HomeMy WebLinkAboutOrd 2925 07/17/1979
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ORDINANCE NO.
2925
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AN ORDINANCE AUTHORIZING THE VILLAGE OF 'HOUNT PROSPECT
, TO ISSUE INDUSTRIAL AND COMMERCIAL
-p RÒJ~CT: REVr:l'Hr~_.l3_0NDS
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WHEREA$" Section 6 (a) VII ,of the 1970 Consti tution
1of the State ,of Illinois provides that any municipality which
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has a populatiDJnof.mor.e than 25,000 is a home rule unit, and
the Villa~e of :ilJ°unt Prospect, Cook County, Illinois" with ,ð ;.
opulatiori in; é'xç~ss of 25,000 is therefore.a 'home rule unit ;,':' -'
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nd, purSiuant to ,the proyi'piol1Sof said Section 6 (a) Article VII,
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ay: e~er;cise any power., pnd perform' and 'function pertai~}.ng to
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-yoverjiÌt1ent'~nd.affa~rs, ineluding, but not limited to, th~':
to tax', and- to incur dt..bt¡ and
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'WHÈ}U;A~~'~~the ,issuance by the Village of industr~alåÍ1d
ominercia~ ~ro)ec1;., ,r:ev:enue bónds to: fi_nan.c~1n who-,l~.,or,~t:I¡_p'aI;",t
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e: cost ,of., ',~tie; ;.~cqûisltion, purchase ,cons~~~~~t~on;' rè~:ons:tr~cti r
, ,,'¡';':,-!:>!:'I,.j~,';,' , ' ,',
mprovement,~e,q1Jippi,ng" b,etterment or extension of 'any t'ndustria1
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nd ',commeF-f.ia~ .devplopment project in order 'to_, enE?,u.r.ag'e 'eccmÇ>'rniç
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eve-lopment ,of the, Village is' for ä public' purpose a'rid is' a 'func-
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ion perta.i.ning to the government and affa~,~, of the Village;
NOW~, THEREFORE ,BE IT ORDAIJ~ED'by the P~esident and Board
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f Tr~stees ,of the Vi llage of "'jount Prospect of Cook County,
llin~is~ as fo~lows:
SEC'}'I ON -c.9NE;
The Municipal Code of !the Village of Mount
ospect be, ,and it is hereby, amended by adding to Article V of
apte~ 8 of' said 1>1unicipal .<~ode; a' new ,Sectiion 8.513' which sa ið
. w Section shall hereafter be ahd read as follows:
;; cti.on B ~ 513.' Indu~.tri~l and ç°!MJ~Fci~J ~rojeC?~_,~evenu~-ponds~
I. the exercise of the V~11age's:powers and ~he performance of
t.s fu~ctions p~rtaining to its government and affairs. and in
0 dar to promote, the public health, safety, morals and welfare,
~ is Section bas been ,enacted for the fcllo"ling speci fie purposes:
1.
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Topiô.,i.idê,c:i"fIT.~HJci!,g d-.:\riCE> t.hat will aid in financing
the cost of iridustri a1 and' c:om"'n~rcia¡revenue bond pro-
jects in order to relieve ccnditions of unemployment
and to ,aid in th€ rL'habi Ii ta tion of tlctcr-Dns. .
4.
5.
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2.
To encourage the of iridustry within the
Village and within ten miles of the Villaget thereby
reducing the evils attendant upon un~mployment.
3.
To provide for the increased welfare and prosperity
of the residents cf the Village.
4.
To provide a financLJg device which will aid in
financing the cost of pollution control facilities in
order to elimin~te, abate or reduce the-serious dan~ers
to the public health ànd welfare caused by environmental
pollution. '
De fini ti ons .
The term
1.
