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1985-031ORDINANCE NO.85 - 31 AN ORDINANCE AMENDING CHAPTER 3.20 OF THE VILLAGE OF BUFFALO GROVE MUNICIPAL CODE WHEREAS, the Village of Buffalo Grove is a Home Rule Unit pursuant to the Illinois Constitution of 1970, and; WHEREAS, the Village adopted Ordinance No. 80 -31 on August 4, 1980 that established certain fees for the issuance of commercial and industrial revenue bonds, and; WHEREAS, the Village has determined that the issuance fees should be revised to defray the administrative costs of the Village incidental to the issuance of such bonds, along with defraying the costs and expenditures incidental to the facilities capital development program of the Village, and; WHEREAS, certain technical changes to Chapter 3.20 will be incorporated in order for the Chapter language to concur with Chapter 3.24 of the Village of Buffalo Grove Municipal Code in addition to changes proposed relative to the collection of issuance fees. 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. Section 3.20.010, Initiation of Application of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.010 Initiation of Application. Applications for project revenue bonds shall be made to the Village Manager. Any person, firm, or corporation may file an application, as provided in this Chapter, requesting consideration of the issuance of these bonds. SECTION 2. Section 3.20.020, Application, Subsections E,F2,F3,F8,F9, F10,L,N, and 0 of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.020 Application. The person, firm, or corporation requesting the issuance of project revenue bonds shall develop their application, accompanied by a nonrefundable application fee as established from time to time by the Corporate Authorities of the Village and shall contain the following information: E. A description of the project for which the project bond financing is requested; -1- F. 2. A description of any and all projects in which the applicant has participated which were similar to the project for which project revenue bond financing is requested, 3. A statement indicating whether the applicant has ever been involved in an project financed by project revenue bonds and if so, a description of each such project and a statement indicating whether there has ever been a default in any such bonds, 8. A statement indicating the length of time applicant has been doing business and the length of time applicant has been engaged in projects of the type for which project revenue bond financing is requested, 9. If the applicant is a corporation, copies of any and all annual reports and prospectuses issued within five years preceding the date of application for project revenue bonding. 10. Certified copies of audited financial statements of the applicant for five years preceding the date of the filing of the application for project revenue bond financing. L. The name and address of the proposed purchaser of the project revenue bonds proposed to be issued, if known; N. A statement of the public purpose to be served by the issuance of project revenue bonds for the project; 0. That any person or .corporation requesting the Village to finance any project by the issuance of project revenue bonds shall make a nonrefundable deposit with the application of three thousand dollars to reimburse the Village for its preliminary expenses of investigating the desirability and feasibility of such financing. The deposit shall be distributed by the Village to cover such expenses regardless if such financing is completed; however, the deposit may be repaid as a project cost from the proceeds of any bonds issued to finance the project. SECTION 3. Section 3.20.030, Procedure, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.030 Procedure The Village Manager shall review an application for project bond financing within fifteen business days of the date it is filed and shall notify the applicant in writing within twenty business days of the date said application is filed whether said application is complete. If it is not complete, the Village -2- • • Manager shall in said written notice advise the applicant of any additional information which is required. Within ninety days after the filing of a completed application with the Village Manager, the Village Manager shall forward said application to the Corporate Authorities. Before the Village considers the issuance of project bonds, the following reports will be required: A. A statement from the Village Attorney that he has reviewed all documents pertinent to the application and bond issue. The Village Attorney shall state the amount of any fee he will charge for his services payable by the applicant and to be included as a part of the estimated costs of the bond issue; B. A statement from the Village's financial consultant that based on his study of the information supplies as part of this application and from other available sources, the applicant is a financially sound industry and, that in the event that this industry should be in financial difficulty, the Village should be protected from any financial obligation. The