THIS MEETING IS BEING RECORDED AND WILL BE AVAILABLE FOR VIEWING ON THE VILLAGE YOUTUBE CHANNEL. AGENDA

Transcription

1 Matt Brolley, Village President Penny FitzPatrick, Village Clerk Stan Bond, Trustee Pete Heinz, Trustee Steve Jungermann, Trustee Denny Lee, Trustee Doug Marecek, Trustee Theresa Sperling, Trustee Village Board Meeting Monday, February 25, :00 PM, Village Hall THIS MEETING IS BEING RECORDED AND WILL BE AVAILABLE FOR VIEWING ON THE VILLAGE YOUTUBE CHANNEL. 1. Call to Order AGENDA 2. Pledge of Allegiance 3. Roll Call 4. Public Participation Members of the public are welcome to speak at this time. Please provide the Clerk with your name, address & phone number. A. Public Comments (Two Minute Opportunity). B. Recognition of Officer Bob Kaleta. 5. Consent Agenda A. Minutes of the Village Board Meeting of January 28, B. Accounts Payable through February 21, 2019 in the Amount of $227, C. Ordinance 1842 Amending Section 1-11 of the Village Code (Building and Development Fees) (Second Reading). D. Ordinance 1843 Adopting Certain National Codes and Amending Section 6-1 of the Village Code (2015 International Building Code) (Second Reading). E. Ordinance 1844 Adopting Certain National Codes and Amending Section 6-4 of the Village Code (2015 International Existing Building Code) (Second Reading). F. Ordinance 1845 Adopting Certain National Codes and Amending Section 6-13 of the Village Code (2015 International Residential Code) (Second Reading). G. Ordinance 1846 Adopting Certain National Codes and Amending Section 6-15 of the Village Code (2015 International Fuel Gas Code) (Second Reading). H. Ordinance 1847 Adopting Certain National Codes and Amending Chapter 8 of the Village Code (2015 International Fire Code) (Second Reading). I. Ordinance 1848 Adopting Certain National Codes and Amending Section 6-3 of the Village Code (2015 International Mechanical Code) (Second Reading). 6. Items for Separate Action The following items are considered routine business by the Village Board and will be approved in a single vote in the form listed below. A. Ordinance 1840 Granting a Special Use for Outdoor Storage (Lumberman s Wholesale Inc Industrial Drive) (Second Reading). B. Resolution Adopting an Investment Policy. C. Resolution Approving and Authorizing Execution of the Declaration of Trust for the Illinois Public Reserves Investment Management Trust. 200 N. River Street, Montgomery, IL Page 1 of 2

2 Village Board Meeting Agenda Monday, February 25, Items for Discussion The following items are listed for discussion only. No decision or vote will be taken during this meeting. A MFT and Infrastructure Road Program Bid Results. B. Fiscal Year 2020 General Fund Budget. 8. New or Unfinished Business 9. Future Meetings A. Village Board Meeting Monday, March 11, 2019 at 7:00 p.m. B. Beautification Committee Wednesday, March 13, 2019 at 6:00 p.m. C. Historic Preservation Commission Monday, March 18, 2019 at 6:30 p.m. D. Committee of the Whole Tuesday, March 19, 2019 at 7:00 p.m. (May Be Canceled) E. Intergovernmental Committee Monday, March 25, 2019 at 6:00 p.m. F. Village Board Meeting Monday, March 25, 2019 at 7:00 p.m. 10. Executive Session 11. Adjournment 200 N. River Street, Montgomery, IL Page 2 of 2

3 Village of Montgomery 200 N. River Street Village Board Meeting Montgomery, Illinois February 11, 2019 President Brolley called the meeting to order at 7:06 p.m. followed by the Pledge of Allegiance. Roll Call Trustee Sperling Yea Trustee Jungermann Yea Trustee Lee Yea Trustee Marecek Yea Trustee Heinz Absent Trustee Bond Absent Also present: Administrator Jeff Zoephel, Attorney Laura Julien, Chief of Police Phillip Smith, Engineer Peter Wallers, Director of Finance Justin VanVooren, Senior Planner Jerad Chipman, Acting Director of Public Works Mark Wolf, Village Clerk Penny Fitzpatrick, Members of the Press and others. Public Participation A. Public Comments. No Public Comments were shared. B. Proclamation for National Engineer s Week. President Brolley read the Proclamation for National Engineer s Week on February 17-25, 2019 in the Village of Montgomery and requested approval of this item. Engineer Wallers shared that Engineering Enterprises, Inc. was overseeing an engineering competition at Krug Elementary School with their 5th grade students. Trustee Marecek moved to approve the Proclamation for National Engineers Week. Trustee Sperling seconded this motion. 4 Yea. 0 No. Motion carried. Trustee Marecek, Trustee Sperling, Trustee Lee and Trustee Jungermann voting yea. Consent Agenda A. Minutes of the Village Board Meeting of January 28, B. Executive Session Minutes of January 28, C. Building Report for January D. Accounts Payable through January 24, 2019 in the Amount of $391, E. Cancellation of the February 19 th, 2019 Committee of the Whole Meeting. Trustee Jungermann moved to approve Items A-E on the Consent Agenda. Trustee Marecek seconded this motion. 4 Yea. 0 No. Motion carried. Trustee Jungermann, Trustee Marecek, Trustee Sperling and Trustee Lee voting yea. Items for Separate Action A. Recommendation of the Plan Commission on PC Z 2019 Zoning Map Update. President Brolley noted the Plan Commission s recommendation regarding the 2019 Zoning Map Update and Ordinance 1841 would be discussed together and voted on separately. Senior Planner Chipman shared this annual update addressed the rezoning, annexations and special use changes to the zoning map and noted the Plan Commission recommended unanimously to approve this item.

4 Village Board Meeting February 11, 2019 Page 2 of 4 Trustee Jungermann moved to approve the Recommendation of the Plan Commission on PC Z 2019 Zoning Map Update. Trustee Marecek seconded this motion. 4 Yea. 0 No. Motion carried. Trustee Jungermann, Trustee Marecek, Trustee Sperling and Trustee Lee voting yea. B. Ordinance 1841 Approving the 2019 Official Zoning Map (Waiver of First and Passage on Second Reading). President Brolley requested a motion for Ordinance 1841 as it was discussed previously. Trustee Marecek moved to approve Ordinance 1841 Approving the 2019 Official Zoning Map (Waiver of First and Passage on Second Reading). Trustee Sperling seconded this motion. 4 Yea. 0 No. Motion carried. Trustee Marecek, Trustee Sperling, Trustee Lee and Trustee Jungermann voting yea. C. Recommendation of the Plan Commission on PC Special Use Request for Outdoor Storage Located at 1717 Industrial Drive Lumberman s Wholesale, Inc. President Brolley noted the Plan Commission s recommendation regarding Outdoor Storage and Ordinance 1840 would be discussed together and voted on separately. Senior Planner Chipman noted all set back, fencing, and landscaping screening requirements would apply to this special use request. He further noted the Plan Commission voted unanimously to recommend approval of this item. Board discussion was had and questions were asked regarding where the proposed outdoor storage would be located, if the storage area would be gated and screened with landscaping and what the materials stored would be. Additional questions included how high the materials would be stacked, how long they would be stored outside and what the neighboring property owners concerns were. Finally, Trustee Lee questioned if the petitioner was abiding by the covenants of the industrial park and who would enforce those covenants regarding this request. Senior Planner Chipman clarified the concerns of the neighboring property owners and Attorney Julien explained how the covenant rules and regulations would apply and be enforced for this request. Jeff Esposito of Lumberman s Wholesale, Inc. explained what the materials stored outside would be and where and how high the materials would be stacked. He also clarified that long-term outdoor storage would be anticipated until the expiration of their ten-year building lease. Trustee Marecek moved to approve the Recommendation of the Plan Commission on PC Special Use Request for Outdoor Storage Located at 1717 Industrial Drive Lumberman s Wholesale, Inc. Trustee Jungermann seconded this motion. 3 Yea. 0 No. 1 Abstaining. Motion carried. Trustee Marecek, Trustee Sperling and Trustee Jungermann voting yea. Trustee Lee abstaining. D. Ordinance 1840 Granting a Special Use for Outdoor Storage (Lumberman s Wholesale Inc Industrial Drive) (First Reading). President Brolley noted Ordinance 1840 would come back for discussion and action and would not be added to the Consent Agenda at a future meeting. President Brolley called a brief recess at 7:28 p.m. and reconvened the meeting at 7:33 p.m. E. Award of a Contract to Virgil Cook & Son, Inc. for Traffic Signal Installation at Galena Road and Concord Drive in the Amount of $231, Engineer Wallers summarized the request and staff recommendation for the Award of a Contract to Virgil Cook & Son, Inc. for a traffic signal installation project. Trustee Jungermann questioned and Engineer Wallers clarified the project construction costs would be shared between Kendall County, the Village of Oswego and the Village of Montgomery as per the Intergovernmental Agreement that applied to this project.

5 Village Board Meeting February 11, 2019 Page 3 of 4 Trustee Marecek moved to approve the Award of a Contract to Virgil Cook & Son, Inc. for Traffic Signal Installation at Galena Road and Concord Drive in the Amount of $231, Trustee Sperling seconded this motion. 4 Yea. 0 No. Motion carried. Trustee Marecek, Trustee Sperling, Trustee Lee and Trustee Jungermann voting yea. F. Waiver of Bid and Award of a Contract to Cornerstone Partners for Rejuvenative Pruning in the Amount of $57, Acting Director Wolf summarized this request for Rejuvenative Pruning of shrubs and shade trees throughout the Village. He noted staff recommended approval of this waiver of bid and award of a contract request to Cornerstone Partners. Trustees Sperling and Jungermann inquired and Acting Director Wolf noted the proposed work would begin in the next few weeks and be done by hand as recommended and per the standards set by Village Arborist, Ed Pfaff. Trustee Marecek moved to approve the Waiver of Bid and Award of a Contract to Cornerstone Partners for Rejuvenative Pruning in the Amount of $57, Trustee Jungermann seconded this motion. 5 Yea. 0 No. Motion carried. Trustee Marecek, Trustee Sperling, Trustee Lee, Trustee Jungermann and President Brolley voting yea. G. Resolution Authorizing Repair Work in IDOT Right-of-Way. Acting Director Wolf summarized this resolution request and renewal agreement addressed the IDOT standards and requirements for repair work done by the Village in the IDOT Right-of-Way. He recommended approval of this item. Trustee Jungermann moved to approve Resolution Authorizing Repair Work in IDOT Right-of-Way. Trustee Marecek seconded this motion. 4 Yea. 0 No. Motion carried. Trustee Jungermann, Trustee Marecek, Trustee Sperling and Trustee Lee voting yea. H. Ordinance 1842 Amending Section 1-11 of the Village Code (Building and Development Fees) (First Reading). Senior Planner Chipman summarized the comprehensive Building and Development Fee Code updates which included engineering re-inspection, new construction, solar panel and wind energy fees and requested approval of this item. Trustee Sperling inquired and Attorney Julien clarified the fees would apply to new solar panel applications requests. President Brolley noted Ordinance 1842 would be added to the Consent Agenda at a future meeting. I. Ordinance 1843 Adopting Certain National Codes and Amending Section 6-1 of the Village Code (2015 International Building Code) (First Reading). President Brolley shared the Village Building Code updates presented in Ordinances 1843, 1844, 1845, 1846, 1847 and 1848 would be discussed together and voted on separately at a future meeting. Senior Planner Chipman noted the Village Code updates included verbiage changes, reclassifications and adoption of the 2015 International Building Code. Trustee Marecek inquired if 2015 is the most recent update, and Senior Planner Chipman clarified that there is a 2018 Building Code update; however, the 2015 update is the one up for action at this time and that historically we have adopted updated codes every six years. He also noted Building Inspections Supervisor Klupar and Attorney Julien had worked with the Fire Protection Districts to review the code updates to help maintain the Village s insurance rating and shared language was added to the code which referenced and clarified Montgomery s five separate fire protection district jurisdictions. J. Ordinance 1844 Adopting Certain National Codes and Amending Section 6-4 of the Village Code (2015 International Existing Building Code) (First Reading). President Brolley suggested Ordinance 1844 be added to the Consent Agenda at a future meeting. K. Ordinance 1845 Adopting Certain National Codes and Amending Section 6-13 of the Village Code (2015 International Residential Code) (First Reading).

6 Village Board Meeting February 11, 2019 Page 4 of 4 President Brolley suggested Ordinance 1845 be added to the Consent Agenda at a future meeting. L. Ordinance 1846 Adopting Certain National Codes and Amending Section 6-15 of the Village Code (2015 International Fuel Gas Code) (First Reading). President Brolley suggested Ordinance 1846 be added to the Consent Agenda at a future meeting. M. Ordinance 1847 Adopting Certain National Codes and Amending Chapter 8 of the Village Code (2015 International Fire Code) (First Reading). President Brolley suggested Ordinance 1847 be added to the Consent Agenda at a future meeting. N. Ordinance 1848 Adopting Certain National Codes and Amending Section 6-3 of the Village Code (2015 International Mechanical Code) (First Reading). President Brolley suggested Ordinance 1848 be added to the Consent Agenda at a future meeting. Items for Discussion No Items for Discussion were shared. New or Unfinished Business No New or Unfinished Business was shared. Future Meetings A. Committee of the Whole Tuesday, February 19, 2019 at 7:00 p.m. (Canceled). B. Intergovernmental Committee Monday February 25, 2019 at 6:00 p.m. C. Village Board Meeting Monday, February 25, 2019 at 7:00 p.m. Executive Session: None Adjournment: 7:48 p.m. Seeking no further business to come before the Board, it was moved by Trustee Jungermann and seconded by Trustee Marecek to adjourn the meeting. 4 Yea. 0 No. Motion carried. Trustee Jungermann, Trustee Marecek, Trustee Sperling and Trustee Lee voting yea. Respectfully submitted, Penny Fitzpatrick Village Clerk

7 Village of Montgomery Bills to be Paid February 25, 2019 FY19 All Departments Amount EEI 80, First National Bank 10, Mickey Wilson 9, Responsive 7, Elected Officials Van Duser Community Development/Building Department Chicago Tribune Schoppe Design 7, Thompson Elevator Finance Department/Water Billing AT&T FedEx Mail Finance Neopost Sensus 1, Third Millennium Water Refunds Human Resources/Payroll Aflac 1, Discovery Benefits Dreyer Dreyer 1, International Union of Operating Engineers International Union of Operating Engineers 1, Legal Shield Nationwide Nationwide IRA 1, Provident Life & Accident State Disbursement Unit 1, Police Department CDW Comcast Filmtools GFC Mail Finance Office Depot

8 Public Works Department 1st Ayd Aurora Truck Center 1, BDK Door Buchner Cargill 24, Carroll Distributing CES 1, Chicago Tribune Cintas Coffman Truck Concept Wireless Constellation Dynegy 19, Feece Oil 9, Fox Metro Fox Metro 3, Gasaway Distributors 1, Gerald Ford GFC Honeywell IDOT 3, LaFarge Meade Menards ME Simpson Motion Industries National Seed Nedrow 8, Nicor 1, Parent Petroleum Priority Products Ron Westphal Rush Truck Center Superior Excavating 9, Traffic Control & Protection Viking Chemical Wally's Printing Water Products Water Solutions 4, Village Administrator's Office/Village Hall Alarm Detection Engler, Callaway, Baasten GFC Oswego Ledger GRAND TOTAL 227,887.06

9 THE VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X_ Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1842 Amending Section 1-11 of the Village Code (Building and Development Fees) Submitted By: Laura M. Julien, Village Attorney Background/Policy Implications: As you will recall, in September 2018 the Village Board adopted a comprehensive fee and deposit schedule in order to consolidate information that was otherwise found in various provisions of the Village Code and Village Zoning Code. Upon review, staff has identified certain minor items they would like to be added. Accordingly, the attached text amendment makes the requested updates to certain tables in the Ordinance. Describe Fiscal Impact/Budget Account Number and Cost: N/A Review: Village Administrator: Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

10 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE AMENDING SECTION 1-11 (BUILDING AND DEVELOPMENT FEES) OF THE VILLAGE CODE OF ORDINANCES VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS DAY OF, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS DAY OF, 2019.

11 ORDINANCE NO AN ORDINANCE AMENDING SECTION 1-11 (BUILDING AND DEVELOPMENT FEES) OF THE VILLAGE CODE OF ORDINANCES VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall, Illinois, as follows: WHEREAS, the Village of Montgomery ( Village ) is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and therefore, acts pursuant to the powers granted to it under 65 ILCS 5/1-1 et seq.; and, WHEREAS, on or about September 10, 2018, through Ordinance No.1821, the Village created a new Section 1-11 (Building and Development Fees) and adopted a comprehensive deposit, fee, and permitting schedule addressing Community Development Fees, Professional Consultant Fees and Site Control Fees ( Building and Development Fee Schedule ); and, 11. WHEREAS, the Village now wishes to amend and update certain provisions of Section 1- NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: TEXT AMENDMENT The following provisions of Section 1-11 shall be amended as noted below. All remaining provisions of Section 1-11 not specifically indicated herein shall be deemed ratified and shall remain in full force and effect. Table 1-12-T1- Fee Schedule of Residential Accessory Buildings and Alterations shall be amended to read as follows: Deck $55.00 Flat fee for inspection and compliance Demolition $ Flat fee for inspection and compliance Driveways $55.00* Flat fee for inspection and compliance *May have additional fees for required engineer reviews Engineering Fee $ flat fee Review, Final Plat Review, Grading Inspection Engineering Re- $75.00 Inspection Electrical Upgrade $ Flat fee for Service Upgrade Fence $55.00 Flat fee for inspection and compliance Finish Basement Cost Based, $55.00 Each additional $1,000 valuation add $6.00 to base fee

12 (For up to $1,000 valuation) Fire Pit $55.00 Flat fee for inspection and compliance Gazebo $55.00 Flat fee for inspection and compliance Irrigation System $ Flat fee for inspection and compliance Patio $55.00 Flat fee for inspection and compliance Plumbing Variable $60.00 per inspection, may have additional fees for required plumbing reviews Pool (Above Ground) $55.00 Flat fee for inspection and compliance Pool (In-Ground) $ Flat fee for inspection and compliance Re-roof Cost Based, $55.00 (For up to $1,000 valuation) Remodeling/Alteration Cost Based, $55.00 (For up to $1,000 valuation) Sewer & Water Inspection Siding Cost Based, $55.00 (For up to $1,000 valuation) Each additional $1,000 valuation add $6.00 to base fee Each additional $1,000 valuation add $6.00 to base fee $50.00 (New Construction) Fox Metro Each additional $1,000 valuation add $6.00 to base fee Shed $55.00 Flat fee for inspection and compliance Windows and Doors Cost Based, $55.00 (For up to $1,000 valuation) Each additional $1,000 valuation add $6.00 to base fee **Any architectural, plan review or engineering review fee incurred by the Village of Montgomery for outside consultants or other professional assistance shall be assessed to the applicant. In the event that the plan review is performed solely by an outside professional, the amount described for buildings over 200 square feet and larger shall be waived. A deposit may be required at the time of submittal. Table 1-12-T2 Fee Schedule for Commercial/Industrial Buildings shall be amended to read as follows: (a) Commercial and Industrial New Construction $25.00 per hundred square feet or portion thereof ($ Minimum), of overall area of each floor, including basement, crawl space and garage. $20.00 per hundred square feet of additions or accessory buildings, or portion thereof ($ Minimum), of each floor, basement and crawl space. Tower/Antenna $ (new construction) $ (modify existing)

13 Demolition $ Flat fee for inspection and compliance Driveway/Parking Lot Cost Based, $ (For up to $5, Each additional $1,000 valuation add $6.00 to base fee valuation) Electrical Upgrade $ Flat fee for Service Upgrade Fence $55.00 Flat fee for inspection and compliance Grading $50.00 Flat fee for inspection and compliance Irrigation System $ Flat fee for inspection and compliance Plumbing Variable $60.00 per inspection, may have additional fees for required plumbing Remodeling/Alteration Cost Based, $55.00 (For up to $1,000 valuation) reviews Each additional $1,000 valuation add $6.00 to base fee Signs (Permanent) $55.00 Flat fee for inspection and compliance Signs (Temporary- $15.00 Per 15 Day Period Maximum of 12 per year Advertising) Storm water $ Flat fee for inspection and compliance Elevator Plan Review $ per unit* Elevator New Construction $ per unit* Elevator Re-Inspection $ per unit* Elevator Modifications $55.00 Minimum Reimbursement of outside consultant fees *Note: There are additional fees for the state mandated annual inspection and certification for elevators. Table 1-12-T3 Miscellaneous Building Fees shall be amended to read as follows: Building (Shell Only) $300 Flat fee for inspection and compliance Certificate of Occupancy $40.00 Additional $40.00 per unit if Multi-Unit Failure to obtain Permit $45.00 Minimum Permit fee may increase by 50% Foundation Only $ Residential $ Commercial Flat fee for inspection and compliance Moving/Raising/Underpinning $ Flat fee for inspection and compliance If over 200 Square feet, <200 sq. ft. no fee Plan Review** $ or 10% of Building Fee Re-Inspections $60.00 Excluding Elevator Re-Issuance of Permit $ Contractor Changes

14 Sewage Disposal/Septic Variable See Fox Metro Water Reclamation/County Solar Panel Installation** Residential $ Commercial $ Flat fee for inspection and compliance Wind Turbine** Residential $ Commercial $ Flat fee for inspection and compliance **Any architectural, plan review or engineering review fee incurred by the Village of Montgomery for outside consultants or other professional assistance shall be assessed to the applicant. In the event that the plan review is performed solely by an outside professional, the amount described for buildings over 200 square feet and larger shall be waived. A deposit may be required at the time of submittal. SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed. SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance. EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this day of February, Matthew Brolley President of the Board of Trustees of the Village of Montgomery ATTEST: Penny FitzPatrick Village Clerk of the Village of Montgomery Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley

15 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X_ Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1843 Adopting Certain National Codes and Amending Section 6-1 of the Village Code (2015 International Building Code) Submitted By: Laura M. Julien Background/Policy Implications: Attached is a code update adopting the more recent 2015 version of the International Building Code. Please note that, as always, such codes are locally amended by the Village to address certain Village-specific requirements. Each of these amendments is contained within the ordinance. Describe Fiscal Impact/Budget Account Number and Cost: N/A Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

16 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-1 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL BUILDING CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS 25 TH DAY OF FEBRUARY, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS 25 TH DAY OF FEBRUARY, 2019.

17 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-1 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL BUILDING CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS BE IT ORDAINED by the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois as follows: WHEREAS; the Village of Montgomery ( Village ) is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and accordingly, acts pursuant to those powers granted to it under 65 ILCS 5/1-1 et seq., and, WHEREAS; the Board of Trustees of the Village of Montgomery ( Village Board ) finds that the best interest of the Village and the health and welfare of the residents of the Village are best served by regulating certain building standards within the Village; and, NOW THEREFORE BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: TEXT AMENDMENT That Chapter 6, Article 1, Section 6-1 f the Village Code be amended to read as follows: Sec. 6-1 Building codes Adopted. Those certain documents, one copy of which is on file with the Village Clerk s office, being marked and designated as the 2015 International Building Code, and all future editions thereof, be and are hereby adopted as the building code of the Village, with the exception of Chapter 29, entitled Plumbing Systems and section [F] , and subject to the local amendments set forth herein. Any and all references to the plumbing code or codes shall mean the State of Illinois Plumbing Code. The State of Illinois Plumbing Code is the only Code that takes precedent. (Ord. No. 250, 1, ; Ord. No. 311, 1, ; Ord. No. 394, ; Ord. No. 486, ; Ord. No. 947, 1, ; Ord. No. 990, 1, ; Ord. No. 1285, 1, ; Ord. No.1479, 1, ) The 2015 International Building Code is hereby amended as follows: Section Title is hereby amended by replacing [NAME OF JURISDICTION ] with the Village of Montgomery.

18 Section Plumbing is hereby amended by replacing The provisions of the International Private Sewage Disposal Code shall apply to private sewage disposal systems with Private sewage disposal systems shall comply with the most current State of Illinois Plumbing Code, Kane County Health Department private sewage disposal requirements, and any applicable adopted Village of Montgomery ordinances and amendments and by adding the following sentence: All references to the International Plumbing Code shall be deemed to mean the State of Illinois Plumbing Code. Section Referenced Codes is hereby amended by adding the following subsection: Section Flood plain. For buildings and structures located in whole or in part in flood hazard areas, as established on local floodway rate maps, the Kane County Stormwater Ordinance, FEMA, Village of Montgomery flood plain ordinance, and all applicable federal, state and locally adopted flood plain ordinances shall apply to flood plain construction. Section Appointment is hereby amended by replacing The building official shall be appointed by the chief appointing authority of the jurisdiction with the Director of Community Development or their designee shall serve as the Code Official for the Village of Montgomery. Section Annual Permit shall be deleted in its entirety. Section Annual Permit Records shall be deleted in its entirety. Section Work exempt from permit is hereby amended by deleting items numbered Building 1, 2 3, 4, 5, 6, 9, 10 and 12. Section Work exempt from permit Building: Amend building exemption 1 as follows: One-story detached accessory structures used as tool and storage sheds, playhouses, and similar uses, provided the floor area s not greater than 50 square feet. Amend building exemption 2 as follows: Delete provision in its entirety and replace with Existing permitted gates, and fences not exceeding 30% of the existing linear length, provided repairs or replacement is fabricated with materials of the same size and dimension. Section Placement of permit is hereby amended by deleting provision in its entirety and replacing with The building permit card shall be kept on the site of the work and be visible from the street until such time as a certificate of occupancy permit has been issued, or a final inspection has been performed and approved. Section General is hereby amended by replacing The board of appeals shall be appointed by the governing authority and shall hold office at its pleasure with The board of appeals shall consist of the Village Board of the Village of Montgomery. Section Qualifications shall be deleted in its entirety.

