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1991-089A. Y, ORDINANCE NO. 91 -89 1 AN ORDINANCE ADDING CHAPTER 3.321 REAL ESTATE TRANSFER TAX TO TITLE 3, REVENUE & FINANCE OF THE MUNICIPAL CODE OF THE VILLAGE OF BUFFALO GROVE WHEREAS, the Village the Buffalo Grove is a Home Rule municipality pursuant to the Illinois Constitution of 1970; and WHEREAS, it has been determined that in order to supplement corporate revenues to provide for services to the resident and commercial base of the Village along with providing funding for ongoing capital acquisition that the revenue base of the Village must continue to be diversified; and WHEREAS, the Village is empowered to enact legislation pertaining to its local governmental affairs as is deemed neces- sary in the best interests of the Village; and WHEREAS, since fiscal diversification to broaden the revenue base is in the best interests of the Village, and the provision for a Real Estate Transfer Tax provides such diversification. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, the following: Section 1. There is hereby added Chapter 3.32 Real Estate Transfer Tax to the Village of Buffalo Grove Municipal Code, which is to read as follows: y f CHAPTER 3.32 REAL ESTATE TRANSFER TAX Section 3.32.010 Section 3.32.020 Section 3.32.030 Section 3.32.040 Section 3.32.050 Section 3.32.060 Section 3.32.070 Section 3.32.080 Section 3.32.090 Section 3.32.100 Section 3.32.110 Section 3.32.120 Section 3.32.130 Section 3.32.140 Section 3.32.150 3.32.010 - Definitions 1 Definitions Imposition of Tax Primary Liability For Tax Declaration Forms Deeds Exempt Transactions Exemptions Revenue Stamps Required Transfer in Trust Lien Created; Enforcement Enforcement; Suit For Collection Unpaid Charges and Assessments Interest and Penalties Proceeds of Tax Severability A. "Person" means any natural person, receiver, admin- istrator, executor, conservator, assignee, trust in perpetu- ity, trust, estate, firm, co- partnership, joint venture, club, company, joint stock company, business trust, Munici- pal corporation, political subdivision of the State of Illinois, domestic or foreign corporation, association, syndicate, society or any group of individuals acting as a unit, whether mutual, cooperative, fraternal, nonprofit, or otherwise, and the United States or any instrumentality thereof. Whenever the term "person" is used in any clause prescribing and imposing a penalty, the term as applied to associations shall mean the owners or part- owners thereof, and as applied to corporations, the officers thereof. B. "Recordation" means the recording of deeds with the Office of the Recorder of Deeds or the registration of deeds with the Registrar of Title, either Cook or Lake County, Illinois. C. "Value" means the amount of the full actual consid- eration for any transfer covered hereunder, including the amount of any mortgage or other lien to which the sale is subject or the amount of any mortgage or other lien, assumed by the grantee or purchaser. D. The term "deed" as used in this Chapter shall mean all documents transferring or reflecting the transfer of legal title, equitable title, or both legal and equitable title to real property, or the beneficial interest in a land -2- 3os 5, 0 140 trust. Delivery of any deed shall be deemed to have oc- curred when the transferee or purchaser, or his representa- tive or agent, receives possession of a valid assignment of a beneficial interest. E. "Beneficial Interest" means any interest, regard- less of how small or minimal such interest may be, in a land trust held by a trustee for the beneficiaries of such land trust. 3.32.020 - Imposition of Tax A. A tax is imposed on the transfer of title to real property located in the Village as evidenced by the recorda- tion of a deed by any person or by the delivery of any deed or assignment of interest of said real property, made as of March 1, 1992, and thereafter, whether investing the owner with the beneficial interest in or legal title to said property or merely the possession or use thereof for any purpose or to secure future payment of money or the future transfer of any such real property. B. The tax imposed shall be three dollars ($3.00) for every one thousand dollars ($1,000.00) value thereof as stated in the declaration. If the value of the fraction of every one thousand dollars ($1,000.00) is five hundred dollars ($500.00) or less, the value shall be rounded down to the nearest one thousand dollars. If the value of the fraction is five hundred dollars and one cent ($500.01) or more, the value shall be rounded up to the nearest one thousand dollars. 3.32.030 - Primary Liability For Tax The primary liability for payment of said tax shall be borne by the grantor or seller involved in any such transac- tion unless otherwise negotiated by contract; provided, however, it shall be unlawful for the grantee or buyer to accept a conveyance if the transfer tax has not been paid. If the tax has not been paid and the stamps affixed to the deed, then the grantee's title shall be subject to the lien provided in Section 3.32.100 hereof and the grantee or buyer shall be liable for payment of the tax. The tax herein levied shall be in addition to any and all other taxes. 