HomeMy WebLinkAboutRESOLUTIONS-2000-075-R-007/24/00
75-R-00
A RESOLUTION
Authorizing the City of Evanston to Enter an
Intergovernmental Agreement with
Evanston Township to Grant and 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, 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, because of the cash flow needs of the Township a grant of funds is
needed; 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 grant and loan the Township funds to offset the delayed receipt of
property tax revenues; and
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75-R-00 16
WHEREAS, a referendum will be placed on the November 7, 2000 ballot, and
the Township will repay said grant depending on the outcome of the election,
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 grant Evanston Township
a sum of $250,000.00 to be paid back in full if the November 7, 2000 referendum
passes. The grant will be forgiven if the referendum is unsuccessful.
SECTION 2: That the City Manager is authorized to loan Evanston Township up
to $250,000 through the end of the Township's fiscal year 2002-2003.
SECTION 3: That if the November 7, 2000 referendum is unsuccessful zero
interest will be charged on the loan; however, if the referendum is successful, an a
interest rate of 7% will be assessed on both the grant and the loan.
SECTION 4: That the City Manager is authorized to enter into an
Intergovernmental Agreement providing for said grant and loan by the City of Evanston
to Evanston Township including language that requires the Township to provide
monthly financial information to the City on its budget and operational expenditures.
SECTION 5: That the June 26, 2000 version of the Evanston Township Budget
as amended is adopted by the Township Trustees.
SECTION 6: That this Resolution shall be in full force and effect from and after
its passage and approval in the manner provided by law.
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ATTEST: Mayor
i ler
Adopted: 2000
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75-R-00
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