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Home My WebLink About5. NEW BUSINESS 04/18/2007 Mount Prospect INTEROFFICE MEMORANDUM Village of Mount Prospect Mount Prospect, Illinois FROM: MICHAEL E. JANONIS, VILLAGE MANAGER DIRECTOR OF FINANCE TO: DATE: APRIL 11, 2007 SUBJECT: 2006 BUDGET AMENDMENT NO.3 PURPOSE: Present a recommendation that the annual budget be amended for fiscal year b January 1, 2006 and ending December 31, 2006. BACKGROUND: Ordinance 5528, adopted December 20, 2005, established the annual budget for the year ending December 31,2006. Ordinance 5553 adopted on March 22, 2006 provided for amendment #1 of the 2006 budget. Ordinance 5604 adopted on December 19, 2006 provided for amendment #2 of the 2006 budget. DISCUSSION: Each year the Village typically prepares two separate amendments to the current year's budget. Amendment #1, prepared in early spring of the fiscal year, amends the budget for carry-over items from the prior year's budget. These are typically construction or other contractual service type projects that are started in the previous year but not completed. Amendment #2, prepared later in the fiscal year, amends the budget to account for material , variations in revenues and expenditures. Many times these are the result of fluctuations in the economy affecting revenues (either positively or negatively) or extraordinary or unanticipated charges for expenditures that occurred during the year. A third amendment to the 2006 Annual Budget is attached for the Board's consideration. This proposed ordinance amending the 2006 budget is necessary to comply with Generally Accepted Accounting Principals (GAAP). Property taxes levied for the benefit of police and fire pensions must first be recorded as revenue in the General Fund then expensed to show an annual contribution to the pension funds. The budget for 2006 eliminated these transactions from the General Fund. Although the current budget is in compliance with state statutes for funding pensions, this practice is in conflict with GAAP. The changes made to the 2006 budget by this amendment satisfy the auditor's requirements for considering the document as being prepared on a GAAP basis. Attached with the memo and ordinance is a brief explanation provided by our auditor on the need for the amendment. A Budget Amendment #3 - 2006 April 11 , 2007 Page 2 Both revenues and expenditures in the General Fund are being increased by $2,405,472 which will have zero net effect on the Fund's bottom line. RECOMMENDATION: It is recommended the Village Board adopt the proposed budget amendment for the 2006 Annual Budget. ~~ cL- DAVID O. ERB DIRECTOR OF FINANCE Copy: Finance Commission Department Directors DOE! 1:\Budget 2006\Amendments\Board Memo Amendment #3 - April 2007.doc ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1,2006 AND ENDING DECEMBER 31,2006 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the _ day of ,2007 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the _ day of , 2007. ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1,2006 AND ENDING DECEMBER 31, 2006 WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 2342 which sets the finances of the Village under the "Budget Officer System"; and WHEREAS, pursuant to the aforesaid Ordinance and the Statutes of the State of Illinois an annual budget for the fiscal year commencing January 1, 2006 and ending December 31, 2006 was adopted through the passage of Ordinance No. 5528 approved by the Corporate Authorities of the Village of Mount Prospect on December 20,2005; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 5553 on March 22, 2006, amending the annual budget for the fiscal year commencing January 1, 2006 and ending December 31, 2006; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 5604 on December 19, 2006, further amending the annual budget for the fiscal year commencing January 1, 2006 and ending December 31, 2006; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have further reviewed certain additions and changes to the aforesaid budget for the fiscal year beginning January 1,2006 and ending December 31, 2006; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1, 2006 through December 31, 2006 Budget Amendment No.3 to be in the best