SECTION:
10-1-1: Definitions
10-1-2: Declaration Of Purpose
10-1-3: Additional Powers
10-1-4: Exercise Of Powers; Bonds
10-1-5: Vote Required
10-1-6: Covenants In Bonds
10-1-7: Signatures Of Officers On Bonds; Validity Of Bonds
10-1-8: Lien Of Bonds
10-1-9: Liability For Bonds
10-1-10: Revenues From Industrial Projects
10-1-11: Necessity Of Certificate, Franchise, License, Etc.
10-1-12: Powers Conferred As Additional And Supplemental; Limitations Imposed; Effect
10-1-13: Disclosure Of Interest
10-1-14: Financing Fee
10-1-15: Deposit
The following words and phrases, when used in this Article, shall, for the purposes of this Article, have the meanings respectively ascribed to them in this Article, except when the context otherwise requires and except where another definition set forth in another section of this Article and applicable to that section or a designated part thereof is applicable:
BOND(S): Industrial project revenue bonds.
BOND ORDINANCE: An ordinance authorizing a specific issue of bonds adopted by the President and Board of Trustees of the Village in accordance with the policies and procedures set forth in this Article.
INDUSTRIAL PROJECT: Any capital project, including one or more buildings and other structures, improvements, machinery and equipment whether or not on the same site or sites now existing or hereafter acquired, suitable for use by any manufacturing, industrial, research or commercial enterprise, including but not limited to, use as a factory, mill, processing plant, assembly plant, packaging plant, fabricating plant, office building, industrial distribution center, warehouse, repair, overhaul or service facility, freight terminal, research facility, test facility, commercial facility, and including also the sites thereof and other rights and land therefor whether improved or unimproved, site preparation and landscaping, and all appurtenances and facilities incidental thereto such as utilities, access roads, railroad sidings, truck docking and similar facilities, parking facilities, dockage, wharfage, and other improvements necessary or convenient thereto; or any land, buildings, machinery or equipment comprising an addition to, or renovation, rehabilitation or improvement of any existing capital project.
PERSON: Any individual, partnership, co-partnership, firm, company, corporation, association, joint stock company, trust, estate, or any other legal entity, whether legal representative, agent or their assigns.
PROJECT COSTS: The sum total of all reasonable or necessary costs incidental to the acquisition, construction, or reconstruction, repair, alteration, improvement and extension of an industrial 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 and incidental expenses, 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 date of completion.
USER: The person or persons who will occupy, operate, maintain or employ the project after acquisition or construction thereof whether as owner, purchaser, lessee or otherwise.
VILLAGE: The Village of Hampshire, Kane County, Illinois. (1985 Code)
It is hereby determined and declared that the purpose of this Article is to provide a financing device which will aid in financing the costs of industrial projects; and in particular, those projects whose economic feasibility are predicated on obtaining financing, pursuant to the terms of this Article; and the same is hereby declared and determined to be a public purpose and is necessary for the public safety, benefit and welfare of the residents of the Village. (1985 Code)
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