HomeMy WebLinkAboutRes 17-76 04/20/1976
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RESOLUTION NO. 17-76
A RESOLUTION ESTABLISHING PROCEDURES FOR
PAYMENT OF THE VILLAGE'S SHARE OF "OPTICOM"
EQUIPMENT
WHEREAS, the Village of Mount Prospect has entered into an agreement with the
State of Illinois for the installation of "Opticom" at the intersections of Golf Road
Ollinois Route 58) at Elmhurst Road (Illinois Route 83) and Oakton Street Ollinois
Route 62) at Elmhurst Road Ollinois Route 83) known as STATE Section 1975-040,
041-TS and VILLAGE Section 75-0055-00-TL; and
WHEREAS, in compliance with the aforementioned agreement, it is necessary for the
Village of Mount Prospect to appropriate Motor Fuel Tax Funds to pay the entire cost
of said "Opticom" installation;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,ILLINOIS:
SECTION ONE: That there is hereby appropriated the sum of Twenty Five Thousand
and no/100 Dollars ($25,000.00), or so much thereof as may be necessary, from any
money now or hereafter allotted the Village of Mount Prospect under provisions of th
Motor Fuel Tax Law, to pay for the entire cost of the "Opticom" installation as pro-
vided in the agreement.
SECTION TWO: That upon receipt of the contractor's first and subsequent progres-
sive bills, the Village of Mount Prospect will pay to the Department of Transportation
of the State of Illinois from any funds allotted to the Village of Mount Prospect under
the Motor Fuel Tax Law an amount equal to the Village's share, to-wit: Twenty Five
Thousand and no/100 Dollars ($25,000.00), divided by the estimated total cost, to-w' :
One Hundred Twenty Three Thousand Five Hundred and no/100 Dollars ($123,500.00 ,
multiplied by the actual progress payment (appropriately adjusted for non-participa
ting costs on FA Projects) made to the contractor until the entire obligation incurred
under this agreement has been paid.
SECTION THREE: That the Village of Mount Prospect agrees to pass a supplemental
Resolution or provide necessary funds for the cost of this installation if the amount
appropriated herein proves to be insufficient to cover said cost.
SECTION FOUR: That this Resolution shall be in full force and effect from and after
its passage and approval in the manner provided by law.
AYES: 5
NAYS: 0
PASSED this 20th day of April, 1976.
APPROVED this 20th day of April, 1976.
ATTEST:
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Village Clerk