interest of the Village of Mount Prospect; and WHEREAS, the Village has now revised the revenue projections or has reserves in each of the Funds in which the budget is being increased adequate in amount to cover the budget changes reflected in Budget Amendment No.3, attached hereto. NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS: SECTION ONE: That the fiscal year budget for January 1,2006 through December 31,2006 for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No.3 attached hereto. SECTION TWO: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. AYES: NAYES: ABSENT: PASSED and APPROVED this _ day of ,2007. Irvana K. Wilks Mayor A TrEST M. Lisa Angell Village Clerk Fund/Program/Classification General Fund (001) Property Taxes Property Taxes All other General Fund accounts Total General Fund Total Estimated Revenues Funds being changed All other Village Budget accounts Original Amended Revenue Increase Revenue Estimate (Decrease) Estimate 0 1,246,455 1,246,455 0 1,159,017 1,159,017 0 2,405,472 2,405,472 34,901,861 0 34,901,861 34,901,861 2,405,472 37,307,333 VILLAGE OF MOUNT PROSPECT Budget Amendment No.3 Fiscal Year January 1, 2006 through December 31,2006 Revenues Account # Account Description 400371 400372 Police Pension Fire Pension 34,901,861 44,907,698 2,405,472 o 79,809,559 2,405,472 Total Estimated Revenues After Changes 37,307,333 44,907,698 82,215,031 Fund/Program/Classification General Fund (001) Police Employee Benefits Fire Employee Benefits All other General Fund Accounts Total General Fund Total Village Budget Funds being changed All other Village Budget Accounts Total Village Budget after Changes VILLAGE OF MOUNT PROSPECT Budget Amendment No.3 Fiscal Year January 1, 2006 through December 31,2006 Expenditures Account # Account Description Current Budget Amount Increase (Decrease) Amended Budget Amount 0014101-510300 Police Pension Expense 0 1,246,455 1 ,246,455 0014201-510400 Fire Pension Expense 0 1,159.017 1,159,017 0 2,405,472 2,405,472 34,502,915 0 34,502.915 34,502,915 2,405,472 36,908,387 2 34,502,915 46,020,339 80,523,254 2,405,472 36,908,387 o 46,020,339 2,405,472 82,928,726 Page 1 of 1 Erb, David From: Lou Karrison [Ikarrison@sikich.com] Sent: Tuesday, April 10, 200711:12AM To: Erb, David Subject: Financial Reporting per GMP Dave: As you know the Village's financial statements follow the requirements of generally accepted accounting principles (GMP). The Village receives an unqualified audit opinion accordingly. GMP financial reporting requires that the Village report tax levy revenues for police and firefighters' pension contributions as revenues in the general fund. The contributions to the pension funds are reported as expenditures. Thus the full amount of revenues and pension costs are presented. The two pension funds report the contributions as "additions," not as revenues. This is because the pension funds are held by the Village in a trust capacity, not as "operating" funds. On a "regulatory" basis of accounting the Village must follow state statutes and flow the cash collected to the funds as proscribed by law. Since the Village must also prepare a budget, which is reported in the Village's financial statements, the Village should prepare that budget on a GMP basis to be consistent with the reporting of actual revenues and expenditures. GMP accounting and regulatory accounting are thusly both accommodated. Louis G. Karrison, CPA Partner - Certified Public Accountants & Advisors Sikich LLP 998 Corporate Blvd. Aurora, IL 60502-9102 T: 630-566-8534 F: 630-236-4614 Ikarrison@sikich.com wwl/j.!)ikl~b"~QI]1 4/1 012007 Mount Prospect Village of Mount Prospect Mount Prospect, Illinois ~ INTEROFFICE MEMORANDUM TO: FROM: MICHAEL E. JANONIS, VILLAGE MANAGER DIRECTOR OF FINANCE DATE: APRIL 10, 2007 SUBJECT: 2007 BUDGET AMENDMENT NO. 1 PURPOSE: Present a recommendation that the annual budget be amended for fiscal year beginning January 1 , 2007 and ending December 31,2007. BACKGROUND: Ordinance 5599, adopted December 19, 2006, established the annual budget for the year ending December 31, 2007. DISCUSSION: Governments often find themselves in a position of having to amend their current year's budget to reflect material variations in revenues and expenditures. Many times this