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Home My WebLink AboutOrd 4421 04/21/1992 ORDINANCE NO. 4421 AN ORDINANCE AUTHORIZING THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS TO BORROW FUNDS FROM THE WATER POLLUTION CONTROL REVOLVING FUND PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the 21st day of April , 1992 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 22nd day of Apri~ , 1992. ORDINANCE NlYMBER 4421 AN ORDINANCE AUTHORIZING THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS TO BORROW FUNDS FROM THE WATER POLLUTION CO~TKOL REVOLVING ~ND. WHEREAS the VILLAGE of Mount Prospect, Cock County, Illinois (the "VILLAGE"), operates it~ sewerage system (the "System") and in accordance with the prc~zisions of Artiele Sev- en, Section Six of the Illinois State Constitution; and WHEREAS the PRESIDENT ~qD BOAR~ OF TRUSTEES of the VILLAGE and in the best interests of public health, sa~et~ and welfare to improve the System, ineludin~ tb.e following: The project consists of improvements to the Village's sani- tary sewer system and combined sewer system in selecte~ areas of the Village. These a~eas ale referred to as the See~Gww~n and Golf flooding Area., Prospect Manor and North. Main Pl~odin~ Area, Central and Wa,Pella Floo~{~g Area, See-Gwaln. a~ud Milbu~n Sani- tary Area and ~atle~ Heights Sanitai~F Area an~ Fai!vi~' Galdens Sanitary Area. Improvements in the See-Gwun and Golf Flooding Area include construction of a separate relief sto~m se~r on S~n~et Road, S~e-Gwu~ Avenue, and. Na-Wa-Ta Avenue connecting to an existing storm sewer at Lonn~ist Boulevard. Improvements in the Prospect Manor and North ~s~u Flooding~ Area include construction of. a combined palallet relief sewer on. High- land Street, E~erson Street, Gregory Street, and crcssi~ Rand Road connecting to the M~PDGC TAP~P s~stem. Later'al combined, relief sewers will also be construtcte~ noz~-h, of. Highland Street on Fairview Avenue, Prospect Manor Avenue, Eastwood Avenue, Elmhurst Avenue, Russel Avenue ~ud Msin Street. Lateral Combined. relief sewers will also be con- structed from Main Street to E~erson Street on Memor~ Lane and Gregor~ Street. Improvements in the Central and Wa- Pella Flooding Area include construction of a separate relief storm sewer on Central Road, Wa-Pella Avenue, Gowando Ave. and Hi-Lusi Avenue to Weller's Creek. A new discharge to Weller's Creek will he constructed at Ri-Lusi Avenue. Improvements in the See-G~mln and Milburn Sanitary Area include construction on a sanitary relief p%~ station on Lincoln Street east of We-Go Trail. Improvements in the Hatlen Heights Sanitar~ Area include construction of ~er- sized sanita~ relief/storage sewers on. Hatlen Avenue frem Lincoln Street to Bonita Avenue. Improvements in the Pairview Gardens Sanita~!z Area include rehabilita~tion, of the existin~ sanitaz!r lift statio~ on Homer~ Lane and con- struction of oversized sanitar~ relief/storEge sewers on Hornet Lane, ThayeI Street., and Stav~nmon~ Lan~ tog~ether with any land or ri~ts in land and all electrical, mechani- cal or ether sera, ices necessa~f, useful or advisable to such construction and installation (the "Project'$), all in accordance with the plans and specifi~tions therefore preparec~ by consultin~ engineers to the VILL~-R.: and WHEREAS the estimated cost of' constru2ting an~ install- ing the Project, incl,~d~g engineering, legal,, fin~llcial, and. other related exp~nses, is $9,961,000, and there are insuffi- cient funds o~ Ds-8 ~n8 lawfully available to pa!r s~ch costs; and WHEREAS such costs ale expected to b~ paid for with a loan to the VIT.I.AGE fro~% the Illir~is Environmental R=ot~ctio~ Agency through the Water Pollution Control Revolving Fund, said loan to be repaid, from a Home Rule Retailers Occupation Tax of one quarter of one perce~t (. 