The Village Manager shall review an application for industrial revenue bond financing and shall notify the applicant in writing whether said application is complete. If it is not complete, the Village Manager shall in said written notice advise the applicant of any additional information which is required. The finance committee of the Board of Trustees shall determine if a financial consultant should be retained in order to assist the Village in its review of the application and other information submitted in connection with the proposed project and industrial revenue bond financing. After the filing of a completed application with the Village Manager, the Village Manager shall forward said application to the Board of Trustees. Before the Board of Trustees considers the issuance of industrial revenue bonds, the following reports will be required:
(a) A statement from the Village Attorney that he has reviewed all documents pertinent to the application and bond issue and that the project is in compliance with the Village's Comprehensive Plan. The Village Attorney shall state the amount of any fee he will charge for his services, which fee shall be payable by the applicant and may be included in the estimated cost of the project.
(b) A statement from the Village's financial consultant, if any, that, based on his study of the information supplied as part of the application and from other available sources, the applicant is a financially sound business entity and in the event that is should suffer financial difficulty, the village would be protected from any financial obligation under the bonds. The financial consultant shall also state the amount of any fee he will charge for his services, which fee shall be payable by the applicant and may be included in the estimated cost of the project.
(c) Statements from any and all additional consultants or village officials that may be necessary to properly review the request for industrial revenue bond financing. Any additional fees due as part of these additional reviews shall be payable by the applicant and may be included by the applicant in the estimated cost of the project.
(d) A statement from the village manager that he has reviewed all documents, that suitable arrangements have been made for the payment of all fees due and that he recommends that the president and board of trustees authorize the issuance of the proposed bonds. (Ord. 0-81-26, 4-6-1981)