consultant shall also state the amount of any fee he will charge for his services payable by the applicant and to be included as a part of the estimate of cost of the bond issue; C. A statement from the Village Planner that the project is in compliance with the Village's Comprehensive Plan and that the proposes project will be an asset to the Village: D. A statement from the Village's Director of Finance and General Services that suitable arrangements have been made for the payment of all fees due; E. Statements from any and all additional consultants or Village officials that may be necessary to properly culminate the request for project revenue bond funding. Any additional fees due as part of these additional reviews shall be included as part of the estimate of cost of the bond issue; F. A statement from the Village Manager that he has reviewed all documents and recommends to the Corporate Authorities that they authorize the issuance of the proposed funding. SECTION 4. Section 3.20.040, Consideration by Village Board, of the Village of Buffalo Grove Municipal Code is amended to read as follows: -3- 3.20.040 Consideration by Village Board. The Corporate Authorities shall consider each application for project revenue bonds which is presented. Compliance with the procedures set forth in this Chapter shall not be construed as obligating the Corporate Authorities to act upon the application favorable. The issuance of such bonds pursuant to this Chapter wholely is at the discretionary judgment of the Corporate Authorities. The Corporate Authorities reserve the right to have the applicant appear before them to explain the proposed development and answer any questions. SECTION 5. Section 3.20.050, Costs, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.050 Costs. In addition to the nonrefundable application fee to be paid by the applicant at the time of the filing of the application for project revenue bond financing, applicant shall pay any and all costs, including, but not limited to, attorney's fees, fees of financial consultants, fees of any and all other consultants and any and all other costs of the Village in connection with the review of the applicant's application, negotiations, preparation, and duplication of documents and any and all other work undertaken by the Village relating or pertaining to the applicant's application, including, but not limited to, any and all costs associated with the issuance of project revenue bonds. Applicants shall pay any and all such costs within ten days of receipt of any invoice therefor from the Village. SECTION 6. Section 3.20.060, Fees, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.060 Fees. In addition to payment of a nonrefundable application fee and any and all costs, as provided in this Chapter, applicant shall pay the Village a fee, as established from time to time by the Corporate Authorities, if project revenue bonds are issued for the project at the time such bonds are issued. Such fee shall be considered a project cost related to the financing of the project. A. For industrial projects or pollution control facility revenue bonds, the Village shall charge a fee in the amount of one -tenth of one percent of the principal amount of any bonds issued pursuant to the provisions of this Chapter. 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. -4- B. For multi- family housing project revenue bonds, the Village shall charge a fee in the amount of one percent of the principal amount of any bonds issued pursuant to the provisions of this Chapter. 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 7. Section 3.20.070, Validity of Bonds, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.070 Validity of Bonds. Failure on the part of the applicant or the Village to comply with the requirements of this Chapter of the Municipal Code shall not effect the validity of any project revenue bonds issued. SECTION 8. Section 3.20.080, Definitions, of the Village of Buffalo Grove Municipal Code is added and reads as follows: 3.20.080 Definitions. Whenever used in this Chapter, unless a different meaning clearly appears from the context, the following definitions shall apply in this Chapter: A. "Corporate Authorities" shall mean the President and Board of Trustees of the Village of Buffalo Grove then holding office. B. "Project" means any industrial project or pollution control project or multi - family housing project or a combination thereof located within the Village. C. "Village" means the Village of Buffalo Grove, Cook and Lake Counties, Illinois. SECTION 9. This Ordinance shall be in full force and effect from and after its passage and approval. AYES: 5 - O'Reilly, Glover, Reid, Shields, Kowalski NAYES: 0 - None ABSENT: 1 - Marienthal PASSED: June 3 ,1985 APPROVED: June 3 ,1985 -5- ATTEST: .&Lw (2y. Village Clerk Pro Tem U APPROVED: Vi a e President mm VILLAGE OF BUFFALO GROVE ORDINANCE NO. ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE THIS _DAY OF 19 Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buffalo Grove, Cook & Lake Counties, Illinois' this �� day of 19�j. ai�/I�iCZS�+ Village Clerk @1 --� � Y A VILLAGE OF BUFFALO GROVE ORDINANCE NO. ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE THIS _DAY OF 19 Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buffalo Grove, Cook & Lake Counties, Illinois' this �� day of 19�j. ai�/I�iCZS�+ Village Clerk @1 --� ORDINANCE NO.85 - 31 AN ORDINANCE AMENDING CHAPTER 3.20 OF THE VILLAGE OF BUFFALO GROVE MUNICIPAL CODE WHEREAS, the Village of Buffalo Grove is a Home Rule Unit pursuant to the .Illinois Constitution of 1970, and; WHEREAS, the Village adopted Ordinance No. 80 -31 on August 4, 1980 that established certain fees for the issuance of commercial and industrial revenue bonds, and; WHEREAS, the Village has determined that the issuance fees should be revised to defray the administrative costs of the Village incidental to the issuance of such bonds, along with defraying the costs and expenditures incidental to the facilities capital development program of the Village, and; WHEREAS, certain technical changes to Chapter 3.20 will be incorporated in order for the Chapter language to concur with Chapter 3.24 of the Village of Buffalo Grove Municipal Code in addition to changes proposed relative to the collection of issuance fees. 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. Section 3.20.010, Initiation of Application of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.010 Initiation of Application. Applications for project revenue bonds shall be made to the Village Manager. Any person, firm, or corporation may file an application, as provided in this Chapter, requesting consideration of the issuance of these bonds. SECTION 2. Section 3.20.020, Application, Subsections E,F2,F3,F8,F9, F10,L,N, and 0 of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.020 Application. The person, firm, or corporation requesting the issuance of project revenue bonds shall develop their application, accompanied by a nonrefundable application fee as established from . time to time by the Corporate Authorities of the Village and shall contain the following information: E. A description of the project for which the project bond financing is requested; -1- F. 2. A description of any and all projects in which the applicant has participated which were similar to the project for which project revenue bond financing is requested, 3. A statement indicating whether the applicant has ever been involved in an project financed by project revenue bonds and if so, a description of each such project and a statement indicating whether there has ever been a default in any such bonds, 8. A statement indicating the length of time applicant has been doing business and the length of time applicant has been engaged in projects of the type for which project revenue bond financing is requested, 9. If the applicant is a corporation, copies of any and all annual reports and prospectuses issued within five years preceding the date of application for project revenue bonding. 10. Certified copies of audited financial statements of the applicant for five years preceding the date of the filing of the application for project revenue bond financing. L. The name and address of the proposed purchaser of the project revenue bonds proposed to be issued, if known; N. A statement of the public purpose to be served by the issuance of project revenue bonds for the project; 0. That any person or corporation requesting the Village to finance any project by the issuance of project revenue bonds shall make a nonrefundable deposit with the application of three thousand dollars to reimburse the Village for its preliminary expenses of investigating the desirability and feasibility of such financing. The deposit shall be - distributed by the Village to cover such expenses regardless if such financing is completed; however, the deposit may be repaid as a project cost from the proceeds of any bonds issued to finance the project. SECTION 3. Section 3.20.030, Procedure, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.030 Procedure The Village Manager shall review an application for project bond financing within fifteen business days of the date it is filed and shall notify the applicant in writing within twenty business days of the date said application is filed whether said application is complete. If it is not complete, the Village -2- Manager shall in said written notice advise the applicant of any additional information which is required. Within ninety days after the filing of a completed application with the Village Manager, the Village Manager shall forward said application to the Corporate Authorities. Before the Village considers the issuance of project bonds, the following reports will be required: A. A statement from the Village Attorney that he has reviewed all documents pertinent to the application and bond issue. The Village Attorney shall state the amount of any fee he will charge for his services payable by the applicant and to be included as a part of the estimated costs of the bond issue; B. A statement from the Village's financial consultant that based on his study of the information supplies as part of this