1-2-8: APPROPRIATION:

The provisions of any bond ordinance shall constitute a repeatable annual appropriation of the amounts required as therein referred to and described, and, upon the delivery of the bonds therein authorized, the proceeds thereof shall be used solely and only for the purpose or purposes for which the bonds were authorized. Upon the adoption of any bond ordinance authorizing the issuance of bonds and providing for the levy of taxes therefor, the same shall be published by the Village Clerk as provided in the Bond Ordinance.

1-2-9: ILLINOIS MUNICIPAL CODE SUPERSEDED:

Pursuant to the authority granted by section 6 of article VII of the 1970 Constitution of Illinois, the procedures hereby established for the issuance of general obligation bonds, as herein provided for, shall be controlling and shall be complied with by the Board of Trustees in the borrowing of money through the issuance of general obligation bonds of the Village, notwithstanding anything to the contrary contained in the provisions of the Illinois Municipal Code of 1961, and all acts amendatory thereof and supplementary thereto and any other law or laws of the State of Illinois. (1981 Code)

1-2-10: ISSUANCE OF NOTES AND OTHER INCURRENCE OF DEBT:

The Board of Trustees may issue notes or otherwise incur debt by motion of the Board of Trustees duly adopted. (Ord. 1986-0-100, 11-3-86)

ARTICLE 3 PROCEDURE FOR ISSUANCE OF INDUSTRIAL AND COMMERCIAL REVENUE BONDS

SECTION:

1-3-1: Definitions

1-3-2: Legislative Declaration of Purpose

1-3-3: Additional Powers

1-3-4: Exercise of Powers; Bonds

1-3-5: Covenants in Bonds

1-3-6: Signatures of Officers on Bonds; Validity of Bonds

1-3-7: Lien of Bonds

1-3-8: Liability for Bonds

1-3-9: Exemption From Construction and Bidding Requirements for Public Buildings

1-3-10: Powers Conferred as Additional and Supplemental; Limitations Imposed; Effect

1-3-1: DEFINITIONS:

The following words and phrases shall have the meanings, and are hereby defined, as follows:

BONDS: Means any bonds, notes, or other obligations of the Village issued pursuant to the authority of this Article.

BOND ORDINANCE: Means one or more ordinances authorizing a specific issue or issues of bonds adopted by the Board of Trustees of the Village in accordance with the policies and procedures set forth in this Article.

FINANCING AGREEMENT: Means any agreement, including without limitation, a lease agreement, sale agreement, use agreement or loan agreement, entered into by the Village with any person or persons which provides that the Village shall issue its bonds to finance all or a portion of the costs of a project or projects, title to which may or may not be vested in the Village, provided that said bonds shall be limited obligations of the Village as provided in Section 1-3-8 of this Article.

PERSON: Means any individual, partnership, copartnership, firm, company, corporation, association, joint stock company, trust, estate, political subdivision, state agency, or any other legal entity, or its legal representative, agent or assigns.

PROJECT: Means 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 project will, in the judgment of the Board of Trustees of the Village, create, enhance, or retain employment opportunities in the Village, or will operate to prevent or eliminate blight 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 and incidental expenses including an initial bond and interest reserve, together with interest on bonds issued to finance a project to the estimated date of completion.

VILLAGE: Means the Village of Oak Park, Cook County, Illinois.

1-3-2: LEGISLATIVE DECLARATION OF PURPOSE:

It is hereby determined and declared that the purpose of this Article is to provide a financing device which will aid in financing the cost of projects in order to relieve conditions of unemployment, and to encourage the increase of commerce and industry within the Village, thereby reducing the evils attendant upon underemployment and unemployment and to prevent or eliminate blight within the Village, and to provide for the increased welfare and prosperity of the residents of the Village; and the same are hereby declared and determined to be public purposes and functions pertaining to the government and affairs of the Village.

1-3-3: ADDITIONAL POWERS:

In addition to powers which it may now have, the Village shall have the power:

   A.   To construct, acquire by gift, purchase or lease, to reconstruct, improve, better or extend and to finance one or more projects, whether or not now or hereafter in existence and whether or not the Village has any title to such project or projects, within the Village, and, if desirable, to acquire by gift, purchase or lease lands or rights in land in connection with any project.

   B.   To issue its revenue bonds to defray in whole or in part the project costs of any project and to designate an appropriate name for such bonds.

   C.   To execute a financing agreement with any person or persons in such manner that payments to be received with respect to such financing agreement shall produce revenues and receipts sufficient to provide for the prompt payment at maturity of principal, interest and redemption premiums, if any, upon all bonds issued pursuant to such financing agreement. (1981 Code)

      1.   To charge a reasonable fee for financial analysis or other services related to the feasibility of the project. (Ord. 1982-0-37, 7-19-82)

   D.   To pledge to the punctual payment of bonds authorized under this Article, the interest thereon, and the redemption premiums, if any, the revenue and receipts to be received pursuant to such financing agreement.

   E.   To mortgage a project or projects in favor of the holder or holders of bonds issued therefor.

   F.   To sell and convey any project, including without limitation, the sale and conveyance thereof subject to a mortgage, if any, as provided in the Bond Ordinance, for such price and at such time as the Board of Trustees may determine. However, no sale or conveyance of a project shall ever be made in such manner as to impair the rights or interests of the holder or holders of any bonds issued to finance the project costs of such project.

   G.   To issue its bonds to refund in whole or in part, bonds previously issued by the Village under authority of this Article. (1981 Code)

   H.   To charge an applicant a nonrefundable fee of three thousand dollars ($3,000.00) for the bond application plus one percent (1%) of the bond amount for issuance at closing. The application fee will be credited to the total issuance fee. The total issuance fee shall not exceed a maximum of twenty five thousand dollars ($25,000.00). The applicant will also pay all related legal fees. (Ord. 1986-0-105, 11-17-86)