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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.
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)
The exercise of all powers granted by this Article may be authorized, and bonds may be authorized to to be issued pursuant to the authority of this Article for the purposes herein set forth, by a Bond Ordinance which may be adopted at the same meeting at which it is introduced and shall take effect immediately upon adoption.
The bonds shall bear interest at such rate or rates, 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 at such premiums, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as the Bond Ordinance may provide or as may be subsequently determined by the Board of Trustees before the bonds are issued. The bonds may be sold at public or private sale in such manner and upon such terms as may be deemed advisable by the Board of Trustees. Such bonds shall be deemed to be securities and negotiable instruments for all purposes within the meaning of the "Uniform Commercial Code".
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