HomeMy WebLinkAboutRESOLUTION - 1-83 - 1/11/1983 - ISSUANCE OF IRB'S, POLICY & PROCEDURESRESOLUTION 1-83
A RESOLUTION AMENDING RESOLUTION NO. 60-81, ESTABLISHING THE POLICY
AND PROCEDURAL GUIDELINES FOR THE ISSUANCE OF INDUSTRIAL REVENUE
BONDS FOR THE VILLAGE OF ELK GROVE VILLAGE, SECTION I, PHASE 1,
PARAGRAPH P; SECTION II, PHASE 2, PARAGRAPH B; SECTION III, PHASE
3, PARAGRAPH D AND RENUMBERING SECTION III, PHASE 3, TO SECTION IV,
PHASE 4; AND ADDING NEW SECTION III, PHASE 3, OF THE VILLAGE OF
ELK GROVE VILLAGE
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Elk Grove Village, Counties of Cook and DuPage, State of
Illinois:
Section 1: That the President and Board of Trustess do hereby authorize
an amendment to Resolution No. 60-81, Establishing the Policy and Procedural
Guidelines for the Issuance of Industrial Revenue Bonds for the Village of
Elk Gorve Village as follows:
Section I. Phase 1, paragraph p, should read as follows:
p. A statment of the public purpose to be served by
the issuance of Industrial Revenue Bonds for the
project, including but not limited to the affects
on municipal tax base, sales tax revenue or local
employment. Where appropriate, specific information
should be provided.
Section 72. Phase 2, paragraph B, should read as follows:
B. Costs. In addition to the nonrefundable application
fee previously paid by the applicant, the applicant
will deposit with the Village an amount established
from time to time by the Village Board and Trustees
for the fees of the financial consultants and/or
fees of any and all other consultants deemed neces-
sary for the Phase 2 review. No further action will
be taken on the application until such time as this
deposit has been paid.
In addition, the applicant shall be responsible for
and shall pay any and all out of pocket expenses
incurred by the Village of Elk Grove Village in
connection with the review of the applicant's
application including but not limited to attorney's
fees, preparation and duplication of documents, and
related costs. The applicant shall be invoiced for
and shall pay all such costs within 10 days of
receipt of said invoice. No further action on the
application shall be taken until such time as these
fees have been paid.
Section III, Phase 3, renumbered to Section IV. Phase 4, and
new Section III, Phase 3, to read as follows:
The Village Board, upon favorable recommendation by
the Judiciary Planning and Zoning Committee shall be
requested to call a public hearing regarding the
issuance of Industrial Revenue Bonds on behalf of
the applicant.
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A. If the applicant is a corporation, legal counsel
should be present at the public hearing.
B. The Village shall prepare and place a legal notice
for publication in a newspaper of general circulation
within the Village of Elk Grove not more than 30 days
nor less than 14 days in advance of such hearing.
Section IV. Phase*4, paragraph D, should read as follows:
D. Costs and Fee. The applicant shall pay the Village a
fee, as established from time to time by the corporate
authorities, if Industrial Revenue Bonds are issued
for the project at the time such bonds are issued.
Such fee shall be considered a project cost.
In addition, the applicant shall be responsible for
and shall pay any and all out of pocket expenses
incurred by the Village of Elk Grove Village in
connection with the issuance of bonds including but
not limited to attroney's fees, preparation and
duplication of documents, and related costs. The
applicant shall be invoiced for and shall pay all
such costs within 10 days of receipt of said invoice.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this " 11th day of January , 1983.
APPROVED this 11th day of January 1983.
VOTE: AYES: 5 NAYS: 0 ABSENT: 1
Charles.J. Zettek ....
Village President
ATTEST:
Patricia S. Smith
Village Clerk