'IDevelopment project ", iDcl udes any industrial or commerèi 1
project which is a capital projeçt comprising an industri 1
, or manufactur i11.g plant or' a comrnercialfacili ty, incl udin
one or more bu1ldings and other structures, whether
oi',not on the same site or sites; any rehabilitation,
improvement, renovation or enlargement of, or any,
add~tion,to , any buildings or struëtures for USè as
a cofi~ercial facility or factory, mill~ processing plant,
"assembly plant, fabricating plant, indust,rial distribution
center, repair, overhaul or service facility, test
facil~ty, and other facilities, including research and
development for manufact~ring, processing, assemþling,
repairing,. overhauling, servicing, testing or handling
of any products or cómmodities embraced in any Industrial
or manufacturing plant; and including also the" s1tes
'thereof and other rights in land tþerefor, whether improve
or unimproved, machinery ,equipment, si te' 'preparlt tión
an'dlandscaping, and all appurtenances and facili t'ies
incidental thereto such as warehouses, utilities, ,
access roads" railroad sidings, truck docking and.sim~lÍiŒ
f~cJlities, parking facilities, dockage, \;Jharfage, and
"other improvements neceDsary or convenient for any
rnaqufacturing or industrial plant.' ,
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2.
"Person'~ means an indi viqual, partnership, copartnership,
"firm, company, 'corporation (including public utilities),
associatiqn, joint stock company; trust, estate, political
subdivision, state agency, or 'any other legal entity, or
. its legal Feprese1?tati ve,' agent oi'~ assigns.' ,
3.
"Poll ution tt means any form 0.£ environmental poll ution
includirig, but not limited to, water pollution, air.
, pollutiqn, lalJd pollution, solid waste pollutibn¡ ;;th~rma¡
pollut{on; radiation contamination, or'noise pollution
as,determined by the variouS,standards prescribed by
thi~ st~te, the federal government or other governmental
entities and ihcl~àiDg but not limited to, anything which
is consiàereà as pollution or enviro~mental damage in the
Environmental Protection Act, compiled as Sections 1001
thlTAigh 1051 of Chapter 111-1/2 Ill'., Rev. Stats. 1971,
and any,amei1dmr:-nt thereto and substi tuti°n. t.hez:.efor~
"Pollution control facilitytlmeans any land, interest in
land, building, structure, facility,' sYStem, fixture,
i mp:Lovement, âPï:>l.1rte'riânêè~âddrt"'îÒn" machi~f'.ry or
~qüipill':':lt, 0:-' any combinatic:I LheL"(;:of, and all real and
personal property decDuC neC£Dcary therewith, havipg to
cio ~ith or the end purpose oÏ which is, reducing,
controlling or pre~enting pol1~tio~.
".t:)r'Q' J""'-..::¡......" l!1':""'!:" .,,,.,''It " "O"""'" U..'-"'e'o'}mt>n.¡.. pro,"ect or,
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pcllctiDl'. cötft:fOl.facj Ii ty or ~-ny combination ti1ereof.
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"Project costs" means and includes the sum total of all
reasonable or necessary costs incidental to the acquisit"o]
construction, reconstruction, repair, alteration, im-
provement and extension of a project including without
limitation the cost of studies and surveys; plans,
specifications, architectural and engineering services;
legal, marketing or other special services; financing,
acquisition, demolition. construction, equipment and
site àevelopment of new and rehabilitated buildings,
rehabilitation, reconstruction, repair or remodeling
of existing buildings and all other necessary and incidentë
expenses including an initial bond and interest reserve
together with interest, on bonds issued to finance a
project to a date six (6) months subsequent to the
estimated date of completion.
Additional Powers. In addition to powers which it may now
have, the Village has the power under this Section:
1.
To construct, acquire by gift or purchase, -reconstruct,
improve, better or extend any development project within.
or without the Village or partially wIthin or partially
without the Village, but in no event further than 10 mile
from the territorial boundaries of the Village, and to
acquire by gift or purchase lands or rights in land in
connection therewith. .
2.
To issue its bonds to finance in whole in part
the cost of the acquisition, purchase, construction,
reconstruction, improvement, betterment or extension of '
any development project. In determining such cost, the
Village may 'include all cost and estimated cost of the
issuance of such bonds, all engineering, inspection,
fiscal and legal expenses, and interest which it is
estimated will accrue during the cónstru¿tion þeriod and
for 6 months thereafter on money borrowed or which it '
is estimated will be borrowed pursuant to this Section.
3.