application and from other available sources, the applicant is a financially sound industry and, that in the event that this industry should be in financial difficulty, the Village should be protected from any financial obligation. The consultant shall also state the amount of any fee he will charge for his services payable by the applicant and to be included as a part of the estimate of cost of the bond issue; C. A statement from the Village Planner that the project is in with the Village's Comprehensive Plan and that the proposes project will be an asset to the Village: D. A statement from the Village's Director of Finance and General Services that suitable arrangements have been made for the payment of all fees due; E. Statements from any and all additional consultants or Village officials that may be necessary to properly culminate the request for project revenue bond funding. Any additional fees due as part of these additional reviews shall be included as part of the estimate of cost of the bond issue; F. A statement from the Village Manager that he'has reviewed all documents and recommends to the Corporate Authorities that they authorize the issuance of the proposed funding. SECTION 4. Section 3.20.040, Consideration by Village Board, of the Village of Buffalo Grove Municipal Code is amended to read as follows: mcL 3.20.040 Consideration by Village Board. The Corporate Authorities shall consider each application for project revenue bonds which is presented. Compliance with the procedures set forth in this Chapter shall not be construed as obligating the Corporate Authorities to act upon the application favorable. The issuance of such bonds pursuant to this Chapter wholely is at the discretionary judgment of the Corporate Authorities. The Corporate Authorities reserve the right to have the applicant appear before them to explain the proposed development and answer any questions. SECTION 5. Section 3.20.050, Costs, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.050 Costs. In addition to the nonrefundable application fee to be paid by the applicant at the time of the filing of the application for project revenue bond financing, applicant shall pay any and all costs, including, but not limited to, attorney's fees, fees of financial consultants, fees of any and all other consultants and any and all other costs of the Village in connection with the review of the applicant's application, negotiations, preparation, and duplication of documents and any and all other work undertaken by the Village relating or pertaining to the applicant's application, including, but not limited to, any and all costs. associated with the issuance of project revenue bonds. Applicants shall pay any and all such costs within ten days of receipt of any invoice therefor from the Village. SECTION 6. Section 3.20.060, Fees, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.060 Fees. In addition to payment of a nonrefundable application fee and any and all costs, as provided in this Chapter, applicant shall pay the Village a fee, as established from time to time by the Corporate Authorities, if project revenue bonds are issued for the project at the time such bonds are issued. Such fee shall be considered a project cost related to the financing of the project. A. For industrial projects or pollution control facility revenue bonds, the Village shall charge a fee in the amount of one -tenth of one percent of the principal amount of any bonds issued pursuant to the provisions of this Chapter. 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. -4- B. For multi- family housing project revenue bonds, the Village shall charge a fee in the amount of one percent of the principal amount of any bonds issued pursuant to the provisions of this Chapter. 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 7. Section 3.20.070, Validity of Bonds, of the Village of Buffalo Grove Municipal Code is amended to read as follows: 3.20.070 Validity of Bonds. Failure on the part of the applicant or the Village to comply with the requirements of this Chapter of the Municipal Code shall not effect the validity of any project revenue bonds issued. SECTION 8. Section 3.20.080, Definitions, of the Village of Buffalo Grove Municipal Code is added and reads as follows: 3.20.080 Definitions. Whenever used in this Chapter, unless a different meaning clearly appears from the context, the following definitions shall apply in this Chapter: A. "Corporate Authorities" shall mean the President and Board of Trustees of the Village of Buffalo Grove then holding office. B. "Project" means any industrial project or pollution control project or multi - family housing project or a combination thereof located within the Village. C. "Village" means the Village of Buffalo Grove, Cook and Lake Counties, Illinois. SECTION 9. This Ordinance shall be in full force and effect from and after its passage and approval. AYES: 5 - O'Reilly, Glover, Reid, Shields, Kowalski NAPES: 0 - None ABSENT: 1 - Marienthal PASSED: June 3 ,1985 APPROVED: June 3 ,1985 -5- r APPROVED: Vii3age President ATTEST: A y Village ClerkPro Tem