(A) The village shall require a non-refundable fee of $2,500 to process any application for industrial development revenue bond or pollution control revenue bond financing. Said fee shall be paid to the Village Clerk simultaneously with the filing of the application and shall be applied to the payment of any fees, costs and expenses of the village. This fee shall be credited toward the issuance fee as set forth in division (B) upon the sale of the bonds.
(B) Each applicant shall pay an issuance fee to the village in an amount equal to one percent of the total amount of the bonds to be issued, provided, however, that such fee shall in no event exceed an amount of more than one-eighth of one percent of the yield on the bonds as computed under the arbitrage regulations of Section 103(c) of the Internal Revenue Code or the maximum amount permitted under such arbitrage regulations in effect from time to time. Such processing fee must be due and payable at the time of the closing of the sale of bonds.
(C) Each applicant shall also pay all professional fees and expenses of the village in connection with such bond issue whether or not said bonds are sold. The fees and expenses shall be billed to the applicant at the normal and customary corporate hourly rate of the professional. An agreement shall be executed between the parties to evidence said understanding. In addition, the applicant shall reimburse the village for any and all other fees, costs and expenses incurred by the village in connection with all proceedings relating directly or indirectly to the issuance of said bonds, including preliminary investigations and specifically including the fees for all services rendered by any and all officers, employees, and other consultants of the village. The applicant shall also pay all fees and expenses of the bond counsel, printing of the bonds, etc., in connection with said bond issues. Each applicant shall immediately reimburse the village for all fees, costs and expenses incurred by the village upon receipt of an invoice for the same from the village. No fees, costs or expenses provided for in this section shall be paid later than the closing of the sale of any such bonds.
(D) Any of the above mentioned fees, expenses and costs may be repaid as project costs from bond proceeds or other sources if and when such bonds are issued.
(Ord. 279, passed 4-12-82)