A. If the territory which is the subject matter of a petition for annexation either under section 7-1-8 of the Illinois municipal code or other applicable sections of the Illinois municipal code is proposed to be annexed pursuant to a preannexation agreement under 65 Illinois Compiled Statutes 5/11-15.1-1 et seq., an additional petition must be filed proposing said preannexation agreement, which petition shall be accompanied by an additional filing fee as prescribed in the fee schedule set forth elsewhere in this code. Such petition shall be in such form and accompanied by such information as shall be prescribed by the village from time to time, but shall in any event include the following:
1. The petitioner's name, address and interest in the petition, and the name, address and interest of every person represented by the petitioner in the petition.
2. A draft of the proposed preannexation agreement.
3. A statement containing all the circumstances, factors and arguments that the petitioner offers in support of the proposed agreement.
B. Such petition for a preannexation agreement will be filed with the village clerk. The village board will conduct a thorough review and study of the proposed preannexation agreement. All costs incurred by the village in relation to review of the preannexation agreement shall be subject to reimbursement under the terms of a preannexation agreement. (Ord. 2008-001, 1-23-2008)