is as a result of fluctuations in the economy affecting revenues (either positively or negatively), extraordinary or unanticipated charges for expenditures or the timing of projects causing work to occur in different fiscal periods. A proposed ordinance amending the 2007 Annual Budget is attached for the Board's consideration. In total, we are increasing our revenue projections by $2,634,240 and increasing the budget for expenditures by $5,198,630. Amendments to the budget impacting revenues resulted from a change in accounting for property taxes. Even though the amendment shows an increase to property taxes for the Police and Fire Pension Funds, there is no actual increase to the tax levy from this change. Generally accepted accounting principals require the Village report tax levy revenues for police and firefighter pension contributions as revenue in the General Fund. Previously these property taxes were recorded as revenue in the respective pension funds. There are four significant expenditure amendments related to capital projects for infrastructure improvements. Infrastructure projects utilizing carryover funds include $225,000 for CDBG Road Improvements, $573,987 for Downtown Streetscape Improvements, $187,907 for Street Resurfacing and $349,910 for Water Main Replacement. There are also two budget amendments to the General Fund resulting from a change in accounting for police and fire pension expense. The balance of the amendments to expenditures is either carryovers from the prior year or adjustments to the current year's budget amount. 1=< Budget Amendment #1 - 2007 April 10, 2007 Page 2 RECOMMENDATION: It is recommended the Village Board adopt the proposed ordinance amending the 2007 Annual Budget. ~C?vc DAVID O. ERB DIRECTOR OF FINANCE Copy: Finance Commission Department Directors 1:\Budget 2007\Amendments\Board Memo Amendment #1 . Apri12007.doc ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1,2007 AND ENDING DECEMBER 31,2007 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the _ day of ,2007 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the _ day of , 2007. ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1,2007 AND ENDING DECEMBER 31,2007 WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 2342 which sets the finances of the Village under the "Budget Officer System"; and WHEREAS, pursuant to the aforesaid Ordinance and the Statutes of the State of Illinois an annual budget for the fiscal year commencing January 1, 2007 and ending December 31, 2007 was adopted through the passage of Ordinance No. 5599 approved by the Corporate Authorities of the Village of Mount Prospect on December 19, 2006; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have further reviewed certain additions and changes to the aforesaid budget for the fiscal year beginning January I, 2007 and ending December 31, 2007; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1,2007 through December 31, 2007 Budget Amendment No.1 to be in the best interest of the Village of Mount Prospect; and WHEREAS, the Village has now revised the revenue projections or has reserves in each of the Funds in which the budget is being increased adequate in amount to cover the budget changes reflected in Budget Amendment No.1, attached hereto. 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 fiscal year budget for January 1,2007 through December 31,2007 for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No. 1 attached hereto. SECTION TWO: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. AYES: NA YES: ABSENT: PASSED and APPROVED this day of ,2007. Irvana K. Wilks Mayor ATTEST M. Lisa Angell Village Clerk Total Estimated Revenues After Changes Fund/Program/Classification General Fund (001) Property Taxes Property Taxes All other General Fund accounts Total General Fund Total Estimated Revenues Funds being changed All other Village Budget accounts VILLAGE OF MOUNT PROSPECT Budget Amendment No.1 Fiscal Year January 1, 2007 through December 31,2007 Revenues Account # Account Description Original Amended Revenue Increase Revenue Estimate (Decrease) Estimate 0 1,332,750 1,332,750 0 1,301,490 1,301,490 0 2,634,240 2,634,240 35,785,983 0 35,785,983 35,785,983 2,634,240 38,420,223 400371 400372 Police Pension Fire