19 Section Dwelling unit separation is hereby amended by replacing all references to 1/2- inch gypsum board with 5/8-inch type X gypsum board. Section Alternative Protection shall be deleted in its entirety. Section Group A-1 item #1 is amended to read as follows: The building exceeds 5,000 square feet. Section Group A-1 item #2 is amended to read as follows: The building has an occupant load of 100 or more. Section Group A-2 item #1 is amended to read as follows: The building exceeds 5,000 square feet. Section Group A-2 item #2 is amended to read as follows: The building has an occupant load of 100 or more. Section Group A-3 item #1 is amended to read as follows: The building exceeds 5,000 square feet. Section Group A-3 item #2 is amended to read as follows: The building has an occupant load of 100 or more. Section Group A-4 item #1 is amended to read as follows: The building exceeds 5,000 square feet. Section Group A-4 item #2 is amended to read as follows: The building has an occupant load of 100 or more. Section is hereby amended by adding the following new subsection: Group B: An Automatic sprinkler system shall be provided for group B occupancies where one of the following conditions exist: 1. The building exceeds 5,000 square feet 2. The building has an occupant load of 100 or more. 3. The building exceeds two stories in height. Section Group E item #1 is amended to read as follows: Throughout all buildings which exceed 2,500 square feet. Section Group F-1 is amended to read as follows: Group F-1 and F-2. An automatic sprinkler system shall be provided throughout all buildings containing Group F-1 or F-2 occupancy where one of the following exists: 1. The building exceeds 5,000 square feet. 2. Where a Group F-1 or F-2 fire area is located more than two stories above the lowest level of fire department access.

20 3. A Group F-1 occupancy used for the manufacture of upholstered furniture or mattresses exceeds 2,500 square feet. Section Group I exceptions are hereby deleted in their entirety. Section Group M item #1 is amended to read as follows: Where the building exceeds 5,000 square feet. Section Group M item #2 is amended to read as follows: Where a Group M fire are is located more than two stories about the lowest level of fire department access. Section Group M item #3 is hereby deleted in its entirety. Section Group S-1: is amended to read as follows: Group S-1 or S-2. An automatic sprinkler system shall be provided throughout all buildings containing Group S-1 or S-2 occupancies where one of the following conditions exist: 1. Where the building exceeds 5,000 square feet. 2. Where a Group S-1 or S-2 fire area is located more than two stories above the lowest level of fire department access. 3. A Group S-1 or S-2 building used for the storage of commercial motor vehicles which exceeds 5,000 square feet. 4. A Group S-1 or S-2 occupancy used for the storage of upholstered furniture or mattresses exceeding 2,500 square feet. Section Repair Garages item #1, 2 and 3 are amended to read as follows: 1. Buildings with a fire area containing a repair garage exceeding 5,000 square feet. 2. Buildings with repair garages servicing vehicles parked in basements. 3. A Group S-1 or S-2 fire area used for the repair of commercial motor vehicles where the fire area exceeds 5,000 square feet. Section Group S-2 exceptions are hereby deleted in their entirety. Section is amended to add the following section: Group U: An automatic sprinkler system shall be provided throughout buildings containing a Group U occupancy where the following conditions exist: 1. Where the building exceeds 5,000 square feet. Section Exempt Locations Delete item #3 and item # NFPD 13D Sprinkler Systems, is amended to read as follows: "Where allowed, automatic sprinkler systems installed in townhouses shall be installed throughout in accordance with NFPA 13D."

21 Section Sprinkler System supervision and alarms Exceptions, Item #3 through item #7 are hereby deleted in their entirety. Section Required Installations exception is hereby deleted in its entirety. Section Height is amended to read as follows: Class III standpipe systems shall be installed throughout buildings where the floor level of the highest story is 3 stories with corridors more than 25 feet and all buildings which are 4 or more stories in height, including penthouses. Section is amended to add the following section: Standpipe Connections Where required. Additional standpipe connections shall cover all areas of the building with 100 feet of hose and a 30-foot spray of water. Section Where required- new building and structures is amended to read as follows: An approved manual and automatic fire alarm system, installed in accordance with the provisions of this code and NFPA 72, shall be provided in any new building or any addition to an existing building where the aggregate square footage of the building exceeds the following: 1. All buildings or additions 2,000 square feet and over. 2. All buildings which have a sprinkler system or any automatic suppression system. 3. When required, both the new addition and the existing building shall have an automatic and manual fire alarm system. 4. Exception: One- and two-family dwellings under the International Residential Code. Section is amended to add the following: Attached single family: An automatic fire alarm and detection system shall be installed in accordance with NFPA 72 and section as amended, in multiple attached single-family dwellings (townhouses) if the building contains three or more units. Subsection Design Add the language: Compliance with the current edition of the Illinois Accessibility Code is required. Section Establishment of flood hazard areas is hereby amended by replacing "[INSERT NAME OF JURISDICTION]" with "the Village of Montgomery" and "[INSERT DATE OF ISSUANCE]" with "most recent." Section Establishment of flood hazard areas. Section is hereby amended by inserting Kane/Kendall County, Illinois for name of jurisdiction and current edition for the date of issuance. Section Design and construction is hereby amended by adding the following "the Kane County storm water ordinance, FEMA, Village of Montgomery flood plain ordinance, and all applicable federal, state, and locally adopted flood plain ordinances." Section Permanent wood foundation systems shall be deleted in its entirety.

22 Section Permanent wood foundation systems shall be deleted in its entirety. Section Timber footings shall be deleted in its entirety. Section Timber footings is hereby amended by deleting in its entirety. Chapter Timber shall be deleted in its entirety. Chapter 29 Plumbing systems. Delete this chapter in its entirety, the provisions of the Illinois Plumbing Code shall govern the erection, installation, alteration, repairs, relocations, replacement, addition to, use or maintenance of plumbing equipment and systems. SECTION Elevators and conveying systems and all other sections and referenced codes regarding elevators and related equipment, if applicable. SECTION GENERAL Section Referenced Standards is hereby amended to read as follows: To be as stringent and comply with current Illinois Elevator Safety Act (225 ILCS 312) and its Rules. For private residential conveyance application, the Act does not apply; however, the IBC code shall for new installation, permits, final acceptance. For applications not covered by the Illinois Elevator Safety Act, those conveyance applications shall be covered under the IBC code by the AHJ for new installation, permits, final acceptance, periodic inspections and testing, unsafe conditions, power to seal equipment, put conveyance out of service, and certificate compliance as well as owner / agent responsibility for contractor, maintenance, accident/injury responsibility. Referenced Standard from IBC 2015: Safety Code for Elevators and Escalators (ASME A17.1), Performance Based Safety Code for Elevators and Escalators (A17.7), Safety Standard for Platform Lifts and Stairway Chairlifts (ASME A18.1), Safety Standard for Belt Man lifts (A90.1), Safety Standard for Conveyors and Related Equipment (B20.1) Referenced Standards from (225 ILCS 312): Safety Code for Elevators and Escalators (ASME A17.1), the Standard for the Qualification of Elevator Inspectors (ASME QEI 1), the Automated People Mover Standards (ANSI/ASCE/T&DI 21), and the Safety Standard for Platform Lifts and Stairway Chairlifts (ASME A18.1). Section Accessibility is hereby amended by adding the following: Chapter 11 shall conform to ICC A117.1 Add: Illinois Accessibility Code (IAC). Section Elevator Car to Accommodate Ambulance Stretcher is hereby amended to read: Where elevators are provided in buildings, not fewer than one elevator, shall be provided for fire department emergency access to all floors regardless of rise. Such elevator car shall be of such size and arrangement to accommodate a minimum 24 inch by 84-inch ambulance stretcher in the horizontal open position and shall be identified by the International Symbol for emergency medical services (Star of Life).

23 The symbol shall not be less than 3 x 3 inches high and wide (76 mm x 76 mm) and shall be placed inside on both sides of the main lobby Hostway door frame. Note: As per IBC, this is required for buildings which are 4 floors or higher. This change would be required regardless of floors. Section [F] Standardized fire service elevator keys is hereby amended by adding the following after International Fire Code: for new and modernized elevators only. Section Personnel and material hoists is hereby amended by adding the following in last sentence: a jump before a major alteration Add new sentence: All miscellaneous hoisting and elevating equipment shall be subjected to tests and inspections as required by the AHJ to ensure safe operation. Section Access is hereby amended by adding the following: This means is not to be used as a passage way through the space to other areas of the building. Section Machine rooms, control rooms, machinery spaces, and control spaces is hereby amended by deleting exception #2 in its entirety. Section 3009 Certificate of Compliance is hereby amended by adding a new section and subsections: Section Compliance Testing: The operation of all equipment governed by the provisions of this chapter and hereafter installed, relocated or altered shall be unlawful by persons other than the installer until such equipment has been inspected and tested as herein required and a final certificate of compliance has been issued by the AHJ. Section Posting Certificates of Compliance: The owner or lessee shall post the current-issued certificate of compliance in a conspicuous place inside the conveyance. A copy of the current issued certificate is acceptable. Please refer to Illinois Elevator Safety Act. Section Toilet facilities required. Delete reference to the International Plumbing Code and replace with portable toilet facilities conformance with ANSI Z4.3. (Ord. No. 1300, 1, ; Ord. No. 1479, 2, ; Ord. No. 1764, 1(a), ) Section Same Amendments shall be deleted in its entirety. SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed. SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance.

24 EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this 25 th day of February, Matthew Brolley President of the Board of Trustees of the Village of Montgomery ATTEST: Penny FitzPatrick Village Clerk of the Village of Montgomery Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley

25

26 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X_ Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1844 Adopting Certain National Codes and Amending Section 6-4 of the Village Code (2015 International Existing Building Code) Submitted By: Laura M. Julien Background/Policy Implications: Attached is a code update adopting the more recent 2015 version of the International Existing Building Code. Please note that, as always, such codes are locally amended by the Village to address certain Village-specific requirements. Each of these amendments is contained within the ordinance. Describe Fiscal Impact/Budget Account Number and Cost: N/A Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

27 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-4 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL EXISTING BUILDING CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS 25 TH DAY OF FEBRUARY, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS 25 TH DAY OF FEBRUARY, 2019.

28 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-4 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL EXISTING BUILDING CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS BE IT ORDAINED by the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois as follows: WHEREAS; the Village of Montgomery ( Village ) is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and accordingly, acts pursuant to those powers granted to it under 65 ILCS 5/1-1 et seq., and, WHEREAS; the Board of Trustees of the Village of Montgomery ( Village Board ) finds that the best interest of the Village and the health and welfare of its residents are best served by regulating the construction and maintenance of existing buildings and structures within the Village; and, NOW THEREFORE BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: TEXT AMENDMENT That Section 6-4 of the Village Code shall be amended to read as follows: Sec. 6-4 Existing Building Code Adopted. Those certain documents, one copy of which is on file in the Village Clerk's office, being marked and designated as the 2015 International Existing Building Code, and all future editions thereof, be and are hereby adopted as the existing building code of the village, subject to the local amendments set forth herein. The 2015 International Existing Building Code is hereby amended as follows: Section Title is hereby amended by replacing [NAME OF JURISDICTION] with the Village of Montgomery. Section Conflicts with Stormwater Management shall be added to read as follows: Where any conflict between provisions of this code and the Kane County Stormwater Ordinance occur, the provisions of the Kane County Stormwater ordinance shall be applied.

29 Section Work exempt from permit is hereby amended by deleting numbers 1, 5, and 6 in their entirety. Section Placement of permit is hereby amended by deleting the section in its entirety and replacing with the following: The building permit placard shall be posted on the site of the work and be visible from the street until such time as a certificate of occupancy permit has been issued, or a final inspection has been performed and approved. Section General is hereby amended by deleting the section in its entirety and replacing with the following: In order to hear and decide appeals of orders, decisions or determinations made by the Chief Code Official relative to the application and interpretation of this code, there shall be and is hereby created a board of appeals. The Village of Montgomery Village Board shall be the board of appeals. The building official shall be an ex-officio member of said board but shall have no vote on any matter before the board. The board of appeals shall be appointed by the governing body and shall hold office at its pleasure. Section Qualifications shall be deleted in its entirety. Section Additional Codes is hereby amended by replacing International Plumbing Code with the provisions of the Illinois Plumbing Code shall govern the erection, installation, alteration, repairs, relocations, replacement, addition to, use or maintenance of pluming equipment and systems. International Private Sewage Disposal Code shall be deleted in its entirety. Section Materials is hereby amended by replacing International Pluming Code with State of Illinois Pluming Code. Section Minimum Fixtures is hereby amended by replacing all references to International Plumbing Code with State of Illinois Plumbing Code. Section 1010 Plumbing is hereby amended by replacing International Plumbing Code with State of Illinois Plumbing Code. Section Applicability is hereby amended by replacing [DATE TO BE INSERTED BY JURISDICTION. Note: it is recommended that this date coincide with the effective dates of building codes within the jurisdiction] with February 25, SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed. SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance.

30 EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this 25 th day of February, Matthew Brolley President of the Board of Trustees of the Village of Montgomery ATTEST: Penny FitzPatrick Village Clerk of the Village of Montgomery Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley

31

32 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X_ Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1845 Adopting Certain National Codes and Amending Section 6-13 of the Village Code (2015 International Residential Code) Submitted By: Laura M. Julien Background/Policy Implications: Attached is a code update adopting the more recent 2015 version of the International Residential Code. Please note that, as always, such codes are locally amended by the Village to address certain Village-specific requirements. Each of these amendments is contained within the ordinance. Describe Fiscal Impact/Budget Account Number and Cost: N/A Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

33 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-13 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL RESIDENTIAL CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS 25 TH DAY OF FEBRUARY, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS 25 TH DAY OF FEBRUARY, 2019.

34 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-13 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL RESIDENTIAL CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS BE IT ORDAINED by the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois as follows: WHEREAS; the Village of Montgomery ( Village ) is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and accordingly, acts pursuant to those powers granted to it under 65 ILCS 5/1-1 et seq., and, WHEREAS; the Board of Trustees of the Village of Montgomery ( Village Board ) finds that the best interest of the Village and the health and welfare of its residents are best served by regulating the construction and maintenance of residential structures within the Village; and, NOW THEREFORE BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: TEXT AMENDMENT That Chapter 6, Section 6-13 of the Village Code shall be amended to read as follows: Sec Residential Code Adopted. That certain document, one copy of which is on file in the Village Clerk s Office, being marked and designated as the 2015 International Residential Code, and all future editions thereof, shall be and is hereby adopted as the Residential Code of the Village of Montgomery, subject to the local amendments set forth herein. The 2015 International Residential Code is hereby amended as follows: Section R101.1 Title is hereby amended by replacing [NAME OF JURISDICTION] with the Village of Montgomery. Section R102.4 Referenced codes and standards is hereby amended by adding the following sentence: All references to the International Plumbing Code shall be deemed to mean the State of Illinois Plumbing Code.

35 Section R105.2 Work exempt from permit is hereby amended by entirely deleting items numbered Building: 1, 2, 3, 4, 5, 9 and 10. Section R Public service agencies shall be deleted in its entirety. Section R105.7 Placement of permit shall be deleted in its entirety and replaced with The building permit placard shall be posted on the site of the work and be visible from the street until such time as a certificate of occupancy permit has been issued, or a final inspection has been performed and approved. Section R Foundation inspection. Delete from the last sentence the wording and special requirements for wood foundations. Section is hereby amended by adding the following section: Survey. Upon completion of the foundation walls and any structural elements which are necessarily part of the construction of the foundation walls, and before proceeding with further construction, the applicant shall file a survey prepared, signed, and sealed by an Illinois professional land surveyor, showing the location of the structure and the elevation of the top of the foundation walls at all four corners, or the average top of foundation for which a permit has been issued. At completion of the project an As-Built survey shall be submitted, signed, and sealed by an Illinois licensed engineer for approval. Section R112.1 General shall be deleted in its entirety and and replaced with: In order to hear and decide appeals of orders, decisions or determinations made by the Chief Code Official relative to the application and interpretation of this code, there shall be and is hereby created a board of appeals. The Village of Montgomery Board shall be the board of appeals. The building official shall be an ex-officio member of said board but shall have no vote on any matter before the board. The board of appeals shall be appointed by the governing body and shall hold office at its pleasure. Section R112.3 Qualifications is hereby amended by deleting the entire section. GROUND SNOW LOAD SPEED (MPH) WIND DESIGN TOPOGRAPHIC EFFECTS SPECIAL WIND REGIONS WIND- BORNE DEBRIS ZONE SEISMIC DESIGN CATEGORY SUBJECT TO DAMAGE FROM FROST WEATHERING LINE TERMITE DEPTH NO NO NO B SEVERE 42 WINTER DESIGN TEMP MODERATE TO HEAVY -4 YES ICE BARRIER UNDER- LAYMENT REGUIRED FLOOD HAZARDS LOCAL/ COUNTY ORDINANCE AIR FREEZING INDEX MEAN ANNUAL TEMP Section R Floodplain construction is hereby amended by adding the following: the Kane County Storm Water Ordinance, FEMA, Village of Montgomery Flood Plain Ordinance, and all applicable federal, state, and locally adopted flood plain ordinances. Section R302.2 Townhomes is hereby amended by replacing Common walls separating townhouses shall be assigned a fire-resistance rating in accordance with Section R302.2, Item 1 or 2 with Common walls separating townhouses shall be not less than 2-hour fire-resistance-rated

36 wall assembly tested in accordance with ASTM E 119 or UL 263 and entirely deleting Items 1 and 2. Section R302.3 Two-family dwellings is hereby amended by replacing 1-hour fire-resistance rating with 2-hour fire-resistance rating and deleting exceptions 1 and 2 in their entirety. Section R302.6 Dwelling-garage fire separation is hereby amended by deleting The wall separation provisions of Table R702.6 shall not apply to garage walls that are perpendicular to the adjacent dwelling unit wall and adding the following sentence: All gypsum board applied to the garage side shall be taped with a minimum one coat of approved joint tape and compound. Table R302.6 Dwelling-Garage Separation is hereby amended by replacing all references to 1/2 inch gypsum board with 5/8 inch type X gypsum board and replacing 3 feet with 10 feet. Section R303.3 Bathrooms is hereby amended by entirely deleting the exception and replacing with Exception: The glazed area shall not be required where artificial light and mechanical ventilation systems are provided. The minimum ventilation rates shall be 50 cfm for intermittent ventilation of 20 cfm for continuous ventilation. Ventilation air from the space shall be exhausted directly to the exterior of the structure by means of either the soffit area with an approved connection to the soffit or through the roof with an insulated (R-3) duct and approved roof fitting. Section R309.5 Fire Sprinklers shall be deleted in its entirety. Section R Window sill height is hereby amended by adding the following sentence: All emergency escape and rescue windows provided as a means of egress from a basement or a basement bedroom shall have a sill height of not more than 36 inches above the floor. Section R Ladder and steps is hereby amended by replacing 44 inches with 36 inches. Section R212 Automatic fire sprinkler system shall be deleted in its entirety. Section R314.1 General is hereby amended by adding and the Illinois Smoke Detector Act (425 ILCS 60/). Section R315.1 General is hereby amended by adding and the Illinois Carbon Monoxide Alarm Detector Act (430 ILCS 135/). Section R322.1 General is hereby amended by adding the following: the Kane County Storm Water Ordinance, FEMA, Village of Montgomery Flood Plain Ordinance, and all applicable federal, state, and locally adopted flood plain ordinances. Section R326 Swimming pools, spas, and hot tubs shall be deleted in its entirety. Section R401.1 Application shall be deleted in its entirety and replaced with: The provisions of this chapter shall control the design and construction of the foundation and foundation spaces of all buildings and structures. Wood foundations are prohibited. Section R402.1 Wood foundations and all subsections shall be deleted in their entirety.

37 Section R403.1 General is hereby amended by deleting the words wood foundations in the first sentence. Section R403.2 Footings for wood foundations shall be deleted in its entirety. Section R404.2 Wood foundation walls and all subsections shall be deleted in their entirety. Table R Plywood grade and thickness for wood foundation construction shall be deleted in its entirety. Section R405.1 Foundation drainage is hereby amended by deleting the exception. Section R405.2 Wood foundations and all subsections shall be deleted in their entirety. Section R406.3 Dampproofing for wood foundations and all subsections shall be deleted in their entirety. Section R408 Under-floor space is hereby amended by adding the following subsection: R408.8 Crawl space floor. In all crawl space areas, a minimum of a 2-inch thick slush coat of poured concrete shall be installed over a minimum of 4-inches of stone in the crawl space, with a minimum of a six (6) mil thick polyethylene film moisture barrier with all joints lapped a minimum of 6-inches. Section 504 Pressure preserved treated wood floors (on ground) shall be deleted in its entirety. Section R506.1 General is hereby amended by replacing 3.5 inches with 4 inches and adding the following sentence: Concrete slab on-ground floors for garage floors shall include a minimum of 6x6-10x10 welded wire fabric embedded in the mid cross section of the slab or fiber mesh reinforcing. Chapter 11 Energy efficiency shall be deleted in its entirety and replaced with: The Energy Conservation Code most currently adopted by the State of Illinois and any adopted Village of Montgomery amendments. Part VIII Electrical shall be deleted in its entirety and replaced with: Reference Chapter 7, Section 7-1 of the Village of Montgomery Code of Ordinances for specific electrical codes. Chapters 25 through 32 Plumbing shall be deleted in their entirety and replaced with The Plumbing Code most currently adopted by the State of Illinois and any adopted Village of Montgomery amendments. (Ord. No. 947, 4, ; Ord. No. 1285, 1, ; Ord. No. 1479, 6, ) SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed.

38 SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance. EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this 25 th day of February, Matthew Brolley President of the Board of Trustees of the Village of Montgomery ATTEST: Penny FitzPatrick Village Clerk of the Village of Montgomery Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley

39 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X_ Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1846 Adopting Certain National Codes and Amending Section 6-15 of the Village Code (2015 International Fuel Gas Code) Submitted By: Laura M. Julien Background/Policy Implications: Attached is a code update adopting the more recent 2015 version of the International Fuel Gas Code. Please note that, as always, such codes are locally amended by the Village to address certain Village-specific requirements. Each of these amendments is contained within the ordinance. Describe Fiscal Impact/Budget Account Number and Cost: N/A Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

40 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-15 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL FUEL GAS CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS DAY OF FEBRUARY, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS DAY OF FEBRUARY, 2019.

41 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-15 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL FUEL GAS CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS BE IT ORDAINED by the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois as follows: WHEREAS; the Village of Montgomery ( Village ) is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and accordingly, acts pursuant to those powers granted to it under 65 ILCS 5/1-1 et seq., and, WHEREAS; the Board of Trustees of the Village of Montgomery ( Village Board ) finds that the best interest of the Village and the health and welfare of its residents are best served by regulating the design and installation of fuel gas systems and appliances within the Village; and, NOW THEREFORE BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: TEXT AMENDMENT That Chapter 6, Section 6-15 of the Village Code shall be amended to read as follows: Fuel Gas Code Adopted. That certain document, one copy of which is on file in the Village Clerk's office, being marked and designated as the 2015 International Fuel Gas Code, and all future additions thereof, be and is hereby adopted as the fuel gas code of the Village, subject to the local amendments set forth herein. Any and all reference to the plumbing code or codes shall mean the State of Illinois Plumbing Code. The State of Illinois Plumbing Code is the only Code that takes precedent. The 2015 International Fuel Gas Code shall hereby be amended as follows: Section Title is hereby amended by replacing, [NAME OF JURISDICTION] with, the Village of Montgomery.

42 Section Referenced codes and standards is hereby amended by adding the following sentence: All references to the International Plumbing code shall be deemed to mean the Illinois Plumbing Code. Section Appointment is hereby amended by replacing, The Code Official shall be appointed by the chief appointing authority of the jurisdiction. with The Director of Community Development or their designee shall serve as the Code Official for the Village of Montgomery. Section Fee Schedule is hereby amended by replacing: [JURSIDICTION TO INSERT APPROPRIATE SCHEDULE] with, Fees shall be determined by the Montgomery Village Ordinance and may be amended from time to time. Section Violation Penalties shall be deleted in its entirety and replaced with The fines shall be established by the Montgomery Village ordinance fee schedule. Section Membership of board and all subsections shall be deleted in their entirety and replaced with The Boards of Appeals shall consist of the Montgomery Village Board. Section Prohibited locations is hereby amended by adding the following subsection: Residential occupancies Units designed to condition habitable spaces of the homes shall not be located in a garage, except as permitted by section exception #3. Section Copper and copper alloy shall be deleted in its entirety. Section Aluminum shall be deleted in its entirety. Section Metallic tubing shall be deleted in its entirety. (Ord. No. 1479, 7, ) SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed. SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance. EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this 25 th day of February, Matthew Brolley

43 President of the Board of Trustees of the Village of Montgomery ATTEST: Penny FitzPatrick Village Clerk of the Village of Montgomery Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley

44 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X_ Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1847 Adopting Certain National Codes and Amending Chapter 8 of the Village Code (2015 International Fire Code) Submitted By: Laura M. Julien Background/Policy Implications: Attached is a code update adopting the more recent 2015 version of the International Fire Code. Please note that, as always, such codes are locally amended by the Village to address certain Village-specific requirements. Each of these amendments is contained within the ordinance. Describe Fiscal Impact/Budget Account Number and Cost: N/A Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

45 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING CHAPTER 8 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL FIRE CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS DAY OF FEBRUARY, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS DAY OF FEBRUARY, 2019.