To~rent or lease such development project to industrial
or con~ercial concerns in such manner that rents to be
pharged for ~he use of the development project shall be
'fixed and revised from time to time so as to produce
income andr-evenues sufficient to provide for the prompt
payment- "of Jnterestupon all bonds issued under this
Section and to'create a sinking fund to pay the principal
of su¿Kbonds when due, and to pro~ide for the operation
and maintenance of such ßeveloprnent project and for an
adequate àepreciation account in connection therewith.
To pledge 'to the punc:tual payment of bonds' authorized
under this Section and interest thereon the income and
revenues to be rec,eived, from such development project
(including improvements~"bettermentsor extenstions
thereto thereafter Constructeç or acquired) sufficient
to pay such bonds and interest as they become due and to
create and maintain r~asonable reserves therefor.
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5.
of the
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6.
To enter into a loan agreement and accept a note or
mortgage, or both, as security for payment of the proceeds
,~r~fJrf!Y;f!p.llf!þon<i~ and to pledge said note or mortgage t
'or both, for the benefit of the holders of the bonds.
7.
To sell and convey such development project, includ-
ing without limitation the sale and conveyance thereof
subject to a mortgage,as próvided in this Section, for
such price and at such time as the Board of Trustees
, of the Village may determine. However, no sale or
conveyance of such devélopment project shall ever be
made in such manner as to impair the rights or interes s
of the holder or holders of any bonds issued for the
construction, purchase~ improvement or extension of an
such development project. '
8. ' To issue its bonds to refund in whole or in part, bonds
'theretofore issued by the Village under authority of
this Section.
c.
Exercise of Powers
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1.
The construction, acquisition, reconstruction, improve
ment, betterm~bt, or extension of any àevelopment pro-
ject may be authorized under this Section and bonds ma
be authorized to be issued under this Section to provi Q
{unds for such purpose or purþosesbr for the refundin
. of bonds theretofore is~ued under this Section, by an
ordinance passed by a vbte of a ~ajority of the Board,
of 'Trustees then holding Office.
2.
Bonds shall bear interest at such rate or rates, payabl
,at ;' spch times, may be in one or more series, may ,bear
,such date or dates, may' mature at such time or times
not 'exceeding 40 years'trorn their respective dates, may
}:;Ie payable in suchmedium qf payment at such place or
places, may carry such registration privileges, may be
subject to such terms of redemption at such premiums,
maybe executed in such manner, may contain such terms,
covenants and conditions, and may be in such form,'
either coupon ~rregistered, as such ordinance may pio~
vide or as may be sùbsequently determined by the Board
of Trustees before the,bonds are issued. Bonds may be
sold at public or private sale in such manner and upon
such terms as may be deemed advisable by the Board of
Trustees. Pending the preparation of the definitive
bonds, interim receipts or 'certificates in such form an
with such provisions as the Board of Trustees may
determine, may be issued to the purchaser or
purchasers of bonds sold pursuant to this Section.
D.
Covenants in Bonds.
1.
Any ordinance authorizing the issuance of bonds under
this Section may contain covenants as to anyone or
more of the following:
a) The use and disposition of the income
nues from the development project for
,,-...,~",bonds, are to be issued, including the
'c' crnainteJ1ance of revenues;.;v,,-"~ "- '.,
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and reve-
which the
creation and
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b)
The issuance of other or additional bonds payable
from the income apd revenues" fro¡n such development
project;
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c)
The maintenance and handling of 'súÂf"proj~ct:'
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d)
The insurance to be maintained thereon and the use
and disposition of insurance money;,
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e)
The appointment of any bank or trust company within
or outside the State of Illinois, having the
necessary trust powers as trustee for, the benefit
of the bon~holders, paying agent, and bond registra ;
The investment of any funds held by spch
trus tee; ,
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9) The terms and conditions upon which the holders
of the bonds or any portion thereof or any trustees
, therefor, are entitled to th~ appointment ofa
receiver ;.' and
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Such additional terms as the Board of Trustees
shall deem necessary and proper.