Pension 35,785,983 42,543,712 2,634,240 38,420,223 o 42,543,712 2,634,240 80,963,935 78,329,695 VILLAGE OF MOUNT PROSPECT Budget Amendment No.1 Fiscal Year January 1, 2007 through December 31,2007 Expenditures Current Amended Budget Increase Budget Fund/Program/Classification Account # Account Description Amount (Decrease) Amount General Fund Information Technology Contractual Services 0011104-540938 Copier Lease Payment 0 2,200 2,200 Clerk's Office Contractual Services 0011402-540030 Codification 14,400 5,000 19,400 Police-Administration Employee Benefits 0014101-510300 Police Pension Expense 0 1,332,750 1,332,750 Fire-Administration Employee Benefits 0014201-510400 Fire Pension Expense 0 1,301 ,490 1,301,490 Other Employee Costs 0014201-520600 Uniform Expense 39,625 4,700 44,325 Contractual Services 0014201-540170 Employment Testing 7,500 5,800 13,300 Fire-Fire Training Academy Commodities & Supplies 0014203-570135 Training & Supplies 4,500 8,100 12,600 Fire-Fire Prevention Commodities & Supplies 0014204-570065 Other Equipment 1,500 1,000 2,500 Fire-Emergency Preparedness Program Commodities & Supplies 0014207-570120 Radio Equipment 2,280 2,170 4,450 PW-Streets Contractual Services 0015102-540480 Reseal Walls 20,000 20,000 40,000 Infrastructure 0015104-690004 Sidewalk Cost Share Program 105,000 10,000 115,000 PW-Forestry Contractual Services 0015202-540685 Grounds Maintenance 68,840 9,430 78,270 Contractual Services 0015202-540691 Streetscape Corridor Maintenance 60,500 5,420 65,920 Other Equipment 0015202-670026 Expand Sprinkler Systems 13,000 11,000 24,000 Contractual Services 0015203-540225 Other Services 5,075 3,760 8,835 Contractual Services 0015203-540726 Stump Removal 37,300 31,210 68,510 Contractual Services 0015203-540730 Tree Trimming 120,000 66,388 186,388 Contractual Services 0015203-540945 Computer software 1,560 1,515 3,075 501,080 2,821,933 3,323,013 All other General Fund Accounts 34,869,971 '0 34,869,971 Total General Fund 35,371,051 2,821,933 38,192,984 Foreign Fire Insurance Foreign Fire Insurance Contractual Services 0954210-530903 Insurance Expense 0 473 473 0 473 473 All other Foreign Fire Insurance Fund Accounts 10,000 0 10,000 Total Foreign Fire Insurance Fund 10,000 473 10,473 Motor Fuel Tax Fund Street Improvement Projects Infrastructure 0507706-690005 Street Light Improvements 0 34,691 34,691 0 34,691 34,691 All other Motor Fuel Tax Fund Accounts 1,729,610 0 1,729,610 Total Motor Fuel Tax Fund 1,729,610 34,691 1,764,301 Community Development Block Grant Fund CDBG-Accessibility & Neighborhood Improvements Infrastructure 0702306-69XXXX Linneman Road Improvements 0 225,000 225,000 0 225,000 225,000 All other CDBG Accounts 527,309 0 527,309 Total CDBG Fund 527,309 225,000 752,309 2 VILLAGE OF MOUNT PROSPECT Budget Amendment No.1 Fiscal Year January 1, 2007 through December 31,2007 Expenditures Current Amended Budget Increase Budget Fund/Program/Classification Account # Account Description Amount (Decrease) Amount Capital Improvement Fund Village Improvements and Equipment Contractual Services 5107701-540115 Traffic Study/Improvements 0 17 ,000 17 ,000 Building Improvements 5107701-640001 Other Public Buildings 85,000 62,855 147,855 Office Equipment 5107701-650025 P&F UPS Batteries 0 20,000 20,000 Mobile Equipment 5107701-660125 Prisoner Transport Vehicle 0 56,000 56,000 Other Equipment 5107701-670057 Chair Replacement 0 4,225 4,225 Other Equipment 5107701-670067 Telephone Systems 0 35,000 35,000 Other Equipment 5107701-670220 Livescan Terminals 0 43,913 43,913 Community Improvement Projects Land Improvements 5107702-620008 Corridor Improvements 0 50,000 50,000 85,000 288,993 373,993 All other Capital Improvement Fund Accounts 653,000 0 653,000 Total Capital Improvement Fund 738,000 288,993 1 ,026,993 Downtown Redevelopment Construction Street Improvement Projects Infrastructure 5507703-690059 DIT Streetscape Program 0 573,987 573,987 0 573,987 573,987 All other Downtown Redevelopment Fund Accounts 1,881,200 0 1,881,200 Total Downtown Redevelopment Fund 1,881,200 573,987 2,455,187 Street Improvement Construction Fund Street Improvement Projects Infrastructure 5607706-690084 Resurfacing. St Imp Const Fund 1 ,680,000 187,907 1,867,907 1,680,000 187,907 1,867,907 All other Street