G-900 - 10/27/2009 - BOND - OrdinancesORDINANCE 2009 -13ND -G -900
AN ORDINANCE PROVIDING FOR THE TRANSFER
OF PERMIT BONDS TO THE VILLAGE'S GENERAL FUND
UNRESTRICTED FUND BALANCE
WHEREAS, numerous cash bonds have been posted with the Village to guarantee the
completion of public and private improvements, and
WHEREAS, many of the bonds are unredeemed, and
WHEREAS, the President and Board of Trustees have determined that it would be appropriate for
the Village to endeavor to return the bonds to the individuals who posted the bonds and in the event that
the individual cannot be located to transfer the bonds to the Village's General Fund unrestricted fund
balance for use by the Village
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS, as follows
Section 1 The foregoing preambles are restated and incorporated herein by reference as though
fully set forth herein
Section 2 Subject to the conditions of this ordinance any bond posted with the Village in
connection with the issuance of a building permit or the installation of any street, sewer, water main,
sidewalk or other public improvement, which has not been claimed by the individual posting the bond for
more than 36 months since the date that the bond was posted, shall be used to reduce the liability and
increase the unrestricted fund balance in the Village's General Fund
Section 3 Prior to the use of any bond in accordance with Section 1 the Village shall send to the
individual who posted the bond, a notice informing the individual that the Village is transferring the bond,
unless within 21 days of the date of the notice, the individual requests a hearing with the Director of
Community Development or the Director's designee to explain why the bond should be returned to the
individual or maintained by the Village because the work that is the subject of the bond is still in progress
The notice shall be sent by certified mail return receipt requested and regular mail to the last known
address of the individual who posted the bond
Section 4 Any person who disagrees with the determination of the Director may, within 21 days
of the date of the determination, appeal to the Village Manager or his designee
Section 5 If any section, paragraph, clause or provision of this ordinance shall be held invalid,
the invalidity thereof shall not affect any of the other provisions of this ordinance
Section 6 All ordinances or parts thereof in conflict with the provisions of this ordinance are
hereby repealed to the extent of such conflict
Section 7 This ordinance shall be in full force and effect from and after its passage, approval
and publication as required by law
APPROVED THIS 27th day of October, 2
Ordinance 2009 -BND -G -900
Transfer of Permit Bonds to Gen Fund
Page 2 of 2
PASSED THIS 27th day of October, 2009
Ayes Trustees Aktipis, Carson, Moy, Saiyed, Wolin and Zannis
Nays None
Absent None
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ATTEST
Charlotte K Pruss
Village Clerk