Whenever used in this Article, unless a different meaning clearly appears from the context, the following words and terms shall have the meanings ascribed to them in this Section:
BOND ORDINANCE: An ordinance authorizing a specific issue of bonds adopted by the Village Mayor and Board of Trustees in accordance with the policies set forth in this Article.
ECONOMIC DEVELOPMENT PROJECT: Any land, interest in land, building, structure, facility, system, fixture, improvement, addition, appurtenance, machinery or equipment or any combination thereof, and all real and personal property deemed necessary in connection therewith for use by any person; provided, that the existence of such economic development project will create or retain employment opportunities in the Village and be an industrial or commercial project of good standing which will benefit the Village.
INDUSTRIAL PROJECT: Any project used or to be used for the conduct of commerce, business, industry or the professions, or any combination of the foregoing.
LEASE: A lease containing an option to purchase the project for a nominal sum upon payment in full, or provision therefor, of all bonds issued in connection with the project and all interest thereon and all other expenses in connection with the project.
LOAN AGREEMENT: An agreement providing for Municipality to loan the proceeds derived from the issuance of bonds pursuant to this Article to one or more persons to be used to pay the cost of one or more projects and providing for the repayment of such loan by the other persons and which may provide for such loans to be secured or evidenced by one or more notes,
debentures, bonds or other secured or unsecured debt obligations of the persons, delivered to the Municipality or to the trustee under the indenture pursuant to which the bonds were issued.
PERSON: Any individual, partnership, copartnership, firm, company, corporation (including public utilities), association, joint stock company, trust, estate, political subdivision, State agency or any other legal entity or its legal representative.
POLLUTION: Any form of environmental pollution including, but not limited to, water pollution, air pollution, land pollution, solid waste pollution, thermal pollution, radiation contamination or noise pollution as determined by the various standards prescribed by this State, the Federal government or other governmental entities and including, but not limited to, anything which is considered as pollution or environmental damage in the Environmental Protection Act, compiled as 415 Illinois Compiled Statutes 5/1 through 5/51, and any amendment thereto and substitution therefor.
POLLUTION CONTROL FACILITY: Any land, interest in land, building, structure, facility system, fixture, improvement, appurtenance, addition, machinery or equipment, or any combination thereof, and all real and personal property deemed necessary in connection therewith, having to do with or the end purpose of which is reducing, controlling or preventing pollution.
PROJECT: Any economic development project or pollution control facility or any combination thereof located within the Village.
PROJECT COSTS: Means and includes the sum total of all reasonable or necessary costs incidental to the acquisition, construction, reconstruction, repair, alteration, improvement and extension of a project including, without limitation, the cost of studies and surveys, plans, specifications, architectural and engineering services, legal, marketing or other special services, financing, acquisition, demolition, construction, equipment and site development of new and rehabilitated buildings, rehabilitation, reconstruction, repair or remodeling of existing buildings and all other necessary or incidental expenses whether directly or indirectly related to the project, including an initial bond and interest reserve, together with interest on bonds issued to finance a project to a date six (6) months subsequent to the estimated date of completion, and any costs or expenses which may be included under the provisions of section 103(b) of the Internal Revenue Code of 1954 as amended.
REVENUES OF A PROJECT, OR DERIVED FROM A PROJECT: Payments under a lease or sale contract and repayments under a loan agreement or under notes, debentures, bonds and other secured or unsecured debt obligations of a person delivered as herein
provided.
SALE CONTRACT: A contract providing for the sale of one or more projects to one or more persons and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the project to pass to the other person prior to payment in full of the entire purchase price, it shall also provide for the other person to deliver to the Municipality or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds or other secured debt obligations of such person providing for timely payments including, without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title.
VILLAGE: The Village of Elk Grove Village, Cook and DuPage Counties, Illinois.
(Ord. 1486, 10-13-1981)