The President and Board of Trustees as a general policy will favorably consider issuing commercial or industrial revenue bonds to qualified businesses and industries upon the assurance that the taxpayers are fully protected and the affirmation that the business or industry will benefit the Village. To insure the carrying out of these general policies, the following guidelines and criteria are hereby established:
1. Applications for commercial or industrial revenue bonds shall be made to the Village Manager in the form prescribed by the Village Manager. The application shall be accompanied by a nonrefundable fee of one thousand five hundred dollars ($1,500.00) and such supporting financial documents and information as is necessary to make a complete and thorough analysis of the business or industry. Information requested shall include:
(1). Name of the firm that will purchase the bonds, (if available).
(2). A SEC. 10-K report of the corporation if it is required to file.
(3). The last five (5) annual reports of the corporation.
(4). The latest preliminary financial status report of the current fiscal year, if available.
The Village Manager, upon the advice of staff and consultants, may require additional information from the applicant.
2. All fees, including printing, legal, fiscal, review and cost of preparation of all ordinances, resolutions, agreements and other legal and financial documents that are necessary to authorize and deliver the commercial or industrial revenue bonds, shall be at the expense of the applicant, but may be financed as part of the bonded project.
3. Applicant shall contract for the sale of the bonds at terms agreeable to the applicant and his bank or investment banker. (Ord. 1114, 9-28-81)
4. The fee to the Village for authorizing the issuance of commercial or industrial revenue bonds, whether a new issue or a refunding of a previous issue, shall be an amount agreed upon by the Village Manager and applicant, provided, however, that said total fee shall, in no event, be greater than permitted by law at the time of issuance such that said bonds will become arbitrage bonds. The fee set forth in this subsection shall be in addition to all other fees, costs and expenses of issuance set forth in this Chapter. (Ord. 1601, 10-27-86)
5. Before the Village issues commercial or industrial revenue bonds, the President and Board of Trustees will require the following statements:
(1). A statement from the Village Attorney that he has reviewed or will review all documents pertinent to the application and bond issue.
(2). A statement from the financial consultant of the Village that, based on the consultant's study of the information supplied and from other available sources, nothing has come to his attention to indicate that: (a) the applicant is not in a position to undertake its commitments or (b) it is inadvisable for the Village to lend its name to the proposed project even though it is not undertaking any financial obligations. The financial consultant of the Village shall also state the amount of any fee he will charge for his services payable by the applicant and to be included as part of the estimate of cost of the bond issue.
(3). A statement from the Plan Commission that the business or industry is in compliance with the Comprehensive Plan of the Village and that the business or industry would be an asset to the Village.
(4). A statement from the Village Comptroller and Village Manager that suitable arrangements have been made for the payment of all fees.
(5). A statement from the Village Manager that he has reviewed all documents and recommends to the President and Board of Trustees that they authorize the issuance of the commercial or industrial revenue bonds.
(6). The President and Board of Trustees reserve the right to have the applicant appear before them to explain the proposed development and to answer any questions.
(7). Upon completion of all steps, the President and Board of Trustees shall consider approval of commercial or industrial revenue bond issue.