From time to time, the village receives funds as the result of the sale of village-owned real property and/or right-of-way. The Corporate Authorities of the village find it to be in the best interests of the village to earmark such funds received for deposit into a specific fund as follows:
(A) A "Municipal Real Estate Fund" (the "Fund") shall be established.
(B) The purpose of the Fund is to provide a revolving source of monies to be available for the purchase of real property by the village.
(C) All funds received for the sale of village-owned real property, net of any costs, expenses, and or charges due to third-parties in relation to the sale, are to be deposited into the Fund. For purposes of this policy, real property shall also include any dedicated street or other right-of-way or any other similar real estate as well as any appurtenances thereon.
(D) Amounts received by the village for the sale of real property shall be required to be deposited into the Fund regardless of whether the village-owned real property is sold to a private party, a not-for-profit organization, or another governmental entity.
(E) The village may by ordinance or resolution, from time to time at its discretion, transfer money into the Fund from any other village funds established for accounting or reporting purposes.
(F) The village may by ordinance or resolution, from time to time at its discretion, identify or ear-mark other revenue or revenue sources and provide direction that these monies be deposited to the Fund either on a one-time, or on-going basis.
(G) The Fund is not required to be the sole source of funding for the purchase of real property by the village, it being understood that from time to time there may be insufficient amounts in the Fund for the purchase of a particular property by the village and/or that the Corporate Authorities may direct that an additional or different source(s) of funds be used for a particular purchase or series of related purchases.
(H) In addition to the purchase price, any related costs, expenses, and/or charges due to third parties associated with a purchase of real property by the village may be paid out of the Fund as well.
(I) The Corporate Authorities may, by a two-thirds vote, direct that amounts be removed or transferred from the Fund for a purpose other than the purchase of real property.
(J) All transfers into and out of the Fund pursuant to this chapter shall be at the direction of the Village Treasurer with the concurrence of the Finance and Economic Development Committee pursuant to lawful authority from the Corporate Authorities.
(K) The Treasurer shall handle the investment of the amounts deposited into the Fund pursuant to the village's existing investment policy and guidelines, it being specifically understood that any investments made of amounts in the Fund should remain sufficiently liquid to enable the village to make any purchases of real property that might be reasonably projected.
(L) The Corporate Authorities of the village reserve the right to amend this chapter at any time pursuant to a majority vote.
(Ord. 2005-O-057, passed 9-27-05)