46 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING CHAPTER 8 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL FIRE CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS BE IT ORDAINED by the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois as follows: WHEREAS; the Village of Montgomery ( Village ) is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and accordingly, acts pursuant to those powers granted to it under 65 ILCS 5/1-1 et seq., and, WHEREAS; the Board of Trustees of the Village of Montgomery ( Village Board ) finds that the best interest of the Village and the health and welfare of the residents of the Village are best served by regulating fire protection standards within the Village; and, NOW THEREFORE BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: TEXT AMENDMENT That Chapter 8, Article 2, Division 2 Fire Prevention Code be amended to read as follows, with any provision not specifically modified herein ratified and to remain in full force and effect: Sec International Fire Code - Adopted. There is hereby adopted by the Village of Montgomery for the purpose of prescribing regulations governing conditions hazardous to life and property from fire or explosion, that certain code known as the 2015 International Fire Code, as published by the International Code Council, and the whole thereof, of which code one copy has been and is now filed in the office of the Village Clerk, and the same is hereby adopted and incorporated as fully as if set out at length herein, the provisions thereof shall be controlling within the limits of the Village, subject to the following local amendments. The 2015 International Fire Code is hereby amended as follows: Sec Alarm and sprinkler requirements. The provisions of the 2015 International Fire Code Adopted in Section 8-16 hereof, is hereby amended to provide the following requirements:

47 Alternative Protection shall be deleted in its entirety Group A-1 item #1 is amended to read as follows: The building exceeds 5,000 square feet Group A-1 item #2 is amended to read as follows: The building has an occupant load of 100 or more Group A-2 item #1 is amended to read as follows: The building exceeds 5,000 square feet Group A-2 item #2 is amended to read as follows: The building has an occupant load of 100 or more Group A-3 item #1 is amended to read as follows: The building exceeds 5,000 square feet Group A-3 item #2 is amended to read as follows: The building has an occupant load of 100 or more Group A-4 item #1 is amended to read as follows: The building exceeds 5,000 square feet Group A-4 item #2 is amended to read as follows: The building has an occupant load of 100 or more is hereby amended by adding a new subsection Group B An automatic sprinkler system shall be provided for group B occupancies where one of the following conditions exist: (1) the building exceeds 5,000 square feet; (2) the building has an occupant load of 100 or more; or (3) the building exceeds two stories in height Group E item #1 is amended to add the following: throughout all buildings which exceed 2,500 square feet Group F-1 is amended to read as follows: Group F-1 and F-2. An automatic sprinkler system shall be provided throughout all buildings containing Group F-1 or F-2 occupancy where one of the following exists: (1) the building exceeds 5,000 square feet; (2) where a Group F-1 or F-2 fire area is located more than two stories above the lowest level of fire department access; or (3) where a Group F-1 occupancy used for the manufacture of upholstered furniture or mattresses exceeds 2,500 square feet Group I exemptions shall be deleted in their entirety Group M item #1 is amended to add the following: where the building exceeds 5,000 square feet Group M item #2 is amended to add the following: where a Group M fire area is located more than two stories above the lowest level of fire department access Group M item #3 shall be deleted in its entirety.

48 Group S-1 is amended to read as follows: Group S-1 or S-2. An automatic sprinkler system shall be provided throughout all buildings containing Group S-1 or S-2 occupancies where one of the following conditions exist: (1) the building exceeds 5,000 square feet; (2) where a Group S-1 or S-2 fire area is located more than two stories above the lowest level of fire department access; (3) A Group S-1 or S-2 building used for the storage of commercial motor vehicles which exceeds 5,000 square feet; or, (4) a Group S-1 or S-2 occupancy used for the storage of upholstered furniture or mattresses which exceeds 2,500 square feet Repair garages items #1, 2, and 3 are amended to read as follows: (1) buildings with a fire area containing a repair garage exceeding 5,000 square feet; (2) buildings with repair garages servicing vehicles parked in basements; (3) a group S-1 or S-2 fire area used for the repair of commercial motor vehicles where the fire area exceeds 5,000 square feet Group S-2 exceptions shall be deleted in their entirety is amended to add the following section: Group U: An automatic sprinkler system shall be provided throughout buildings containing a Group U occupancy where the following conditions exist: (1) where the building exceeds 5,000 square feet Exempt location: delete item #3 and # Sprinkler system supervision and alarms exceptions and items #3 through #7 shall be deleted in their entirety Required installations exceptions shall be deleted in their entirety Height is amended to read as follows: Class III standpipe systems shall be installed throughout buildings where the floor level of the highest story is 3 stories with corridors more than 25 feet and all buildings which are 4 or more stories in height, including penthouses is amended to add the following section: Standpipe connections where required. Additional standpipe connections shall cover all areas of the building with 100 feet of a hose and 30-foot spray of water Where required new building and structures is amended to read as follows: An approved manual and automatic fire alarm system, installed in accordance with the provisions of this code and NFPA 72, shall be provided in any new building or any addition to an existing building where the aggregate square footage of the building exceeds the following: (1) all buildings or additions 2,000 square feet and over; (2) all buildings which have a sprinkler system or automatic suppression system; (3) when required, both the new addition and the existing building shall have an automatic and manual fire alarm system; (4) exception: one and two family dwellings under the International Residence Code is amended to add the following:

49 Attached single family. An automatic fire alarm and detection system shall be installed in accordance with NFPA 72 and section as amended, in multiple single-family dwellings (townhouses) if the building contains three or more units. Sec Miscellaneous The provisions of the 2015 International Fire Code are hereby amended to add the following requirements: (a) The Board of Trustees shall be the Board of Appeals (b) A keyed lockbox shall be required for all buildings, with the exception of single-family residential buildings. Sec Enforcement The code hereby adopted shall be enforced by the Village, however, the village may by intergovernmental agreement, delegate this duty to the fire protection district in which the property affected is located. All persons should be advised that the Village is serviced by five separate fire protection districts and depending on the location of the subject property, there may be varying rules and regulations due to these varying entities. Sec Modifications. The Director of Community Development shall have power to modify any of the provisions of the code hereby adopted upon application in writing by the owner or lessee, or his duly authorized agent, when there are practical difficulties in the way of carrying out the strict letter of the code, provided that the spirit of the code shall be observed, public safety secured, and substantial justice done. The particulars of such modification when granted or allowed and the decision of the Director of Community Development thereon shall be entered upon the records of the village and a signed copy shall be furnished the applicant. The Director of Community Development may confer with the fire protection district in which the property affected is located as to their interpretation and opinion as to the appropriateness of any request. Sec Appeals The provisions of the 2015 International Fire Code adopted in section 8-16 hereof, is hereby amended to provide the following requirements: Section 108, Board of Appeals, shall read as follows: Board of appeals established: Membership of the Board: The Village Board of the Village of Montgomery shall serve as the Board of Appeals of any violations found by the code official Qualifications shall be deleted in its entirety.

50 SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed. SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance. EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this day of, Matthew Brolley President of the Board of Trustees of the Village of Montgomery ATTEST: Penny FitzPatrick Village Clerk of the Village of Montgomery Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley

51 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X_ Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1848 Adopting Certain National Codes and Amending Section 6-3 of the Village Code (2015 International Mechanical Code) Submitted By: Laura M. Julien Background/Policy Implications: Attached is a code update adopting the more recent 2015 version of the International Mechanical Code. Please note that, as always, such codes are locally amended by the Village to address certain Village-specific requirements. Each of these amendments is contained within the ordinance. Describe Fiscal Impact/Budget Account Number and Cost: N/A Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

52 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-3 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL MECHANICAL CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS 25 TH DAY OF FEBRUARY, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS 25 TH DAY OF FEBRUARY, 2019.

53 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE ADOPTING CERTAIN NATIONAL CODES AND AMENDING SECTION 6-3 OF THE VILLAGE OF MONTGOMERY CODE OF ORDINANCES (2015 INTERNATIONAL MECHANICAL CODE) VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS BE IT ORDAINED by the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois as follows: WHEREAS; the Village of Montgomery ( Village ) is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and accordingly, acts pursuant to those powers granted to it under 65 ILCS 5/1-1 et seq., and, WHEREAS; the Board of Trustees of the Village of Montgomery ( Village Board ) finds that the best interest of the Village and the health and welfare of its residents are best served by regulating certain mechanical systems within the Village; and, NOW THEREFORE BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: TEXT AMENDMENT That Section 6-3 of the Village Code shall be amended to read as follows: Sec. 6-3 Mechanical Code Adopted. Those certain documents, one copy of which is on file in the Village Clerk's office, being marked and designated as the 2015 International Mechanical Code, and all future editions thereof, be and are hereby adopted as the mechanical code of the village, subject to the local amendments set forth herein. The 2015 International Mechanical Code is hereby amended as follows: Section Title is hereby amended by replacing, [NAME OF JURISDICTION] with the Village of Montgomery. Section Referenced codes and standards is hereby amended by adding the following sentence: All references to the International Plumbing code shall be deemed to mean the Illinois Plumbing Code.

54 Section Appointment is hereby amended by replacing, The Code Official shall be appointed by the chief appointing authority of the jurisdiction. with, The Director of Community Development or their designee shall serve as the Code Official for the Village of Montgomery. Section Fee Schedule is hereby amended by replacing: [JURSIDICTION TO INSERT APPROPRIATE SCHEDULE] with, Fees shall be determined by the Montgomery Village Ordinance and may be amended from time to time. Section Violation Penalties is hereby amended by entirely deleting and replacing with The fines shall be established by the Montgomery Village ordinance fee schedule. Section Membership of board and all subsections are hereby entirely deleting and replacing with The Boards of Appeals shall consist of the Montgomery Village Board. Section Prohibited locations is hereby amended by adding the following subsection: Residential occupancies Units designed to condition habitable spaces of the homes shall not be located in a garage, except as permitted by section exception #3. (Ord. No. 394, ; Ord. No. 486, ; Ord. No. 990, 3, ; Ord. No.1285, 1, ) SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed. SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance. EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this 25 th day of February, Matthew Brolley President of the Board of Trustees of the Village of Montgomery ATTEST: Penny FitzPatrick Village Clerk of the Village of Montgomery

55 Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley

56 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA Resolution or Ordinance (Blue) X Recommendation of Boards, Commissions & Committees (Green) Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date: February 21, 2019 B of T Date: February 25, 2019 Subject: Ordinance 1840 Granting a Special Use for Outdoor Storage (Lumberman s Wholesale Inc Industrial Drive) Submitted By: Laura M. Julien, Village Attorney Background/Policy Implications: The attached ordinance grants a special use for the outdoor storage of palleted construction materials at 1717 Industrial Drive. Further details regarding the request can be found in Plan Commission Advisory Report PC Describe Fiscal Impact/Budget Account Number and Cost: Review: Village Administrator: Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

57 VILLAGE OF MONTGOMERY ORDINANCE NO AN ORDINANCE GRANTING A SPECIAL USE IN THE VILLAGE OF MONTGOMERY KANE AND KENDALL COUNTIES, ILLINOIS (LUMBERMAN S WHOLESALE INC INDUSTRIAL DRIVE) PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS THIS 25 TH DAY OF FEBRUARY, PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MONTGOMERY, KANE AND KENDALL COUNTIES, ILLINOIS, THIS 25 TH DAY OF FEBRUARY, 2019.

58 ORDINANCE NO AN ORDINANCE GRANTING A SPECIAL USE IN THE VILLAGE OF MONTGOMERY KANE AND KENDALL COUNTIES, ILLINOIS (LUMBERMAN S WHOLESALE INC INDUSTRIAL DRIVE) BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties County, Illinois as follows: WHEREAS, the Village of Montgomery is not a home rule municipality within Article VII, Section 6A of the 1970 Constitution of the State of Illinois, and therefore, acts pursuant to those powers granted to it under 65 ILCS 5/1-1 et seq.; and, WHEREAS, the property described in Section One and Exhibit A of this Ordinance, commonly known as 1717 Industrial Drive ( Property ), is situated within the boundaries of the Village of Montgomery and presently zoned M-1 (Limited Manufacturing District); and, WHEREAS, it is sought by the Petitioner to be granted a special use for outdoor storage on said Property; and, WHEREAS, all hearings required to be held before agencies of the Village took place pursuant to proper legal notice including publication. NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: SECTION ONE: SPECIAL USE GRANTED (a) Special Uses The Property legally described on the attached Exhibit A, commonly known as 1717 Industrial Drive (hereby incorporated by reference) is granted the following special use: (1) Special Use for Outdoor Storage: Petitioner is hereby granted a special use for the outdoor storage of palleted construction materials in substantial accordance with the attached Exhibit B. (b) Conditions: The above-cited special uses are granted upon the following conditions and restrictions pursuant to Sections 14.09(1-9) of the Village of Montgomery Zoning Ordinance: Page 2 of 8

59 (1) The development of the site shall be in substantial conformance with Exhibit B, except with such deviations as are approved by Village staff in the finalization of the plans. (2) The use may not be expanded or changed, without prior Village approval pursuant to Section 14.09(1-9). (3) Said special use is conditioned upon continued compliance with all Village ordinances and regulations, including the Village Zoning Ordinance. Petitioner acknowledges that any request for Variation shall require separate action by the Village Board. (4) Petitioner, and/or owner of record of the property in question (and their heirs assigns, lessees, etc.), by applying for this special use, agrees to be bound by all the terms of this Ordinance and waives any claims of vested rights, reliance or other defenses, of any type or character, to defend against a revocation of said special use based on any violation of the above provisions. The provisions of this special use shall be binding on the heirs, successors and/or assigns of the Petitioner and/or owners of record of the parcel described in Exhibit A hereof. (5) This special use shall expire if not commenced by owners within one (1) year of the date of passage of this Ordinance. (6) That in the event that the use of the property for outdoor storage ceases active operation for a period of more than six (6) months, said use will be conclusively deemed abandoned, and may not be reinstated or continued without prior Village approval pursuant to Section 14.09(1-9). (c) Standards: The Village further conditions the special use on the following standards: (1) Additional landscaping be installed to screen the proposed fence. The landscaping shall be in the form of evergreen trees and scrubs that are to be placed in close proximity to the fence as to not impair the vision of drivers at the intersection of Industrial Drive and Crescent Lake Drive. (2) At the time that the outdoor storage ceases to be utilized for a period of six (6) months, the use shall be deemed to be abandoned in accordance with section (b)(6) herein and the fence shall be required to be removed. (3) The fence shall be located outside of the setback along Industrial Drive and be constructed to the following standards: Six (6) foot tall Black vinyl coated Page 3 of 8

60 Privacy slats Barb wire is prohibited (d) Findings of Fact: That the Board of Trustees finds the necessary factors for a grant of a special use herein have been met as follows with respect to each of Petitioner s requests: (1) The establishment, maintenance, or operation of the special use will not be detrimental to endanger the public health, safety, comfort, or general welfare. (2) The special use will not be injurious to the use and enjoyment of the property in the immediate vicinity for the purposes already permitted, not substantially diminish or impair property values within the neighborhood. (3) That the establishment of the special use will not impede the normal and orderly development and improvement of the surrounding property for uses permitted in the district. (4) That adequate utilities, access roads, drainage, and/or necessary facilities have been, or are being, provided. (5) That adequate measures have been, or will be, taken to provide ingress and egress so designed to minimize traffic congestion in public streets. (6) That the special use shall, in all other respects, conform to the applicable regulations of the district in which It is located, except as such regulations may, in each instance, be modified by the Village Board pursuant to the recommendations of the Plan Commission. The Zoning Ordinance of the Village of Montgomery, Kane and Kendall Counties, Illinois is hereby amended to provide for said special use on said Property and the clerk is directed to amend the zoning map of the Village of Montgomery to reflect this amendment. SECTION TWO: GENERAL PROVISIONS REPEALER: All ordinances or portions thereof in conflict with this Ordinance are hereby repealed. SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Ordinance. EFFECTIVE DATE: This Ordinance shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. Page 4 of 8

61 PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois this 25 th day of February, Matthew Brolley, President of the Board of Trustees of the Village of Montgomery ATTEST: Penny Fitzpatrick, Clerk of the Village of Montgomery Aye Nay Absent Abstain Trustee Stan Bond Trustee Pete Heinz Trustee Steve Jungermann Trustee Denny Lee Trustee Doug Marecek Trustee Theresa Sperling Village President Matthew Brolley Page 5 of 8

62 LIST OF EXHIBITS Exhibit A: Exhibit B: Legal Description of Property Site Plan Page 6 of 8

63 Legal Description Montgomery Business Park: UNIT 2 LOT 9 Page 7 of 8

64 Page 8 of 8

65 EXHIBIT B

66 REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) _ Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date: February 21, 2019 B of T Date: February 25, 2019 Subject: Resolution Adopting an Investment Policy Submitted By: Justin VanVooren, Director of Finance Background/Policy Implications: The Village currently uses PMA to invest a portion of our portfolio. PMA currently uses a money market at Harris Bank to hold our funds. However, PMA will discontinue using Harris during 2019 and has established an investment pool (iprime) to hold our funds in the future. Therefore, the Village will need to update its list of Authorized Financial Institutions to add iprime as an authorized Local Government Investment Pool. In addition, the Village will need to approve execution of the iprime Declaration of Trust. Please note the Village s investment policy was last updated in February The Village of Montgomery Investment Policy is attached and incorporated into Resolution Describe Fiscal Impact/Budget Account Number and Cost: None. Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

67 RESOLUTION NO RESOLUTION OF THE VILLAGE OF MONTGOMERY, ILLINOIS ADOPTING AN INVESTMENT POLICY WHEREAS, the Village of Montgomery s ( Village ) investment program shall comply at all times with the Illinois Public Funds Investment Act (30 ILCS 235); and WHEREAS, the Village is required to adopt a written Investment Policy (30 ILCS 235/2.5(a)); and WHEREAS, the Village is required to identify the chief investment officer (30 ILCS 235/2.5(a)(7)); and WHEREAS, the Village is required by the Illinois Municipal Code to maintain a list of authorized financial institutions (65 ILCS 5/ ); and WHEREAS, the Village will regularly review existing policies and establish additional policies to promote fiscal responsibility and the efficient transaction of Village business; and WHEREAS, the Village is an Illinois municipal corporation and a non-home rule unit of government under the Illinois Constitution, Article VII, Section 7, and accordingly, is a public body subject to these provisions; and WHEREAS, the Village Board finds it in the best interest of the citizens to establish policies to ensure the financial stability of the Village. NOW, THEREFORE, BE IT RESOLVED by the Village President and the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: Section One: Incorporation of Preambles The Board hereby finds that all of the recitals contained in the preambles to this Resolution are full, true and correct and does incorporate them into this Resolution by this reference. Section Two: The Investment Policy attached as Exhibit A to this resolution, incorporated herein by reference, is hereby adopted. Section Three: General Provisions REPEALER: All ordinances, resolutions, policies, or portions thereof in conflict with this resolution are hereby repealed.

68 SEVERABILITY: Should any provision of this Resolution be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Resolution. EFFECTIVE DATE: This Resolution shall be in full force and effect from and after its approval, passage and publication in pamphlet form as provided by law. PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, this 25th day of February, Matthew Brolley President of the Board of Trustees of the Village of Montgomery ATTEST: Penny Fitzpatrick Clerk of the Village of Montgomery AYES: NAYS: ABSENT:

69 Village of Montgomery Investment Policy I. Purpose The purpose of this investment policy is to formalize the framework for the Village of Montgomery, Illinois investment activities. This policy applies to all of the Village s financial assets and is intended to be broad enough to allow the Village to function properly within the parameters of responsibility and authority, while adequately safeguarding such assets. All transactions involving the Village s financial assets, and related activity, shall be administered and conducted in accordance with this Policy. II. Responsibility A. Governing Body: The Board will retain ultimate fiduciary responsibility for the portfolio. The Board will receive monthly reports, designate investment officers, and approve changes to the investment policy. B. Investment officer: Authority to manage the investment program is granted to the Director of Finance, hereinafter referred to as investment officer as designated by 30 ILCS 235/2.5(a)(7). Management responsibility for the operation of the investment program is hereby delegated to the Director of Finance, with the advice and consent of the Village Administrator, who shall act in accordance with established written procedures and internal controls for the operation of the investment program consistent with this policy. III. Scope This policy applies to the investment activities of the Village with regard to the financial assets of all funds, with the following exceptions: A. The Village of Montgomery Police Pension Fund is governed by the Montgomery Police Pension Board and has a separate investment policy. B. Funds set aside to decrease Village debt in conjunction with a refunding agreement will be invested in accordance with appropriate bond documents and not necessarily in compliance with this policy. C. Should bond covenants be more restrictive than this policy, funds will be invested in full compliance with those restrictions. The following funds are accounted for in the Village s Comprehensive Annual Financial Report and are covered under this policy: General Fund Special Revenue Funds Debt Service Funds Capital Project Funds Enterprise Funds Agency Funds Any new fund created, unless specifically exempted above 1

70 Village of Montgomery Investment Policy III. Scope (Continued) Except for cash and investments in certain restricted and special funds, the Village commingles its cash and investments to maximize investment earnings and to increase efficiencies with regard to pricing, safekeeping, and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with accounting principles generally accepted in the United States of America. IV. General objectives The primary objectives, in order of priority, of all investment activities involving the financial assets of the Village shall be: A. Safety: Safety shall be the foremost objective of this policy and refers to the preservation of capital and protection of investment principal. Village investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the Village s overall portfolio by mitigating credit and interest rate risk. 1. Credit risk: Credit risk is the risk that an issuer of a debt security will not pay its par value upon maturity. The goal will be to minimize credit risk by: Limiting investments to the types of securities identified in Article VII, Section A of this policy; and Diversifying the portfolio in accordance with Article VII, Section B of this policy, so that potential losses on individual securities will be minimized. Diversification reduces the risk that potential losses on individual securities might exceed the income generated from the remainder of the portfolio. 2. Interest rate risk: Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The goal will be to minimize interest rate risk by: Structuring the portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity; and Investing operating funds primarily in shorter-term securities, money markets, or similar investment pools. B. Liquidity: The portfolio shall maintain sufficient liquidity to enable the Village to meet all operating requirements and expected liabilities which may be reasonably anticipated in any Village fund. C. Return: The portfolio shall be designed to obtain a reasonable return, which for the purposes of this policy means the portfolio should obtain a market-average rate of return in accordance with Article VIII, Section B of this Policy, taking into account the Village s investment risk constraints and cash flow needs of the Village s funds. 2

71 Village of Montgomery Investment Policy V. Standards of care A. Prudence: The standard of prudence to be used by investment officials shall be the prudent person standard and shall be applied in the context of managing an overall portfolio. Investments and deposits of public funds shall be made with judgment and care under the circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. Village officers and employees acting in accordance with this policy, and any other written procedures, and exercising due diligence shall be relieved of personal liability for an individual security s credit risk or market changes, provided that officers and employees report deviations from expectations in a timely fashion and take appropriate action to control adverse developments. B. Maintaining the public trust: All participants in the investment process shall seek to act responsibly as custodians of the public trust and shall avoid any transaction that might impair public confidence in the Village. C. Ethics and conflicts of interest: Officers and employees of the Village who are involved in the investment process shall refrain from personal business activity that could conflict with proper execution and management of the investment program, or which could impair their ability to make impartial investment decisions. Employees and investment officials shall disclose to the Board any material interests in financial institutions with which they conduct business. They shall further disclose any material personal financial or investment positions that could be related to the performance of the portfolio. Employees and officers shall subordinate their personal investment transactions to those of the Village, particularly with regard to the timing of purchases and sales. VI. Safekeeping and custody A. Authorized financial institutions Financial institutions may include depositories, investment advisors, broker/dealers, and local government investment pools as authorized in this Policy. Financial institutions who desire to become qualified for transactions must provide certification of having read and understood this Policy, agree to comply with this Policy, and ensure all investments proposed for purchase will conform to this Policy and applicable State statutes. Selection of financial institutions authorized to engage in transactions with the Village shall be at the sole discretion of the Village. Financial institutions will be selected based on financial condition, proper registration, level of service, experience with Illinois municipalities, and competitive pricing. All depositories shall be insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) and may consist of banks, savings and loan associations, and credit unions. All financial institutions who desire to become designated depositories must supply the following (as appropriate): Audited financial statements Proof of state registration Evidence of adequate insurance coverage 3

72 Village of Montgomery Investment Policy VI. Safekeeping and custody (Continued) A. Authorized financial institutions (Continued) All investment advisors shall be registered under the Investment Advisors Act of All financial institutions who desire to become designated investment advisors must supply the following (as appropriate): Audited financial statements Securities and Exchange Commission (SEC) Form ADV Parts 1 and 2 Proof of state or SEC registration as appropriate Evidence of adequate insurance coverage All broker/dealers shall be insured by the Securities Investor Protection Corporation (SIPC). All financial institutions who desire to become designated broker/dealers must supply the following (as appropriate): Audited financial statements Proof of Financial Industry Regulatory Authority (FINRA) certification Proof of state registration Evidence of adequate insurance coverage A periodic review of the financial condition and registration of all designated financial institutions will be conducted by the Director of Finance, or his or her designee. Any financial institution selected by the Village of Montgomery may be requested to provide cash management services, including but not limited to: checking accounts, wire transfers, purchase and sale of investment securities and safekeeping services. Fees for banking services shall be mutually agreed to by an authorized representative of the financial institution and the Director of Finance of the Village. B. Collateralization The Village shall require that deposits in excess of Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Securities Investor Protection Corporation (SIPC) insurable limits in a single financial institution and investments not guaranteed by the United States of America or one of its agencies be secured by some form of collateral. To fulfill this requirement, every pledge of collateral must be documented by an approved written security and pledge agreement, executed by the financial institution contemporaneously with the acquisition of the pledged collateral by the financial institution. To the extent that there are funds in excess of FDIC, NCUA, and/or SIPC insurance protection, eligible collateral instruments are as follows: Bonds, notes, or other securities constituting direct and general obligations of the United States; Bonds, notes, or other securities constituting the direct and general obligation of any agency or instrumentality of the United States, the interest and principal of which is unconditionally guaranteed by the United States; 4

