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.

1-5-4: INTENT:

It shall be the intent of the Village to use all of the funds in the tax increment financing pool to pay the tax increment financing project improvements and that when these funds exceed annual expenses, the excess shall be placed in a reserve established to accelerate the repayment of the tax increment financing bonds. (Ord. 1983-0-96, 12-19-83)