T3-97 r
Ordinance No. T3-97
AN ORDINANCE
PROVIDING FOR AN INTERFUND LOAN FOR PAYMENT OF THE AMERITECH
E911 NETWORK SERVICE AGREEMENT
WHEREAS, the City of Elgin has entered into a five (5)
year agreement with Ameritech for Enhanced 911 Network
Service; and
WHEREAS, said agreement provides for a one time payment
of $374 , 218 . 57; and
WHEREAS, the City Council of the City of Elgin has
determined it is necessary and desirable to provide for the
payment for such contract through an interfund loan from the
Riverboat Fund to the Emergency Telephone System Fund (E-911) .
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS :
Section 1 . That an interfund loan providing for a loan
of funds from the Riverboat Fund to the Emergency Telephone
Systems Fund (E-911 ) is hereby authorized. Such loan funds
shall be utilized for payment of services pursuant to the
City' s agreement with Ameritech for enhanced 911 network
service. The amount of the interfund loan is $370, 000 . The
balance due for the Ameritech E-911 network service agreement
of $4 , 218 . 57 shall be taken from existing funds in the
Emergency Telephone System Fund. The interest rate on the
loan amount shall be six percent ( 6%) . The interfund loan
shall be repaid from the Emergency Telephone System fund to
the Riverboat Fund over a five ( 5) year term. The first
installment payment on the loan shall be due on July 1, 1997,
in the amount of $74 , 000 plus interest from March 1 , 1997 .
The second through fifth installment payments shall be due on
July 1 of each subsequent year and shall be in the amount of
$74 , 000 plus accrued interest for each year. The interfund
loan may be prepaid at any time in the amount of the remaining
principal plus any accrued interest.
Section 2 . That all ordinances or parts of ordinances in
conflict with the provisions of this ordinance be and are
hereby repealed.
Section 3 . That this ordinance shall be in full force
and effect upon its passage.
rft
Kevin Kelly, May r
Presented: February 26 , 1997
Passed: February 26 , 1997
Vote: Yeas 5 Nays 0
Recorded: February 27 , 1997
Published:
Attest :
Dolonna Mecum, ity Clerk
egib.
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