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ORDINANCE NO. 2471 <br />AN ORDINANCE CREATING AN INDUSTRIAL/COMMERCIAL <br />REVITALIZATION FUND <br />WHEREAS, the President and Board of Trustees deem it prudent and <br />advisable to facilitate the vitality and growth of the industrial and <br />commercial community of the Village of Elk Grove Village through establishing <br />the Industrial/ Commercial Revitalization Commission; and, <br />WHEREAS, the President and Board of Trustees enacted a Municipal <br />Telecommunications Tax earmarked for the purpose of revitalizing the <br />Village's commercial and industrial areas and under no circumstances, shall <br />said tax revenue be utilized for projects other than those established and <br />recommended by the Industrial./ Commercial Revitalization Commission. <br />NOW, THEREFORE BE IT ORDAINED, by the President and Board of <br />Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, <br />Illinois as follows: <br />Section 1: That Section 1-8-10 Funds, Chapter 8, Title I of the <br />Village Code of the Village of Elk Grove Village be and the same is hereby <br />amended by adding thereto the fallowing: <br />1-8-10-4 Industrial/ Commercial Revitalization Fund: There is hereby <br />established the Industrial./ Commercial Revitalization Fund to be classified as <br />a Special Revenue Fund which shall be kept separate and apart from all <br />other accounts and funds of the Village. <br />All amounts collected from rates and charges imposed under the <br />Municipal Telecommunications Tax shall be deposited into the <br />Industrial/ Commercial Revitalization Fund shall be separate and apart from <br />all other monies of the Village, provided that amounts deposited may be <br />invested together with other monies of the Village. <br />