The village has enacted this article for the specific purpose of providing for a financing and refinancing device that will aid in financing and refinancing the costs of acquisition, purchase, construction, reconstruction, improvement, equipping, betterment, operation or extension of facilities owned and operated by not for profit organizations which are recognized by the internal revenue service as federally tax exempt organizations described in section 501(c)(3) of the code in order to improve the welfare of the village and better provide services for citizens of the village. (Ord. 0-06-21, 5-1-2006)