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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.