2000-490 1 1 �. 0
RESOLUTION NO. 2000- 49
A RESOLUTION ESTABLISHING A LOCAL UTILITY REPAIR FINANCING
PROGRAM FOR THE VILLAGE OF BUFFALO GROVE
WHEREAS, the Village of Buffalo Grove is a Home Rule unit pursuant to the
Illinois Constitution of 1970; and
WHEREAS, the Village of Buffalo Grove Resolution No. 78 -12 set forth three
basic types of drainage improvements that the Village would financially
participate in; and
WHEREAS, the Village of Buffalo Grove further adopted Resolution No. 96 -48
which set forth a fourth type of drainage improvement that the Village would
participate in; and
WHEREAS, the Village now desires to incorporate a fifth type of utility
repair that it will participate in, namely a Local Utility Repair Financing
Program; and
WHEREAS, the Village of Buffalo Grove has determined that certain utility
deficiencies that exist from time -to -time on properties, that if improved, can
serve the general public; and
WHEREAS, the Village of Buffalo Grove has determined that an overall public
purpose is served in assisting property owners with public funds to remediate
identified utility service problems; and
WHEREAS, in order to provide public funds, the Village hereby establishes
a program to assist property owners with public fund financing in order to carry
out approved utility repair improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS the following:
Section 1. The foregoing Whereas clauses are hereby incorporated herein.
Village Resolutions No. 78 -12 and No. 96 -48 are hereby amended by adding
thereto a fifth type of improvement that the Village will participate in,
namely local utility repair pursuant to this Resolution. Furthermore, a
Local Utility Repair Financing Program is hereby established as identified
in Exhibit "A" to this Resolution.
Section 2. The Village of Buffalo Grove reserves the right to amend any
aspect of the Program from time to time as it deems necessary.
Section 3. The Program as identified shall be in full force and effect
from and after the passage and approval of this Resolution.
AYES: 5 - Marienthal, Braiman, Hendricks, Berman, Johnson
NAYES: 0 - None
ABSENT: 1 - Glover
PASSED: October 16 ,2000.
APPROVED:October 16 ,2000.
ATTEST:
VilKa,,gg Clerk Village President
EXHIBIT "A"
VILLAGE OF BUFFALO GROVE
LOCAL UTILITY REPAIR FINANCING PROGRAM
The Village of Buffalo Grove has previously made a determination that the overall
public good is served, in certain instances, by assisting residential property
owners in improving identified drainage deficiencies that may exist on their
property. In addition, there may be specific circumstances whereby utility
services may fail and such failure could adversely impact the public good. To
that end, the Village hereby establishes a Local Utility Repair Financing
Program. This Program is established as follows:
1. The project to be improved will need to meet criterion established
by the Village for improving failed water or sewer utility services.
2. The Village will commit $50,000 to this Program with an approved
project eligible to receive up to $5,000; the minimum program to be
considered must be at least $1,000. Amounts to be paid will shall
be based upon receipt by the Village of work undertaken as well as
project charges. However, the Village Board, at its discretion, may
approve other amounts based upon circumstances unique to the
project.
3. The Program will be revolving in nature with new funds provided as
outstanding balances are repaid. Programs will be considered on a
first - come - first - served basis.
4. The term of the financing will be for 36 months. Payments will be
billed semi - annually for 1 /6th of the principal borrowed plus
interest accrued to date. The amount of accrued interest will be
equal to the average return paid to the Village by the Illinois
Public Treasurer's Investment Fund (Illinois Funds) for the six
month period ending as of the date of the billing on the balance
outstanding, further calculated using a 30 -day month basis of
accrual. There will not be a penalty for early repayment.
5. A property owner will be required to execute both a Installment Note
and Trust Deed which will be prepared by the Village's Attorney and
recorded in the county of record. In addition, a Title Search may
be required. These documents are intended to secure the Village's
interest in the financing granted and are the form of security the
Village requires in order to assure itself that any balance due will
be received should there be a change in ownership of the property.
6. Upon evidence of final payment, the Village shall prepare a Release
Deed to clear title to the property which shall be recorded by the
property owner.
7. The cost to prepare and record any documentation, including the cost
for Proof of Ownership, shall be the obligation of the property
owner. Failure to pay any amounts due shall prevent the completion
of the final Release Deed. All fees shall be those as established
from time -to -time by the Cook or Lake County Recorders of Deeds.
The fee(s) due the Village's Attorney shall be based on actual time
and effort incurred to prepare the necessary documents. The fee(s)
due for any Title Search shall be those as billed the Village, which
shall be documented.
The Village of Buffalo Grove reserves the right to amend this Program from time -
to -time including its termination.