73 Village of Montgomery Investment Policy VI. Safekeeping and custody (Continued) B. Collateralization (Continued) Bonds, notes, or other securities or evidence of indebtedness constituting the obligation of a U.S. agency or instrumentality; Direct and general obligation bonds of the State of Illinois or of any other state of the United States; provided, however, the bonds shall be rated at the time of purchase within the 4 highest general classifications established by a rating service of nationally recognized expertise in rating bonds of states and their political subdivisions; Revenue bonds of the State of Illinois or any authority, board, commission, or similar agency thereof; provided, however, the bonds shall be rated at the time of purchase within the 4 highest general classifications established by a rating service of nationally recognized expertise in rating bonds of states and their political subdivisions; Direct and general obligation bonds of any city, town, county, school district, or other taxing body of any state, the debt service of which is payable from general ad valorem taxes; provided, however, the bonds shall be rated at the time of purchase within the 4 highest general classifications established by a rating service of nationally recognized expertise in rating bonds of states and their political subdivisions; Revenue bonds of any city, town, county, or school district of the State of Illinois; provided, however, the bonds shall be rated at the time of purchase within the 4 highest general classifications established by a rating service of nationally recognized expertise in rating bonds of states and their political subdivisions; The amount of collateral provided will not be less than 105% of the market value of the net amount of public funds secured. The ratio of fair market value of collateral to the amount of funds secured shall be reviewed monthly and additional collateral will be requested when the ratio declines below the level required. Third party safekeeping shall be required for all collateral, which may be held at the following locations: A Federal Reserve Bank or its branch office; or By an independent third party with whom the Village has a current custodial agreement, unless physical securities are involved. Safekeeping of collateral shall be documented by written agreement which may take the form of a safekeeping agreement, trust agreement, escrow agreement, or custody agreement. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the Village. Substitution or exchange of securities held for collateral shall not be done without prior written notice of the Village at least 10 days prior to any proposed substitutions and provided that the market value of the replacement collateral is equal or greater than the market value of the collateral being replaced. The Village must pre-approve all substitution and exchanges of collateral. 5

74 Village of Montgomery Investment Policy VI. Safekeeping and custody (Continued) C. Safekeeping All security transactions, including collateral for repurchase agreements, entered into by the Village shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held by a third-party custodian designated by the Director of Finance and evidenced by safekeeping receipts. VII. Investment portfolio A. Authorized investments The Village is empowered by statute to invest in the following: 1. Bonds, notes, certificates of indebtedness, treasury bills or other securities now or hereafter issued, which are guaranteed by the full faith and credit of the United States of America as to principal and interest; 2. Bonds, notes, debentures, or other similar obligations of the United States of America, its agencies, and its instrumentalities; 3. Interest-bearing savings accounts, interest-bearing certificates of deposit or interest-bearing time deposits or any other investments constituting direct obligations of any bank as defined by the Illinois Banking Act; provided, however, that such investments may be made only in banks which are insured by the Federal Deposit Insurance Corporation; 4. Short term obligations of corporations organized in the United States with assets exceeding $500,000,000 if (1) such obligations are rated at the time of purchase at one of the 3 highest classifications established by at least 2 standard rating services and which mature not later than 270 days from the date of purchase, (2) such purchases do not exceed 10% of the corporation s outstanding obligations and (3) no more than one-third of the Village s funds may be invested in short term obligations of corporations; 5. Money market mutual funds registered under the Investment Company Act of 1940, provided that the portfolio of any such money market mutual fund is limited to (1) bonds, notes, certificates of indebtedness, treasury bills or other securities now or hereafter issued, which are guaranteed by the full faith and credit of the United States of America as to principal and interest, (2) bonds, notes, debentures, or other similar obligations of the United States of America, or its agencies, and its instrumentalities, or (3) agreements to repurchase such obligations; 6

75 Village of Montgomery Investment Policy VII. Investment portfolio (Continued) A. Authorized investments (Continued) 6. Interest-bearing bonds of any county, township, city, village, incorporated town, municipal corporation, or school district, of the State of Illinois, of any other state, or of any political subdivision or agency of the State of Illinois or of any other state. The bonds shall be registered in the name of the municipality or held under a custodial agreement at a bank. The bonds shall be rated at the time of purchase within the 4 highest general classifications established by a rating service of nationally recognized expertise in rating bonds of states and their political subdivisions; 7. Short term discount obligations of the Federal National Mortgage Association; 8. Shares or other forms of securities legally issuable by State or Federal savings banks or savings and loan associations which are insured by the FDIC; 9. Dividend-bearing share accounts, share certificate accounts or class of share accounts of a credit union chartered under the laws of the State of Illinois or the laws of the United States; provided, however, the principal office of any such credit union must be located within the State of Illinois whose accounts of which are insured by applicable law; 10. A Public Treasurers Investment Pool created under Section 17 of the State Treasurer Act (Illinois Funds); 11. Illinois Metropolitan Investment Fund (IMET); 12. Illinois Trust (formerly Illinois Institutional Investors Trust), IIIT Class; 13. Interest-bearing bonds of the Village of Montgomery, Illinois. The bonds shall be registered in the name of the municipality, held under a custodial agreement at a bank, or held at the Village offices; 14. Savings accounts placed through a depository institution that has a main office or a branch office in Illinois and that contractually agrees to place the funds in federally insured depository institutions through the Insured Cash Sweep service (ICS). 15. Any other investment permitted by Illinois statute. B. Diversification It is the policy of the Village to diversify its portfolio. Investments shall be diversified to eliminate the risk of loss and balance the effect of interest rate changes on different types of securities. Investment shall be diversified by: Limiting investments to avoid over-concentration in securities from a specific issuer; 7

76 Village of Montgomery Investment Policy VII. Investment portfolio (Continued) B. Diversification (Continued) Investing in securities with varying maturities; Investing a portion of the portfolio in readily available funds such as bank cash management accounts, money market funds, Illinois Funds, or IMET Convenience Fund to ensure liquidity is maintained to meet ongoing obligations. With the exception of U.S. Treasury and U.S. agency securities, as well as Illinois Funds, IMET, and Illinois Trust no more than 90% of the Village of Montgomery s total investment portfolio will be invested in a single security type and no more than 50% of the Village of Montgomery s total investment portfolio will be invested with a single financial institution. C. Maturities In order to minimize the impact of market risk, it is intended that all investments will be held to maturity. Investments may be sold prior to maturity for cash flow purposes. However, no investment shall be made based solely on earnings anticipated from capital gains. To the extent possible, the Village of Montgomery will attempt to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the Village will not directly invest in securities maturing more than five (5) years from the date of purchase. D. Internal controls The Director of Finance shall establish a system of internal controls, which shall be documented in writing. The controls shall be designed to prevent the loss of public funds arising from fraud, employee error, and misrepresentation by third parties, unanticipated changes in financial markets, or imprudent action by officers and employees of the Village. VIII. Reporting A. Frequency and format Quarterly: The Director of Finance shall ensure that the portfolio is reviewed to determine its general performance and effectiveness in meeting the objectives. The Director of Finance shall submit a cash and investment report to the Board. Annually: The Comprehensive Annual Financial Report of the Village shall include all investment information and disclosures required by accounting principles generally accepted in the United States of America as promulgated by the Government Accounting Standards Board. VIII. Reporting (Continued) B. Performance standards 8

77 Village of Montgomery Investment Policy The portfolio will be managed in accordance with the parameters specified within this policy. The portfolio should obtain a market average rate of return during budgetary and economic cycles, taking into account the Village s investment risk constraints and cash flow needs. The Village s investment strategy is passive, which means securities are intended to be held to maturity. Given this strategy, the investment portfolio of the Village shall be designed with a target range between the average return of the 90-day U.S. Treasury Bill and the two-year U.S. Treasury Note. The investment program shall seek to augment returns above this level, consistent with risk limitations identified herein and prudent investment principles. IX. Amendment of policy The Director of Finance shall review this Policy from time to time and shall submit any modifications thereto to the Board for approval. In the event that any state or federal legislation or regulation should further restrict instruments, institutions or procedures authorized by this policy, such restrictions shall be deemed to be immediately incorporated in this policy. If new legislation or regulation should liberalize the permitted instruments, institutions or procedures, such changes shall be available and included in this Policy only after written notification to the Board and their subsequent approval of said changes. X. Legislation and documentation The Village s investment program shall comply at all times with the Illinois Public Funds Investment Act (30 ILCS 235/1 et seq.) and other state laws governing the investment of public funds, as amended from time to time. In the event of any conflict between this Policy and the Illinois Public Funds Investment Act and other state laws, the provisions of the Illinois Public Funds Investment Act and other state laws shall control. The Director of Finance will maintain a list and is hereby authorized to deposit Village monies, in accordance with 65 ILCS 5/ , in financial institutions as attached hereto as Appendix A. The Director of Finance shall review this list from time to time and shall submit any modifications thereto to the Board for approval. The Director of Finance shall be discharged from responsibility for all funds or money the Director of Finance deposits in a designated financial institution while the funds and money are so deposited. 9

78 Village of Montgomery Investment Policy Appendix A Village of Montgomery Listing of Authorized Financial Institutions List of Depositories Amalgamated Bank of Chicago Bank of Montgomery BMO Harris Bank Byline Bank First National of Nebraska (including its wholly owned banking subsidiaries) J.P. Morgan Chase Bank MB Financial Bank Old Second National Bank PMA Financial Network, Inc. (and any bank participating in their program) U.S. Bank Wintrust Financial Corporation (including its wholly owned banking subsidiaries) List of Investment Advisors PFM Asset Management LLC Prudent Man Advisors, Inc. List of Broker/Dealers Fifth Third Securities, Inc. First National Capital Markets J.P. Morgan Securities LLC PFM Fund Distributors, Inc. PMA Securities, Inc. List of Local Government Investment Pools Illinois Funds Illinois Metropolitan Investment Fund Illinois Public Reserves Investment Management Trust Illinois Trust 10

79 REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA X Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) _ Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date: February 21, 2019 B of T Date: February 25, 2019 Subject: Resolution Approving and Authorizing Execution of the Declaration of Trust for the Illinois Public Reserves Investment Management Trust Submitted By: Justin VanVooren, Director of Finance Background/Policy Implications: The Village currently uses PMA to invest a portion of our portfolio. PMA currently uses a money market at Harris Bank to hold our funds. However, PMA will discontinue using Harris during 2019 and has established an investment pool (iprime) to hold our funds in the future. Therefore, the Village will need to approve execution of the iprime Declaration of Trust. In addition, the Village will need to update its list of Authorized Financial Institutions to add iprime as an authorized Local Government Investment Pool. The iprime Declaration of Trust is attached and incorporated into Resolution Describe Fiscal Impact/Budget Account Number and Cost: None. Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Thursday, prior to the Agenda distribution.

80 RESOLUTION NO A RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF THE DECLARATION OF TRUST ESTABLISHING THE ILLINOIS PUBLIC RESERVES INVESTMENT MANAGEMENT TRUST BE IT RESOLVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, as follows: WHEREAS, the Village of Montgomery is not a home rule municipality within Article VII, Section 6A of the Illinois Constitution and, pursuant to the powers granted to it under 65 ILCS 5/1-1 et seq.; and WHEREAS, the Board of Trustees ( Board ) of the Village of Montgomery (the Entity ), deems it to be in the best interest of the Entity for its treasurer to make use, from time to time, of investments which are legal under the Constitution and laws of the State of Illinois (the State ), including through participation in joint investments permitted by the Constitution and laws of the State; and WHEREAS, this Board deems it to be in the best economic and administrative interest of this unit of local government for its treasurer to make use of, from time to time, PMA Financial Network, Inc. and PMA Securities, Inc. in securing investments in accordance with an Investment Policy presented to the Board as it may be amended from time to time; and WHEREAS, separately, certain political corporations or subdivisions intend to enter into a Declaration of Trust establishing the Illinois Public Reserves Investment Management Trust (the Fund ), for the purpose of combining their respective available investment funds so as to enhance the investment opportunities available to them and increase the investment earnings accruing to the benefit of the respective municipalities on behalf of which they acted; and WHEREAS, the Fund is an investment opportunity for political corporations or subdivisions of the State of Illinois excluding school districts, community college districts and educational service regions (called Participants ); and WHEREAS, the authority for the Participants to jointly invest their funds in the Fund comes from the following sources: (i) (ii) Article VII, Section 10 of the Constitution of the State of Illinois provides, among other things, that the State shall encourage intergovernmental cooperation and use its technical and financial resources to assist intergovernmental activities among its units of local government; and The Intergovernmental Cooperation Act (5 ILCS 220/1 et seq.), as amended, provides a statutory framework that supplements the constitutional grant of intergovernmental cooperation powers, and provides that any one or more public agencies may contract with any one or more other public agencies to perform any governmental service, activity or undertaking which any of the public agencies entering into the contract is Page 1

81 authorized by law to perform, provided that such contract shall be authorized by the governing body of each party of the contract and shall set forth fully the purposes, powers, rights, objectives and responsibilities of the contracting parties; and (iii) (iv) The Illinois Municipal Code (65 ILCS 5/ ) (the Municipal Code ), as amended, provides among other things, that the corporate authorities of each municipality may exercise jointly, with one or more other municipal corporations or governmental subdivisions or districts, all of the powers set forth in the Municipal Code including, among other things, that each State municipal treasurer is permitted to join with other municipal treasurers or municipalities for the purpose of investing the municipal funds of which the treasurer has custody; The Local Government Debt Reform Act (30 ILCS 350/1 et seq.), provides that a governing body may authorize and upon such authorization the treasurer of any governmental unit may... join with the treasurers of other governmental units for the purpose of jointly investing the funds of which the treasurer has custody. WHEREAS, the Fund s assets can only be invested in instruments authorized by the Public Funds Investment Act (30 ILCS 235/1 et seq.), as amended; and WHEREAS, the Fund s Declaration of Trust shall set forth fully the purposes, powers, rights, objectives and responsibilities of the Participants; and WHEREAS, no public entity shall become a Participant in the Fund unless and until such public entity, including the Entity, has adopted and authorized the Declaration of Trust; and WHEREAS, the Participants anticipate that other municipal treasurers (i.e. those persons officially charged with the collection, receipt, tabulation, custody, deposit, investment or disbursement of municipal funds) or official custodians of municipal funds may wish from time to time to become Participants; and WHEREAS, this Board deems it necessary and in the best interests of the Entity to participate in the Fund, including any series thereof, by having the Entity become a Participant. NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Trustees: SECTION ONE: DECLARATION OF TRUST AUTHORIZED 1. The preambles to this Resolution are hereby found and determined to be true, correct and complete and are hereby incorporated into the text of this Resolution by this reference as set out herein at length. 2. The officers or employees of the Entity may make use of investments permitted under the Constitution and laws of the State, and that which are also permitted by the Investment Page 2

82 Policy of the Entity, including the Fund s programs through PMA Financial Network, Inc. and PMA Securities, Inc. (collectively, the Fund Programs ). 3. The monies of the Entity may be invested, at the discretion of the officers or employees of the Entity, through the intermediaries PMA Financial Network, Inc., PMA Securities, Inc. and Prudent Man Advisors, Inc. 4. The Entity may open depository accounts, make permitted investments, enter into wire transfer agreements, safekeeping agreements, third party surety agreements securing deposits, collateral agreements, letters of credit, and lockbox agreements with third-party financial institutions participating in the Fund Programs. 5. The monies of the Entity may be deposited in third-party financial institutions, from time to time in the discretion of the Entity s officers and employees, pursuant to the Fund Programs, and PMA Financial Network, Inc. and PMA Securities, Inc. are authorized to act on behalf of the Entity as its agent with respect to such accounts and agreements. 6. The officers or employees of the Entity are hereby empowered to take any and all actions to invest the Entity s available funds from time to time in the Fund and withdraw such funds from time to time in accordance with the provisions of the Declaration of Trust. 7. The Declaration of Trust is attached hereto and by this reference incorporated herein and made a part hereof, and is hereby adopted, authorized and approved in all respects; and the Entity is hereby authorized to become a Participant of the Fund. 8. The Village Administrator, Director of Finance, and Deputy Clerk and other officers or employees of the Entity are hereby empowered and directed to execute and deliver the Declaration of Trust establishing the Fund, all documents, certificates and other instruments necessary to further the intent and purpose of this Resolution. SECTION TWO: GENERAL PROVISIONS REPEALER: All resolutions or portions thereof in conflict with this Resolution are hereby repealed. SEVERABILITY: Should any provision of this Resolution be declared invalid by a court of competent jurisdiction; the remaining provisions will remain in full force and effect the same as if the invalid provision had not been a part of this Resolution. EFFECTIVE DATE: This Resolution shall be in full force and effect on and after its approval and passage. Page 3

83 PASSED AND APPROVED by the President and Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois, this 25th day of February, AYES: NAYS: ABSENT: President of the Board of Trustees of the Village of Montgomery, Kane and Kendall Counties, Illinois ATTEST: Clerk, Village of Montgomery Page 4

84 Prepared by and Return to: Joseph M. Mannon, Esq. Vedder Price P.C. 222 N. LaSalle Street Chicago, Illinois ILLINOIS PUBLIC RESERVES INVESTMENT MANAGEMENT TRUST (an Illinois Entity formed pursuant to the Intergovernmental Cooperation Act, as amended, and the Illinois Municipal Code, as amended) DECLARATION OF TRUST Dated December 5, 2018 CHICAGO/#

85 TABLE OF CONTENTS Page ARTICLE I DEFINITIONS... 3 ARTICLE II THE FUND... 6 Section 2.1 Name... 6 Section 2.2 Purpose; Authorization; Changes of Incumbent in Office... 6 Section 2.3 Location... 7 Section 2.4 Nature of Fund; Duration... 7 ARTICLE III POWERS OF THE TRUSTEES... 7 Section 3.1 General... 7 Section 3.2 Permitted Investments... 8 Section 3.3 Legal Title... 9 Section 3.4 Disposition of Assets... 9 Section 3.5 Taxes Section 3.6 Rights as Holders of Fund Property Section 3.7 Delegation; Committees Section 3.8 Collection Section 3.9 Payment of Expenses Section 3.10 Borrowing and Indebtedness Section 3.11 Deposits Section 3.12 Valuation Section 3.13 Fiscal Year; Accounts Section 3.14 Concerning the Fund and Certain Affiliates Section 3.15 Investment Program Section 3.16 Power to Contract, Appoint, Retain and Employ Section 3.17 Insurance Section 3.18 Seal Section 3.19 Indemnification Section 3.20 Remedies Section 3.21 Further Powers ARTICLE IV SERVICE CONTRACTS Section 4.1 Appointment of Adviser, Administrator and Distributor Section 4.2 Duties of the Adviser Section 4.3 Registration of the Adviser Section 4.4 Duties of the Administrator Section 4.5 Duties of the Distributor Section 4.6 Sub-Adviser, Sub-Administrator; Sub-Distributor Section 4.7 Appointment and Duties of the Independent Accountant ARTICLE V INVESTMENTS Section 5.1 Statement of Investment Policy and Objective Section 5.2 Restrictions, Fundamental to the Fund Section 5.3 Amendment of Restrictions i-

86 TABLE OF CONTENTS (continued) Page ARTICLE VI LIMITATIONS OF LIABILITY Section 6.1 Liability of Participants Section 6.2 Liability to Third Parties Section 6.3 Liability to the Fund or to the Participants Section 6.4 Indemnification Section 6.5 Surety Bonds Section 6.6 Apparent Authority Section 6.7 Recitals Section 6.8 Trustees Not Experts Section 6.9 Reliance on Experts, Etc Section 6.10 Liability Insurance ARTICLE VII INTERESTS OF PARTICIPANTS Section 7.1 General Section 7.2 Allocation of Shares Section 7.3 Evidence of Share Allocation Section 7.4 Redemption to Maintain Constant Net Asset Value Section 7.5 Redemptions Section 7.6 Suspension of Redemption; Postponement of Payment Section 7.7 Minimum Purchase or Redemption Section 7.8 Defective Redemption Requests ARTICLE VIII RECORD OF SHARES Section 8.1 Share Register Section 8.2 Registrar Section 8.3 Owner of Record Section 8.4 No Transfers of Shares Section 8.5 Limitation of Fiduciary Responsibility Section 8.6 Notices ARTICLE IX PARTICIPANTS Section 9.1 Voting Section 9.2 Right to Initiate a Vote of the Participants Section 9.3 Inspection of Records Section 9.4 Meetings of Participants; Quorum Section 9.5 Notice of Meetings and Votes Section 9.6 Record Date for Meetings and Votes Section 9.7 Proxies Section 9.8 Number of Votes Section 9.9 Reports Section 9.10 Resignation or Participants ARTICLE X ADDITION OF PARTICIPANTS Section 10.1 Adoption by Public Agency Treasurers Electing to Become Additional Participants ii-

87 TABLE OF CONTENTS (continued) Page ARTICLE XI BOARD OF TRUSTEES AND OFFICERS Section 11.1 Generally; Number Section 11.2 Initial Trustees Section 11.3 Time Commitment Section 11.4 Qualifications Section 11.5 Term and Election Section 11.6 Resignation and Removal Section 11.7 Vacancies Section 11.8 Meetings Section 11.9 Chairperson Section Secretary Section Treasurer Section By-laws Section Officers ARTICLE XII DETERMINATION OF NET ASSET VALUE AND NET INCOME; DISTRIBUTIONS TO PARTICIPANTS Section 12.1 Net Asset Value Section 12.2 Constant Net Asset Value; Reduction of Allocated Shares Section 12.3 Supplementary Distributions to Participants Section 12.4 Retained Reserves ARTICLE XIII CUSTODIAN Section 13.1 Duties Section 13.2 Appointment Section 13.3 Sub-Custodians Section 13.4 Successors Section 13.5 Additional Custodians ARTICLE XIV RECORDING OF DECLARATION OF TRUST Section 14.1 Recording ARTICLE XV AMENDMENT OF DECLARATION Section 15.1 Amendment or Termination ARTICLE XVI TERMINATION OF FUND Section 16.1 Termination Section 16.2 Winding Up Section 16.3 Power to Effect Reorganization ARTICLE XVII MISCELLANEOUS Section 17.1 Agreement to Be Bound Section 17.2 Governing Law Section 17.3 Jurisdiction and Waiver of Jury Trial Section 17.4 Counterparts iii-

88 TABLE OF CONTENTS (continued) Page Section 17.5 Reliance by Third Parties Section 17.6 Provisions in Conflict with Law Section 17.7 Rules of Construction; Headings iv-

89 This DECLARATION OF TRUST is made as of the 5th day of December, 2018, by the parties signatory hereto, as trustee(s) (such person or persons, so long as they shall continue in office in accordance with the terms of this Declaration of Trust, and all other persons who at the time in question have been duly elected or appointed as trustees in accordance with the provisions of this Declaration of Trust and are then in office, being hereinafter called the Trustees ). W I T N E S S E T H: WHEREAS, certain political corporations and subdivisions of the State of Illinois (the State ) desire to form a trust fund under the laws of the State for the purpose of combining their respective available investment funds so as to enhance the investment opportunities available to them and increase the investment earnings accruing to the benefit of the respective municipalities on behalf of which they acted, pursuant to the ensuing constitutional and statutory authority; and WHEREAS, the aforementioned entity for joint investment will be for the exclusive benefit of political corporations or subdivisions of the State excluding school districts, community college districts and educational service regions (the Participants ); and WHEREAS, the authority for the Participants to jointly invest their funds comes from the following sources: Article VII, Section 10 of the Constitution of the State of Illinois provides, among other things, that the State shall encourage intergovernmental cooperation and use its technical and financial resources to assist intergovernmental activities among its units of local government; and The Intergovernmental Cooperation Act (5 ILCS 220/1 et seq.), as amended (the Cooperation Act ), provides a statutory framework that supplements the constitutional grant of intergovernmental cooperation powers found in said Article VII, Section 10; and Section 3 of the Cooperation Act provides that [a]ny power or powers, privileges, functions, or authority exercised or which may be exercised by a public agency of [the] State may be exercised, combined, transferred, and enjoyed jointly with any other public agency of [the] State except where specifically and expressly prohibited by law ; and Section 5 of the Cooperation Act provides that any one or more public agencies may contract with any one or more other public agencies to perform any governmental service, activity or undertaking which any of the public agencies entering into the contract is authorized by law to perform, provided that such contract shall be authorized by the governing body of each party to the contract and shall set forth fully the purposes, powers, rights, objectives and responsibilities of the contracting parties; and The Illinois Municipal Code (65 ILCS 5/1-1-1 et seq.), as amended (the Municipal Code ), provides, among other things, that the corporate authorities of each CHICAGO/#

90 municipality may exercise jointly, with one or more other municipal corporations or governmental subdivisions or districts, all of the powers set forth in the Municipal Code; and Section (d) of the Municipal Code provides, among other things, the following: (d) Notwithstanding any other provision of this Act or any other law, each official custodian of municipal funds, including, without limitation, each municipal treasurer or finance director or each person properly designated as the official custodian for municipal funds, including, without limitation, each person properly designated as official custodian for funds held by an intergovernmental risk management entity, self-insurance pool, waste management agency, or other intergovernmental entity composed solely of participating municipalities, is permitted to: (i) (ii) (iii) combine moneys from more than one fund of a single municipality, risk management entity, self-insurance pool, or other intergovernmental entity composed solely of participating municipalities for the purpose of investing such moneys; join with any other official custodians or treasurers of municipal, intergovernmental risk management entity, self-insurance pool, waste management agency, or other intergovernmental entity composed solely of participating municipalities for the purpose of jointly investing the funds of which the official custodians or treasurers have custody; and enter into agreements of any definite or indefinite term regarding the redeposit, investment, or withdrawal of municipal, risk management entity, self-insurance agency, waste management agency, or other intergovernmental entity funds. When funds are combined for investment purposes as authorized in this Section, the moneys combined for those purposes shall be accounted for separately in all respects, and the earnings from such investment shall be separately and individually computed, recorded, and credited to the fund, municipality, intergovernmental risk management entity, self-insurance pool, waste management agency, or other intergovernmental entity, as the case may be, for which the investment was acquired. Joint investments shall be made only in investments authorized by law for investment of municipal funds. The grant of authority contained in this subsection is cumulative, supplemental, and in addition to all other power or authority granted by any other law and shall not be construed as a limitation of any power and authority otherwise granted. CHICAGO/#