3.32.040 - Declaration Forms At the time the tax is paid, or an exemption applied for, there shall also be presented to the Director of Fi- nance or his designee, on a form prescribed by him, a decla- ration signed by at least one of the buyers or grantees and -3- 30853/10 also signed by at least one of the sellers or grantors involved in the transaction, or by their attorneys or agents, or by a licensed real estate salesperson or broker having knowledge of the terms of the transaction, which declaration shall state the full consideration for the property so transferred and shall be deemed a confidential record by the Village Clerk. Where the declaration is signed by an attorney, agent, licensed real estate salesper- son or broker, on behalf of sellers or buyers who have the power of direction to deal with the title to the real estate under a land trust agreement, the trustees being the mere repository of record legal title with a duty of conveying the real estate only when and if directed in writing by the beneficiary or beneficiaries having the power of direction, said attorney, agent, licensed real estate salesperson, or broker need only identify the land trust which is the repos- itory of record legal title and of the beneficiary or bene- ficiaries having the power of direction under the land trust agreement. 3.32.050 - Deeds Every deed shall show the date of the transaction which it evidences, the names of the grantor and grantee, and a legal description of the property to which it relates. 3.32.060 - Exempt Transactions A. The tax imposed by this Chapter shall not apply to the following transactions, provided said transaction in each case is accompanied with information that sets forth the facts or such other certificate of record or sworn statement as the Director of Finance may require at the time of filing of the declaration form: 1. Transactions involving property acquired by or from any governmental body, or any transaction involving proper- ty acquired by or from any corporation, society, asso- ciation, foundation or institution organized and oper- ated exclusively for charitable, religious or educa- tional purposes; 2. Transactions in which the deeds secure debt or other obligations; 3. Transactions in which the deeds, without additional consideration, confirm, correct, modify or supplement deed previously recorded; 4. Transactions in which the actual consideration is less than five hundred dollars ($500.00); 5. Transactions in which the deeds are tax deeds; 6. Transactions in which the deeds are releases of proper- ty which is security for a debt or other obligation; -4- G� a.' 7. Transactions in which the deeds are pursuant to a court decree where there is no consideration; 8. Transactions made pursuant to mergers, consolidations, or transfers or sales of substantially all of the assets of a corporation pursuant to plans of reorgani- zation; 9. Transactions between subsidiary corporations and their parents for no consideration other than the cancella- tion or surrender of the subsidiary corporation's stock; 10. Transactions wherein there is an actual exchange of real property except that the money difference or money's worth paid from one or the other shall not be exempt from the tax; 11. Transactions representing transfers subject to the imposition of a documentary stamp imposed by the gov- ernment of the United States, except that such deeds shall not be exempt from filing the declaration; 12. A transfer by lease; B. Every deed or other instrument which is exempt pursuant to this Section shall be presented to the Director of Finance so as to be appropriately marked by said Director as an exempt deed or instrument eligible for recordation without the payment of tax. At such time as a deed or instrument is presented to the Director, a certificate setting forth the facts which justify the exemption shall be presented, together with the declaration required in Section 3.32.040. 3.32.G70 - Exemptions A. The taxes imposed by this Chapter shall not be imposed on or transferred by an executor or administrator to a legatee, heir or distributee where the transfer is being made pursuant to will or by intestacy. The tax imposed by this Chapter shall further be exempt where the transaction is effected by operation of law or upon delivery or transfer in the following instances, provided, however, that a decla- ration form is filed: 1. Upon the death of a person to his executor or adminis- trator; 2. From a minor to his guardian or from a guardian to his ward upon attaining majority; 3. From an incompetent to his conservator, or similar legal representative, or from a conservator or similar legal representative to a former incompetent upon removal or disability; 4. From a bank, trust company, financial institution, insurance company or other