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HomeMy WebLinkAboutOrd 3857 10/20/1987ORDINANCE NO. 3857 AN ORDINANCE ESTABLISHING A FLOOD LOAN PROGRAM TO ASSIST VILLAGE RESIDENTS WHO SUSTAINED LOSSES DUE TO FLOODING CONDITIONS DURING THE MONTH OF AUGUST, ~987 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 20th DAY OF October , 1987. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 21st day of October , 1987. ORDINANCE 3857 AN ORDINANCE ESTABLISHING A FLOOD LOAN PROGRAM TO ASSIST VILLAGE RESIDENTS WHO SUSTAINED LOSSES DUE TO FLOODING CONDITIONS DURING THE MONTH OF AUGUST, 1987 WHEREAS, the Village of Mount Prospect is a home rule municipality as defined and set forth in the Constitution of the State of Illinois and by the provisions thereof is empowered to enact such legislation pertaining to ira local governmental affairs as is deemed necessary in the best interest of the Village; and WHEREAS, over one thousand houses, condominiums and apartments suffered damage due to flooding conditions during the month of August, 1987; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have determined that to protect the health, safety and welfare of Village residents that loans for repairs or replacement of flood losses should be provided by the Village; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have determined that the Village could provide Flood Loans from existing Village funds or from monies that may be borrowed for such purpose. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Village of Mount Prospect hereby authorizes loans to be offered to those residents of said Village having suffered flood losses during the flood occurring in August, 1987, the condisions of said loans shall be as follows: Apartment Homeowner Resident Amount of Loan $1,500 to $10,000 $500 to $2,000 Term of Loan 1 Year to 10 Years 1 Year to 3 Years Rate of Interest I Year to 5 Years, 8-1/2% 6 Years to 10 years, 9-1/2% 8-1/2% Loans will be accepted on a first-come, first-served basis from September 1, 1987 through September 30, 1987 up to a maximum of $5,000,000. SECTION TWO: A credit application and a statemenbt of damage sustained as well as a st'atement of how the proceeds of the loan will be used must be filed with the Finance Director between September 1, 1987 and September 30, 1987. SECTION THREE: All such loans will be dated November 1, 1987 with the first payment including interest and principal due December 1, 1987, and the subsequent payments due the first of each month thereafter until paid in full. ECTION FOUR: Proceeds from the payments of such loans will be restricted for the payment of interest and principal on any funds borrowed to provide such loans and to repay any such funds provided by the Village of Hount Prospect. Any payments required by evidence of a Note given by the Village for borrowed funds for such loans will take priority over repayment of Village funds. SECTION FIVE: Any proceeds remaining from the payment of such loans after any borrowed funds have been paid in full and all Village funds have been repaid shall be transferred to the General Fund of the Village of Mount Prospect. SECTION SIX: That if any part or parts of this Ordinance shall be held to be unconstitutional, such unconstitutionality shall not affect the validity of the remaining parts of this Ordinance. The Board of Trustees of the Village of Mount Prospect hereby declares that it would have passed the remaining parts of this Ordinance if it had known that such part or parts thereof would be declared unconstitutional. SECTION SEVEN: That this Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES:Arthur, Farley, Flozos, Murauskis, Uan Geem, Wattenberg NAYS: None ABSENT: None PASSED and APPROVED this 20thday of October , 1987 ~arolyn H. Krause Village President ATTEST: Carol A. Fields Village Clerk