1980-031ORDINANCE NO. 8o - 31
AN ORDINANCE AMENDING CHAPTER 3.20 ESTABLISHING COSTS
AND FEES REGARDING APPLICATION FOR INDUSTRIAL AND
COMMERCIAL REVENUE BONDS OF THE BUFFALO GROVE MUNICIPAL
CODE
WHEREAS, the Village of Buffalo Grove has adopted Ordinance #80 -7
establishing procedures and fees regarding application for industrial and
commercial revenue bonds; and
WHEREAS, Sections 3.20.020 Application and 3.20.060 Fees of Ordinance
#80 -7 state that specified costs and fees will be established from time to
time by the corporate authorities of the Village of Buffalo Grove.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS:
SECTION 1: There is hereby added Subsection 0 to Chapter 3.20,
Section 3.20.020 of the Municipal Code of the Village of Buffalo Grove to
read as follows:
3.20.020 Application.
0. That any person or corporation requesting the Village to
finance any project by the issuance of industrial or
commercial revenue bonds shall make a non - refundable deposit
with said application of $3,000 to reimburse the Village
for its preliminary expenses of investigating the desirability
and feasibility of such financing. Said deposits shall be
disbursed by the Village to cover such expenses regardless
i:f such financing is completed; however, said deposit may be
repaid as a project cost from the proceeds of any bonds
issued to finance the project.
SECTION 2: There is hereby added Subsection A to Chapter 3.20,
Section 3.20.060 of the Municipal Code of the Village of Buffalo Grove to
read as follows:
3.20.060 Fees.
A. In order to defray the administrative costs of the Village
incidental to the issuance of industrial and commercial
revenue bonds hereunder, the Village shall charge a fee in
the amount of 1 /10 of 1% of the principal amount of any
bonds issued pursuant to the provisions of this ordinance.
This fee may be paid from the proceeds of such bonds or
by the participating applicant from other resources in
such manner as may be approved by the corporate authorities.
SECTION 3 This Ordinance shall be in full force and effect from
and after its passage and approval in a manner provided by law.
AYES: 5 - Marienthal, O'Reilly, Hartstein, Kavitt, Gerschefske
NAPES: 0 None
ABSENT: 1 - Stone
PASSED this 4t day of August , 1980..
APPROVED this 4th day of August 1980.
APPROVED;
Village President
ATTEST:
Village Cierk Pro e
-2-
t
ORDINANCE NO. 80 - 31
AN ORDINANCE AMENDING CHAPTER 3.20 ESTABLISHING COSTS
AND FEES REGARDING APPLICATION FOR INDUSTRIAL AND
COMMERCIAL REVENUE BONDS OF THE BUFFALO GROVE MUNICIPAL
CODE
WHEREAS, the Village of Buffalo Grove has adopted Ordinance 980 -7
establishing procedures and fees regarding application for industrial and
commercial revenue bonds; and
WHEREAS, Sections 3.20.020 Application and 3.20.060 Fees of Ordinance
#80 -7 state that specified costs and fees will be established from time to
time by the corporate authorities of the Village of Buffalo Grove.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS:
SECTION 1: There is hereby added Subsection 0 to Chapter 3.20,
Section 3.20.020 of the Municipal Code of the Village of Buffalo Grove to
read as follows:
3.20.020 Application.
0. That any person or corporation requesting the;Village to
finance any project by the issuance of industrial or
commercial revenue bonds shall make a non - refundable deposit
with said application of $3,000 to reiatburse the Village
for its preliminary expenses of investigating the desirability
and feasibility of such financing. Said deposits shall be
disbursed by the Village to cover such expenses regardless
if such financing is completed; however, said deposit may be
repaid as a project cost from the proceeds of any bonds
issued to finance the project.
SECTION 2: There is hereby added Subsection A to Chapter 3.20,
Section 3.20.060 of the Municipal Cade of the Village of Buffalo Grove to
read as follows:
3.20.060 Fees.
A. In order to defray the administrative costs of the Village
incidental to the issuance of industrial and commercial
revenue bonds hereunder, the Village shall charge a fee in
the amount of 1 /10 of 1% of the principal amount of any
bonds issued pursuant to the provisions of this ordinance.
This fee may be paid from the proceeds of such bonds or
by the participating applicant from other resources in
such manner as may be approved by the corporate authorities.
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M ON _3: This Ordinance shall be in full force and effect from
its passage and approval in a manner provided by law,
i Marienthal, O'Reilly, Hartstein, Kavitt, Gerschefske
None
- Stone