similar entity, or nominee, -5- a30C?53410 custodian, or trustee therefor, to a public officer or commission, or person designated by such officer or commission or by a court, in the taking over of its assets, in whole or in part, under State or Federal law regulating or supervising such institutions, nor upon redelivery or retransfer by any such transferee or successor thereto; 5. From a bankrupt or person in receivership due to insol- vency to the trustee in bankruptcy or receiver, from such receiver to such trustee or from such trustee to such receiver, or upon redelivery or retransfer by any such transferee or successor thereto; 6. From a transferee under subsections (1) through (5), inclusive, to his successor acting in the same capaci- ty, or from one such successor to another; 7. From trustees to surviving, substitute, succeeding or additional trustees of the same trust; 8. Upon the death of a joint tenant or tenants by the entirety to the survivor or survivors; 9. From a foreign country or national thereof to the United States or any agency thereof, or to the govern- ment of any foreign country directed pursuant to the authority vested in the President of the United States by Section 5(B) of the Trading with the Enemy Act (40 stat. 415), as amended, by the First War Powers Act (55 stat. 839); B. Every deed or other instrument which is exempt pursuant to this Section shall be presented to the Director of Finance so as to be appropriately marked by said Director as an exempt deed or instrument eligible for recordation without the payment of tax. At such time as a deed or instrument is presented to the Director, a certificate setting forth the facts which justify the exemption shall be presented, together with the declaration required in Section 3.32.040. 3.32.080 - Transfer Stamps Required The tax herein levied and imposed shall be collected by the Director of Finance or his designee for the Village through the sale of transfer stamps, which shall be caused to be prepared by said Director in such quantities and denominations as may from time to time be prescribed. Such transfer stamps shall be available for sale at and during the regular business hours of the Village offices or at other locations designated by the Director of Finance. Upon payment of the tax herein levied and imposed, the transfer stamps so purchased shall be affixed to the deed or other instrument of conveyance. Any person so using and affixing a transfer stamp or stamps shall cancel it and so 3085340 deface it as to render it unfit for use by marking it with his initials. Such markings shall be made by writing or stamping in indelible ink or by perforating with a machine or punch. However, the revenue stamp(s) shall not be so defaced as to prevent ready determination of its denomina- tion and genuineness. 3.32.090 - Transfer in Trust No trustee of real estate shall accept or acknowledge an assignment of beneficial interest in real estate located in the Village without first obtaining a real estate trans- fer declaration from the assignor or assignee and unless revenue stamps in the required amount as set forth in this Chapter, have been affixed to the facsimile assignment. 3.32.100 - Lien Created; Enforcement In the event a deed or trust document is filed for recordation or there is an assignment of beneficial interest conveying real estate within the corporate limits of the Village without the revenue stamps provided by this Chapter, a lien is declared against said real estate conveyed in the amount of the tax. The fact that the deed or assignment does not contain a Village of Buffalo Grove revenue stamp shall constitute constructive notice of lien. The lien may be enforced by proceedings to foreclose, as in cases or mortgages or mechanics' liens. Suit to foreclose this lien must be commenced within three (3) years after the date of recording the deed or other instrument of conveyance. Nothing herein shall be construed as preventing the Village from bringing a civil action to collect the tax imposed by this Chapter from any person who has the ultimate liability for payment of the same, including interest and penalties as hereinbelow provided. 3.32.110 - Enforcement; Suit For Collection In the event of failure by any person to pay any taxes herein provided, or any purchaser or grantee shall accept a conveyance where the tax has not been paid, the Village's attorney shall, upon request of the Village Manager, bring or cause to be brought an action to enforce the payment of said tax, including interest and penalties as hereinbelow provided, on behalf of the Village in any court of competent jurisdiction. -7- 9 3 ()b 1503 0 3.32.120 - Unpaid Charqes and Assessments Prior to the offering of tax stamps and approval of the Declaration, the Director of Finance or his designee will ascertain that there are no unpaid charges for water service or other municipal services then unpaid and in arrears; current fees owing for water service will not be considered in arrears at time of presentation of Declaration. Any unpaid charges and assessments must be paid prior to approv- al of Declaration and offering of transfer tax stamps. 