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HomeMy WebLinkAboutOrd 4408 03/17/1992 ORDINANCE NO. 4408 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A PROJECT USE AGREEMENT PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the ~Tth day of . MarCh , 1992 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 18th day of March , 1992. ORDINANCE NO. 4408 AN ORDINANCE APPROVING AND AoTuORIZING EXEuuTION OF A PROJECT USE AGREEMENT WHEREAS, the Village of Mount Prospect, Cook County, Illinois (the "Municipal~ty ), desires to provide an efficient and environmentally sound system for the collection, transportation, transfer, processing, storage, disposal, recovery and reuse of municipal solid waste, and has determined that providing such a system is in the best interests of the public health, safety and welfare of the Munlcipality and its inhabitants; and WHEREAS, Article"VII, Section 10 of the 1970 Constitu- tion of the State of Illinois authorizes units of local govern- ment to contract and associate among t-hemseives to obtain or share services and to exercise, combine, or transfer any power or function, in any manner not prohibited by law or ordinance; and WHEREAS, under that Constitutional provision, units of local government may use their credit, revenues, and other resources to pay costs and the service debt related to inter- governmental activities; and WHEREAS, the In~ergover nmental Cooper a t ion Act, as amended, found at Ill. Rev. Stat. ch. 127, paragraph 741 e._~ seq. (the "Act") also authorizes unl~of local government to exerclse and enjoy jointly their powers, privileges or authority and to enter ~nto intergovernmental agreements for that purpose; and WHEREAS, pursuant to Sect ion 3.2 of the Act, the Municipality, together with other member units of local govern- ment (the "Members"), has previously entered into An Agreement Establishing the Solid Waste Agency of Northern Cook County as a Municipal Joint Action Agency (the "Agency Agreement"), and has become a member of the Solid Waste Agency of Northern Cook County (the "Agency"), in order to provide and operate an effi=ient and environmentally sound municipal solid waste System; and WHEREAS, to develop this solid, waste system, the Agency has initiated steps to acquire, construct, operate, equip and improve a municipal solid waste project (the "Project") consist- ing of certain construction components and financing components, and toward such end the Agency has contracted for the preparation of detailed design and engineering plans for the Project, has acquired sites and options and other rights with respect to sites for the Project and has obtained certain zoning, land use and environmental permits; and the Agency now intends To obtain other necessary governmental permits, to acquire additional sites or interests in sites for the Project or to acquire options therefor, to complete the design of the Project, to acquire equipment for the Project, to construct and operate the Project, and to do all other things necessary or desirable =o acquire, construct, opera=e, equip and improve the Project; and WHEREAS, the Agency has heretofore issued it Contract Revenue Notes, Series 1990, on May t, 1990 (the "Prior Notes"), to prepare for the acquisition, construction, equipping and improvement of uhe Project, and has entered into separate agreements with each of the Members, each dated as of April 16, 1990 (the "Prior Interim Agreements"), in order to provide for the payment of principal of and interest on the Prior Notes; and WHEREAS, the Agency will now borrow additional funds by issuing one or more series of its contract revenue bonds (the "Bonds") ~o finance the costs of planning and constructing the Project, ~o purchase or pay the Prior Notes, ~o pay certain costs of issuance, =o provide for capitalized interest and to establish appropriate reserves; and WHEREAS, principal of, premium, if any, and interest on each series of Bonds will be payable solely from (1) revenues received by the Agency from any Members or customers (including, without limitation, from any Project Use Agreement as defined below); (2) revenues of the Agency derived from the operation of the Project; (3) any amounts on hand a= any time in any funds or accounts held by the Agency or a fiduciary that are established in the master bond resolution of the Agency (the "Bond Resolu- tion'') or any supplemental ~esolution of the Agency authorizing the issuance of a series of Bonds (a "Supplemental Resolution"), (4) bond proceeds, (5) such other recelpts of the Agency as are permitted Dy the Agency Agreement, and (6) investment earnings on the foregoing; and WHEREAS, it is necessary and in the best interests of the Municipality to enter into a project use agreement (the "Project Use Agreement") with the Agency (a) in order for the Municipality to participate in and make use of .the Project as a means of processing, storing and disposing of its municipal solid waste and (b) so that the Agency may pay the costs of the Pro- ject; and WHEREAS, under the Project Use Agreement, the Munici- pality will agree that it will be liable to pay amounts to the Agency which will be sufficient, when combined with the payments of the other Members that are parties to Project Use Agreements, to cover the costs of the Project; and WHEREAS, the Municipality is obligated under the Project Use Agreement to establish a solid waste disposal system, and pledge certain revenues from the operation of such system, all as provided in the Project Use Agreement; and -2- WHEREAS, the Project Use Agreement sets forth detailed provisions and requirements regarding the collection and delivery of the waste of the Municipality, the various payment obligations of the Municipality and the methods of making such payments, and certain covenants, duties and agreements of the Municipality; and WHEREAS, the Municipality is obligated under the Project Use Agreement to pay its respective share of the costs of the Project without set-off or counterclaim, irrespective of whether the Project is ever completed, made available or provided to the Municipality and notwithstanding any suspension, inter- ruption, interference, reduction or curtailment of the Project; and WHEREAS, the Project Use Agreement will not go into effect until it has been executed by the minimum number of Members provided by Section 13.4 of the Project Use Agreement. NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, in the exercise of its home rule powers as follows: SECTION 1: That the Municipality approves the form of the Project Use Agreement presented to it at this meeting and the President and Village Clerk are hereby authorized and directed to execute the Project Use Agreement, in substantially the form attached to this. Ordinance as Exhibit I and made a part of this Ordinance, with such changes therein as shall be approved by the persons executing such agreement. SECTION 2: That this Ordinance shall constitute an appropriation of the funds necessary to meet the Municipality's obligations to make various payments under the terms of the Project Use Agreement. SECTION 3: That the Village Clerk shall publish a full, true and complete copy of this Ordinance in pamphlet form, by authority of the President and Board of Trustees. SECTION 4: That the Village Clerk is authorized and directed to send the following to the Executive Director of the Agency: (1) two certified copies of this Ordinance, (2) two certificates of publication of this Ordi'nance evidencing publication of this Ordinance, and (3) two certified copies of the minutes, or extract thereof, of the meeting at which this Ordinance was adopted, showing the adoption of this Ordinance. SECTION 5: That the President the Village Clerk, and other officers or employees of the Municipality are authorized and directed ~o take whatever additional steps are necessary for the Municipality to enter into the Project Use Agreement. -3- SECTION 6: That all ordinances, resolutions and orders, or parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded. SECTION 7: That this Ordinance shall be in full force and effect immediately upon passage, approval and publication. VOTE: AYES Busse, Corcoran. Floros~ Hoefert~ Wilks NAYS C1 owes ABSENT None PASSED this 17th day of March , 1992. APPROVED thi$17th day of March ~ , 1992. Its PRESIDENT / / VILLAGE Cr.~RK -4-