2022-07-18 - Ordinance 2022-076 - AUTHORIZING THE VILLAGE MANAGER TO NEGOTIATE TERMS AND CONDITONS OF A REVOLVING LINE OF CREDIT ORDINANCE NO. 2022-076
AN ORDINANCE AUTHORIZING THE VILLAGE MANAGER TO NEGOTIATE TERMS AND CONDITONS OF A
REVOLVING LINE OF CREDIT
WHEREAS, the Village of Buffalo Grove is a home rule unit pursuant to the Illinois Constitution of
1970; and
WHEREAS, the Village Board has determined that it is in the best interests of the Village to
authorize the Village Manager to negotiate terms to establish a $7,500,000 line of credit with Northbrook
Bank and Trust Company N.A. for use in part to finance a portion of the building purchase and retrofit
costs, as well providing the Village with the flexibility to meet other potential capital and future facility
needs.
NOW THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, as follows:
SECTION 1. The foregoing recitals are hereby adopted and incorporated and made a part of this Ordinance
as if fully set forth herein.
SECTION 2. The Village Manager is hereby directed to negotiate the terms and conditions an agreement
to establish a revolving line of credit facility for the amount referenced between the Village of Buffalo
Grove and Northbook Bank and Trust Company.
SECTION 3. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the
invalidity thereof shall not affect any other provision of this Ordinance.
SECTION 4. This Ordinance shall be in full force and effect from and after its passage and approval and
shall not be codified.
AYES: 5—Stein,Weidenfeld,Johnson,Smith, Pike
NAYES: 0—None
ABSENT: 1—Ottenheimer
PASSED: July 18, 2022
APPROVED: July 18, 2022
APPROVED:
ZA-4-
Beverly Sussm , Village President
ATTEST:
JanetZ
ian, Village Clerk