3.32.130 - Interest and Penalties In the event of failure by any person to collect and pay to the Director of Finance the tax required hereunder when the same shall be due, interest shall accumulate and be due upon said tax at the rate of one percent (1 %) per month commencing as of the first day following the day when the deed was recorded or the assignment of beneficial interest was accepted by the trustee. In addition, a penalty of ten percent (10 %) of the tax and interest due shall be assessed and collected against any person who shall fail to pay the tax imposed by this Chapter. 3.32.140 - Proceeds of Tax All proceeds resulting from the imposition of the tax under this Chapter, including interest and penalties, shall be paid to the Village and shall be credited to and deposit- ed in the Corporate Fund of the Village. 3.32.150 - Severability If any provision, clause, sentence, paragraph, section or part of this Chapter, or application thereof to any person or circumstance, shall for any reason be adjudged by a court of competent jurisdiction to be unconstitutional-or invalid, said judgment shall not affect, impair or invali- date the remainder of this Chapter and the application of such provision to other persons or circumstances, but shall be confined in its operation to the provision, clause, sentence, paragraph, section or part thereof directly in- volved in the controversy in which such judgment shall have been rendered and to the person or circumstances involved. It is hereby declared to be the legislative intent of the corporate authority that this Chapter would have been adopt- ed had such unconstitutional or invalid provisions, clause, sentence, paragraph, section or part thereof not been in- cluded. 9 :308532,1® a Section 2. This Ordinance shall be in full force and effect from and after its passage and approval, in the manner provided as law. This Ordinance shall be published in pamphlet form. AYES: 6 - Marienthal, Reid Kahn, Rubin, Sraiman Hendricks NAYES: 0 - None ABSENT: 0 - None PASSED: November 4 1991 APPROVED: November 4 , 1991. PUBLISHED: November 5 , 1991. APPROVED.✓ Village President ATTEST:b *• a ;i 1.11 ti( This document prepared by and mailed to: William G. Raysa Raysa & Skelton, P.C. 1140 Lake Street, Suite 400 Oak Park, Illinois 60301 Flit 16 3083 340 VILLAGE OF BUFFALO GROVE ORDINANCE NO. �d ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE��` " /� THIS _DAY OF –/vZ0y 19 7/ Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buffalo Grove, Cook & Lake Counties I linois, this 5— day of '��eOof l9 �,/ . i -llage Clerk By �CdOLt_ D y Village a Clerk P A. ORDINANCE NO. 91 -89 AN ORDINANCE ADDING CHAPTER 3.32, REAL ESTATE TRANSFER TAX TO TITLE 31 REVENUE & FINANCE OF THE MUNICIPAL CODE OF THE VILLAGE OF BUFFALO GROVE WHEREAS, the Village the Buffalo Grove is a Home Rule municipality pursuant to the Illinois Constitution of 1970; and WHEREAS, it has been determined that in order to supplement corporate revenues to provide for services to the resident and commercial base of the Village along with providing funding for ongoing capital acquisition that the revenue base of the Village must continue to be diversified; and WHEREAS, the Village is empowered to enact legislation pertaining to its local governmental affairs as is deemed neces- sary in the best interests of the Village; and WHEREAS, since fiscal diversification to broaden the revenue base is in the best interests of the Village, and the provision for a Real Estate Transfer Tax provides such diversification. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, the following: Section 1. There is hereby added Chapter 3.32 Real Estate Transfer Tax to the Village of Buffalo Grove Municipal Code, which is to read as follows: CHAPTER 3.32 REAL ESTATE TRANSFER TAX Section 3.32.010 Section 3.32.020 Section 3.32.030 Section 3.32.040 Section 3.32.050 Section 3.32.060 Section 3.32.070 Section 3.32.080 Section 3.32.090 Section 3.32.100 Section 3.32.110 Section 3.32.120 Section 3.32.130 Section 3.32.140 Section 3.32.150 3.32.010 - Definitions Definitions Imposition of Tax Primary Liability For Tax Declaration Forms Deeds Exempt Transactions Exemptions Revenue Stamps Required Transfer in Trust Lien Created; Enforcement Enforcement; Suit For Collection Unpaid Charges and Assessments Interest and Penalties Proceeds of Tax Severability A. "Person" means any natural person, receiver, admin- istrator, executor, conservator, assignee, trust in perpetu- ity, trust, estate, firm, co- partnership, joint venture, club, company, joint stock company, business trust, Munici- pal corporation, political subdivision of the State of Illinois, domestic or foreign corporation, association, syndicate, society or any group of individuals acting as a unit, whether mutual, cooperative, fraternal, nonprofit, or otherwise, and the United States or any instrumentality