Improvement Fund Accounts 391,000 0 391,000 Total Street Improvement Fund 2,071,000 187,907 2,258,907 Water and Sewer Fund Water Supply Maintenance and Repair Contractual Services 6105504-540790 DB/P2 Compliance 79,000 48,667 127,667 Distribution Systems 6105504-680001 Tank Repair/Renovation 200,000 15,986 215,986 Water Distribution Maintenance & Repair Contractual Services 6105505-540750 Backflow Prevention Program 66,950 52,920 119,870 Water Distribution Maintenance & Repair Other Equipment 6105509-540755 Flow Monitoring Analysis 125,000 33,367 158,367 Water & Sewer System Improvements Distribution Systems 6105510-680003 Water Main Replacement 500,000 349,910 849,910 Distribution Systems 6105510-680010 Combined Sewer Improvements 1,000,000 43.438 1,043.438 1,970,950 544,288 2,515,238 All Other Water and Sewer Fund Accounts 9,160,681 0 9,160,681 Total Water and Sewer Fund 11,131,631 544,288 11,675,919 Vehicle Maintenance Fund Vehicle Maintenance Program Other Equipment 6605702-670064 Fuel Tank Storage Update 0 5,000 5,000 0 5,000 5,000 All other Vehicle Maintenance Fund Accounts 1,573,353 0 1,573,353 Total Vehicle Maintenance Fund 1,573,353 5,000 1,578,353 3 Fund/Program/Classification Vehicle Replacement Fund Motor Equipment Replacement Mobile Equipment Mobile Equipment VILLAGE OF MOUNT PROSPECT BUdget Amendment No.1 Fiscal Year January 1, 2007 through December 31, 2007 Account # 6707709-660115 6707709-660124 All other Vehicle Replacement Fund Accounts Total Vehicle Replacement Fund Risk Management Fund Medical Insurance Insurance Forestry Program Contractual Services All other Risk Management Fund Accounts Total Risk Management Fund Total Village Budget Funds being changed All other Village Budget Accounts Total Village Budget after Change. Expenditure. Account Description PW Vehicles Village Pool Vehicles 6908502-560211 Refund of Medical Premium 6905203-540740 Tree Hazard Study 4 0 68,674 68.674 10,919 2,344 13,263 10,919 71,018 81,937 6,503,277 0 6,503,277 6,514,196 71,018 6,585,214 Current Budget Amount 650,370 o 650,370 311,100 961,470 62,508,820 14,063,278 76,572,098 Increase (Decrease) 410,000 35,340 445,340 o 445,340 Amended Budget Amount 1,060,370 35,340 1,095,710 311,100 1,406,810 5,198,630 67,707,450 o 14,063,278 5,198,630 81,770,728 Mount Prospect Village of Mount Prospect Mount Prospect, Illinois ~ INTEROFFICE MEMORANDUM TO: FROM: MICHAEL E. JANONIS, VILLAGE MANAGER DIRECTOR OF FINANCE DATE: APRIL 11, 2007 SUBJECT: RESERVATION OF PRIVATE ACTIVITY BOND VOLUME CAP PURPOSE: To present for the Village Board's consideration an ordinance that would reserve the Village's 2007 private activity bond volume cap. BACKGROUND: The Internal Revenue Code allows state and local governments to issue tax-exempt debt for the benefit of certain qualified private development projects. These projects include the acquisition or construction of industrial facilities and apartments for low and moderate-income families. The amount of such private activity debt issued in 2007 cannot exceed the equivalent of $85 per resident. The Village's private activity bond volume cap is currently $4,630,970. DISCUSSION: According to the regulations, any volume cap not reserved or committed by a municipality by April 30th is automatically transferred to the State government. If a community does not have any specific projects that would qualify for the tax exempt financing, it can cede, or transfer, the volume cap to another community. Over the past several years, it has become common for municipalities to transfer their unused volume cap to other municipalities in exchange for a fee. The fee is actually paid by the ultimate beneficiary of the tax-exempt financing. The amount of the fee paid depends upon the economy and the current interest rate environment. For the past few years, the fee received for the Village's cap has been 1-2%. The Village of Mount Prospect has ceded its authority to other governments in previous years. Most recently, the Village sold $1,000,000 worth of 2006 volume cap at 1 %, or $10,000. The balance of the 2006 volume cap was transferred to benefit the "Assist" first-time homebuyer program administered through the City of Aurora. The Village has a total of $4,630,970 of private activity bond volume cap it must