91 The Local Government Debt Reform Act (30 ILCS 350/1 et seq.) (the Debt Reform Act ), as amended, provides in Section 12 that a governing body may authorize and upon such authorization the treasurer of any governmental unit may... join with the treasurers of other governmental units for the purpose of jointly investing the funds of which the treasurer has custody. NOW, THEREFORE, the Participants hereby declare that all moneys, assets, securities, funds and property now or hereafter acquired by the Trustees, and their successors and assigns, shall be held and managed in trust for the proportionate benefit of the holders of record from time to time of shares of beneficial interest issued and to be issued hereunder, without privilege, priority or distinction among such holders, except as otherwise specifically provided herein, and subject to the terms, covenants, conditions, purposes and provisions hereof. ARTICLE I DEFINITIONS Section 1.1 Wherever used in this Declaration of Trust, unless the context clearly indicates otherwise, the following words shall have the following meanings: (a) Administration Agreement shall mean the agreement with the Administrator referred to in Section 4.4 hereof, as the same may be amended from time to time. (b) Administrator shall mean any Person or Persons appointed, employed or contracted with by the Trustees under the applicable provisions of Section 4.1 and Section 4.4 hereof. (c) Adviser shall mean any Person or Persons appointed, employed or contracted with by the Trustees under the applicable provisions of Section 4.1 and Section 4.2 hereof. (d) Affiliate shall mean, with respect to any Person, another Person directly or indirectly controlled, controlled by or under common control with such Person, or any officer, director, partner or employee of such Person. hereof. (e) Board shall mean the Board of Trustees elected pursuant to Article XI (f) Section hereof. By-laws shall mean the by-laws of the Trust as adopted pursuant to (g) Certificate of Designation shall mean a Certificate of Designation adopted by the Trustees pursuant to Section 7.1(b) hereof with respect to a Series of Shares. (h) Chairperson shall have the meaning given to it in Section 11.9 hereof. (i) Class shall mean each class of Shares of the Fund or of a Series of the Fund established and designated under and in accordance with the provisions of Article VII hereof. CHICAGO/#

92 hereof. (j) Conflicting Provisions shall have the meaning given to it in Section 17.6 (k) Cooperation Act shall mean the Intergovernmental Cooperation Act (5 ILCS 220/1 et seq.), as amended. (l) Custodian shall mean any Person or Persons appointed, employed or contracted with by the Trustees under the applicable provisions of Article XIII hereof. (m) Custodian Agreement shall mean any agreement with a Custodian referred to in Article XIII hereof, as such agreement may be amended from time to time. (n) Debt Reform Act shall mean the Local Government Debt Reform Act (30 ILCS 350/1 et seq.), as amended. (o) Declaration of Trust shall mean this Declaration of Trust as amended, restated or modified from time to time. References in this Declaration of Trust to Declaration, hereof, herein, hereby and hereunder shall be deemed to refer to this Declaration of Trust and shall not be limited to the particular text, article or section in which such words appear. (p) Distributor shall mean any Person or Persons appointed, employed or contracted with by the Trustees under the applicable provisions of Section 4.1 and Section 4.5 hereof. (q) Distribution Agreement shall mean the agreement with the Distributor referred to in Section 4.5 hereof, as the same may be amended from time to time. (r) Eligible Participants shall mean (i) Public Agency Treasurers acting on behalf of their Municipalities (as defined in the Municipal Code), (ii) each official custodian of Public Funds, whose intergovernmental risk management entity, self-insurance pool, waste management agency or other intergovernmental entity is composed solely of participating Municipalities (as defined in the Municipal Code) organized under the Laws of the State and (iii) each official custodian of funds of a Public Agency, in each case with the exception of school districts, community college districts and educational service regions. As used in this definition and hereinafter in this Declaration, the phrase official custodian shall refer to such officer or officers only in their official capacity as such, and not individually or personally. (s) Fund shall mean the common-law trust created by this Declaration, also referred to as the Illinois Public Reserves Investment Management Trust. (t) Fund Property shall mean, as of any particular time, any and all property, real, personal or otherwise, tangible or intangible, which is transferred, conveyed or paid to the Fund or the Trustees and all income, profits and gains therefrom and which, at such time, is owned or held by, or for the account of, the Fund or the Trustees. (u) Information Statement shall mean the information statement or other descriptive document or documents adopted as such by the Trustees and distributed by the Fund CHICAGO/#

93 to Participants and potential Participants of the Fund, as the same may be amended by the Trustees from time to time. (v) Investment Advisory Agreement shall mean the agreement with the Adviser referred to Section 4.2 hereof, as the same may be amended from time to time. (w) Laws shall mean common law and all ordinances, statutes, rules, regulations, orders, injunctions, decisions, opinions or decrees of any government or political subdivision or agency thereof, or any court or similar entity established by any thereof. (x) Municipal Code shall mean the Illinois Municipal Code (65 ILCS 5/ et seq.), as amended. (y) Participants shall mean the Eligible Participants who adopt this Declaration pursuant to Article X hereof, notwithstanding its usage in the preamble of this Declaration. 3.2(b) hereof. (z) Permitted Investments shall mean the investments referred to in Section (aa) Person shall mean and include individuals, corporations, limited partnerships, general partnerships, joint stock companies or associations, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other entities (whether or not legal entities), and governments and agencies and political subdivisions thereof. (bb) Public Agency shall mean (i) a political corporation or subdivision of the State, (ii) any entity as set forth in Section 2 of the Cooperation Act or (iii) any governmental unit as set forth in Section 3 of the Debt Reform Act. (cc) Public Agency Treasurer shall mean an individual officially charged with the performance or supervision of one or more of the following fiscal responsibilities: collection, receipt, tabulation, custody, deposit, investment or disbursement of Public Funds. The term shall include those Persons with the title Finance Director, or any similar title, if the Person performs or supervises the aforementioned fiscal responsibilities. The term shall refer to such officer or officers only in their official capacity as such, and not individually or personally. Act. (dd) Public Funds shall mean monies subject to the Public Funds Investment (ee) Public Funds Investment Act shall mean the Public Funds Investment Act (30 ILCS 235/0.01 et seq.), as amended. (ff) Secretary shall have the meaning given to it in Section hereof. (gg) Series shall mean a category of the Shares authorized by the Trustees pursuant to Article VII hereof. CHICAGO/#

94 (hh) Share shall mean the unit used to denominate and measure the respective pro rata beneficial interests of the Participants in the Fund (or any Series thereof) as described in Article VII hereof. (ii) Section 8.1 hereof. (jj) (kk) Share Register shall mean the register of Shares maintained pursuant to State shall mean the State of Illinois. Treasurer shall have the meaning given to it in Section hereof. (ll) Trustees shall mean the Persons who become fiduciaries of the Fund pursuant to Article XI hereof, notwithstanding its usage in the preamble of this Declaration. ARTICLE II THE FUND Section 2.1 Name. The name of the common-law trust created by this Declaration shall be Illinois Public Reserves Investment Management Trust (the Fund ) and, so far as may be practicable, the Trustees shall conduct the Fund s activities, execute all documents and sue or be sued under that name, which name (and the word Fund wherever used in this Declaration, except where the context otherwise requires) shall refer to the Trustees in their capacity as Trustees, and not individually or personally, and shall not refer to the officers, agents, employees, counsel, advisers, consultants, accountants or Participants of the Fund or of such Trustees. Should the Trustees determine that the use of such name is not practicable, legal or convenient, they may use such other designation or they may adopt such other name for the Fund as they deem proper, and the Fund may hold Property and conduct its activities under such other designation or name. The Trustees shall take such action as they, acting with the advice of counsel, shall deem necessary or appropriate to file or register such name in accordance with the laws of the State or the United States of America so as to protect and reserve the right of the Fund in and to such name. The Trustees shall have full and complete power and absolute discretion to change the name, without the affirmative vote of the Participants as set forth in Section 9.4(b) hereof, provided, however, that notice of any such change of name shall be promptly given to the Participants. Section 2.2 Purpose; Authorization; Changes of Incumbent in Office. (a) The purpose of the Fund is to provide an instrumentality and agency through which each Eligible Participant may jointly act, agree and cooperate in accordance with the Laws of the State in the performance of their responsibilities to invest available funds so as to enhance their investment opportunities pursuant to an investment program conducted in accordance with the Laws of the State, from time to time in effect, governing the investment of funds of Eligible Participants. Only Eligible Participants may become Participants. (b) No Eligible Participant shall become a Participant unless and until the corporate authorities or governing body of such Eligible Participant has adopted this Declaration in accordance with Article X hereof and identified the Eligible Participant with respect to the funds of which he is acting except as set forth in paragraph (c) below. It is not necessary for a Public Agency Treasurer or an official custodian to place any funds in the Fund to become a Participant, CHICAGO/#

95 and no minimum investment balance must be maintained by a Public Agency Treasurer or an official custodian that has become a Participant in order for such Eligible Participant to continue to be a Participant. (c) In the event that a Public Agency Treasurer or an official custodian, as applicable, shall die, resign or be removed from office, or the office shall otherwise become vacant, any funds placed by the Public Agency Treasurer in the Fund shall be held hereunder for the benefit of the Eligible Participant for which he was acting at the time the vacancy occurred. Any Public Agency Treasurer or official custodian from time to time assuming office as such either to fill a vacancy in such office or to begin a new term following the expiration of the term in office of a predecessor shall be a Participant, as the successor of the predecessor in office, without further action, unless and until the successor shall have resigned and withdrawn from the Fund pursuant to Section 9.10 hereof. Section 2.3 Location. The Fund shall maintain an office of record in the State and may maintain such other offices or places of business as the Trustees may from time to time determine. The initial office of record of the Fund shall be: 2135 CityGate Lane, 7th Floor, Naperville, Illinois The office of record may be changed from time to time by resolution of the Trustees, and notice of such change of the office of record shall be given to each Participant. Section 2.4 Nature of Fund; Duration. (a) The Fund shall be a common-law trust organized under the laws of the State. The Fund is not intended to be, shall not be deemed to be and shall not be treated as a general partnership, limited partnership, joint venture, corporation, investment company or joint stock company. The Participants shall be beneficiaries of the Fund, and their relationship to the Trustees shall be solely in their capacity as Participants and beneficiaries in accordance with the rights conferred upon them hereunder. (b) This Declaration is an agreement of indefinite term regarding the deposit, redeposit, investment, reinvestment and withdrawal of Public Funds within the meaning of the Laws of the State. The Fund shall continue in existence in perpetuity, subject in all respects to the provisions of this Declaration. ARTICLE III POWERS OF THE TRUSTEES Section 3.1 General. Subject to the rights of the Participants as provided herein, the Trustees shall have, without other or further authorization, full, exclusive and absolute power, control and authority over the Fund Property and over the affairs of the Fund to the same extent as if the Trustees were the sole and absolute owners of the Fund Property in their own right, and with such powers of delegation as may be permitted by this Declaration. The Trustees may do and perform such acts and things as in their sole judgment and discretion are necessary and proper for conducting the affairs of the Fund or promoting the interests of the Fund and the Participants. The enumeration of any specific power or authority herein shall not be construed as limiting the aforesaid general power or authority or any specific power or authority. The Trustees may exercise any power authorized and granted to them by this Declaration. CHICAGO/#

96 Section 3.2 Permitted Investments. The Trustees shall have full and complete power, subject in all respects to Article V hereof: (a) Participants; and to conduct, operate and provide an investment program for all Eligible (b) for such consideration as they may deem proper and as may be required by Law, to subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of investment instruments of the following type and nature, which shall hereinafter be collectively referred to as Permitted Investments : (i) bonds, notes, certificates of indebtedness, treasury bills or other securities now or hereafter issued, which are guaranteed by the full faith and credit of the United States of America as to principal and interest; (ii) bonds, notes, debentures or other similar obligations of the United States of America or its agencies and instrumentalities; (iii) interest-bearing savings accounts, interest-bearing certificates of deposit or interest-bearing time deposits or other instruments constituting direct obligations of any bank as defined by the Illinois Banking Act (205 ILCS 5/1 et seq.), provided, however, that such bank is insured by the Federal Deposit Insurance Corporation; (iv) short-term obligations of corporations organized in the United States of America with assets exceeding $500,000,000, provided, however, that such obligations are rated at the time of purchase within one of the three highest classifications established by at least two standard rating services, such obligations mature not later than 397 days from the date of purchase, and such purchases do not exceed 10% of the applicable corporation s outstanding obligations and further provided, however, that no more than one-third of the Fund s assets shall be invested in such short-term obligations at any one time; (v) money market mutual funds registered under the Investment Company Act of 1940, as from time to time amended, provided, however, that the portfolio of any such money market mutual funds is limited to obligations described in paragraph (i) or (ii) of this Section 3.2(b) and to agreements to repurchase such obligations; (vi) short-term discount obligations of the Federal National Mortgage Association or shares or other forms of securities legally issuable by savings banks or savings and loan associations incorporated under the Laws of the State or any other state or under the Laws of the United States of America, provided, however, that investments may be made only in those savings banks or savings and loan associations the shares, or investment certificates, of which are insured by the Federal Deposit Insurance Corporation, any such securities are purchased at the offering or market price thereof at the time of such purchase, and all such securities so purchased shall mature or be redeemable on a date or dates prior to the time when, in the judgment of the Trustees, the funds so invested will be CHICAGO/#

97 required for the payment of funds to Participants upon the withdrawal of moneys from the Fund; (vii) a Public Treasurer s Investment Pool created under Section 17 of the State Treasurer Act (15 ILCS 505/17); and (viii) any other investment instruments now or hereafter permitted by the provisions of the Public Funds Investment Act or any other applicable statutes or hereafter permitted by reason of the amendment of the Public Funds Investment Act or the adoption of any other statute applicable to the investment of the funds of a Public Agency; and (c) to contract for, and enter into agreements with respect to, the purchase and sale or redemption of Permitted Investments. In the exercise of their powers, the Trustees shall not be limited, except as otherwise provided hereunder, to investing in Permitted Investments maturing before the possible termination of the Fund. Except as otherwise provided in this Declaration, the Trustees shall not be limited by any Law now or hereafter in effect limiting the investments which may be held or retained by trustees or other fiduciaries, and they shall have full authority and power to make any and all Permitted Investments within the limitations of this Declaration that they, in their absolute discretion, shall determine to be advisable and appropriate. The Trustees shall have no liability for loss with respect to Permitted Investments made within the terms of this Declaration, even though such investments shall be of a character or in an amount not considered proper for the investment of trust funds by trustees or other fiduciaries. The Trustees shall be permitted to make Permitted Investments only in accordance with Article V of this Declaration. Section 3.3 Legal Title. (a) Legal title to all of the Fund Property shall be vested in the Trustees on behalf of the Participants and be held by and transferred to the Trustees, except that the Trustees shall have full and complete power to cause legal title to any Fund Property to be held, on behalf of the Participants, by or in the name of the Fund, or in the name of any other Person as nominee, on such terms, in such manner and with such powers as the Trustees may determine, so long as in their judgment the interest of the Fund is adequately protected. (b) The right, title and interest of the Trustees in and to the Fund Property shall vest automatically in all persons who may hereafter become Trustees upon their due election and qualification without any further act. Upon the resignation, disability, removal, adjudication as an incompetent, or death of a Trustee, the Trustee (and, in the event of the Trustee s death, the Trustee s estate) shall automatically cease to have any right, title or interest in or to any of the Fund Property, and the right, title and interest of such Trustee in and to the Fund Property shall vest automatically in the remaining Trustees without any further act. Section 3.4 Disposition of Assets. Subject in all respects to Article V hereof, the Trustees shall have full and complete power to sell, exchange or otherwise dispose of any and all Fund Property free and clear of any and all trusts and restrictions, at public or private sale, for cash or on terms, with or without advertisement, and subject to such restrictions, stipulations, agreements and reservations as they shall deem proper, and to execute and deliver any deed, power, assignment, bill of sale or other instrument in connection with the foregoing. The Trustees shall CHICAGO/#

98 also have full and complete power, subject in all respects to Article V hereof, and in furtherance of the affairs and purposes of the Fund, to give consents and make contracts relating to Fund Property or its use. Section 3.5 Taxes. The Trustees shall have full and complete power: (i) to pay all taxes or assessments, of whatever kind or nature, validly and lawfully imposed upon or against the Fund or the Trustees in connection with the Fund Property or upon or against the Fund Property or income or any part thereof; (ii) to settle and compromise disputed tax liabilities; and (iii) for the foregoing purposes to make such returns and do all such other acts and things as may be deemed by the Trustees to be necessary or desirable. All said expenditures shall be made from Fund Property. Section 3.6 Rights as Holders of Fund Property. The Trustees shall have full and complete power to exercise on behalf of the Participants all of the rights, powers and privileges appertaining to the ownership of all or any Permitted Investments or other property forming part of the Fund Property to the same extent that any individual might, and, without limiting the generality of the foregoing, to vote or give any consent, request or notice or waive any notice either in person or by proxy or power of attorney, with or without the power of substitution, to one or more Persons, which proxies and powers of attorney may be for meetings or actions generally, or for any particular meeting or action, and may include the exercise of discretionary powers. Section 3.7 Delegation; Committees. The Trustees shall have full and complete power (consistent with their continuing exclusive authority over the management of the Fund, the conduct of its affairs, their duties and obligations as Trustees, and the management and disposition of the Fund Property), to delegate from time to time to such one or more of their number (who may be designated as constituting a committee of the Trustees) or to officers, employees or agents of the Fund (including, without limitation, the Administrator, the Adviser and the Custodian), the doing of such acts and things and the execution of such instruments either in the name of the Fund, or in the names of the Trustees or as their attorney or attorneys, or otherwise, as the Trustees may from time to time deem expedient and appropriate in the furtherance of the business affairs and purposes of the Fund. Section 3.8 Collection. The Trustees shall have full and complete power: (i) to collect, sue for, receive and receipt for all sums of money or other property due to the Fund; (ii) to consent to extensions of the time for payment, or to the renewal of any securities, investments or obligations; (iii) to engage or intervene in, prosecute, defend, compromise, abandon or adjust by arbitration or otherwise any actions, suits, proceedings, disputes, claims, demands or things relating to the Fund Property; (iv) to foreclose any collateral, security or instrument securing any investments, notes, bills, bonds, obligations or contracts by virtue of which any sums of money are owed to the Fund; (v) to exercise any power of sale held by them, and to convey good title thereunder free of any and all trusts, and in connection with any such foreclosure or sales to purchase or otherwise acquire title to any property; (vi) to be parties to reorganization and to transfer to and deposit with any corporation, committee, voting trustee or other Person any securities, investments or obligations of any Person which form a part of the Fund Property, for the purpose of such reorganization or otherwise; (vii) to participate in any arrangement for enforcing or protecting the interests of the Trustees as the owners or holders of such securities, investments or obligations, and to pay any assessment levied in connection with such CHICAGO/#

99 reorganization or arrangement; (viii) to extend the time (with or without security) for the payment or delivery of any debts or property, and to execute and enter into releases, agreements and other instruments; and (ix) to pay or satisfy any debts or claims upon any evidence that the Trustees shall deem sufficient. Section 3.9 Payment of Expenses. The Trustees shall have full and complete power: (i) to incur and pay any charges or expenses which in the opinion of the Trustees are necessary or incidental to or proper for carrying out any of the purposes of this Declaration; (ii) to reimburse others for the payment therefor; and (iii) to pay appropriate compensation or fees from the funds of the Fund to Persons with whom the Fund has contracted or transacted business. The Trustees shall fix the compensation, if any, of all officers and employees of the Fund. The Trustees shall not be paid compensation for their general services as Trustees hereunder. The Trustees may receive reimbursement for expenses reasonably incurred by themselves or any one or more of themselves on behalf of the Fund. The Trustees may allocate such expenses among various Series in such manner and proportion as appropriate in the discretion of the Trustees. The Trustees shall periodically review the expenses of the Fund. Section 3.10 Borrowing and Indebtedness. The Trustees shall not have the power to borrow money or incur indebtedness on behalf of the Fund, or authorize the Fund to borrow money or incur indebtedness, except as provided in Section 5.2(c) of this Declaration, but only if and to the extent permitted by Law. Section 3.11 Deposits. The Trustees shall have full and complete power to deposit, in such manner as may now and hereafter be permitted by Law, any moneys or funds included in the Fund Property, and intended to be used for the payment of expenses of the Fund or the Trustees, with one or more banks, trust companies or other banking institutions whether or not such deposits will draw interest. Such deposits are to be subject to withdrawal in such manner as the Trustees may determine, and the Trustees shall have no responsibility for any loss which may occur by reason of the failure of the bank, trust company or other banking institution with which the moneys, investments or securities have been deposited. Each such bank, trust company or other banking institution shall comply, with respect to such deposit, with all applicable requirements of all applicable Laws including, but not limited to, the Municipal Code. Section 3.12 Valuation. Subject to Article XII hereof, the Trustees shall have full and complete power to determine in good faith conclusively the value of any of the Fund Property and to revalue the Fund Property. Section 3.13 Fiscal Year; Accounts. The Trustees shall have full and complete power to determine the fiscal year of the Fund and the method or form in which its accounts shall be kept and from time to time to change the fiscal year or method or form of accounts. Unless otherwise determined by the Trustees pursuant to this Section, the fiscal year of the Fund shall terminate on April 30 and commence on May 1 of each calendar year. Section 3.14 Concerning the Fund and Certain Affiliates. (a) The Fund may enter into transactions with any Affiliate of the Fund or of the Adviser, the Administrator, the Custodian or any Affiliate of any Trustee, officer, director, employee or agent of the Fund or of the Adviser, the Administrator or the Custodian if (i) each such transaction (or type of transaction) has, after CHICAGO/#

100 disclosure of such affiliation, been approved or ratified by the affirmative vote of a majority of the Trustees, including a majority of the Trustees who are not Affiliates of any Person (other than the Fund) who is a party to the transaction or transactions with the Fund and (ii) such transaction (or type of transaction) is, in the opinion of the Trustees, on terms fair and reasonable to the Fund and the Participants and at least as favorable to them as similar arrangements for comparable transactions (of which the Trustees have knowledge) with organizations unaffiliated with the Fund or with the Person who is a party to the transaction or transactions with the Fund. (b) Except as otherwise provided in this Declaration or in the Laws of the State, in the absence of fraud, a contract, act or other transaction between the Fund and any other Person, or in which the Fund is interested is valid and no Trustee, officer, employee or agent of the Fund has any liability as a result of entering into any such contract, act or transaction even though (i) one or more of the Trustees, officers, employees or agents of such other Person, or (ii) one or more of the Trustees, officers, employees or agents of the Fund, individually or jointly with others, is a party or are parties to or directly interested in, or affiliated with, such contract, act or transaction, provided, however, that (i) such interest or affiliation is disclosed to the Trustees, and the Trustees authorize such contract, act or other transaction by a vote of a majority of the unaffiliated Trustees, or (ii) such interest or affiliation is disclosed to the Participants, and such contract, act or transaction is approved by the Participants as provided in Section 9.4(b) hereof. (c) Any Trustee, officer, employee, or agent of the Fund may, in his personal capacity, or in a capacity as trustee, officer, director, stockholder, partner, member, agent, adviser or employee of any Person, have business interests and engage in business activities in addition to those relating to the Fund, which interests and activities may be similar to those of the Fund and include the acquisition, syndication, holding, management, operation or disposition of securities, investments and funds, for his own account or for the account of such Person. Each Trustee, officer, employee and agent of the Fund shall be free of any obligation to present to the Fund any investment opportunity which comes to him in any capacity other than solely as Trustee, officer, employee or agent of the Fund, even if such opportunity is of a character which, if presented to the Fund, could be taken by the Fund. (d) Subject to the provisions of Article IV hereof, any Trustee, officer, employee or agent of the Fund may be interested as trustee, officer, director, stockholder, partner, member, agent, adviser or employee of, or otherwise have a direct or indirect interest in, any Person who may be engaged to render advice or services to the Fund, and may receive compensation from such Person as well as compensation as Trustee, officer, employee or agent of the Fund or otherwise hereunder. None of the activities and interests referred to in this paragraph (d) shall be deemed to conflict with his duties and powers as Trustee, officer, employee or agent of the Fund. (e) To the extent that any other provision of this Declaration conflicts with, or is otherwise contrary to the provisions of, this Section 3.14, the provisions of this Section 3.14 shall be deemed controlling. (f) Notwithstanding the foregoing provisions of this Section 3.14, the Trustee shall have the power to engage in any transaction with any Affiliate that would not be inconsistent with the Laws of the State or the United States concerning public ethics and conflicts of interest, CHICAGO/#

101 and the By-laws of the Fund may contain provisions more restrictive than those set forth in this Section Section 3.15 Investment Program. The Trustees shall use their best efforts to obtain through the Adviser or other qualified persons a continuing and suitable investment program, consistent with the investment policies and objectives of the Fund set forth in Article V of this Declaration. Subject to the provisions of Section 3.7 and Section 4.1 hereof, the Trustees may delegate functions arising under this Section 3.15 to one or more Adviser or other Persons. The Trustees also shall have full and complete power to contract for or to otherwise obtain from or through the Adviser, the Administrator or other qualified Persons for the benefit of, and to make available to, the Participants of the Fund from time to time, additional investment and noninvestment programs and services distinct from the Fund s program of investments measured by Shares, but consistent with the investment goals and objectives of the Fund and the general purposes of this Declaration. Section 3.16 Power to Contract, Appoint, Retain and Employ. Subject to the provisions of Section 3.7 and Section 4.1 hereof with respect to delegation of authority by the Trustees, the Trustees shall have full and complete power to appoint, employ, retain or contract with any Person of suitable qualifications and high repute (including any corporation, partnership, trust or other entity of which one or more of them may be an Affiliate, subject to the applicable requirements of Section 3.14 hereof) as the Trustees may deem necessary or desirable for the transaction of the affairs of the Fund, or the transaction of the affairs of any additional investment programs or services or non-investment programs or services of any nature affiliated with the Fund or otherwise contracted for or by the Fund, including any Person or Persons who, under the supervision of the Trustees, may, among other things (i) serve as the Fund s investment adviser; (ii) serve as the Fund s administrator or co-administrator; (iii) furnish reports to the Trustees and provide research, economic and statistical data in connection with the Fund s investments; (iv) act as auditors, distributors, consultants, accountants, technical advisers, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositories, custodians or agents for collection, insurers or insurance agents, registrars for Shares or in any other capacity deemed by the Trustees to be necessary or desirable; (v) investigate, select and, on behalf of the Fund, conduct relations with Persons acting in such capacities, and pay appropriate fees to, and enter into appropriate contracts with, or employ, or retain services performed or to be performed by, any of them in connection with the investments acquired, sold or otherwise disposed of, or committed, negotiated or contemplated to be acquired, sold or otherwise disposed of; (vi) substitute any other Person for any such Person; (vii) act as attorney-in-fact or agent in the purchase or sale or other disposition of investments, and in the handling, prosecuting or other enforcement of any lien or security securing investments; (viii) assist in the performance of such ministerial functions necessary in the management of the Fund as may be agreed upon with the Trustees; and (ix) any of the foregoing as may be agreed upon by the Trustees with regard to any additional investment and noninvestment programs and services for the benefit of the Participants. Section 3.17 Insurance. The Trustees shall have full and complete power to purchase and pay for, entirely out of Fund Property, insurance policies insuring the Fund and the Trustees, officers, employees and agents of the Fund individually against all claims and liabilities of every nature arising by reason of holding or having held any such office or position, or by reason of any action alleged to have been taken or omitted by the Fund or any such Person as Trustee, officer, CHICAGO/#

