S2-95 Ordinance No. 52-95
AN ORDINANCE
AMENDING ORDINANCE S2-80 ENTITLED "AN ORDINANCE SETTING FORTH
THE DETERMINATION BY THE CITY COUNCIL OF THE CITY OF ELGIN,
COOK AND KANE COUNTIES, ILLINOIS, THAT IT IS IN THE PUBLIC
INTEREST TO ASSIST BUSINESS AND INDUSTRY LOCATED WITHIN AND
NEAR THE CITY IN FINANCING ECONOMIC DEVELOPMENT FACILITIES
AND POLLUTION CONTROL FACILITIES, PRESCRIBING THE PROCEDURES
TO BE FOLLOWED IN THE ISSUANCE OF REVENUE BONDS FOR
SUCH PURPOSES BY THE CITY"
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS:
Section 1 . That Section 13 of Ordinance S2-80 passed
February 13, 1980, as amended, be and is hereby amended to
read as follows :
"Section 13 . Deposit. That any person
requesting City to finance any project by issuance
of its revenue bonds shall make a non-refundable
deposit with the City Treasurer in the amount of
$2,500 to reimburse City for its preliminary
expenses in investigating the desirability and
feasibility of such financing.
That upon receipt of an application for the
issuance of revenue bonds and the deposit required
by this section, the application shall be forwarded
to Speer Financial, Inc. for its review and
recommendation to the City Council . "
Section 2 . That this amendatory ordinance shall be in
full force and effect from and after January 1, 1995 .
George' anDeVoorde, Mayor
Presented: January 25, 1995
Passed: January 25, 1995
Vote: Yeas 7 Nays 0
Recorded: January 26, 1995
Published:
Attest:
Do onna Me_c m ity Clerk