R-03-12 Authorizing Loan from Downtown TIF to Canal District TIFRESOLUTION R- 3
A RESOLUTION TO AUTHORIZE A LOAN FROM DOWNTOWN
TIF TO THE CANAL DISTRICT TIF
WHEREAS, the Village of Lemont has adjoining TIFs in the Downtown; and,
WHEREAS, the Canal District TIF has sufficient increment projected in the fiscal year to
cover expenses; and,
WHEREAS, the Canal District TIF needs a short term loan until the second installment of
increment is received; and,
WHEREAS, the Downtown TIF District has sufficient increment to cover its current
obligation.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that:
SECTION 1: That the Village Treasurer is authorized to transfer up to $60,000
from the Downtown TIF to the Canal District TIF. Said monies shall be repaid upon receipt
of second installment of increment.
SECTION 2: Effective Date: This Resolution shall be in full force and effect from
and after its passage, approval and publication in the manner provided by law.
The Village Clerk of the Village of Lemont shall certify to the adoption of this
Resolution.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COOK, WILL AND DU PAGE COUNTIES ILLINOIS
on this q Day of j ciQ ry , 2012.
AYES: NAYS: ABSENT: ABSTAIN
Debby Blatzer
Paul Chialdikas I/
Clifford Miklos 7
Ron Stapleton ✓
Rick Sniegowski if
Jeanette Virgilio
CHARLENE M. SMOLLEN
Village Clerk
404 ,, ___,....e.--..
7 ' • N K. REAVES
President