HomeMy WebLinkAboutRESOLUTION - 61-81 - 10/13/1981 - INDUSTRIAL REVENUE BONDS/FEES RESOLUTION NO 61-81
ESTABLISHING FEES FOR THE APPLICATION, REVIEW
AND ISSUANCE OF INDUSTRIAL REVENUE BONDS BY
THE VILLAGE OF ELK GROVE VILLAGE
WHEREAS, Illinois municipalities are authorized to issue
Industrial Revenue Bonds in accordance with Chapter 24, Section 11-74-2 of
the Illinois Revised Statutes;
WHEREAS, it is the policy of the Village President and Board
of Trustees that they will as a general policy consider issuing Industrial
Revenue Bonds to qualified applicants;
WHEREAS, the Village President and Board of Trustees have
established policy and procedural guidelines for the issuance of Industrial
Revenue Bonds for the Village of Elk Grove Village;
WHEREAS, the policy and procedural guidelines require the
establishment of an application fee and fees for the review and issuance
of Industrial Revenue Bonds;
NOW, THEREFORE, BE IT RESOLVED that these fees are hereby
established by the Village President and Board of Trustees of the Village
of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows:
Section I. Application Fee: Pursuant to Section I, Paragraph B
of the policy and procedural guidelines for the issuance of Industrial Revenue
Bonds for the Village of Elk Grove Village, a nonrefundable application fee
of $1,000 is required.
- Section II. Deposit for Phase 2 Review. Pursuant to Section II,
Paragraph C of the policy and procedural guidelines for the issuance of Indus-
-- -- trial Revenue Bonds for the Village of Elk Grove Village a deposit of
$2,500 per application is required for the fees of consultants as outlined
therein. This deposit shall be required in addition to full payment of out
of pocket expenses incurred by the Village of Elk Grove Village in connection
with the review of the application.
The Village shall deduct from the deposit all costs related to the
review of the application as outlined in Section II, Paragraph B and shall
refund the unused portion only.
Section III. Issuance Fee: The fee for issuance of Industrial
Revenue Bonds by the Village of Elk Grove Village shall be one percent (1%)
for the first five million dollars ($5,000,000) issued plus one half of one
percent (1/2%) for any amounts in excess of five million dollars ($5,000,000) .
This fee shall be considered a project cost.
Section IV. That this resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 13th day of October 1981.
APPROVED this 13th day of October 1981.
Charles J. Zettek
Village President
ATTEST:
Fay M. Bishop
Village Clerk