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File #: FI-R-0063-25    Version: 1
Type: Finance Resolution Status: Adopted
File created: 4/3/2025 In control: Finance Committee
On agenda: 4/8/2025 Final action: 4/8/2025
Title: INTERFUND LOAN FROM THE GENERAL FUND TO THE COUNTY INFRASTRUCTURE FUND COMPANY 6000, ACCOUNTING UNIT 3600 $22,000,000

 

title

INTERFUND LOAN FROM THE GENERAL FUND

TO THE COUNTY INFRASTRUCTURE FUND

COMPANY 6000, ACCOUNTING UNIT 3600

$22,000,000

 

resolution

 

WHEREAS, the County Board has determined that the construction of the new Highway Maintenance Facility (“the Project”) is necessary to provide an adequate and modern space to operate the Division's highway maintenance and administrative functions as approved by the DuPage County board with the adoption of Resolution DT-R-0044-24; and

 

WHEREAS, funding for a portion of the Project is proposed to come in part from an interfund loan from the GENERAL FUND to the COUNTY INFRASTRUCTURE FUND to be paid back over eight (8) years; and

 

WHEREAS, the “payback” of the loan will be accounted for by budgeted interfund transfers to the GENERAL FUND from the HIGHWAY, STREETS, & BRIDGES FUND; and

 

WHEREAS, the County Board deems an interfund loan from the GENERAL FUND of up to $22,000,000 (TWENTY-TWO MILLION AND NO/100 DOLLARS), or such portions thereof as may be necessary, to the COUNTY INFRASTRUCTURE FUND - COMPANY 6000, ACCOUNTING UNIT 3600, to complete the construction of the Project, to be in the best interest of the Citizens of DuPage County.

 

NOW, THEREFORE, BE IT RESOLVED by the DuPage County Board, that an interfund loan in the aggregate amount not to exceed $22,000,000 (TWENTY-TWO MILLION AND NO/100 DOLLARS) shall be made from the GENERAL FUND to the COUNTY INFRASTRUCTURE FUND - COMPANY 6000, ACCOUNTING UNIT 3600 for the Project; and

 

BE IT FURTHER RESOLVED by the DuPage County Board, that the Chief Financial Officer shall authorize transfers of monies to be made in accordance with this resolution, into the COUNTY INFRASTRUCTURE FUND from the GENERAL FUND, in incremental amounts required to meet construction expenses for the Project; and

 

BE IT FURTHER RESOLVED by the DuPage County Board, that minimum annual payments calculated by the Chief Financial Officer will come from budgeted Division of Transportation capital dollars each year for eight (8) consecutive years or until such time the interfund loan is fully reconciled if prior to the eighth (8) year, and shall be reallocated for repayment of the interfund loan, commencing in the fiscal year immediately following the fiscal year in which the Project is completed and receives a final occupancy permit from the City of Wheaton, and shall be fully reconciled no later than eight (8) years from this date.

 

end

Enacted and approved this 8th day of April, 2025 at Wheaton, Illinois.

 

 

 

________________________________

 

DEBORAH A. CONROY, CHAIR

DU PAGE COUNTY BOARD

 

 

 

Attest: ___________________________________

 

JEAN KACZMAREK, COUNTY CLERK