2. Any ordinance authorizing the issuanée of bonds under
this Section may provide that the principal of and
int~rest on any bonds issued under this Section shall be
securéd by a mortgage or deed of trust covering such
development project for which the bonds are issued and
-, may iriéliidè any improvements or extensions thereafter
madé;>'Sdcfì~mortgage or deéd of trust may contain sl1ch
covenants"and 'agreements to safeguard properly the, bonds
as 'may-be pfovîdéd' for in ,f.hé ordinance authorizing
s'uchboridsand shall be .ex~,cuted, in such manner as may
be'providéd' for in such ôidInânc~:,,:The provisi'onsof
thisiSection and any such ordrnanè~or ordinances and
:. ,:: "any 'such mortgage .or deedo¡, trust shallconsti tute a
con:t"ractwi th 'the holder círhold'ers' óf£he' bonds and
continue in effect ûntil the principal of, th,e interest
on,. and' the redemption premiums, if any, on the bonds ','
., so issued have been fully ,paid, and the 'Village may in
,any such 6rdinanc~ or 'ordi~ance~ agree that the duties;
of the Village and- its corporate authorities and office-r
under" this Section and" an'y such ordinance or ordinance
and any such mortgage or deed of trus~ shall be en-
forceable by, any" bondholder by mandamus I foreclosure-
of'anysuch mortgage' or 'deed of:tr'l1st or ,other appropria e
suit, ac'tion orproceédingsinany 'court of competent
jurisdiction;' provided,- that' the ordinancE;! or a'ny mortga e
or deed of trust under which ~he, bondsa~e issued may
,provide that all.such remediesànd rights to enforcement-
may be vested in à trustee for thê bemefitof all the
bond1)olàers, which trustee shall be subjp.ct to the
control of a majority of theholders or owners of any
.. ,outstanding bonds':.;] ,
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Signatures of Offis:ers on Bonds-"7.ya,ligi1:,Y of Bonds. Bonds
shall bear the signatures of' such officers of the Village
as may be designated" in the ordinance ,authorizing such
bonds, ,arid such signatures 'shall be the valid and binding
signatures of the officers'ofthe Villa.ge-nc)twi t.hs'tanding
that befpr~, t:hedelj:very, ,thereof arid payments therefor
anY or 'all ' O£ 'thepê'fsonswn6se signatures appear thereon
;1ave ceased to be officers cf the,Vi+lage issuing such bonds
validity of the bonds is not àependent upon nor affected. by t I
.ò
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validity or popularity: of the proceedings relating to the
acquisition, purchase~ construction, reconstruction" improve
ment, equipping, betterment or extension qf the development
project for which the bonds are'issued. The ordinance autho -
i'zing the bonds may provide that thè bonds shall contai~ a'
recit~l that they are issued pursuant to this Section, and
that no officer or agent of the Village shall question or
contest any such recital.
'F.
Lien Bonds. All bonds issued under this Section shall have
a lien upon the income and revenues derived from the develop
rnent project for which the bonds have been issued, and the
Village Board of Trustees may pr~vide in the ordinance or
ordinances authorizing such" bonds for the issuance of
additional bonds to be equally and ratably secured by a lien
upon such income and revenues or may provide that the lien
upon'$uch incoméand revenues is subordinate.
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Li?bi~i~~o~,B~~d~. All'bonds issued under and pursuant to'
this Section shall not be general obligations of the Village,
but. shall be lim! tedobli ~ations payable ~olely out of the .~
income and reve~ue~ Jerived from the development project with
respect to whÍ\.:ll such bonds are issued. No holder of any
bonds issued unùer this Section shall have the right to
compel any exercise of taxing power of the Village to pay
the bChds,the interest or premium, if any, thereon, and'
the bonds do not constitute an indebtedness of the Village
or a loan of credit thereof within the meaning of any
cÒnstitutional or statutory provision. It-shall be plainly
stated on the face of .each bond that is'bas been issued under
the provisions of this Section and,thå t is does not constitute
an indebtednes~'~f the Village or a loan of credit thereof
within the meaning,of any consti al statutory provisio ~
Investment
1.
