Title/Name/Summary
FUNDING RESOLUTION (JOINT AGREEMENT WITH ILLINOIS DEPARTMENT OF TRANSPORTATION FOR IMPROVEMENT OF 159TH STREET FROM WILL-COOK ROAD TO WEST OF LAGRANGE ROAD/U.S. ROUTE 45)
Body
WHEREAS, the VILLAGE OF ORLAND PARK has entered into an AGREEMENT with the STATE OF ILLINOIS for the improvement of U.S. Route 6/Illinois Route 7 (159th Street) from Will-Cook Road to west of U.S. Route 45 (LaGrange Road), known as FAP Route 351, State Job. No. C-91-011-11, State Contract No.: 60L72, State Section: 2010-081R; 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 BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS, that there is hereby appropriated the sum of TWO MILLION NINE HUNDRED THIRTY-NINE THOUSAND FOUR HUNDRED EIGHTY DOLLARS ($2,939,480.00) 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 as follows:
a) 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 $979,827 (33%) of the VILLAGE’s financial obligation incurred under the AGREEMENT; b) Within forty-five (45) days after January 1, 2016, 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 $979,827 (or 33%) of its financial obligation incurred under the AGREEMENT; and c) Upon receipt of a final invoice and not before January 1, 2017, the VILLAGE will pay to the STATE in a lump sum from any funds allotted to the VILLAGE, an amount equal to t...
Click here for full text