Title
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A Resolution Approving an Intergovernmental Agreement Between the Village of Oak Park and the Oak Park Public Library for a Line of Credit Not to Exceed $4.5 Million and Authorizing its Execution
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Introduction
overview
This is an intergovernmental agreement between the Village of Oak Park and the Oak Park Public Library.
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Recommended Action
Approve the Resolution.
Prior Board Action
There is no prior board action with this Agenda item.
Background
The Oak Park Library (“Library”) has requested a line of credit not to exceed $4.5 million for the purposes of bridging the Library’s funding gap created by the delayed 2024 second installment property tax disbursements.
The Library’s written funding request to the Village must provide the Village with information and materials requested by the Village to confirm the appropriateness and need of the Library for the requested amounts. The Village will review and approve or deny the Library’s request.
Timing Considerations
The Library is requesting the line of credit to bridge the funding gab created by the delayed 2024 property tax disbursements. The Library can draw from the line of credit through March 31, 2026.
Budget Impact
The total amount for the line of credit shall not exceed $4.5 million. Each funding request must be submitted in writing and include materials and information establishing the Library’s need for the loan. All loaned funds will appropriate from the Village’s fund balance.
Staffing Impact
There is no staffing impact associated with this item.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
Approve the Resolution.
Advantages:
• This action will ensure that governmental agencies can collaborate to maintain a public service.
• This action will ensure that the Library can maintain normal operations.
Disadvantages:
• The loan may not be repaid in a timely manner.
• The Library may not be able to borrow funds in the future from the Village.
Alternatives
The Village Board can amend the requested amount or not approve the line of credit.
Advantages:
• The Library will have the necessary funds to operate until the delayed property tax payments are received.
Disadvantages:
• The loan may not be repaid in a timely manner.
Anticipated Future Actions
There are no anticipated future actions in relation to this item.
Prepared By: Donna M. Gayden, Interim Chief Financial Officer
Reviewed By: Ahmad M. Zayyad, Deputy Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Resolution
2. Intergovernmental Agreement