Sen. Heather A. Steans

Filed: 3/11/2011

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 1620

2    AMENDMENT NO. ______. Amend Senate Bill 1620 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Municipal Code is amended by
5changing Section 11-74.4-7 as follows:
 
6    (65 ILCS 5/11-74.4-7)  (from Ch. 24, par. 11-74.4-7)
7    Sec. 11-74.4-7. Obligations secured by the the special tax
8allocation fund set forth in Section 11-74.4-8 for the
9redevelopment project area may be issued to provide for
10redevelopment project costs. Such obligations, when so issued,
11shall be retired in the manner provided in the ordinance
12authorizing the issuance of such obligations by the receipts of
13taxes levied as specified in Section 11-74.4-9 against the
14taxable property included in the area, by revenues as specified
15by Section 11-74.4-8a and other revenue designated by the
16municipality. A municipality may in the ordinance pledge all or

 

 

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1any part of the funds in and to be deposited in the special tax
2allocation fund created pursuant to Section 11-74.4-8 to the
3payment of the redevelopment project costs and obligations. Any
4pledge of funds in the special tax allocation fund shall
5provide for distribution to the taxing districts and to the
6Illinois Department of Revenue of moneys not required, pledged,
7earmarked, or otherwise designated for payment and securing of
8the obligations and anticipated redevelopment project costs
9and such excess funds shall be calculated annually and deemed
10to be "surplus" funds. In the event a municipality only applies
11or pledges a portion of the funds in the special tax allocation
12fund for the payment or securing of anticipated redevelopment
13project costs or of obligations, any such funds remaining in
14the special tax allocation fund after complying with the
15requirements of the application or pledge, shall also be
16calculated annually and deemed "surplus" funds. All surplus
17funds in the special tax allocation fund shall be distributed
18annually within 180 days after the close of the municipality's
19fiscal year by being paid by the municipal treasurer to the
20County Collector, to the Department of Revenue and to the
21municipality in direct proportion to the tax incremental
22revenue received as a result of an increase in the equalized
23assessed value of property in the redevelopment project area,
24tax incremental revenue received from the State and tax
25incremental revenue received from the municipality, but not to
26exceed as to each such source the total incremental revenue

 

 

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1received from that source. The County Collector shall
2thereafter make distribution to the respective taxing
3districts in the same manner and proportion as the most recent
4distribution by the county collector to the affected districts
5of real property taxes from real property in the redevelopment
6project area.
7    Without limiting the foregoing in this Section, the
8municipality may in addition to obligations secured by the
9special tax allocation fund pledge for a period not greater
10than the term of the obligations towards payment of such
11obligations any part or any combination of the following: (a)
12net revenues of all or part of any redevelopment project; (b)
13taxes levied and collected on any or all property in the
14municipality; (c) the full faith and credit of the
15municipality; (d) a mortgage on part or all of the
16redevelopment project; or (e) any other taxes or anticipated
17receipts that the municipality may lawfully pledge.
18    Such obligations may be issued in one or more series
19bearing interest at such rate or rates as the corporate
20authorities of the municipality shall determine by ordinance.
21Such obligations shall bear such date or dates, mature at such
22time or times not exceeding 20 years from their respective
23dates, be in such denomination, carry such registration
24privileges, be executed in such manner, be payable in such
25medium of payment at such place or places, contain such
26covenants, terms and conditions, and be subject to redemption

 

 

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1as such ordinance shall provide. Obligations issued pursuant to
2this Act may be sold at public or private sale at such price as
3shall be determined by the corporate authorities of the
4municipalities. No referendum approval of the electors shall be
5required as a condition to the issuance of obligations pursuant
6to this Division except as provided in this Section.
7    In the event the municipality authorizes issuance of
8obligations pursuant to the authority of this Division secured
9by the full faith and credit of the municipality, which
10obligations are other than obligations which may be issued
11under home rule powers provided by Article VII, Section 6 of
12the Illinois Constitution, or pledges taxes pursuant to (b) or
13(c) of the second paragraph of this section, the ordinance
14authorizing the issuance of such obligations or pledging such
15taxes shall be published within 10 days after such ordinance
16has been passed in one or more newspapers, with general
17circulation within such municipality. The publication of the
18ordinance shall be accompanied by a notice of (1) the specific
19number of voters required to sign a petition requesting the
20question of the issuance of such obligations or pledging taxes
21to be submitted to the electors; (2) the time in which such
22petition must be filed; and (3) the date of the prospective
23referendum. The municipal clerk shall provide a petition form
24to any individual requesting one.
25    If no petition is filed with the municipal clerk, as
26hereinafter provided in this Section, within 30 days after the