102 employee or agent, including any action taken or omitted that may be determined to constitute negligence, whether or not the Fund would have the power to indemnify such Person against such liability. Section 3.18 Seal. The Trustees shall have full and complete power to adopt and use a seal for the Fund, but, unless otherwise required by the Trustees, it shall not be necessary for the seal to be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Fund. Section 3.19 Indemnification. In addition to the mandatory indemnification provided for in Section 6.4 hereof, the Trustees shall have full and complete power, to the extent permitted by applicable Laws, to indemnify or enter into agreements with respect to indemnification with any Person with whom the Fund has dealings, including, without limitation, the Adviser, the Administrator and the Custodian, to such extent as the Trustees shall determine. Section 3.20 Remedies. Notwithstanding any provision in this Declaration, when the Trustees deem that there is a significant risk that an obligor to the Fund may default or is in default under the terms of any obligation to the Fund, the Trustees shall have full and complete power to pursue any remedies permitted by Law which, in their sole judgment, are in the interests of the Fund, and the Trustees shall have full and complete power to enter into any investment, commitment or obligation of the Fund resulting from the pursuit of such remedies as are necessary or desirable to dispose of property acquired in the pursuit of such remedies. Section 3.21 Further Powers. The Trustees shall have full and complete power to take all such actions, do all such matters and things, and execute all such instruments as they deem necessary, proper or desirable in order to carry out, promote or advance the interests and purposes of the Fund although such actions, matters or things are not herein specifically mentioned. Any determination as to what is in the best interests of the Fund made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees shall not be required to obtain any court order to deal with the Fund Property or exercise their duties. ARTICLE IV SERVICE CONTRACTS Section 4.1 Appointment of Adviser, Administrator and Distributor. The Trustees are responsible for the general investment policy and program of the Fund and for the general supervision and administration of the business and affairs of the Fund conducted by the officers, agents, employees, investment advisers, administrators, consultants, distributors or independent contractors of the Fund. However, the Trustees are not required personally to conduct all of the routine business of the Fund and, consistent with their ultimate responsibility as stated herein, the Trustees shall appoint, employ or contract with the Adviser as an investment adviser to the Trustees, the Administrator as an administrator for the Fund and the Distributor as the distributor of Shares, and may grant or delegate such authority to the Adviser, Administrator or Distributor (pursuant to the terms of Section 3.16 hereof), or to any other Person the services of whom are obtained by the Adviser, Administrator or Distributor, as the Trustees may, in their sole discretion, CHICAGO/#

103 deem necessary or desirable, for the efficient management of the Fund, without regard to whether such authority is normally granted or delegated by trustees or other fiduciaries. The Trustees may appoint one or more Persons to serve jointly as co-advisers, co-administrators, or co-distributors; provided, however, that the Adviser must agree to the appointment of any co-advisers, that the Administrator must agree to the appointment of any co-administrators and that the Distributor must agree to the appointment of any co-distributors. Section 4.2 Duties of the Adviser. The duties of the Adviser shall be those set forth in the Investment Advisory Agreement entered into between the Fund and the Person or Persons designated pursuant to Section 4.1 as the Adviser or co-advisers. Such duties may be modified by the Trustees, from time to time, by the amendment of the Investment Advisory Agreement. Subject to Article V hereof, the Trustees may authorize the Adviser to effect purchases, sales or exchanges of Fund Property on behalf of the Trustees or may authorize any officer, employee, agent or Trustee to effect such purchases, sales or exchanges pursuant to recommendations of the Adviser, all without further action by the Trustees. Any and all of such purchases, sales and exchanges shall be deemed to be authorized by all the Trustees. The Investment Advisory Agreement may authorize the Adviser to employ other persons to assist in the performance of its duties. Section 4.3 Registration of the Adviser. The Adviser shall be registered as an investment adviser under the Investment Advisers Act of 1940 and shall maintain such registration in effect at all times during the term of the Investment Advisory Agreement. In the event that the Adviser is no longer registered as an investment adviser or such registration is suspended, the Trustees may, in their sole discretion, contract with an interim investment adviser for a period of up to two (2) years. If, at the conclusion of said period, the Adviser is still unable to serve as the investment adviser to the Fund due to its registration status or for any other reason, then the Fund may contract with a replacement Adviser. Section 4.4 Duties of the Administrator. The duties of the Administrator shall be those set forth in the Administration Agreement entered into between the Fund and the Person or Persons designated pursuant to Section 4.1 as the Administrator or co-administrator. Such duties may be modified by the Trustees, from time to time, by the amendment of the Administration Agreement. The Administration Agreement may authorize the Administrator to employ other persons to assist it in the performance of its duties. Section 4.5 Duties of the Distributor. The duties of the Distributor shall be those set forth in the Distribution Agreement entered into between the Fund and the Person or Persons designated pursuant to Section 4.1 as the Distributor. Such duties may be modified by the Trustees, from time to time, by the amendment of the Distribution Agreement. The Distribution Agreement may authorize the Distributor to employ other persons to assist it in the performance of its duties. Section 4.6 Sub-Adviser, Sub-Administrator; Sub-Distributor. Subject to Section 4.1, the Trustees may also authorize the Adviser, Administrator or Distributor to employ one or more sub-advisers, sub-administrators or sub-distributors from time to time to perform such of the acts and services of the Adviser, Administrator or Distributor, as applicable, and upon such terms and conditions, as may be agreed upon between the Adviser, Administrator or Distributor and such sub-adviser, sub-administrator or sub-distributor, as applicable, and approved by the Trustees; CHICAGO/#

104 provided, however, that such sub-advisers, sub-administrators or sub-distributors, as applicable, are agents of the Adviser, Administrator or Distributor respectively, and not of the Fund, and will be liable and responsible to the Adviser, Administrator or Distributor, as applicable, for performance of their respective services and that the Adviser, Administrator or Distributor, as applicable, shall acknowledge that the employment of a sub-adviser, sub-administrator or subdistributor, as applicable, to perform such services does not relieve the Adviser, Administrator or Distributor, as applicable, of its respective liability and responsibility to the Fund, including (without limitation) for the failure of such sub-advisers, sub-administrators or sub-distributors, as applicable, to perform their duties. Section 4.7 Appointment and Duties of the Independent Accountant. The Trustees shall appoint an independent accountant for each fiscal year of the Fund. Such independent accountant shall perform such duties as may be directed by the Trustees, including, without limitation, the rendering of the opinions and reports and the making of the examinations referred to in Section 9.9 hereof in accordance with the standards referred to in such section. ARTICLE V INVESTMENTS Section 5.1 Statement of Investment Policy and Objective. Subject to the prohibitions and restrictions contained in Section 5.2 hereof, the general investment policy and objective of the Trustees shall be to provide a high current yield for the Participants of the Fund while maintaining safety and liquidity and to offer participation in a diversified portfolio of high-quality fixed-income instruments by investing in Permitted Investments in accordance with the Public Funds Investment Act and any other applicable provisions of Law as may be set forth more fully in the Fund s Information Statement, as the same may be amended from time to time. Section 5.2 Restrictions, Fundamental to the Fund. Notwithstanding anything in this Declaration which may be deemed to authorize the contrary, the Fund: (a) may not make any investment other than investments authorized by the Public Funds Investment Act or any other applicable provisions of Law, as the same may be amended from time to time; (b) may not purchase any Permitted Investment if the effect of such purchase by the Fund would be to make the average dollar weighted maturity of the Fund s investment portfolio greater than the period designated by the Trustees in the with respect to the Series to which such purchase of such Permitted Investment relates as set forth in the applicable Certificate of Designation; (c) may not borrow money or incur indebtedness whether or not the proceeds thereof are intended to be used to purchase Permitted Investments, except: (i) as a temporary measure to facilitate withdrawal requests which might otherwise require unscheduled dispositions of portfolio investments, including, without limitation, to facilitate withdrawal requests made by Participants and received by the Custodian after the Fund has already sold, or entered sell orders CHICAGO/#

105 for, portfolio investments to cover the withdrawal requests previously made on that date, and only to the extent permitted by Law; or (ii) as a temporary measure (not to exceed one (1) business day) from the Custodian to provide for the purchase of portfolio securities pending receipt by the Custodian of collected funds from a Participant who has notified the Fund before such purchase that it has wire transferred funds (or otherwise transferred immediately available funds) to the Fund in an amount sufficient to pay the purchase price of such securities, and only as and to the extent permitted by Law; provided, however, that nothing contained in this Section 5.2(c) shall permit, or be construed as permitting, the pledge of the assets of the Fund to secure any such borrowing except for the pledge of amounts, limited to the amount of such borrowing, held in the specific Participant s account with the Fund for whom such borrowing was incurred; (d) Investments; and may not make loans, provided that the Fund may make Permitted (e) may not hold or provide for the custody of any Fund Property in a manner not authorized by Law or by any institution or Person not authorized by Law. Section 5.3 Amendment of Restrictions. The restrictions set forth in Section 5.2 hereof are fundamental to the operation and activities of the Fund and may not be changed without the affirmative vote of the Participants as provided in Section 9.4(b) hereof, except that such restrictions may be changed in the sole discretion of the Trustees so as to make them more restrictive when necessary to conform the investment program and activities of the Fund to the Laws of the State and the United States of America as such Laws may from time to time be amended. ARTICLE VI LIMITATIONS OF LIABILITY Section 6.1 Liability of Participants. No Participant shall be subject to any personal liability whatsoever, in tort, contract or otherwise, to any other Person or Persons in connection with Fund Property or the affairs of the Fund. Section 6.2 Liability to Third Parties. No Trustee, officer or employee of the Fund or any other Person designated by the Trustees shall be subject to any personal liability whatsoever, in tort, contract or otherwise, to any other Person or Persons in connection with Fund Property or the affairs of the Fund, except that each shall be personally liable for his bad faith, willful misconduct, gross negligence or reckless disregard of his duties or for his failure to act in good faith in the reasonable belief that his action was in the best interests of the Fund and except that the Investment Advisory Agreement shall provide for the personal liability of the Adviser for its willful or grossly negligent failure to take reasonable measures to restrict investments of Fund Property to those permitted by Law and this Declaration; and all such other Persons shall look solely to the Fund Property for satisfaction of claims of any nature arising in connection with the CHICAGO/#

106 affairs of the Fund. If any Participant, Trustee, officer or employee, as such, of the Fund or any other Person designated by the Trustees is made a party to any suit or proceedings to assert or enforce any such liability, he shall not on account thereof be held to any personal liability. Section 6.3 Liability to the Fund or to the Participants. No Trustee, officer or employee of the Fund or any other Person designated by the Trustees shall be liable to the Fund or to any Participant, Trustee, officer, employee or agent (including, without limitation, the Adviser, the Administrator, the Distributor and the Custodian) of the Fund for any action or failure to act (including, without limitation, the failure to compel in any way any former or acting Trustee to redress any breach of trust) except for his own bad faith, willful misfeasance, gross negligence or reckless disregard of his duties and except that the Investment Advisory Agreement shall provide for the personal liability of the Adviser for its willful or grossly negligent failure to take reasonable measures to restrict investments of Fund Property to those permitted by Law and this Declaration; provided, however, that the provisions of this Section 6.3 shall not limit the liability of any Person (including, without limitation, the Adviser, Administrator, Distributor and Custodian) with respect to breaches by it of a contract between it and the Fund. Section 6.4 Indemnification. (a) The Fund shall indemnify and hold each Participant harmless from and against all claims and liabilities, whether they proceed to judgment or are settled or otherwise brought to a conclusion, to which such Participant may become subject by reason of its being or having been a Participant, and the Fund shall reimburse such Participant for all legal and other expenses reasonably incurred by it in connection with any such claim or liability. The rights accruing to a Participant under this Section 6.4 shall not exclude any other right to which such Participant may be lawfully entitled, nor shall anything herein contained restrict the right of the Fund to indemnify or reimburse a Participant in any appropriate situation even though not specifically provided herein. (b) The Fund shall indemnify each of its Trustees and officers, and employees and other Persons designated by the Board of Trustees to receive such indemnification (including, without limitation, the Adviser, Administrator, Distributor and Custodian), against all liabilities and expenses (including, without limitation, amounts paid in satisfaction of judgments, amounts paid in compromise or as fines and penalties, and counsel fees) reasonably incurred by him in connection with the defense or disposition of any action, suit or other proceeding by the Fund or any other Person, whether civil or criminal, in which he may be involved or with which he may be threatened, while in office or thereafter, by reason of his being or having been such a Trustee, officer, employee or other designated Person, except as to any matter as to which he shall have been adjudicated to have acted in bad faith or with willful misfeasance or reckless disregard of his duties or gross negligence; provided, however, that the provisions of this Section 6.4 shall not be construed to permit the indemnification of any Person with respect to breaches by it of a contract between it and the Fund; and further provided, however, that, as to any matter disposed of by a compromise payment by such Trustee, officer, employee or other designated Person, pursuant to a consent decree or otherwise, no indemnification either for said payment or for any other expenses shall be provided unless the Fund shall have received a written opinion from independent counsel approved by the Trustees to the effect that if the foregoing matters had been adjudicated, the defenses that could have been presented on behalf of such Trustee, officer, employee or other designated Person were meritorious. The rights accruing to any Trustee, officer, employee or other designated Person under the provisions of this paragraph (b) of this Section 6.4 shall not exclude CHICAGO/#

107 any other right to which he may be lawfully entitled; provided, however, that no Trustee, officer, employee or other designated Person may satisfy any right of indemnity or reimbursement granted herein or to which he may be otherwise entitled except out of the Fund Property, and no Participant shall be personally liable to any Person with respect to any claim for indemnity or reimbursement or otherwise. The Trustees may make advance payments in connection with indemnification under this paragraph (b) of this Section 6.4, provided that the indemnified Trustee, officer, employee or other designated Person shall have given a written undertaking to reimburse the Fund in the event that it is subsequently determined that he is not entitled to such indemnification. (c) Any action taken by, or conduct on the part of, a Trustee, an officer or an employee of the Fund or other Person designated by the Trustees in conformity with, or in goodfaith reliance upon, the provisions of Section 3.14 or Section 6.9 hereof shall not, for the purpose of this Declaration (including, without limitation, Section 6.1, Section 6.3 and this Section 6.4) constitute bad-faith, willful misfeasance, gross negligence or reckless disregard of his duties. Section 6.5 Surety Bonds. No Trustee shall, as such, be obligated to give any bond or surety or other security for the performance of any of his duties. Section 6.6 Apparent Authority. No purchaser, seller, transfer agent or other Person dealing with the Trustees or any officer, employee or agent of the Fund shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustee or by such officer, employee or agent or make inquiry concerning or be liable for the application of money or property paid, transferred or delivered to or on the order of the Trustees or of such officer, employee or agent. Section 6.7 Recitals. Any written instrument creating an obligation of the Fund shall be conclusively taken to have been executed by a Trustee or an officer, employee or agent of the Fund only in his capacity as a Trustee under this Declaration or in his capacity as an officer, employee or agent of the Fund. Any written instrument creating an obligation of the Fund (other than instruments or agreements pertaining to the Fund s investment on behalf of the Fund by the Adviser) shall refer to this Declaration and contain a recital to the effect that the obligations thereunder are not personally binding upon, nor shall resort be had to the property of, any of the Trustees, Participants, officers, employees or agents of the Fund, and that only the Fund Property or a specific portion thereof shall be bound, and such written instrument may contain any further similar recital which may be deemed appropriate; provided, however, that the omission of any recital pursuant to this Section 6.7 shall not operate to impose personal liability on any of the Trustees, Participants, officers, employees or agents of the Fund. Section 6.8 Trustees Not Experts. The appointment, designation or identification of a Trustee as Chairperson, a member or chair of a committee of the Trustees, as an expert on any topic or in any area, or as having experience, attributes or skills in any area, or any other appointment, designation or identification of a Trustee, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of such appointment, designation or identification, and no Trustee who has special attributes, skills, experience or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof. In addition, no appointment, CHICAGO/#

108 designation or identification of a Trustee as aforesaid shall affect in any way that Trustee s rights or entitlement to indemnification or advancement of expenses. Section 6.9 Reliance on Experts, Etc. Each Trustee and each officer of the Fund shall, in the performance of his duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Fund, upon an opinion of counsel or upon reports made to the Fund by any of its officer or employees or by the Adviser, the Administrator, the Distributor and the Custodian, accountants, appraisers or other experts or consultants selected with reasonable care by the officers of the Fund. Section 6.10 Liability Insurance. The Trustees shall, at all times, maintain insurance for the protection of the Fund Property, and the Trustees, Participants, officers, employees and agents of the Fund, in such amount as the Trustees shall deem adequate to cover all foreseeable tort and contract liability to the extent available at reasonable rates. ARTICLE VII INTERESTS OF PARTICIPANTS Section 7.1 General. (a) The beneficial interest of the Participants hereunder in the Fund Property and the earnings thereon shall, for convenience of reference, be divided into Shares, which shall be used as units to measure the proportionate allocation to the respective Participants of the beneficial interest hereunder. The number of Shares that may be used to measure and represent the proportionate allocation of beneficial interest among the Participants is unlimited. The beneficial interest hereunder measured by the Shares shall not entitle a Participant to which Shares relate to preference, preemptive, appraisal, conversion or exchange rights of any kind with respect to the Fund or the Fund Property. Title to the Fund Property of every description and the right to conduct any affairs herein described are vested in the Trustees on behalf, and for the beneficial interest, of the Participants, and the Participants shall have no interest therein other than the beneficial interest conferred hereby and measured by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Fund, nor can they be called upon to share or assume any losses of the Fund or suffer an assessment of any kind by virtue of the allocation of Shares to them, except as provided in Article XII hereof. The Trustees, in their discretion, from time to time, may authorize the division of Shares into separate and distinct Series of Shares and the division of any Series of Shares into separate Classes of Shares, each Series relating to a separate portfolio of investments. All references to Shares in this Declaration shall be deemed to be Shares of any one Series, any one or more Series or all Series, as the context may require. (b) If the Trustees shall divide the Shares into two or more Series, the following provisions shall be applicable: (i) The number of Shares of each Series that may be used to measure the respective beneficial interests of the Participants in the portfolio of investments to which such Series relates shall be unlimited. CHICAGO/#

109 (ii) The Trustees may authorize the division of any Series of Shares into separate Classes of Shares, each with different distribution, liquidation and other rights. (iii) The Trustees shall have the power to invest and reinvest the Fund Property applicable to each Series or Class in accordance with the investment policies and restrictions set forth in this Declaration, in the By-laws or otherwise. The Trustees may establish more restrictive investment policies and restrictions for any particular Series or Class. (iv) All funds received by the Fund from a Participant with respect to a particular Series or Class, together with all assets in which such funds are invested or reinvested, all income, earnings, profits and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and (except to the extent otherwise determined by the Trustees pursuant to Section 12.4 hereof) any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that Series or Class for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books of account of the Fund. In the event that there are any assets, income, earnings, profits or payments which are not readily identifiable as belonging to any particular Series or Class, the Trustees shall allocate them among any one or more of the Series or Class (or to a reserve pursuant to Section 12.4 hereof) established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable. Each such allocation by the Trustees shall be conclusive and binding upon the Participants of all Series or Classes for all purposes. (v) The assets belonging to each particular Series or Class shall be charged with the liabilities of the Fund in respect of that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. Any general liabilities, expenses, costs, charges or reserves of the Fund which are not readily identifiable as attributable to any particular Series or Class shall be allocated and charged by the Trustees to and among any one or more of the Series or Class established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Participants of all Series or Classes for all purposes. The Trustees shall have full discretion to determine which asset items will be treated as income and which as funds placed in the Fund by Participants and each such determination and allocation shall be conclusive and binding upon the Participants of all Series or Classes. (vi) The net income of the Fund shall be determined separately for each Series or Class and shall be credited to the respective Share account of the Participants in each Series or Class in the manner and at the times provided in Article XII hereof. (vii) The terms designated by the Trustee with respect to a Series or Class may provide that the Shares of such Series or Class shall relate only to a particular Participant or shall relate to all Participants or otherwise provide for a limitation on the CHICAGO/#

110 number and identity of the Participants to which the Shares of such Series or Class shall relate. (viii) The terms designated by the Trustee with respect to a Series or Class may provide that such Series or Class shall be established on a particular date and be terminated on a particular date. (ix) The terms designated by the Trustees with respect to a Series or Class may provide for limitations of time or otherwise with respect to the ability of the Participants participating in such Series or Class to withdraw funds relating to Shares of such Series or Class from the Fund. (x) To effect the division of the Shares into one or more Series or Classes or to establish a Series or Class, the Trustees shall authorize and adopt a Certificate of Designation for each such Series. Such Certificate of Designation shall become effective when (a) executed (i) by any two of the Chairperson, Treasurer and Secretary of the Fund or (ii) by such other Trustees or officers of the Fund as shall be determined by the Trustees and (b) lodged in the records of the Fund. Any such Certificate of Designation may be filed or recorded pursuant to Article XIV of this Declaration, but no such recordation or filing shall be a condition precedent to the effectiveness of such Certificate of Designation. No Certificate of Designation shall be, or shall be deemed to be, an amendment of this Declaration within the meaning of Article XV of this Declaration. It shall not be necessary for each Participant to be advised of the adoption of any Certificate of Designation prior to its effectiveness, but the Trustees shall take, or shall cause to be taken, such measures as are reasonably intended to periodically notify the Participants of the authorization and adoption by the Trustees of any Certificate of Designation. (xi) A copy of the Certificate of Designation relating to any Series shall be provided, upon written request therefor, to any Participant whether or not such Participant is participating in such Series. (xii) A Certificate of Designation authorized and adopted by the Trustees pursuant to this Article VII shall be in substantially the following form, with the Trustees being hereby authorized to make such changes in the form set forth in this subsection (xii) as may be necessary from time to time to conform to, or accommodate, changes in Law or regulation or the circumstances applicable or pertaining to a particular Series: ILLINOIS PUBLIC RESERVES INVESTMENT MANAGEMENT TRUST CERTIFICATE OF DESIGNATION The Trustees of the Illinois Public Reserves Investment Management Trust (the Fund ), by action taken by them on the day of, 20, pursuant to the authority vested in them by the Participants of the Fund in accordance with the Declaration of Trust, do hereby adopt this Certificate of Designation authorizing and establishing a Series of Shares of the Fund. CHICAGO/#

111 The terms of such Series (the Series ) shall be as follows: 1. Nomenclature. The Series shall be known and referred to as. 2. Date of Establishment. The Series shall be established as of. 3. Duration. The duration of the Series shall be. 4. Classes: The Series shall be divided into distinct classes. The rights and obligations of each Class are as follows:. 5. Participants. The Participant or Participants that may participate (the Series Participants ) in the Series are. 6. Investments. The nature of the investments in which funds of the Series Participant or Participants placed in the Fund with respect to the Series may be invested is. 7. Deposits and Redemptions.. 8. Diversification.. The Trustees for the purposes of curing any ambiguity or supplying any omission or curing or correcting any defect or inconsistent provision in the Certificate of Designation shall insert such provisions clarifying matters or questions arising under the Certificate of Designation as are necessary or desirable and are not contrary to or inconsistent with the Certificate of Designation theretofore in effect. The Participants participating in the Series to which the amendment relates shall be given notice thereof. Section 7.2 Allocation of Shares. (a) The Trustees, in their discretion, may, from time to time, without vote of the Participants, allocate Shares, in addition to the then-allocated Shares, to such party or parties, for such amount and such type of consideration (including, without limitation, income from the investment of Fund Property), at such time or times (including, without limitation, each business day in accordance with the maintenance of a constant net asset value per Share as set forth in Section 12.2 hereof), and on such terms as the Trustees may deem best. In connection with any allocation of Shares, the Trustees may allocate fractional Shares. The Trustees may from time to time adjust the total number of Shares allocated without thereby changing the proportionate beneficial interests in the Fund. Reductions or increases in the number of allocated Shares may be made in order to maintain a constant net asset value per Share as set forth in Section 12.2 hereof. Shares shall be allocated and redeemed as whole Shares and/or in one thousandths (1/1000ths) of a Share or multiples thereof. (b) Shares may be allocated only to an Eligible Participant in accordance with Section 2.2 hereof. Each Participant may divide its Shares administratively among more than one account within the Fund or Series for such Participant s convenience in accordance with such procedures as the Trustees may establish. (c) The minimum amount of funds which may be placed in the Fund by a Participant at any one time shall be as determined by the Trustees from time to time. CHICAGO/#