thereof. Whenever the term "person" is used in any clause prescribing and imposing a penalty, the term as applied to associations shall mean the owners or part- owners thereof, and as applied to corporations, the officers thereof. B. "Recordation" means the recording of deeds with the Office of the Recorder of Deeds or the registration of deeds with the Registrar of Title, either Cook or Lake County, Illinois. C. "Value" means the amount of the full actual consid- eration for any transfer covered hereunder, including the amount of any mortgage or other lien to which the sale is subject or the amount of any mortgage or other lien, assumed by the grantee or purchaser. D. The term "deed" as used in this Chapter shall mean all documents transferring or reflecting the transfer of legal title, equitable title, or both legal and equitable title to real property, or the beneficial interest in a land -2- trust. Delivery of any deed shall be deemed to have oc- curred when the transferee or purchaser, or his representa- tive or agent, receives possession of a valid assignment of a beneficial interest. E. "Beneficial Interest" means any interest, regard- less of how small or minimal such interest may be, in a land trust held by a trustee for the beneficiaries of such land trust. 3.32.020 - Imposition of Tax A. A tax is imposed on the transfer of title to real property located in the Village as evidenced by the recorda- tion of a deed by any person or by the delivery of any deed or assignment of interest of said real property, made as of March 1, 1992, and thereafter, whether investing the owner with the beneficial interest in or legal title to said property or merely the possession or use thereof for any purpose or to secure future payment of money or the future transfer of any such real property. B. The tax imposed shall be three dollars ($3.00) for every one thousand dollars ($1,000.00) value thereof as stated in the declaration. If the value of the fraction of every one thousand dollars ($1,000.00) is five hundred dollars ($500.00) or less, the value shall be rounded down to the nearest one thousand dollars. If the value of the fraction is five hundred dollars and one cent ($500.01) or more, the value shall be rounded up to the nearest one thousand dollars. 3.32.030 - Primary Liability For Tax The primary liability for payment of said tax shall be borne by the grantor or seller involved in any such transac- tion unless otherwise negotiated by contract; provided, however, it shall be unlawful for the grantee or buyer to accept a conveyance if the transfer tax has not been paid. If the tax has not been paid and the stamps affixed to the deed, then the grantee's title shall be subject to the lien, provided in Section 3.32.100 hereof and the grantee or buyer shall be liable for payment of the tax. The tax herein levied shall be in addition to any and all other taxes. 3.32.040 - Declaration Forms At the time the tax is paid, or an exemption applied for, there shall also be presented to the Director of Fi- nance or his designee, on a form prescribed by him, a decla- ration signed by at least one of the buyers or grantees and -3- also signed by at least one of the sellers or grantors involved in the transaction, or by their attorneys or agents, or by a licensed real estate salesperson or broker having knowledge of the terms of the transaction, which declaration shall state the full consideration for the property so transferred and shall be deemed a confidential record by the Village Clerk. Where the declaration is signed by an attorney, agent, licensed real estate salesper- son or broker, on behalf of sellers or buyers who have the power of direction to deal with the title to the real estate under a land trust agreement, the trustees being the mere repository of record legal title with a duty of conveying the real estate only when and if directed in writing by the beneficiary or beneficiaries having the power of direction, said attorney, agent, licensed real estate salesperson, or broker need only identify the land trust which is the repos- itory of record legal title and of the beneficiary or bene- ficiaries having the power of direction under the land trust agreement. 3.32.050 - Deeds Every deed shall show the date of the transaction which it evidences, the names of the grantor and grantee, and a legal description of the property to which it relates. 3.32.060 — Exempt Transactions A. The tax imposed by this Chapter shall not apply to the following transactions, provided said transaction in each case is accompanied with information that sets forth the facts or such other certificate of record or sworn statement as the Director of Finance may require at the time of filing of the declaration form: 1. Transactions involving property acquired by or from any governmental body, or any transaction involving proper- ty acquired by or from any corporation, society, asso- ciation, foundation or institution organized and oper- ated exclusively for charitable, religious or educa- 2. 3. 4. 5. 