall be in full force and effect from and
after its passage and approval in the manner prgvided by law. •
Mayor
ATT ST:
City Clerk
Adopted: (� Cti�-� Z SJ , 1999
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