HomeMy WebLinkAboutRESOLUTIONS-2012-001-R-12C,
1 /5/2012
1-R-12
A RESOLUTION
Amending the Citv of Evanston Budget Policv
WHEREAS, the City of Evanston, Cook County, Illinois (the "City') has
adopted a Budget Policy (the "Budget Policy") pursuant to the proceedings of December
18, 2000; and
WHEREAS, paragraph J of the Budget Policy, relating to the Debt Service
Fund, must be amended to accommodate current needs of the City and the
recommendations of the City's bond counsel,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS, THAT:
• SECTION 1: 'Paragraph J of the Budget Policy is hereby amended to read
as follows:
J. Debt Service Fund. General Obligation Debt of the City means debt
(viz., bonds) for which an unlimited real property tax levy is made or
pledged for payment. General Obligation Debt shall be allocated into two
categories. Self -Supporting General Obligation Debt shall mean General
Obligation Debt which, at the time of issuance, is expected and intended
by the Treasurer to be payable out of a source other than the City's
general real property tax levy, thus permitting the abatement and
avoidance of the property tax levy to pay such bonds; examples of Self -
Supporting General Obligation Debt include (without limitation) bonds
payable from the Water Fund or the Sewer Fund, bonds payable from the
Water Fund or the Sewer Fund, bonds payable from special assessments,
bonds payable from tax increment financing areas, and bonds payable
from Motor Fuel Taxes. Tax -Supported General Obligation Debt shall
mean all other General Obligation Debt, which is expected and intended to
be paid from a general real property tax levy. General Obligation Debt
shall not include any obligation of the City not denominated a bond,
including, without limitation, short term notes or warrants or other
obligations which the City may issue from time to time for various
purposes and to come due within three (3) years of issuance. General
1-R-12
Obligation Debt does not included bonds which have been refunded or
defeased and which, as a consequence of same, are provided for from a
dedicated source of funds or investments. Self -Supporting General
Obligation Debt shall not be limited by this Budget Policy. Tax -Supported
General Obligation Debt shall not exceed $113,000,000 in aggregate
principai amount, which limit is expressly subject to increase Tom time to
time by action of the City Council as the needs of the City may grow.
General Obligation Debt issued as so-called zero coupon bonds or capital
appreciation bonds shall be counted as debt in the original principal
amount issued. The Treasurer shall at all times keep a book or record of
all General Obligation Debt and its proper allocation. The Treasurer's
statements as to the allocation of General Obligation Debt into these two
categories shall be conclusive. Notwithstanding this statement of policy,
all bonds or other obligations by whatever name designated of the City
duly authorized to be issued by the City Council shall be valid and legally
binding as against the City, and there shall be no defense of the City as
against any bondholder or other obligation holder on the basis of this
policy.
SECTION 2: This resolution shall be effective immediately, and the
Budget Policy shall be accordingly restated. •
SECTION 3: This resolution may only be amended by subsequent
resolution or ordinance as adopted by the City Council.
SECTION 4: All motions, resolutions and orders, or parts thereof, in
conflict herewith, are, to the extent of such conflict, hereby repealed.
EI' eth B. Tisdahl, Mayor
Attest:
Rodney Greep4, City Clerk
Adopted: �Wl�(,t Q , 2012
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