HomeMy WebLinkAbout140-R-26 Authorizing Transfer of $1M from General Fund to Debt Service Fund1 (3) (1)7/13/2026
140-R-26
A RESOLUTION
Authorizing the Transfer of $1 Million from the General Fund to the
Debt Service Fund For Debt Service on 2026 General Obligation Bonds
WHEREAS, an unbudgeted transfer of $1,000,000 from the General Fund
(#100) to the Debt Service Fund (#320) is necessary to support debt service on the
2026 General Obligation Bonds; and
WHEREAS, this transfer is necessary to fully meet the Series 2026 debt
service requirement, due December 1, 2026; and
WHEREAS, higher interest rates resulted in the use of a conservative
bond amortization structure, leading to a larger debt service payment in 2026; and
WHEREAS, a portion of the total obligation can be funded through the
levy associated with the 2013 GO Bonds, which were refinanced as part of the 2026
issuance; and
WHEREAS, additional resources are available from the Library Fund for
its portion of the issuance, as well as from the existing Debt Service Fund balance;
and
WHEREAS, after applying these available resources, the remaining
unfunded amount is approximately $1,000,000, necessitating the recommended
transfer from the General Fund.
Page 1 of 2
140-R-26
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, STATE OF ILLINOIS:
SECTION 1: That the foregoing recitals are hereby found as fact and
incorporated herein by reference.
SECTION 2: That the Chief Financial Officer is hereby authorized and
directed to transfer $1 million ($1,000,000) from the City’s General Fund to the Debt
Service Fund.
SECTION 3: This Resolution 140-R-26 shall be in full force and effect from
and after its passage and approval in the manner provided by law.
Daniel Biss, Mayor
Attest: Approved as to form:
Stephanie Mendoza, City Clerk
Adopted: , 2026
Alexandra B. Ruggie, Corporation Counsel
Page 2 of 2
July 13