18-3502. Terms, defined.

450 words·~2 min read·/ne/chapter-18/18-3502

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of the Community Improvement District Act:

(1)Administrator means the person appointed by the city council of the city or board of trustees of the village in which the community improvement district is located pursuant to section 18-3542 to manage the affairs of a community improvement district and to exercise the powers of the board of trustees during the period of the appointment to the extent prescribed in the Community Improvement District Act;

(2)Bond means an investment security under article 8, Uniform Commercial Code, in the form of a long-term, written promise to pay a specified sum of money, referred to as the face value or principal amount, at a specified maturity date or dates in the future, plus periodic interest at a specified rate;

(3)Capital outlay means expenditures for construction or reconstruction of major permanent facilities having an expected long life, including, but not limited to, public infrastructure improvements;

(4)Development means the original installation of any public improvements to the standards of the city or village zoning standards;

(5)Operation and maintenance expenses means and includes, but is not limited to, salaries, cost of materials and supplies for operation and maintenance of the community improvement district's facilities, cost of ordinary repairs, replacements, and alterations, cost of surety bonds and insurance, cost of audits and other fees, and taxes;

(6)Public infrastructure means any publicly owned electric service lines and conduits, gas service lines and conduits, sanitary sewer lines, sanitary sewer system improvements, storm sewer lines, storm sewer system improvements, flood control improvements, water lines, water system improvements, emergency management warning system improvements, sidewalks, roads, streets, highways, pedestrian walkways, skywalks, public spaces, public facilities, parks, playgrounds, recreational facilities, offstreet motor vehicle parking facilities, public waterways, docks, wharfs, rail lines, flood control systems, flood control improvements, and related appurtenances, whether owned or to be owned by the community improvement district or another political subdivision;

(7)Public waterways means artificially created boat channels dedicated to public use and providing access to navigable rivers or streams;

(8)Redevelopment means the reconstruction, rehabilitation, or original installation of public infrastructure as long as prior public infrastructure has been installed in the community improvement district even if such installation occurred prior to the formation of the community improvement district; and

(9)Warrant means an investment security under article 8, Uniform Commercial Code, in the form of a short-term, interest-bearing order payable on a specified date issued by the board of trustees or administrator of a community improvement district to be paid from funds available or expected to be received in the future, and includes, but is not limited to, property tax collections, special assessment collections, and proceeds of sale of bonds.