reserve by April 30th or it will be transferred to the State government. The Village c 2007 Private Activity Bond Volume Cap 4/11/2007 Page 2 can choose to hold onto the volume cap after it is reserved until a project is identified. It may also be able to carry over the cap for up to three years depending on the type of project being considered. There are currently no projects at this time placing a request on the Village's volume cap. RECOMMENDATION: It is recommended the Village Board adopt the attached ordinance reserving the Village's private activity bond volume cap for 2007. v~. CL- DAVID O. ERB DIRECTOR OF FINANCE DOE! 1:\Private Activity Bonds\2007\Memo to Janonis - Apri12007.doc ORDINANCE NO. AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES, AND RELATED MATTERS. WHEREAS, the Village of Mount Prospect, Cook County (the "Municipality''), is a municipality and a home rule unit of government under Section 6 of Article VII of the 1970 Constitution of the State of Illinois; and WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the Municipality has volume cap equal to $85.00 per resident of the Municipality in each calendar year, which volume cap may be reserved and allocated to certain tax-exempt private activity bonds; and WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled Statutes 1998, 345/1 et seq., as supplemented and amended (the "Act''), provides that a home rille unit of government may transfer its allocation of volume cap to any other home rule unit of government, the State of Illinois or any agency thereof or any non-home rule unit of government; and WHEREAS, it is now deemed necessary and desirable by the Municipality to reserve all of its volume cap allocation for calendar year 2007 to be applied toward the issuance of private activity bonds (the "Bonds''), as provided in this Ordinance, or to be transferred, as permitted by this Ordinance; NOW, THEREFORE, Be It Ordained by the Mayor and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: SECTION 1. That, pursuant to Section 146 of the Code and the Act, the entire volume cap of the Municipality for calendar year 2007 is hereby reserved by the Municipality, which shall issue the Bonds using such volume cap, or otherwise use or transfer such volume cap in a lawful manner without any further action required on the part of the Municipality. The adoption of this Ordinance shall be deemed to be an allocation of such volume cap to the issuance of the Bonds or such other bonds; provided, that any such transfer shall be evidenced by a written instrument executed by the Mayor or any other proper officer or employee of the Municipality. SECTION 2. That the Municipality shall maintain a written record of this Ordinance in its records during the term that the Bonds or any other such bonds to which such volume cap is allocated remain outstanding. SECTION 3. That the President, the Village Clerk and all other proper officers, officials, agents and employees of the Municipality are hereby authorized, empowered and directed to do all such ac~s and things and to execute all such documents and certificates as may be necessary to further the purposes and intent of this Ordinance. SECTION 4. That the provisions of this Ordinance are hereby declared to be separable, and if any section, phrase or provision of this Ordinance shall for any reason be declared to be invalid, such declaration shall not affect the remainder of the sections, phrases and provisions of this Ordinance. SECTION 5. That all ordinances, resolutions or orders, or parts thereof, in conflict herewith are, to the extent of such conflict, hereby superseded; and that this Ordinance shall be in full force and effect upon its adoption and approval. AYES: NA YES: ABSENT: PASSED and APPROVED this day of April, 2007. Irvana K. Wilks Mayor ATTEST: [SEAL] M. Lisa Angell Village Clerk -2- MOllnt Prospect INTEROFFICE MEMORANDUM Village of Mount Prospect Mount Prospect, Illinois FROM: ASSISTANT VILLAGE MANAGER TO: VILLAGE MANAGER MICHAEL E. JANONIS DATE: APRIL 12, 2007 SUBJECT: 2007 FARMERS MARKET The Village Board agenda for April 18 includes a resolution granting a license to the Mount Prospect Lions Club to operate the Farmers Market from June 10 through October 28. The resolution