112 Section 7.3 Evidence of Share Allocation. Evidence of Share allocation shall be reflected in the Share Register maintained by or on behalf of the Fund pursuant to Section 8.1 hereof, and the Fund shall not be required to issue certificates as evidence of Share allocation. Section 7.4 Redemption to Maintain Constant Net Asset Value. If so determined by the Trustees, the Shares of one or more Series of the Fund shall be subject to redemption pursuant to the procedure for reduction of outstanding Shares set forth in Section 12.2 hereof in order to maintain a constant net asset value per Share. For the avoidance of doubt, the Trustees are authorized to take any other action the Trustees deem necessary and appropriate to maintain the constant net asset value per Share of any Series, including, but not limited to, creating designated memorandum accounts or otherwise segregating assets of a Series in order to maintain a stable net asset value. Section 7.5 Redemptions. (a) Redemptions by Participants. Payments by the Fund to Participants, and the reduction of Shares resulting therefrom, are, for convenience, referred to in this Declaration as redemptions. Any and all allocated Shares may be redeemed at the option of the Participant whose beneficial interest hereunder is measured by such Shares, upon and subject to the terms and conditions provided in this Declaration and the Information Statement. The Fund shall, upon application of any Participant, promptly redeem from such Participant allocated Shares for an amount per Share equivalent to the proportionate interest measured by each Share in the net assets of the Fund at the time of the redemption pursuant to the procedures for effecting redemption as adopted by the Trustees and as set forth in the Information Statement of the Fund, as the same may be amended from time to time, or applicable Certificates of Designation; provided, however, that such procedures shall not be structured so as to substantially and materially restrict the ability of the Participants to withdraw funds from the Fund by the redemption of Shares; provided further, however, that the Trustees shall have the power to provide for redemption procedures relating to any particular Series which are consistent with the purpose and intent of this Declaration and consistent with the terms of the Certificate of Designation of such Series, and such procedures may, among other things, establish periods during which funds relating to Shares of such Series may not be withdrawn from the Fund. (b) Mandatory Redemptions. Not in limitation of Section 7.4 or Section 12.2, at any time the Trustees, in their sole discretion, may redeem the Shares of any Participant, in whole or in part, and in conjunction with any such redemption, shall waive any redemption limitations and penalties applicable to such Shares set forth in the Information Statement and/or the applicable Certificate of Designation. Section 7.6 Suspension of Redemption; Postponement of Payment. Each Participant, by its adoption of this Declaration, agrees that the Trustees may, without the necessity of a formal meeting of the Trustees, suspend the right of redemption or postpone the date of payment for redeemed Shares for all Series or any one or more Series or Class for the whole or any part of any period (i) during which there shall have occurred any state of war, national emergency, banking moratorium or suspension of payments by banks in the State or any general suspension of trading or limitations of prices on the New York Stock Exchange (other than customary weekend and holiday closings) or (ii) during which any financial emergency situation exists as a result of which CHICAGO/#

113 disposal by the Fund of Fund Property is not reasonably practicable because of the substantial losses which might be incurred or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. Such suspension or postponement shall not alter or affect a Participant s beneficial interest hereunder as measured by its Shares or the accrued interest and earnings thereon. Such suspension or payment shall take effect at such time as the Trustees shall specify but not later than the close of business on the business day next following the declaration of suspension, and thereafter there shall be no right of redemption or payment until the Trustees shall declare the suspension or postponement lifted, except that the suspension or postponement shall terminate in any event on the first day on which the period specified in clause (i) or (ii) above shall have expired (as to which, the determination of the Trustees shall be conclusive). In the case of a suspension of the right of redemption or a postponement of payment for redeemed Shares, a Participant may either (i) withdraw its request for redemption or (ii) receive payment based on the net asset value existing after the termination of the suspension. Section 7.7 Minimum Purchase or Redemption. The Certificate of Designation of each Series may provide for a minimum dollar amount worth of Shares or a minimum number of Shares that may be purchased or redeemed at any one time at the option of a Participant. Section 7.8 Defective Redemption Requests. In the event that a Participant shall submit a request for the redemption of a greater number of Shares than are then allocated to such Participant, such request shall not be honored, and each Participant, by its adoption of this Declaration, agrees that the Trustees shall have full and complete power to redeem a number of the Shares allocated to such Participant, at a redemption price determined in accordance with Section 7.5 hereof, sufficient to reimburse the Fund for any fees, expenses, costs or penalties actually incurred by the Fund as a result of such defective redemption request. ARTICLE VIII RECORD OF SHARES Section 8.1 Share Register. The Share Register shall be kept by or on behalf of the Trustees, under the direction of the Trustees, and shall contain (i) the names and addresses of the Participants (including an address of the main contact within the Participant), (ii) the number of Shares representing their respective beneficial interests hereunder and (iii) a record of all allocations and redemptions thereof. Such Share Register shall be conclusive as to the identity of the Participants to which the Shares are allocated. Only Participants whose allocation of Shares is recorded on such Share Register shall be entitled to receive distributions with respect to Shares or otherwise to exercise or enjoy the rights and benefits related to the beneficial interest hereunder represented by the Shares. No Participant shall be entitled to receive any distribution, nor to have notices given to it as herein provided, until it has given its appropriate address (including address) to such officer or agent of the Fund as shall keep the Share Register for entry thereon. Section 8.2 Registrar. The Trustees shall have full and complete power to employ a registrar. Unless otherwise determined by the Trustees, the Share Register shall be kept by the Administrator, which shall serve as the registrar for the Fund. The registrar shall record the original allocations of Shares in the Share Register. Such registrar shall perform the duties usually CHICAGO/#

114 performed by registrars of certificates and shares of stock in a corporation, except as such duties may be modified by the Trustees. Section 8.3 Owner of Record. No Person becoming entitled to any Shares in consequence of the merger, reorganization, consolidation, bankruptcy or insolvency of any Participant or otherwise, or by operation of Law, shall be recorded as the Participant to which such Shares are allocated and shall be entitled only to the redemption value of such Shares. Until the Person becoming entitled to such redemption value shall apply for the payment thereof and present any proof of such entitlement as the Trustees may in their sole discretion deem appropriate, the Participant of record to which such Shares are allocated shall be deemed to be the Participant to which such Shares are allocated for all purposes hereof, and neither the Trustees nor the registrar nor any officer or agent of the Fund shall be affected by any notice of such merger, reorganization, consolidation, bankruptcy, insolvency or other event. Section 8.4 No Transfers of Shares. The beneficial interests measured by the Shares shall not be transferable, in whole or in part, other than to the Fund itself for purposes of redemption. Section 8.5 Limitation of Fiduciary Responsibility. The Trustees shall not, nor shall the Participants or any officer, registrar or other agent of the Fund, be bound to see to the execution of any trust, express, implied or constructive, or of any charge, pledge or equity to which any of the Shares or any interest therein are subject, or to ascertain or inquire whether any redemption of such Shares by any Participant or its representatives is authorized by such trust, charge, pledge or equity, or to recognize any Person as having any interest therein except the Participant recorded as the Participant to which such Shares are allocated. The receipt of the Participant in whose name any Share is recorded or of the duly authorized agent of such Participant shall be a sufficient discharge for all moneys payable or deliverable in respect of such Shares and from all liability to see to the proper application thereof. Section 8.6 Notices. Any and all notices to which Participants hereunder may be entitled and any and all communications shall be deemed duly served or given if (i) mailed, postage prepaid, addressed to Participants of record at their last known post office addresses or (ii) e- mailed to the main contacts of the Participants of record, each as recorded on the Share Register provided for in Section 8.1 hereof. Notice given by shall be deemed given when the message is transmitted. ARTICLE IX PARTICIPANTS Section 9.1 Voting. Each Participant shall be entitled to one vote as a matter of right with respect to the following matters: (i) amendment of this Declaration or termination of the Fund as provided in Section 5.3 and Section 15.1 hereof; (ii) reorganization of the Fund as provided in Section 16.3 hereof; and (iii) election of Trustees as provided in Section 11.5 hereof. The Participant shall have a fund balance in its account forty-five (45) days prior to its taking any vote or for any other purpose at any meeting including being considered as a member for the purpose of determining a quorum. Participants shall not be entitled to vote on a Series by Series basis, CHICAGO/#

115 except when the Trustees have determined that the matter affects the interest of only one or more Series or Class, then only shareholders of such Series or Class shall be entitled to vote thereon. Section 9.2 Right to Initiate a Vote of the Participants. The Participants shall, by an instrument or concurrent instruments in writing delivered to the Board of Trustees signed by at least fifty percent (50%) of the Participants, have the right to initiate a vote of the Participants as to any matter described in clause (i) or clause (ii) of Section 9.1 hereof. Within thirty (30) days of receipt of such instrument or instruments, the Board of Trustees shall cause a ballot to be sent to each Participant, setting forth the matter to be voted on and the manner in which such ballots should be executed and delivered. Section 9.3 Inspection of Records. The records of the Fund shall be open to inspection by any Participant at all reasonable times, provided, that ten (10) days written notice thereof is given to the Board. Section 9.4 Meetings of Participants; Quorum. (a) Meetings of the Participants may be called at any time by a majority of the Trustees, such request specifying the purpose or purposes for which such meeting is to be called. Any such meeting shall be held within the State at such place, on such day and at such time as the Trustees shall designate. (b) One-quarter of the Participants entitled to vote at such meeting present in person (including, if permitted by applicable Law, participation by conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other) or by proxy shall constitute a quorum at any meeting. Except as provided in Section 15.1 hereof, if a quorum is present, the affirmative vote of a majority of the Participants present in person (including, if permitted by applicable Law, participation by conference telephone or other similar communications equipment by means of which all Persons participating in the meeting can hear each other) or by proxy at the meeting and entitled to vote on the matter shall be the act of the Participants. Section 9.5 Notice of Meetings and Votes. Notice of all meetings of the Participants, stating the time, place and purposes of the meeting, and notice of any vote without a meeting, stating the purpose and method thereof, shall be given by the Trustees by mail or electronic communication to each Participant at its registered address, mailed at least seven (7) days and not more than sixty (60) days before the meeting or the day by which votes must be cast. Alternatively, such notice shall be given during such time period by to the main contact at each Participant (as such contact is recorded on the Share Register provided for in Section 8.1 hereof). Only the business stated in the notice of a meeting shall be considered at such meeting. Any adjourned meeting may be held as adjourned without further notice. Any notice required by any open meeting, sunshine or similar law, whether now or hereafter in effect, shall also be given. For the avoidance of doubt, proxies may be voted electronically using any system determined by the Trustees. Section 9.6 Record Date for Meetings and Votes. For the purpose of determining the Participants that are entitled to vote or act at any meeting or any adjournment thereof, or that are entitled to participate in any vote, or for the purpose of any other action, the Trustees may from time to time fix a date not more than thirty (30) days prior to the date of any meeting or vote of CHICAGO/#

116 Participants or other action as a record date for the determination of Participants entitled to vote at such meeting or any adjournment thereof or to cast a ballot in such vote or to be treated at Participants of record for purposes of such other action. Any Participant which was a Participant at the time so fixed shall be entitled to vote at such meeting or any adjournment thereof, or to cast a ballot in such vote, even though it then had no Shares allocated to it or has since that date redeemed its Shares. No Participant becoming such after that date shall be so entitled to vote at such meeting or any adjournment thereof or to cast a ballot in such vote or to be treated as a Participant of record for purposes of such other action. Section 9.7 Proxies. At any meeting of Participants, if permitted by applicable Law, any Participant entitled to vote may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary of the Fund, or with such other officer or agent of the Fund as the Secretary of the Fund may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more of the officers of the Fund. All proxies shall be revocable at the option of the Participant. Section 9.8 Number of Votes. Only Participants of record shall be entitled to vote, and each Participant shall be entitled to one vote without regard to the number of Shares allocated to it and without regard to the number of Series in which a Participant participates. A proxy purporting to be executed by or on behalf of a Participant shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. Section 9.9 Reports. (a) The Trustees shall cause to be prepared at least annually with respect to any Series of indefinite duration, commencing with the first fiscal year-end after Shares have been purchased for any such Series or Class, (i) financial statements containing at a minimum a statement of assets and liabilities and statements of operations and of changes in net assets of such Series prepared in conformity with generally accepted accounting principles and (ii) an opinion of an independent certified public accountant on such financial statements based on an examination of the books and records of the Fund pertaining to such Series made in accordance with generally accepted auditing standards. A signed copy of such report and opinion shall be filed with the Trustees within such period after the close of the period covered thereby as may be determined by the Trustees. Copies of such reports shall be mailed (or ed) to all Participants of record. The Trustees shall, in addition, furnish to the Participants, at least quarterly but more frequently if provided in the Information Statement, an interim report containing an unaudited balance sheet of the Fund as at the end of such period, and statements of operations and changes in net assets for the period from the beginning of the then-current fiscal year to the end of such period. (b) In addition to any reports and opinions prepared pursuant to paragraph (a) of this Section 9.9, the Trustees may cause to be prepared or conducted by the Fund s independent accountant such other reports and examinations as the Trustees shall, in their discretion, deem appropriate. Section 9.10 Resignation of Participants. Any Participant may resign and withdraw from the Fund by following the procedures for effecting redemption as set forth in the Information Statement of the Fund, as the same may be amended from time to time, or applicable Certificates CHICAGO/#

117 of Designation. In addition to such procedures, the Participant must send a written notice to the Fund and the Administrator. Such resignation and withdrawal shall become effective upon the later of the withdrawal of Shares or the receipt of the written notice by the Fund and the Administrator. No resignation and withdrawal by a Participant shall operate to annul this Declaration and terminate the existence of the Fund. ARTICLE X ADDITION OF PARTICIPANTS Section 10.1 Adoption by Public Agency Treasurers Electing to Become Additional Participants. (a) Any Eligible Participant meeting the requirements of Section 2.2 hereof may become an additional Participant of this Fund by (i) taking any appropriate official action to adopt this Declaration; (ii) furnishing the Fund and the Administrator with satisfactory evidence that such official action has been taken; and (iii) furnishing the Fund and the Administrator with a certificate of the clerk of such Public Agency setting forth the names and specimen signatures of the officials of such Public Agency authorized at the time of delivery of such certificate to act on behalf of such Public Agency in connection with the Public Agency s participation in the Fund. A copy of this Declaration may be adopted by executing a written instrument of adoption in such form as may be prescribed by the Trustees. Delivering an acknowledged copy of such instrument shall constitute satisfactory evidence of the adoption contemplated by this Article X. Adoption of a written investment policy that permits investment in the Fund will be deemed by the Fund and the Administrator to constitute an adoption of this Declaration of Trust. (b) Any official custodian meeting the requirements of Section 2.2 hereof, may become an additional Participant of this Fund by (i) taking any appropriate official action to adopt this Declaration; (ii) furnishing the Fund and the Administrator with satisfactory evidence that such official action has been taken; and (iii) furnishing the Fund and the Administrator with a certificate of the recording officer of the Public Agency setting forth the names and specimen signatures of the officials of such Public Agency authorized at the time of delivery of such certificate to act on behalf of such Public Agency in connection with the Public Agency s participation in the Fund. A copy of this Declaration may be adopted by executing a written instrument of adoption in such form as may be prescribed by the Trustees. Delivering an acknowledged copy of such instrument shall constitute satisfactory evidence of the adoption contemplated by this Article X. ARTICLE XI BOARD OF TRUSTEES AND OFFICERS Section 11.1 Generally; Number. The governing body of the Fund shall be the Board, the membership of which shall be determined as hereinafter provided. As of the effective date of this Declaration of Trust, the Trustees shall be the initial Trustees who have executed this Declaration, and said Trustees shall continue in office in accordance with the provisions of this Article XI. The number of Trustees may be fixed, from time to time, by the vote of not less than a majority of the Trustees; provided, however, that the number of Trustees shall in no event be less than two (2) nor more than eleven (11). The number of Trustees shall not be reduced so as to CHICAGO/#

118 shorten the term of any Trustee then in office. In the event of an increase in the number of Trustees, the then-existing Trustees may appoint a Trustee to fill the new trusteeship, subject to the limitations in Section 11.5 hereof. Section 11.2 Initial Trustees. (a) By the initial execution of this Declaration, the following individuals shall be appointed to serve as the initial Trustees: Kyle P. Cratty NAME Phillip E. DeRuntz AFFILIATION Park District of Oak Park Warren-Waukegan Fire Protection District (b) Each initial Trustee shall furnish the Secretary with a certificate of the clerk of its Public Agency ratifying the appointment of the initial Trustees authorized at the time of delivery of such certificate to act on behalf of such Public Agency in connection with the Public Agency s participation in the Fund. Section 11.3 Time Commitment. The Trustees shall devote to the affairs of the Fund (including every Series thereof) such time as may be necessary for the proper performance of their duties hereunder, but the Trustees shall not be expected to devote their full time to the performance of such duties. Section 11.4 Qualifications. (a) Each Trustee of the Fund shall be a natural Person. Each Trustee shall be a Participant (with the exception of the initial Trustees). Each Trustee shall have at least two (2) years of experience in the collection, receipt, tabulation, custody, deposit, investment or disbursement of Public Agency Funds. (b) All actions taken by a Trustee not meeting the qualifications as set forth in Section 11.4(a) hereof shall be null and void. Section 11.5 Term and Election. (a) Each Trustee elected or appointed as provided in this Declaration (except in the event of resignations or removals or vacancies) shall hold office until his successor has been elected and has qualified to serve as Trustee. To the extent greater than one-half (50%) of the Trustees shall not have been elected by the Participants (other than the initial Trustees), within one year of the date of such occurrence, the Trustees shall hold a meeting of the Participants to ratify the appointment of Trustees (other than the initial Trustees) so that no more than 50% of the Trustees shall not have been elected by Participants (other than the initial Trustees). At the election of the Trustees, the Trustees may divide the Trustees into one or more classes having such terms as shall be determined by the Trustees. Each Trustee may be reelected to an unlimited number of succeeding terms in accordance with these provisions. To the extent the Trustees have created classes with specific terms, the Trustees chosen to succeed those whose terms then expire shall be of the same class as the Trustees they succeed, unless, by reason of any intervening changes in the authorized number of Trustees, the Board of Trustees shall designate one or more trusteeships whose term then expires as trusteeships of another class in order to more CHICAGO/#

119 nearly achieve equality of number of Trustees among the classes. Further, each Trustee then continuing to serve as such shall nevertheless continue as a Trustee of the class of which such Trustee is a member until the expiration of his current term, or his prior death, resignation or removal. (b) The voting procedures and the number of votes required to elect a Trustee shall be as set forth in the By-laws (as set forth in Section hereof). Section 11.6 Resignation and Removal. Any Trustee may resign (without need for a prior or subsequent accounting) by an instrument in writing signed by him and delivered to the Chairperson, and such resignation shall be effective upon delivery or at a later date according to the terms of the notice. Any Trustee may be removed with or without cause by a majority vote of the remaining Trustees. Upon the resignation or removal of a Trustee or his otherwise ceasing to be a Trustee, he shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Fund or the remaining Trustees any Fund Property held in the name of the resigning or removed Trustee. Upon the incapacity or death of any Trustee, his legal representative shall execute and deliver on his behalf such documents as the remaining Trustees shall require, as provided in the preceding sentence. Section 11.7 Vacancies. (a) The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, resignation, bankruptcy, adjudicated incompetence or other incapacity to exercise the duties of the office, or removal of a Trustee. In the event that a Trustee ceases to be affiliated with the Participant that he was affiliated with upon becoming a Trustee, he may remain a Trustee ex officio with no voting powers for a period of ninety (90) days until a vacancy shall be deemed to have occurred; provided, however, that if the Trustee becomes affiliated with a new Public Agency that is a Participant within the said ninety (90) day period and he shall have presented evidence in writing of the granting of an authorization by the Public Agency, no vacancy shall be deemed to have occurred, and the Trustee will again become a Trustee in good standing. No such vacancy shall operate to annul this Declaration of Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust, and title to any Fund Property held in the name of such Trustee and the other Trustees, or otherwise, shall, in the event of the death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to exercise the duties of the office of such Trustee, vest in the continuing or surviving Trustees without necessity of any further act or conveyance. (b) In the case of an existing vacancy (other than by reason of an increase in the number of Trustees), a majority of the Trustees continuing in office acting by resolution may fill such vacancy with a Person meeting the qualifications of Section 11.4 hereof, and any Trustee so elected by the Trustees shall hold office until the next meeting of Participants and until his successor has been elected and has qualified to serve as Trustee. To the extent the Trustees have elected classes, the Trustee chosen to succeed shall be of the same class as the Trustee of the original vacancy. CHICAGO/#

120 Upon the effectiveness of any such appointment as provided in this Section 11.7, the Fund Property shall vest in such new Trustee jointly with the continuing or surviving Trustees without the necessity of any further act or conveyance; provided, however, that no such election or appointment as provided in this Section 11.7 shall become effective unless or until the new Trustee shall have (i) accepted in writing his appointment, (ii) agreed to be bound by the terms of this Declaration of Trust and (iii) presented evidence in writing of the granting of an authorization by the Public Agency with which he is affiliated for him to serve as a Trustee. Section 11.8 Meetings. Meetings of the Trustees shall be held from time to time, no less frequently than semi-annually, upon the call of the Chairperson or any two (2) Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by resolution of the Trustees. The Trustees may act with or without a meeting, if permitted by law. A quorum for all meetings shall be a majority of Trustees entitled to vote. Any agreement or other instrument or writing executed by one or more Trustees or by any authorized persons shall be valid and binding upon the Trustees and upon the Fund when authorized or ratified by action of the Trustees as provided in this Declaration. Any meeting, regular or special, may be held by conference telephone or similar communications equipment, so long as all Trustees participating in the meeting can hear one another; and all such Trustees shall be deemed to be present in person at the meeting. Section 11.9 Chairperson. The Board shall elect a chairperson, or more than one, for the purpose of presiding at meetings of the Board or the Participants (the Chairperson ). The Chairperson shall exercise and perform such other powers and duties as may be from time to time assigned to the Chairperson. The Chairperson may delegate his powers and duties to the other Trustees or officers of the Fund that he or she deems appropriate, provided that such delegation is consistent with applicable legal and regulatory requirements. In the event of the Chairperson s absence or inability to act, a Trustee appointed by the remaining Board members, during such absence or inability to act, or until such time as a new Chairperson is chosen, may perform all duties and exercise all powers within the normal purview of the Chairperson. Section Secretary. The Board shall appoint a Secretary from time to time (the Secretary ). The Secretary may be a Trustee, or such other person as the Trustees deem appropriate. The Secretary shall keep or cause to be kept at the offices of the Fund or at such other place as the Board may direct a book of minutes of all meetings and actions (including consents) of the Board, committees of the Board and Participants. The Secretary shall keep a record of the time and place of such meetings, whether regular or special, and if special, how authorized, the notice given, the names of those present at Board meetings or committee meetings, the number of Shares present or represented by proxy at Participant meetings, and the proceedings. The Secretary shall give or cause to be given notice of all meetings of the Participants and of the Board required by this Declaration or by applicable Law to be given and shall have such other powers and perform such other duties as may be prescribed by the Board, or as provided in this Declaration. Any assistant secretary shall have such duties and powers as shall be designated from time to time by the Trustees. Section Treasurer. The Board shall appoint a Treasurer from time to time (the Treasurer ). The Treasurer may be a Trustee, or such other person as the Trustees deem appropriate. The Treasurer shall be the chief financial officer of the Fund and, subject to any CHICAGO/#

121 arrangement made by the Trustees with a bank or trust company or other organization as custodian, shall be in charge of its valuable papers and shall have such other duties and powers as may be designated from time to time by the Trustees. The Treasurer shall also be the chief accounting officer of the Fund and shall be in charge of its books of account and accounting records. The Treasurer shall be responsible for preparation of financial statements of the Fund and shall have such other duties and powers as may be designated from time to time by the Trustees. Any assistant treasurer shall have such duties and powers as shall be designated from time to time by the Trustees. Section By-laws. The Trustees may adopt By-laws not inconsistent with this Declaration to provide for the conduct of the business of the Fund and in such By-laws, among other things, may define the duties of the respective officers, agents, employees and representatives of the Fund. The Board may amend or repeal such By-laws to the extent such power is not reserved to the Participants by not less than two-thirds (2/3rds) affirmative vote of the Trustees. The Bylaws shall not conflict with the provisions hereof, and to the extent of any such conflict, the provisions of this Declaration of Trust shall be deemed to control. Section Officers. The Trustees may, in their sole discretion, appoint one or more officers, who shall have such authority and perform such duties as are provided herein or as the Trustees, or to the extent permitted by the Trustees, may from time to time determine. The Trustees may, in their sole discretion, provide for titles of such officers as the Trustees deem appropriate. ARTICLE XII DETERMINATION OF NET ASSET VALUE AND NET INCOME; DISTRIBUTIONS TO PARTICIPANTS Section 12.1 Net Asset Value. The net asset value of each allocated Share of the Fund shall be determined at such time or times as the Trustees by resolution may determine. The method of determining net asset value shall be established by the Trustees and shall be set forth in the Information Statement as the same may be amended from time to time or in the applicable Certificate of Designation of a Series. The duty to make the calculations may be delegated by the Trustees to the Adviser, the Administrator, the Custodian or such other Person as the Trustees by resolution may designate. The Trustees may adopt different methods for the determination of the net asset value of different Series of Shares. Section 12.2 Constant Net Asset Value; Reduction of Allocated Shares. (a) In furtherance and not in limitation of the provisions of Section 12.1, the Trustees may designate that one or more Series shall be governed by the provisions of this Section The Trustees shall have full and complete power to determine the net income (including unrealized gains and losses on the portfolio assets) of the Series once on each business day, and upon each such determination such net income shall be credited proportionately to the accounts of the Participants in such a manner, and with the result, that the net asset value per Share of the Series shall remain at a constant dollar value. The general method used for the determination of the net income of the Series and the crediting thereof proportionately to the respective accounts of the Participants shall be determined by the Trustees and shall be set forth in the Information Statement as the same may be amended from time to time or in the applicable Certificate of Designation. The duty to make the daily calculations may be CHICAGO/#

