HomeMy WebLinkAbout035-R-19 Amending the City of Evanston Budget Policy35-R-19
A RESOLUTION
Amending the City of Evanston Budget Policy
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, a paragraph 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: The Budget Policy is hereby amended to read as follows:
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 of funds 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 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 Obligation Debt does not include
bonds which have been refunded or decreased 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 $152,000,000 in
35-R-19
aggregate principal amount, which limit is expressly subject to increase from 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
Attest:
Devon
Adopted: M?Y-- / 2019
�It4ephen. r , o
Approvedtoform: �J
Michelle L. Masoncup, C�Vtnsel
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