25%) of the gross receipts an~ su~ loan is authorized to be accepted at this time pur~,snt to the Act; and WHERE~--~ pursuant to and in accordan2e with the provi- sions of the Act, the VILLAGE is authorized t~ borrow funds fr~m the Water Pollution Control Revolving Loan Fund in the ag~egate principal amount of $9,961,000 for the pumpose of providing funds to pay the costs of the Project; and WHEREAS , the loan to the VILLAQE shall be made pursu- ant to a Loan Agreement, including certain terms and co=nditinn~, between the VILLAGE and the Illinois Environmental Protection Agency; NOW THEREFORE be it orda~ne~ by the PRESIDENT AND BOARD OF TRUSTRRR of the VILLAGE of Mount Prospect, Cook County, Illinois as follows: SECTION ONE INCOR~ORATTON OF PREA~T.Rm The Corporate Authorities hereb~ find that the recit- als contained in the preambles to this ordinance are true and correct and do incorpo=ate them into this erdinanoe by this reference. SECTION TWO. DETERMINATION TO BORROW FLUIDS It is necessa~-f and in the best interests of the ¥IL- LAGE to construct the Project for the public health, safety and welfare, in accordance with the p!an~ anct specification, as described, that the System continue to he operated in accorR~nne with the provisions of the Act, and that for the purpose of constructing the Project, it is hereby authorized that funds be borrowed by the VILLAGE in an. aggregate principal amo-unt not to exceed $9,961,000. SECTION T~REE. ADDITIONAL ORDINANCES The Corporate Authorities may adopt a~tdit~on~l nances or proceeding~ supplementing or amendir~3 this providing for the entering into the Loan Agreement with the Illinois Environmental Protection Agency, prescribing all the details of said Loan Agreement, and providing- Eot' the collec- tion, segregation an~. dist=ibut_'Lon of the revenues of the sales tax, so long as the m~ amount cE said~ Lo~n Agreement as set forth in this Ord%n~ce is not exceeded and there is no material change in the Projec~c or purposes d~scr~ herein. Such aaa%- tional Ord4n~nces o= p=oc~edings sb~ll in all J_~st~-e~ become effective in accordance with the Act and other applicable law. This OrdiD~nce, together with such additional orS~n~'-ces or proceedings, shall constitute complete authority ~or the enter- ing into of said Loan Agreement under applicable law. However, notwithstanding the above, the VIT.T.AGE may not adopt additional ordinances or ameD~ment~ which provide for any substantiw~ or material change in the scope and intent of. this: Ord%n~nce, including but not limited to interest rate, preferenlce or priority any other ordinance with this Ord/ns~e, parity of any other ordinance with this Ordinance, or otherwise alter or impai~ the obligation of the VILLAGE to pay the principal and interest due to the Water Pollution Control Revolving Fund without the written consent the Illinois Fnlvironm~l Protection Agency. SECTION FOLq~. LOAN NOT IN~EBS"~H OF VTLLAGE Repayment of the loan to the Eli {nois Environs,entel Protection. Agency ~F the VIT.T.A~R. purs~,~nt to thi~ Ordinance is to be solely from the revenue derived~ ~rom a one q~arter o~ one percent (.25%) sal~s tax. ar~ the loan does~ not c~stitute an indebtedness of ~ ¥~O,R within the meaning o~ any constitu- tional or statutory limitation. SECTION FIVE. ACCEPTANCE OP LOAN The pPRSTDENT an~ the BOAR~ OF TRUSTW. R~ hereb~ author- ize acceptance of the o~fer of a loan throug~ the Water Pollu- tion Control Revolving Fund, including all terms and conditior~ of the Loan Ag=eement as well as all special conditions con- tained therein and made a part the=eof by refearesce. The PRESI- DENT and BOA~ OF TE~ST~.Rm further agree that the loan ~unds awarded shall be used solely ~or the l~o_rposes of the. project as approved k~f the Illinois Environmental Protection Agency in accordance with the terms and conditions o~ the Loan Agreement. SECTION SIX. AUTHORIZATION OF PRESIDENT TO EXECUTE THE LOAN AGeS The PRESIDENT is hereby authorized and directed to execute the Loan Agreements with the 'Illinois Environmental Pro- tection Agency for all. projects listed herein. SECTION SEVEN. SEVERABI LIT~ If any section, paragraph, clause or provision of this ordinance shall be held. invalid, the invalidity of such section~ paragraph, clause or provision shall not affect any of the other provisions of this ordinance. SECTION EIGHT. REPEALER All ordinances, resolutions or orders, or parts theme- of, in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed. SECTION NINE. This ordinance shall be in full force and effect from and after its passage, approval, and publication in the manner provided by law. AYES: § Busse, Corcoran, Floros, Hoefert, Wilks NAYS: 0 A]BSF/~T: 1 C l owes Passed and approved tls 21st day of April , 1992. Attest: Carol A. Fields - VILLAGE Clerk VILLAGE of Mount Prospect Cook County, Illinois IEPALOAN. ORD/FILES/SEWERS