122 delegated by the Trustees to the Adviser, the Administrator, the Custodian or such other Person as the Trustees may designate. Fluctuations in value will be reflected in the number of Shares allocated to each Participant. If there is a net loss, the Trustees will first offset such amount against income accrued to each Participant. To the extent that such a net loss would exceed such accrued income, the Trustees will reduce the aggregate number of the Series allocated Shares in an amount equal to the amount by which the net loss exceeds accrued income by having each Participant contribute to the Fund s corpus its pro rata portion of the total number of Shares required to be redeemed in order to permit the net asset value per Share of the Series to be maintained at a constant dollar value. Each Participant will be deemed to have agreed to such contributions in these circumstances by its investment in the Fund and the Series and its adoption of this Declaration. The purpose of the foregoing procedure is to permit the net asset value per Share of the Series to be maintained at a constant dollar value per Share. (b) The Trustees may discontinue or amend the practice of attempting to maintain the net asset value per Share at a constant dollar amount at any time, and such modification shall be evidenced by appropriate changes in the Information Statement as the same may be amended from time to time or in the Certificate of Designation. The Trustees are further authorized to take any such action as they may deem necessary and appropriate to maintain the net asset value per Share at a constant dollar amount. Section 12.3 Supplementary Distributions to Participants. In addition to redemptions made at the request of individual Participants pursuant to Section 7.5 hereof, the Trustees may from time to time also declare and make to the Participants, in proportion to their respective allocation of Shares, out of the earnings, profits or assets in the hands of the Trustees, such supplementary distributions as they may determine. The declaration and making of such supplementary distributions and the determination of earnings, profits and other funds and assets available for supplemental distributions and other purposes shall lie wholly in the discretion of the Trustees and may be made at such time and in such manner as the Trustees may in their sole discretion from time to time determine. Any or all such supplementary distributions may be made among the Participants of record at the time of declaring a distribution or among the Participants of record at such other date as the Trustees shall determine. Section 12.4 Retained Reserves. The Trustees may retain from the gross income of the Fund (including, without limitation, reinvestment proceeds described in Section 7.1(b)(iv) hereof) such amount as they may deem necessary to pay the debts and expenses of the Fund and to meet other obligations of the Fund, and the Trustees shall also have the power to establish such reasonable reserves as they believe may be required to protect the Fund and the Participants against contingent liabilities. ARTICLE XIII CUSTODIAN Section 13.1 Duties. The Trustees shall employ a bank or trust company organized under the Laws of the United States of America or the State having an office in the State and having a capital and surplus aggregating at least twenty-five million dollars ($25,000,000) as Custodian with authority as its agent, but subject to such restrictions, limitations and other requirements, if CHICAGO/#

123 any, as may be contained in the By-laws of the Fund to perform the duties set forth in the Custodian Agreement to be entered into between the Fund and the Custodian. Section 13.2 Appointment. The Trustees shall have the power to select and appoint the Custodian for the Fund. The Custodian Agreement shall provide that it may be terminated at any time without cause and without the payment of any penalty by the Fund on no less than ninety (90) days written notice to the Custodian. Section 13.3 Sub-Custodians. The Trustees may also authorize the Custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the Custodian and upon such terms and conditions, as may be agreed upon between the Custodian and such sub-custodians and approved by the Trustees; provided, however, that such sub-custodian will be liable and responsible to the Custodian for performance of its services and that the Custodian shall acknowledge that the employment of a sub-custodian to perform such services does not relieve the Custodian of its liability and responsibility to the Fund, including (without limitation) for the failure of such sub-custodian to perform its duty. Section 13.4 Successors. In the event that, at any time, the Custodian shall resign or shall be terminated pursuant to the provisions of the Custodian Agreement, the Trustees shall appoint a successor thereto. Section 13.5 Additional Custodians. The Trustees may in their discretion employ one or more Custodians in addition to the Custodian referred to in Section Such additional Custodians shall be banks or trust companies organized under the laws of the United States of America and the State having an office in the State and having capital and surplus aggregating at least twenty-five million dollars ($25,000,000). Such additional Custodian shall perform such duties (including duties applicable only to designated Series) as may be set forth in an agreement between the Fund and the additional Custodian. ARTICLE XIV RECORDING OF DECLARATION OF TRUST Section 14.1 Recording. This Declaration and any amendment hereto may be filed, recorded or lodged as a document of public record in such place or places and with such official or officials as may be required by Law or as the Trustees may deem appropriate. Each amendment so filed, recorded or lodged shall be effective upon the date set forth in the amendment. An amended Declaration, containing or restating the original Declaration and all amendments theretofore made, may be executed any time or from time to time by a majority of the Trustees and shall, upon filing, recording or lodging in the manner contemplated hereby, be conclusive evidence of all amendments contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments thereto. Notwithstanding the foregoing provisions of this Section 14.1, no filing or recordation pursuant to the terms of this Section 14.1 shall be a condition precedent to the effectiveness of this Declaration or any amendment hereto. CHICAGO/#

124 ARTICLE XV AMENDMENT OF DECLARATION Section 15.1 Amendment or Termination. The provisions of this Declaration may be amended or altered (except as to the limitations on personal liability of the Participants and the Trustees, the prohibition of assessments upon the Participants and the events triggering termination) by the affirmative vote of a majority of the Trustees entitled to vote, or, if permitted by applicable Law, by an instrument or instruments in writing, without a meeting, signed by a majority of the Trustees when authorized to do so by vote or written consent of the Participants as provided in Section 9.4(b) hereof; provided, however, that the Trustees may, from time to time by a two-thirds (2/3rds) vote of the Trustees, and after fifteen (15) days prior written notice to the Participants, amend or alter the provisions of this Declaration, without the vote or assent of the Participants, to expand the categories of Persons that may become Participants in the Fund to the extent permitted by applicable Law and to the extent deemed by the Trustees in good faith to be necessary to conform this Declaration to the requirements of applicable laws or regulations or any interpretation thereof by a court or other governmental agency of competent jurisdiction, but the Trustees shall not be liable for failing so to do. Notwithstanding the foregoing, (i) no amendment may be made pursuant to this Section 15.1 which would change any rights with respect to any allocated Shares of the Fund by reducing the amount payable thereon upon liquidation of the Fund or which would diminish or eliminate any voting rights of the Participants, except with the vote or written consent of two-thirds (2/3rds) of the Participants entitled to vote thereon; and (ii) no amendment may be made which would cause any of the investment restrictions contained in Section 5.2 hereof to be less restrictive without the affirmative vote of the Participants as provided in Section 9.4(b) hereof. ARTICLE XVI TERMINATION OF FUND Section 16.1 Termination. The Fund shall dissolve at any time upon the happening of any of the following events: (i) the affirmative vote of a majority of the Trustees entitled to vote; (ii) a judicial entry of a decree terminating the Fund by a court of proper jurisdiction; (iii) at any time there are no Participants; (iv) the Investment Advisory Agreement with the Adviser is terminated or no longer in effect, and no replacement investment adviser has been appointed within five (5) days of termination; and (v) any other event that makes it unlawful or impossible to carry on the business of the Fund. Section 16.2 (a) Winding Up. Upon the termination of the Fund pursuant to this Article XVI: (i) the Fund shall carry on no business except for the purpose of winding up its affairs; (ii) the Trustees shall proceed to wind up the affairs of the Fund, and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Fund shall have been wound up, including, without limitation, the power to fulfill or CHICAGO/#

125 discharge the contracts of the Fund, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining Fund Property to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, and discharge or pay its liabilities, and all other acts appropriate to liquidate its affairs; provided, however, that any sale, conveyance, assignment, exchange, transfer or other disposition of all or substantially all of the Fund Property shall require approval of the principal terms of the transaction and the nature and amount of the consideration by affirmative vote of the Participants as provided in Section 9.4(b) hereof; and (iii) after paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Fund Property, in cash or in kind or partly in each, among the Participants according to their respective proportionate allocation of Shares. (b) Upon termination of the Fund and distribution to the Participants as herein provided, a majority of the Trustees shall execute and lodge among the records of the Fund an instrument in writing setting forth the fact of such termination, and the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the right, title and interest of all Participants shall cease and be canceled and discharged. (c) A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Participants or by the Trustees as aforesaid or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment. Section 16.3 Power to Effect Reorganization. If permitted by applicable Law, the Trustees, by vote or written approval of a majority of the Trustees, may select, or direct the organization of, a corporation, association, trust or other Person with which the Fund may merge, or which shall take over the Fund Property and carry on the affairs of the Fund, and after receiving an affirmative vote of the Participants as provided in Section 9.4(b) hereof, the notice for which includes a statement of such proposed action, the Trustees may effect such merger or may sell, convey and transfer the Fund Property to any such corporation, association, trust or other Person in exchange for cash or shares for securities thereof, or beneficial interest therein with the assumption by such transferee of the liabilities of the Fund; and thereupon the Trustees shall terminate the Fund and deliver such cash, shares or beneficial interest ratably among the Participants of this Fund in redemption of their Shares. ARTICLE XVII MISCELLANEOUS Section 17.1 Agreement to Be Bound. EVERY PERSON, BY VIRTUE OF HAVING BECOME A PARTICIPANT IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION OF TRUST AND THE BY-LAWS, AS AMENDED FROM TIME TO TIME, CHICAGO/#

126 SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION OF TRUST AND THE BY-LAWS. Section 17.2 Governing Law. This Declaration is adopted by the Participants and delivered in the State of Illinois and with reference to the laws thereof, and the rights of all parties and the validity, construction and effect of every provision hereof shall be subject to and construed according to the Laws of said State of Illinois. Section 17.3 Jurisdiction and Waiver of Jury Trial. Any suit, action or proceeding brought by or in the right of any Participant or any person claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this Declaration of Trust or the Fund, any Series or Class or any Shares, including any claim of any nature against the Fund, any Series or Class, the Trustees or officers of the Fund, shall be brought exclusively in the Circuit Court of DuPage County, Illinois, and all Participants and other such Persons hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and further, IN CONNECTION WITH ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN THE CIRCUIT COURT OF DUPAGE COUNTY, ILLINOIS, ALL PARTICIPANTS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW. All Participants and other such Persons agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such Person at the address shown on the books and records of the Fund for such Person or at the address of the Person shown on the books and records of the Fund with respect to the Shares that such Person claims an interest in. Service of process in any such suit, action or proceeding against the Fund or any Trustee or officer of the Fund may be made at the address of the Fund s registered agent in the State of Illinois. Any service so made shall be effective as if personally made in the State of Illinois. Section 17.4 Counterparts. This Declaration may be executed in several counterparts, each of which when so executed shall be deemed to be an original, and such counterparts, together, shall constitute but one and the same instrument, which shall be sufficiently evidenced by any such original counterpart. To the extent permitted by the Laws of the State, (i) any document, consent, instrument or notice referenced in or contemplated by this Declaration of Trust or the By-laws that is to be executed by one or more Trustees may be executed by means of original, facsimile or electronic signature and (ii) any document, consent, instrument or notice referenced in or contemplated by this Declaration of Trust or the By-laws that is to be delivered by one or more Trustees may be delivered by facsimile or electronic means (including ), unless, in the case of either clause (i) or (ii), otherwise determined by the Trustees. Section 17.5 Reliance by Third Parties. Any certificate executed by an individual who, according to the records of the Fund, or of any official or public body or office in which this Declaration may be recorded, appears to be a Trustee hereunder or the Secretary or the Treasurer of the Fund, certifying to: (i) the number or identity of Trustees or Participants; (ii) the due CHICAGO/#

127 authorization of the execution of any instrument or writing; (iii) the form of any vote passed at a meeting of Trustees or Participants; (iv) the fact that the number of Trustees or Participants present at any meeting or executing any written instrument satisfies the requirements of this Declaration; (v) the form of any by-law adopted by or the identity of any officers elected by the Trustees; or (vi) the existence of any fact or facts which in any manner relate to the affairs of the Fund, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees or any of them or the Fund and the successors of such Person. Section 17.6 Provisions in Conflict with Law. The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any one or more of such provisions (the Conflicting Provisions ) are in conflict with applicable federal or State Laws, the Conflicting Provisions shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination by the Trustees shall not affect or impair any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted (including, but not limited to, the election of Trustees) prior to such determination. Section 17.7 Rules of Construction; Headings. In this Declaration of Trust, references to this Declaration of Trust, and all expressions such as herein, hereof and hereunder, shall be deemed to refer to this Declaration of Trust as a whole and not to any particular article or section unless the context requires otherwise. Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. The terms include, includes and including and any comparable terms shall be deemed to mean including, without limitation. Any reference to any statute, law, code, rule or regulation shall be deemed to refer to such statute, law, code, rule or regulation as amended or restated from time to time and any successor thereto. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or to control or affect the meaning, construction or effect of this Declaration of Trust. [Signature Page Follows] CHICAGO/#

128 IN WITNESS WHEREOF, the undersigned Trustees of ILLINOIS PUBLIC RESERVES INVESTMENT MANAGEMENT TRUST, acting in th ir respective capacities as Trustees of the Fund, do hereby make and enter into this Declaration of Trust as of the date first written above. Kyle P! Cratty, Trustee Phillip E. DeRuntz, Trustee CHICAG0/#

129 VILLAGE OF MONTGOMERY REQUEST FOR BOARD OF TRUSTEES ACTION FOR INCLUSION ON BOARD AGENDA Resolution or Ordinance (Blue) Recommendation of Boards, Commissions & Committees (Green) X Other Business (Pink) To: From: Village President and Board of Trustees Jeff Zoephel, Village Administrator Date: February 21, 2019 B of T Date: February 25, 2019 Subject: 2019 MFT and Infrastructure Road Program Bid Results Submitted By: Peter G. Wallers, P.E. CFM, Village Engineer Background/Policy Implications: For the 2019 Road Program we are using MFT funds in addition to the Non-Home Rule Sales Tax Funds. Bids were received for this project on Tuesday, February 19 th and Geneva Construction Company is the low bidder. Staff will be recommending award of this contract to Geneva Construction Company at the March 11 th board meeting. In addition, we will be requesting approval of a Resolution Authorizing the use of MFT Funds for this project. Attached is the draft award letter and bid tab. No action is required at this time. Describe Fiscal Impact/Budget Account Number and Cost: Budget Account & Estimate of Construction Costs: $3,485, Amount of Award: $3,403, Review: Village Administrator Jeff Zoephel NOTE: All materials must be submitted to and approved by the Village Administrator by 12:00 noon, Tuesday, prior to the Agenda distribution.

130

131 Page 1 of 1 BID SUMMARY 2019 MFT & INFRASTRUCTURE ROAD PROGRAM VILLAGE OF MONTGOMERY BID TABULATION ENGINEER'S ESTIMATE BUILDERS PAVING D. CONSTRUCTION GENEVA CONSTRUCTION BIDS RECEIVED 11:00 A.M. 02/19/19 52 Wheeler Road 4413 Roosevelt Road Suite S. Broadway P.O. Box 998 Sugar Grove, IL Hillside, IL Coal City, IL Aurora, IL TOTAL BID $3,485, $3,408, NO BID $3,403, BID BOND N/A X N/A X SIGNED BID N/A X N/A X BID TABULATION K-FIVE CONSTRUCTION BIDS RECEIVED 11:00 A.M. 02/19/ Oakmont Plaza Drive Suite 200 Westmont, IL TOTAL BID BID BOND SIGNED BID NO BID N/A N/A ENGINEERING ENTERPRISES, INC. 52 WHEELER ROAD, SUGAR GROVE, ILLINOIS

132 BID TABULATION 2019 MFT & INFRASTRUCTURE ROAD PROGRAM VILLAGE OF MONTGOMERY BID TABULATION BIDS RECD 2/19/2019 BUILDERS PAVING, LLC 4413 Roosevelt Road, Suite 108 Hillside, IL GENEVA CONSTRUCTION P.O. Box 998 Aurora, IL ENGINEER'S ESTIMATE 52 Wheeler Road Sugar Grove, IL ITEM UNIT UNIT UNIT NO. DESCRIPTION UNIT QUANTITY PRICE AMOUNT PRICE AMOUNT PRICE AMOUNT PARTIAL DEPTH PATCHING (SPECIAL) GEOTECHNICAL FABRIC FOR GROUND STABILIZATION REMOVAL AND DISPOSAL OF UNSUITABLE MATERIALS AGGREGATE SUBGRADE IMPROVEMENT HOT-MIX ASPHALT SURFACE REMOVAL - BUTT JOINT HOT-MIX ASPHALT SURFACE REMOVAL, VARIABLE DEPTH, TYPE 1 HOT-MIX ASPHALT SURFACE REMOVAL, VARIABLE DEPTH, TYPE 2 HOT-MIX ASPHALT SURFACE REMOVAL, 3" BITUMINOUS MATERIALS (TACK COAT) SQ YD $ $ 59, $ $ 51, $ $ 56, SQ YD 1,800.0 $ 1.00 $ 1, $ 1.00 $ 1, $ 2.00 $ 3, CU YD $ $ 6, $ $ 8, $ $ 10, CU YD $ $ 9, $ $ 9, $ $ 10, SQ YD $ $ 4, $ 7.00 $ 2, $ $ 4, SQ YD 9,435.0 $ 1.50 $ 14, $ 1.45 $ 13, $ 1.75 $ 16, SQ YD 122,840.0 $ 1.60 $ 196, $ 1.55 $ 190, $ 2.00 $ 245, SQ YD 35,505.0 $ 2.20 $ 78, $ 2.10 $ 74, $ 2.50 $ 88, POUND 113,320.0 $ 0.01 $ 1, $ 0.01 $ 1, $ 0.05 $ 5, LEVELING BINDER (MACHINE METHOD), N50 TON 9,815.0 $ $ 628, $ $ 628, $ $ 618, HOT-MIX ASPHALT SURFACE COURSE, MIX "D", N50 TON 19,105.0 $ $ 1,222, $ $ 1,217, $ $ 1,203, COMBINATION CONCRETE CURB AND GUTTER REMOVAL AND REPLACEMENT FOOT 7,879.0 $ $ 226, $ $ 264, $ $ 228, COMBINATION CONCRETE CURB AND GUTTER (WATER MAIN) FOOT $ $ 12, $ $ 15, $ $ 13, SIDEWALK REMOVAL SQ FT 57,648.0 $ 1.60 $ 92, $ 1.20 $ 69, $ 1.00 $ 57, PORTLAND CEMENT CONCRETE SIDEWALK 5 INCH SQ FT 59,713.0 $ 5.30 $ 316, $ 6.10 $ 364, $ 6.00 $ 358, DETECTABLE WARNINGS SQ FT 3,137.0 $ $ 72, $ $ 72, $ $ 72, MANHOLES TO BE ADJUSTED EACH 2.0 $ $ 1, $ $ 1, $ $ 1, INLETS TO BE ADJUSTED EACH $ $ 49, $ $ 32, $ $ 42, TYPE 1 FRAME AND GRATE, CLOSED LID EACH 16.0 $ $ 4, $ $ 4, $ $ 4, TYPE 1 FRAME AND GRATE, OPEN LID EACH 6.0 $ $ 1, $ $ 1, $ $ 1, TYPE 11 FRAME AND GRATE EACH 2.0 $ $ $ $ $ $ FRAME AND GRATES, SPECIAL EACH 19.0 $ $ 6, $ $ 7, $ $ 5, ENGINEERING ENTERPRISES, INC. 52 WHEELER ROAD, SUGAR GROVE, ILLINOIS

133 BID TABULATION 2019 MFT & INFRASTRUCTURE ROAD PROGRAM VILLAGE OF MONTGOMERY BID TABULATION BIDS RECD 2/19/2019 BUILDERS PAVING, LLC 4413 Roosevelt Road, Suite 108 Hillside, IL GENEVA CONSTRUCTION P.O. Box 998 Aurora, IL ENGINEER'S ESTIMATE 52 Wheeler Road Sugar Grove, IL ITEM UNIT UNIT UNIT NO. DESCRIPTION UNIT QUANTITY PRICE AMOUNT PRICE AMOUNT PRICE AMOUNT 23 SANITARY MANHOLES TO BE ADJUSTED EACH 18.0 $ $ 14, $ $ 14, $ $ 13, VALVE BOX REMOVAL AND 4' VALVE VAULT REPLACEMENT EACH 6.0 $ 3, $ 22, $ 5, $ 30, $ 2, $ 13, DOMESTIC WATER SERVICE BOXES TO BE ADJUSTED EACH 2.0 $ $ $ $ $ $ THERMOPLASTIC PAVEMENT MARKINGS - LETTERS & SYMBOLS SQ FT 57.2 $ 4.50 $ $ 4.50 $ $ 4.50 $ THERMOPLASTIC PAVEMENT MARKINGS - LINE 4" FOOT $ 0.96 $ $ 0.96 $ $ 1.00 $ THERMOPLASTIC PAVEMENT MARKINGS - LINE 6" FOOT 1,010.0 $ 1.44 $ 1, $ 1.44 $ 1, $ 2.00 $ 2, THERMOPLASTIC PAVEMENT MARKINGS - LINE 12" FOOT $ 2.00 $ 1, $ 2.00 $ 1, $ 3.00 $ 2, THERMOPLASTIC PAVEMENT MARKINGS - LINE 24" FOOT $ 4.50 $ 1, $ 4.50 $ 1, $ 5.00 $ 1, SIGN PANEL-TYPE 1 SQ FT $ $ 5, $ $ 5, $ $ 6, REMOVE SIGN PANEL ASSEMBLY - TYPE A EACH 58.0 $ $ 1, $ $ 1, $ $ 2, REMOVE SIGN PANEL - TYPE 1 SQ FT 42.3 $ 4.00 $ $ 4.00 $ $ $ RELOCATE SIGN PANEL - TYPE 1 SQ FT 20.0 $ 5.00 $ $ 5.00 $ $ $ TELESCOPING STEEL SIGN SUPPORT FOOT $ 8.00 $ 7, $ 8.00 $ 7, $ $ 10, PORTLAND CEMENT CONCRETE DRIVEWAY (WATER MAIN) SQ YD 66.0 $ $ 4, $ $ 4, $ $ 3, HOT-MIX ASPHALT DRIVEWAY REMOVAL AND REPLACEMENT SQ YD $ $ 38, $ $ 24, $ $ 29, BIKE PATH REMOVAL SQ FT 3,383.0 $ 0.75 $ 2, $ 1.55 $ 5, $ 2.00 $ 6, HOT-MIX ASPHALT BIKE PATH REMOVAL AND REPLACEMENT SQ YD $ $ 33, $ $ 15, $ $ 27, GRADING AND SHAPING DITCHES FOOT $ $ 1, $ $ 1, $ $ 1, RESTORATION SQ YD 5,290.0 $ 6.50 $ 34, $ 9.95 $ 52, $ $ 52, TRAFFIC CONTROL AND PROTECTION, STANDARD L SUM 1.0 $ 19, $ 19, $ 18, $ 18, $ 25, $ 25, TRAFFIC CONTROL AND PROTECTION, STANDARD L SUM 1.0 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 5, $ 5, TRAFFIC CONTROL AND PROTECTION, STANDARD L SUM 1.0 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 5, $ 5, ENGINEERING ENTERPRISES, INC. 52 WHEELER ROAD, SUGAR GROVE, ILLINOIS

134 BID TABULATION 2019 MFT & INFRASTRUCTURE ROAD PROGRAM VILLAGE OF MONTGOMERY BID TABULATION BIDS RECD 2/19/2019 BUILDERS PAVING, LLC 4413 Roosevelt Road, Suite 108 Hillside, IL GENEVA CONSTRUCTION P.O. Box 998 Aurora, IL ENGINEER'S ESTIMATE 52 Wheeler Road Sugar Grove, IL ITEM UNIT UNIT UNIT NO. DESCRIPTION UNIT QUANTITY PRICE AMOUNT PRICE AMOUNT PRICE AMOUNT 45 ROUTING AND SEALING CRACKS FOOT 97,168.0 $ 0.39 $ 37, $ 0.37 $ 35, $ 0.48 $ 46, INLETS, TYPE A EACH 6.0 $ 1, $ 8, $ 1, $ 10, $ 1, $ 6, INLETS, TYPE B EACH 1.0 $ 1, $ 1, $ 3, $ 3, $ 1, $ 1, MANHOLES, TYPE A, 4'-DIAMETER EACH 4.0 $ 2, $ 8, $ 3, $ 14, $ 2, $ 10, STORM SEWERS, CLASS A, TYPE 2, 12" FOOT $ $ 35, $ $ 21, $ $ 33, CONNECTION TO EXISTING SEWER EACH 1.0 $ $ $ 1, $ 1, $ 1, $ 1, PRECAST REINFORCED CONCRETE FLARED END SECTIONS 12" EACH 2.0 $ 1, $ 2, $ 1, $ 2, $ 1, $ 3, STORM SEWER REMOVAL, 12" FOOT 78.0 $ $ $ $ $ $ 1, TRENCH BACKFILL CU YD $ $ 8, $ $ 4, $ $ 6, INLET REMOVAL EACH 1.0 $ $ $ $ $ $ SANITARY SERVICE RELOCATION FOOT 20.0 $ $ 1, $ $ $ $ 1, CRACK ROUTING FOOT 72,000.0 $ 0.01 $ $ 0.01 $ $ 0.01 $ CRACK FILLING POUND 24,000.0 $ 1.20 $ 28, $ 1.24 $ 29, $ 1.30 $ 31, CLASS D PATCHES, TYPE II, 4 INCH SQ YD $ $ 5, $ $ 3, $ $ 4, CLASS D PATCHES, TYPE III, 4 INCH SQ YD $ $ 12, $ $ 9, $ $ 11, CLASS D PATCHES, TYPE IV, 4 INCH SQ YD $ $ 23, $ $ 18, $ $ 24, CLASS D PATCHES, 4 INCH (BOULDER Hill WATERMAIN BREAKS) SQ YD $ $ 15, $ $ 13, $ $ 20, CLASS D PATCHES, 4 INCH (VILLAGE OF MONTGOMERY WATER MAIN BREAKS) SQ YD $ $ 15, $ $ 13, $ $ 20, PORTLAND CEMENT CONCRETE MEDIAN, SPECIAL FOOT 30.0 $ $ 4, $ $ 1, $ $ 1, TOTAL BASE BID (Items 1-63) 3,408, ,403, $ 3,485, % BELOW/ABOVE ENGINEER'S ESTIMATE -2.23% -2.35% ENGINEERING ENTERPRISES, INC. 52 WHEELER ROAD, SUGAR GROVE, ILLINOIS