A couple years after it was first assessed, the ordinance outlining it was amended to add wording that the fund be used only for city-wide street reconstruction projects. Along with this amendment was a provision that the funds could be used for other purposes, but only with a super-majority (3/4) vote of the corporate authorities. The corporate authorities include all ten aldermen, plus one mayor, or 11 votes. A super-majority of the corporate authorities, then, would be nine votes.
the city’s current reserve balance is about $3.1 million, a figure the recent audit pointed to as below the recommended level for the city Belvidere’s size. If the city continued to draw on reserves to operate, [Alderman]Chamberlin predicted the balance could fall to $465,000, barely enough for a month or two of operating expenses.
Click on the following for more details: The Belvidere Daily Republican. - Budget passes, but major funding source rejected
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