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)
In addition to the powers which it may now have, the Village shall have the power under this Article:
A. To construct, acquire by gift, lease or purchase, reconstruct, improve, better or extend, or to finance the construction, acquisition, reconstruction, improvement, betterment, or extension of any industrial project within or without the Village or partially within or partially without the Village, but in no event further than ten (10) miles from the territorial boundaries of the Village, and to acquire by gift, lease or purchase, lands or rights in land in connection therewith.
B. To issue its bonds to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment or extension of any industrial project. The Village need not acquire or hold title to such industrial project. The President and Board of Trustees of the Village in determining such cost may include all cost and estimated cost of the issuance of such bonds, all engineering, inspection, fiscal and legal expenses, and interest which it is estimated will accrue during the construction period and for six (6) months thereafter on money borrowed or which it is estimated will be borrowed pursuant to this Article.
C. To rent, lease, sell or otherwise dispose of such industrial project or to loan the proceeds of its bonds to industrial or commercial enterprises (which may include corporations, partnerships or individuals engaged in business or commerce) in such manner that rents or other payments to be derived with respect to the industrial project shall be fixed and revised from time to time so as to produce income and revenues sufficient to provide for the prompt payment of interest upon all bonds issued under this Article, and to create a sinking fund to pay the principal of such bonds when due, and to provide for the operation and maintenance of such industrial project and for an adequate depreciation account in connection therewith.
D. To pledge to the punctual payment of bonds authorized under this Article and interest thereon the income and revenues to be received with respect to such industrial project (including improvements, betterments or extensions thereto thereafter constructed or acquired) sufficient to pay such bonds and interest as they become due and to create and maintain reasonable reserves therefor.
E. To mortgage or grant a security interest in such industrial project in favor of the holder or holders of bonds issued therefor.
F. To sell and convey such industrial project, including without limitation the sale and conveyance thereof subject to a mortgage or security interest as provided in this Article, for such price and at such time as the President and Board of Trustees of the Village may determine. However, no sale or conveyance of such industrial project shall ever be made in such manner as to impair the rights or interests of the holder or holders of any bonds issued for the construction, purchase, improvement or extension of any such industrial project.
G. To issue its bonds to refund in whole or in part, bonds theretofore issued by the Village under authority of this Article.
The Village shall be exempt from the payment of taxes with respect to property acquired by the Village pursuant to the provisions of this Article while such property is owned by the Village, but the occupant of such property shall be subject to taxation as if he were the owner of such property. (1985 Code)
The financing of the construction, acquisition, reconstruction, improvement, betterment or extension of any industrial project may be authorized under this Article and bonds may be authorized to be issued under this Article to provide funds for such purpose or purposes or for the refunding of bonds theretofore issued under this Article, by an ordinance which may be adopted at the same meeting at which it is introduced by a majority of all the corporate authorities thereof then in office and shall take effect immediately upon adoption.
The bonds shall bear interest at such rate or rates without regard to any limitation in any other law, shall be payable at such times, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding forty (40) years from their respective dates, may be payable in such medium of payment at such place or places, may carry such registration privileges, may be subject to such terms of redemption, may be executed in such manner, may contain such terms, covenants, and conditions, and may be in such form, either coupon or registered, as such bond ordinance or subsequent bond ordinances may provide. The bonds may be sold in such manner and upon such terms as may be deemed advisable by the President and Board of Trustees. Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the President and Board of Trustees may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this Article. The bonds and interim receipts or certificates are fully negotiable within the meaning and for all purposes of the "Uniform Commercial Code". (1985 Code)
Loading...