Title/Name/Summary
FUNDING RESOLUTION - LAGRANGE ROAD 159th STREET TO 143rd STREET
Body
WHEREAS, the VILLAGE of ORLAND PARK has entered into an AGREEMENT with the STATE OF ILLINOIS for the improvement of US Route 45, (FAP Route 330 - LaGrange Road), STATE Section 103R-4, State Job Number: C-91-145-11, from south of 143rd Street southerly to north of 159th Street, and
WHEREAS; in compliance with the aforementioned AGREEMENT, it is necessary for the VILLAGE to appropriate sufficient funds to pay its share of the cost of said improvement.
NOW THEREFORE, BE IT RESOLVED, that there is hereby appropriated the sum of THREE MILLION ELEVEN THOUSAND FIVE HUNDRED EIGHTY FIVE DOLLARS ($3,011,585), or so much thereof as may be necessary, from any money now or hereinafter allotted to the VILLAGE to pay its share of the cost of this improvement as provided in the AGREEMENT; and
BE IT FURTHER RESOLVED, that upon award of the contract for this improvement and receipt of an invoice, the Village will pay, within forty-five (45) days of receipt of invoice, its first annual installment to the STATE in a lump sum from any funds allotted to the Village, an amount equal to $1,003,760 (33%) of its financial obligation incurred under this AGREEMENT. On or before August 1, 2014, the Village will pay its second annual installment to the STATE in a lump sum from any funds allotted to the Village, an amount equal to $1,003,760 (or 33%) of its financial obligation incurred under this AGREEMENT. Upon receipt of a final invoice and not before August 1, 2015, the Village will pay to the STATE in a lump sum from any funds allotted to the Village, an amount equal to the Village’s remaining financial obligation for construction and engineering costs incurred by the STATE. The aforementioned final invoice will be based upon actual final quantities multiplied by the actual contract unit bid prices plus engineering costs for all construction items in which the Village has agreed to be financi...
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