granting the license includes the hold harmless agreement and the requirement to carry liability insurance and a non-discrimination clause for participants and vendors. The grant of license also incorporates the requirement of all vendors to follow all applicable Village codes and cooperate with any Food Code inspections. The Lions Club worked with the Environmental Health Division in the off season in creating a DVD video for inclusion in the application packets for all food vendors to make any enforcement of the Village Food Code easier, since the vendors will have information on the Village Food Code ahead of time. Staff is requesting Village Board approval of the resolution, Lions Club representatives will be present at the meeting to answer any questions. ~~ <s::6-{JJ David Strahl H:\VILM\Farmers Mkt\VB Resolution Memo 2007 Market.doc y RESOLUTION NO. A RESOLUTION AUTHORIZING EXECUTION OF A GRANT OF LICENSE WITH THE MOUNT PROSPECT LIONS CLUB TO CONDUCT A FARMERS' MARKET WHEREAS, the Village of Mount Prospect supports the annual Farmers' Market held in the commuter parking lots; and WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect have determined that the best interests of the Village would be served by entering into a Grant of License between the Village and the Mount Prospect Lions Club in order to conduct the annual Farmers' Market from June 10,2007 through October 28, 2007. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect do hereby authorize the execution of a Grant of License to the Mount Prospect Lions Club to conduct the Farmers' Market on Union Pacific Railroad property, which property is leased by the Village and under the control of said Village, a copy of the Grant of License is attached hereto and hereby made a part of as Exhibit "A". SECTION TWO: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: NAYS: PASSED and APPROVED this day of April, 2007. Irvana K. Wilks Mayor ATTEST: M. Lisa Angell Village Clerk H:ICLKOIfilesIWINIRESIFarmersMarket.2007.doc MountProspect Village of Mount Prospect 50 South Emerson Street Mount Prospect, Illinois 60056 Phone: 847/392-6000 www .mountprospect.or~ Exhibit "A" GRANT OF LICENSE The Village of Mount Prospect hereby grants a license to the MOUNT PROSPECT LIONS CLUB (licensee) for the purpose of operating a Farmers' Market on the parking lots located at the Union Pacific Railroad property located both east and west of Main Street/Elmhurst Road, which property is currently leased by the Village of Mount Prospect from the Union Pacific Railroad Company. This License is subject to the following conditions: 1. The term of the License shall be from June 10,2007 through October 28,2007. 2. Each vendor operating at the Farmers' Market shall possess a Certificate of Public Liability Insurance in an amount not less than $100,000 per occurrence and shall execute a Hold Harmless Agreement, a copy of which is attached hereto and hereby made a part of as Exhibit "B". 3. This License shall be revocable at any time by the corporate authorities of the Village of Mount Prospect ifthe licensee or any vendor is in violation of state or local laws or this Grant of License. 4. The licensee must issue written rules applicable to all vendors and must certify each vendor as qualified prior to the vendor's participation in the Market. The licensee shall ensure all applicable Village food code regulations (Chapter 12 of the Mount Prospect Village Code) are followed and enforced. The licensee shall cooperate fully with duly authorized Village employees for enforcement of Village codes including but not limited to prequalification, spot inspections, etc. 5. Within ten (10) days of the execution of this Grant of License, the licensee shall submit to the Village Manager a pro forma revenue and expense statement setting forth certification fees and estimated revenues, expenses, management fees, if any, and the proposed disposition of potential net revenues. 6. Prior to November 30, 2007, the licensee shall issue a written report to the Village Manager outlining the financial aspects of running the Market, problems encountered in the year 2007 season, along with proposed solutions, proposals for improving the Market and the outlook for the future of the Market. 