HomeMy WebLinkAboutORDINANCE - 2471 - 3/26/1996 - FUND, IND/COMM REVITALIZATIONORDINANCE NO. 2471
AN ORDINANCE CREATING AN INDUSTRIAL/COMMERCIAL
REVITALIZATION FUND
WHEREAS, the President and Board of Trustees deem it prudent and
advisable to facilitate the vitality and growth of the industrial and
commercial community of the Village of Elk Grove Village through establishing
the Industrial/ Commercial Revitalization Commission; and,
WHEREAS, the President and Board of Trustees enacted a Municipal
Telecommunications Tax earmarked for the purpose of revitalizing the
Village's commercial and industrial areas and under no circumstances, shall
said tax revenue be utilized for projects other than those established and
recommended by the Industrial./ Commercial Revitalization Commission.
NOW, THEREFORE BE IT ORDAINED, by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage,
Illinois as follows:
Section 1: That Section 1-8-10 Funds, Chapter 8, Title I of the
Village Code of the Village of Elk Grove Village be and the same is hereby
amended by adding thereto the fallowing:
1-8-10-4 Industrial/ Commercial Revitalization Fund: There is hereby
established the Industrial./ Commercial Revitalization Fund to be classified as
a Special Revenue Fund which shall be kept separate and apart from all
other accounts and funds of the Village.
All amounts collected from rates and charges imposed under the
Municipal Telecommunications Tax shall be deposited into the
Industrial/ Commercial Revitalization Fund shall be separate and apart from
all other monies of the Village, provided that amounts deposited may be
invested together with other monies of the Village.
Section 2: That this Ordinance shall be in full force and effect from
and after its passage, approval and publication according to law.
VOTE:
AYES: 5
NAYS:
p ABSENT: 1
PASSED
this 26th
day of
March , 1996.
APPROVED
this 26th
day of
March 1996.
Dennis J. Gallitano
VILLAGE PRESIDENT
ATTEST:
Patricia S. Smith
VILLAGE CLERK
PUBLISHED this 29th day of March , 1996 in pamphlet form.