ARTICLE 4 PROCEDURE FOR EXECUTION OF MORTGAGE ON VILLAGE PROPERTY

SECTION:

1-4-1: Procedure

1-4-2: Details of Resolution Authorizing Mortgage

1-4-3: Illinois Municial Code Superseded

1-4-1: PROCEDURE:

The President, upon authorization of the Board of Trustees, may borrow money for lawful purposes and, in evidence of such borrowing, execute notes secured by mortgages on property owned or to be purchased by the Village. Such funds shall be borrowed only for the purpose of purchasing the property to be subject to the mortgage or for the purpose of improving such property. Such mortgage and the note secured thereby may be issued without submission of the question of their issuance to the electors of the Village. The mortgage may be in the form of a trust deed. The procedures for the adoption of the resolution authorizing the execution of such mortgage and note shall be in accordance with the Illinois Municipal Code, except as provided herein.

1-4-2: DETAILS OF RESOLUTION AUTHORIZING MORTGAGE:

The resolution authorizing the execution of the mortgage shall set forth the maximum amount to be borrowed and the form of note and mortgage or trust deed which shall include the maturity of the note and interest rate. The maturity of the note shall not in any event exceed forty (40) years from its date, and the rate of interest shall be as provided in the authorizing resolution. The resolution shall authorize the execution of the mortgage or trust deed and note by the Village President and Village Clerk.

1-4-3: ILLINOIS MUNICIPAL CODE SUPERSEDED:

Pursuant to the authority granted by Section 6, Article VII of the 1970 Constitution of Illinois, the procedures hereby established for the execution of mortgages and notes secured thereby shall be controlling notwithstanding anything to the contrary contained in the provisions of the Illinois Municipal Code or any other law or laws of the State of Illinois.

ARTICLE 5 TAX INCREMENT FINANCING AUDIT COMMITTEE

SECTION:

1-5-1: Audit Committee; Creation

1-5-2: Duties

1-5-3: Limits of Tax Increment Financing

1-5-4: Intent

1-5-1: AUDIT COMMITTEE; CREATION:

At such times as tax increment financing districts are established as provided in the Illinois Municipal Code, a Tax Increment Financing Audit Committee consisting of one member from the following governmental units is hereby established:

   The Board of Education of School District No. 97

   The Board of Education of Consolidated High School District No. 200

   The Township of Oak Park

   The Oak Park Park District

   The Village of Oak Park

Each of the above governmental units shall appoint one of its members to the TIF Audit Committee. All appointments shall be for two (2) year terms, provided the terms shall not exceed the unexpired term of office of the appointee.

1-5-2: DUTIES:

The Audit Committee shall meet at least quarterly with the Village Finance Director to review the receipts and disbursements relating to tax increment financing project development costs and obligations. It shall report to the Village Board or the appropriate County officials any instances where receipts and disbursements are improperly made.

1-5-3: LIMITS OF TAX INCREMENT FINANCING:

The Audit Committee shall make recommendations to the Board of Trustees regarding proposed limits to be established from time to time on the gross amount of tax increment financing bonds to be issued or to be outstanding at any one time.