Funds held by the Village pursuant to this Section may,
to the extent not inconsistent wi th the laws of the State
of Illinois, be invested.in
a)
bonds, notes, certificates 'of indebtedness,
treasury bills or other securities constituting
direct Obligations of or guaranteed by the United
States of America; ,
b)
certificates of deposit or time deþosits con-
,stituting d~rect obligations of any bank as defined
- by the Illinois Banking Act, as heretofore and hereafte
amended, provided, however, that investments under
this clause (b) may be made only in those certificates
of deposit or time aeposits issued by banks which
are.insure>d by the Federal D~posit Insurance Corpora-
tion~ ~f then in exj~tence;
c)
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s}1pr't te:rn d.isCOU!1t obI} gations of the Federal National
,K::>rtgage Association: and
d)
any Dtherdebt ~~ligatio~ or obligatio~s issued by
> a'ny corþ~rat.ic>n9X cbrpo'rations organlied under the
~'. lâws, 0 f 'the' Uni ted St:â tes or any sta te of the Uni ted
Stõtes, Frovided that in each of the investments
under this cIa use Cd) snaIl be expr~:-ssly authori zed
by the Board ~f Tru~tces ~tating with particularity
the amount of such investfficnt and ~he issueröf such
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debt obligation, and expressly finding in each
case that such investment will not involve any
undue risk or loss of funds deriveã from
the general revenues of the Village. Any such
securities may be purchased at the offering
or market price.thereof at the time of such
purchase. '
2.
The investment of funds authori zed in subsectio!1 1
of this Section may be made on behalf of the Village
by the Village's Director of Finance, without further
authorization, or such other person, firm or corporation
as may be authorized in a lease, indenture, purchase
contract or ,other contract authorized by the Village
Board of Trustees; provided such other person, firm or
corporation agrees in writing to bear the risk of any
loss that may occur as a result of such investment of
fùnds, and further provided, the Village Board of Trus-
tees expressly..finds that. such authorization will not
involve any undue risk or loss of funds derived from
the general revenue of the Village.
I.
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Rentals from Development Projects. The corporate authorities
of the Villagè-rssulng bondš-þúrsuant to this Section shall
prescribe and collect rentals for a development project
and shall revise such from time to time whenever necessary
so that the income and revenues to be derived from such
rentals are always sufficient to pay when due all bonds and
interest thereon for the payment of which such revenues are
pledged, including reserves therefor, and to provide for all
expenses of operation, including maintenance, and depreciatio
charges of such development project.
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Exemption from Construction and Building Requirements for Pub:
Buildings. The acquisition and construction of a devel.opment
project shall not be subject to any requirements relating
to public buildings, structures, grounds, works or improve-
ments imposed by the Illinois Revised Statutes or any other
similarreguirements which may be la\vfully waived by this
Section and any requirement Of competitive bidding or re-
striction imposed on the procedure for award of contracts
for such purpose of the lease, sale or other disposition
of property of the Village is not applicable to any action
taken under authority of this Section.
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Powers Conferred as Aèidi tional and Supplemental -- Limi ta ti on
In:~o~ed -- EffÄr.t:. The pow~rs ~;nferr~d ,by this çhapter are i
ada~t10n and Eupplemental to~ and the 11mltatlons lmposed by
this Section ~hall not atten~ the powers the Village may
have by any law or any other Section. Development projects
may be acquired, purchased, constructed, reconstructed¡
improvedf bettered,eguipped, extended and financed and
bonds may be issued~Uhder this Sectiòn for such pruposes,
notwithstanding that any law or any other ordinance may
provide for the acquisition, purchaset constructiQn, recon-
struction, improvement, equipping, betterment, extension
and financing'~f a like project, or the issuancecf bonds
for the purposes, and withoct regard to the requireme~ts,
restrictiop$, limitations or other provisions contained
in any .*Ü:~ orarlyother' ordi!:"J.nce. '
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S~verê,bili ty CIa_use.. The provisic-ns of this Section are
se\~ezableand if ar.y of its þrovisicns cr any sentence,
cla,;)zecr ,Faragr?'ph shall be held u::CO!îstítutional by
aT;; ;::C,.1!"-:: of ccmpete'¡t jurisdictlon, the àecisdo¡-; of such
court sh~ll ~ct aff~ct'or ir~air ð~y of the ~cmainin9 ~~o-
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SECTION 'fWQ:
This ordinance ~hall be in full force
and effect from and after its passage and approval in the
manner provided by law:
PASSED THIS
17th
DAY OF
July
, 1979.
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AYES:
5
NAYS:
1
.l;13SENT: 0
APPROVED THIS 17th
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DAY OF
July
, 1979.
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APPROVED:
TTEST:
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Village Clerk
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