6. tional purposes; Transactions in which the deeds secure debt or other obligations; Transactions in which the deeds, without additional consideration, confirm, correct, modify or supplement deed previously recorded; Transactions in which the actual consideration is less than five hundred dollars ($500.00); Transactions in which the deeds are tax deeds; Transactions in which the deeds are releases of proper- ty which is security for a debt or other obligation; -4- 7. Transactions in which the deeds are pursuant to a court decree where there is no consideration; 8. Transactions made pursuant to mergers, consolidations, or transfers or sales of substantially all of the assets of a corporation pursuant to plans of reorgani- zation; 9. Transactions between subsidiary corporations and their parents for no consideration other than the cancella- tion or surrender of the subsidiary corporation's stock; 10. Transactions wherein there is an actual exchange of real property except that the money difference or money's worth paid from one or the other shall not be exempt from the tax; 11. Transactions representing transfers subject to the imposition of a documentary stamp imposed by the gov- ernment of the United States, except that such deeds shall not be exempt from filing the declaration; 12. A transfer by lease; B. Every deed or other instrument which is exempt pursuant to this Section shall be presented to the Director of Finance so as to be appropriately marked by said Director as an exempt deed or instrument eligible for recordation without the payment of tax. At such time as a deed or instrument is presented to the Director, a certificate setting forth the facts which justify the exemption shall be presented, together with the declaration required in Section 3.32.040. 3.32.070 - Exemptions A. The taxes imposed by this Chapter shall not be imposed on or transferred by an executor or administrator to a legatee, heir or distributee where the transfer is being made pursuant to will or by intestacy. The tax imposed by this Chapter shall further be exempt where the transaction is effected by operation of law or upon delivery or transfer in the following instances, provided, however, that a decla- ration form is filed: 1. Upon the death of a person to his executor or adminis- trator; 2. From a minor to his guardian or from a guardian to his ward upon attaining majority; 3. From an incompetent to his conservator, or similar legal representative, or from a conservator or similar legal representative to a former incompetent upon removal or disability; 4. From a bank, trust company, financial institution, insurance company or other similar entity, or nominee, -5- custodian, or trustee therefor, to a public officer or commission, or person designated by such officer or commission or by a court, in the taking over of its assets, in whole or in part, under State or Federal law regulating or supervising such institutions, nor upon redelivery or retransfer by any such transferee or successor thereto; 5. From a bankrupt or person in receivership due to insol- vency to the trustee in bankruptcy or receiver, from such receiver to such trustee or from such trustee to such receiver, or upon redelivery or retransfer by any such transferee or successor thereto; 6. From a transferee under subsections (1) through (5), inclusive, to his successor acting in the same capaci- ty, or from one such successor to another; 7. From trustees to surviving, substitute, succeeding or additional trustees of the same trust; 8. Upon the death of a joint tenant or tenants by the entirety to the survivor or survivors; 9. From a foreign country or national thereof to the United States or any agency thereof, or to the govern- ment of any foreign country directed pursuant to the authority vested in the President of the United States by Section 5(B) of the Trading with the Enemy Act (40 stat. 415), as amended, by the First War Powers Act (55 stat. 839); B. Every deed or other instrument which is exempt pursuant to this Section shall be presented to the Director of Finance so as to be appropriately marked by said Director as an exempt deed or instrument eligible for recordation without the payment of tax. At such time as a deed or instrument is presented to the Director, a certificate setting forth the facts which justify the exemption shall be presented, together with the declaration required in Section 3.32.040. 3.32.080 - Transfer Stamps Required The tax herein levied and imposed shall be collected by the Director of Finance or his designee for the Village through the sale of transfer stamps, which shall be caused to be prepared by said Director in such quantities and denominations as may from time to time be prescribed. Such transfer stamps shall be available for sale at and during the regular business hours of the Village offices or at other locations designated by the Director of Finance. Upon payment of the tax herein levied and imposed, the transfer stamps so purchased shall be affixed to the deed or other instrument of conveyance. Any person so using and affixing a transfer stamp or stamps shall cancel it and so deface it as to render it unfit for use by marking it with his initials. Such markings shall be made by writing or stamping in indelible ink or by perforating with a machine or punch. However, the revenue stamp(s) shall not be so defaced as to prevent ready determination of its denomina- tion and genuineness. 