 

 

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1publication of the ordinance, the ordinance shall be in effect.
2But, if within that 30 day period a petition is filed with the
3municipal clerk, signed by electors in the municipality
4numbering 10% or more of the number of registered voters in the
5municipality, asking that the question of issuing obligations
6using full faith and credit of the municipality as security for
7the cost of paying for redevelopment project costs, or of
8pledging taxes for the payment of such obligations, or both, be
9submitted to the electors of the municipality, the corporate
10authorities of the municipality shall call a special election
11in the manner provided by law to vote upon that question, or,
12if a general, State or municipal election is to be held within
13a period of not less than 30 or more than 90 days from the date
14such petition is filed, shall submit the question at the next
15general, State or municipal election. If it appears upon the
16canvass of the election by the corporate authorities that a
17majority of electors voting upon the question voted in favor
18thereof, the ordinance shall be in effect, but if a majority of
19the electors voting upon the question are not in favor thereof,
20the ordinance shall not take effect.
21    The ordinance authorizing the obligations may provide that
22the obligations shall contain a recital that they are issued
23pursuant to this Division, which recital shall be conclusive
24evidence of their validity and of the regularity of their
25issuance.
26    In the event the municipality authorizes issuance of

 

 

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1obligations pursuant to this Section secured by the full faith
2and credit of the municipality, the ordinance authorizing the
3obligations may provide for the levy and collection of a direct
4annual tax upon all taxable property within the municipality
5sufficient to pay the principal thereof and interest thereon as
6it matures, which levy may be in addition to and exclusive of
7the maximum of all other taxes authorized to be levied by the
8municipality, which levy, however, shall be abated to the
9extent that monies from other sources are available for payment
10of the obligations and the municipality certifies the amount of
11said monies available to the county clerk.
12    A certified copy of such ordinance shall be filed with the
13county clerk of each county in which any portion of the
14municipality is situated, and shall constitute the authority
15for the extension and collection of the taxes to be deposited
16in the special tax allocation fund.
17    A municipality may also issue its obligations to refund in
18whole or in part, obligations theretofore issued by such
19municipality under the authority of this Act, whether at or
20prior to maturity, provided however, that the last maturity of
21the refunding obligations may not be later than the dates set
22forth under Section 11-74.4-3.5.
23    In the event a municipality issues obligations under home
24rule powers or other legislative authority the proceeds of
25which are pledged to pay for redevelopment project costs, the
26municipality may, if it has followed the procedures in

 

 

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1conformance with this division, retire said obligations from
2funds in the special tax allocation fund in amounts and in such
3manner as if such obligations had been issued pursuant to the
4provisions of this division.
5    All obligations heretofore or hereafter issued pursuant to
6this Act shall not be regarded as indebtedness of the
7municipality issuing such obligations or any other taxing
8district for the purpose of any limitation imposed by law.
9(Source: P.A. 95-15, eff. 7-16-07; 95-164, eff. 1-1-08; 95-331,
10eff. 8-21-07; 95-346, eff. 8-21-07; 95-459, eff. 8-27-07;
1195-653, eff. 1-1-08; 95-662, eff. 10-11-07; 95-683, eff.
1210-19-07; 95-709, eff. 1-29-08; 95-876, eff. 8-21-08; 95-932,
13eff. 8-26-08; 95-964, eff. 9-23-08; 95-977, eff. 9-22-08;
1495-1028, eff. 8-25-09 (see Section 5 of P.A. 96-717 for the
15effective date of changes made by P.A. 95-1028); 96-328, eff.
168-11-09; 96-1000, eff. 7-2-10.)".