7. The licensee shall possess a Certificate of Insurance for public liability insurance in an amount of not less that $1,000,000 per occurrence naming both the Village of Mount Prospect and the Union Pacific Railroad Company as additional insured. Page 2/2 Farmers Market License 2007 8. The licensee/grantee shall not discriminate against any employee, applicant, volunteer, authorized vendor or event participant because of race, color, religion, sex, sexual orientation, marital status, national origin or ancestry, citizenship status, age, physical or mental handicap unrelated to ability, military status or an unfavorable discharge from military service. This Grant of License is personal to the MOUNT PROSPECT LIONS CLUB and may not be transferred to any other person or entity. Dated this _ day of April, 2007. VILLAGE OF MOUNT PROSPECT By: Michael E. Janonis Village Manager APPROVED/ACCEPTED: for the Mount Prospect Lions Club Mount Prospect Village of Mount Prospect 50 South Emerson Street Mount Prospect, Illinois 60056 Phone: 847/392-6000 www.mountprospect.org EXHIBIT "B" HOLD HARMLESS WHEREAS, MOUNT PROSPECT LIONS CLUB ("GRANTEE") has requested permission of the corporate authorities of the Village of Mount Prospect, ("GRANTOR") to operate a Farmer's Market within the par!<ing lots located on the Union Pacific Railroad property, located both east and west of Main Street/Elmhurst Road; and WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect did adopt Resolution No. on April ,2007, entitled "A Resolution Authorizing Execution of a License to the Mount Prospect Lions Club to Conduct the Annual Farmers' Market in the Village". NOW, THEREFORE, upon the mutual covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt of sufficiency of which are hereby acknowledged, the GRANTOR has granted a Grant of License to GRANTEE to operate a Farmers Market within the parking lots located on the Union Pacific Railroad property, located on both the east and west sides of Main Street/Elmhurst Road, which license is conveyed, however, subject to the following terms, covenants and conditions: 1. The GRANTOR may at any future time after the date hereof revoke the License referenced herein and without notice to the GRANTEE and without cost to either the GRANTOR or his/her successors or assigns. 2. Upon such revocation of said License by the GRANTOR, and with written notice of said revocation to the GRANTEE, the GRANTEE shall cease operation of said Farmers' Market. 3. GRANTEE shall at all times, and under all circumstances, indemnify, protect, and save harmless the GRANTOR, its grantees, licensees, agents, lessees and invitees, from and against any and all damages, losses, claims, demands, actions, and causes of action whatsoever (including any reasonable costs, expenses, and attorneys' fees which may be incurred in connection therewith) whether or not the claim, demand or other action asserted by meritorious, and which results from or is alleged to arise as a result of the activity being the subject of this Agreement. 4. GRANTOR shall not be liable to GRANTEE, her grantees, licensees, agents, lessees, or invitees for any damages or injuries (including death) to any person thereof except to the extent that injuries or damages are caused by the negligent, willful, or malicious misconduct of GRANTOR. Page 2/2 Farmers' Market Hold Harmless 5. Any notice herein provided to be given shall be deemed properly given if in writing and delivered personally or mailed to the GRANTOR at: 50 South Emerson Street Mount Prospect, Illinois 60056 or to the GRANTEE at: P. O. Box 332 Mount Prospect, Illinois 60056 or to such other person or address as the parties hereto may from time to time designate upon written notice. 6. This Agreement shall insure to the benefit of and be binding upon the parties hereto and their respective successors in interest. IN WITNESS WHEREOF, the parties hereto have caused this License Agreement to be executed by their proper officers, thereunto duly authorized and their respective seals to be affixed this day of April, 2007. MOUNT PROSPECT LIONS CLUB By: VILLAGE OF MOUNT PROSPECT, a municipal corporation ATTEST: By: Michael E. Janonis Village Manager M. Lisa Angell Village Clerk H:ICLKOIfilesIWINIRESIFarmersMarket,2007.doc