3.32.090 - Transfer in Trust No trustee of real estate shall accept or acknowledge an assignment of beneficial interest in real estate located in the Village without first obtaining a real estate trans- fer declaration from the assignor or assignee and unless revenue stamps in the required amount as set forth in this Chapter, have been affixed to the facsimile assignment. 2.100 - Lien Created; Enforcement In the event a deed or trust document is filed for recordation or there is an assignment of beneficial interest conveying real estate within the corporate limits of the Village without the revenue stamps provided by this Chapter, a lien is declared against said real estate conveyed in the amount of the tax. The fact that the deed or assignment does not contain a Village of Buffalo Grove revenue stamp shall constitute constructive notice of lien. The lien may be enforced by proceedings to foreclose, as in cases or mortgages or mechanics' liens. Suit to foreclose this lien must be commenced within three (3) years after the date of recording the deed or other instrument of conveyance. Nothing herein shall be construed as preventing the Village from bringing a civil action to collect the tax imposed by this Chapter from any person who has the ultimate liability for payment of the same, including interest and penalties as hereinbelow provided. .32.110 - Enforcement; Suit For Collection In the event of failure by any person to pay any taxes herein provided, or any purchaser or grantee shall accept a conveyance where the tax has not been paid, the Village's attorney shall, upon request of the Village Manager, bring or cause to be brought an action to enforce the payment of said tax, including interest and penalties as hereinbelow provided, on behalf of the Village in any court of competent jurisdiction. -7- 3.32.120 - Unpaid Charqes and Assessments Prior to the offering of tax stamps and approval of the Declaration, the Director of Finance or his designee will ascertain that there are no unpaid charges for water service or other municipal services then unpaid and in arrears; current fees owing for water service will not be considered in arrears at time of presentation of Declaration. Any unpaid charges and assessments must be paid prior to approv- al of Declaration and offering of transfer tax stamps. 3.32.130 - Interest and Penalties In the event of failure by any person to collect and pay to the Director of Finance the tax required hereunder when the same shall be due, interest shall accumulate and be due upon said tax at the rate of one percent (lo) per month commencing as of the first day following the day when the deed was recorded or the assignment of beneficial interest was accepted by the trustee. In addition, a penalty of ten percent (10 %) of the tax and interest due shall be assessed and collected against any person who shall fail to pay the tax imposed by this Chapter. 3.32.140 - Proceeds of Tax All proceeds resulting from the imposition of the tax under this Chapter, including interest and penalties, shall be paid to the Village and shall be credited to and deposit- ed in the Corporate Fund of the Village. 3.32.150 - Severability If any provision, clause, sentence, paragraph, section or part of this Chapter, or application thereof to any person or circumstance, shall for any reason be adjudged by a court of competent jurisdiction to be unconstitutional or invalid, said judgment shall not affect, impair or invali- date the remainder of this Chapter and the application of such provision to other persons or circumstances, but shall be confined in its operation to the provision, clause, sentence, paragraph, section or part thereof directly in- volved in the controversy in which such judgment shall have been rendered and to the person or circumstances involved. It is hereby declared to be the legislative intent of the corporate authority that this Chapter would have been adopt- ed had such unconstitutional or invalid provisions, clause, sentence, paragraph, section or part thereof not been in- cluded. i Section 2. This Ordinance shall be in full force and effect from and after its passage and approval, in the manner provided as law. This Ordinance shall be published in pamphlet form. AYES: 6 - Marienthal, Reid, Kahn, Rubin, Braiman Hendricks NAYES : 0 - None ABSENT: 0 - None PASSED: November 4 1991 APPROVED: Nnvemher 4 1991. PUBLISHED: November 5 , 1991. APPROVED Village President ATTEST: 6Ullage Clerk, This document prepared by and mailed to: William G. Raysa Raysa & Skelton, P.C. 1140 Lake Street, Suite 400 Oak Park, Illinois 60301 Q