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(A) As a condition of approval of any application for a stormwater management permit, unless the maintenance responsibility for the stormwater drainage system to be constructed or installed in connection therewith has been accepted by a public entity, the Administrator will require assurance of long-term funding in a form found acceptable to the permitting authority. A corporation with a bond rating of "A" or higher from a major investment firm (i.e. Standard and Poor, Moody or equivalent) will be considered to have met the long-term maintenance funding requirement. Absent some other form of agreement, then the Administrator shall require the establishment of a special service area pursuant to ILCS Ch. 35, Act 200, § 27-5, et seq., either as the primary means of providing for the long term maintenance of the facilities, or as a backup vehicle in the event the entity designated by the applicant as having primary maintenance responsibility fails to adequately carry out its duties.
(B) If the establishment of a special service area is required, the Administrator shall consider and approve a good faith estimate by the applicant of the tax rate required to produce a tax to be levied upon all taxable property within the area, sufficient for the long term maintenance of the facilities and submit the same to the permitting authority which shall incorporate such rate into its enactment of the ordinances necessary for the establishment of the area.
(C) On or before August 1 of each year thereafter, the Administrator shall submit to the permitting authority a good faith estimate of the amount of tax required to be levied upon all taxable property within the area for the next fiscal year for the continued maintenance of the stormwater drainage system.
(Ord. 06-0383, passed 3-15-06)