HB3069 94TH GENERAL ASSEMBLY

LRB094 09974 AJO 40232 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3069

Introduced 2/22/2005, by Rep. Tom Cross

SYNOPSIS AS INTRODUCED:

65 ILCS 5/11-74.4-10

from Ch. 24, par. 11-74.4-10

Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Makes a technical change in a Section concerning revenue.

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Municipal Code is amended by changing Section 11-74.4-10 as follows:

(65 ILCS 5/11-74.4-10) (from Ch. 24, par. 11-74.4-10)

Sec. 11-74.4-10. Revenues received by the the municipality from any property, building or facility owned, leased or operated by the municipality or any agency or authority established by the municipality, or from repayments of loans, may be used to pay redevelopment project costs, or reduce outstanding obligations of the municipality incurred under this Division for redevelopment project costs. The municipality may place such revenues in the special tax allocation fund which shall be held by the municipal treasurer or other person designated by the municipality. Revenue received by the municipality from the sale or other disposition of real property acquired by the municipality with the proceeds of obligations funded by tax increment allocation financing shall be deposited by the municipality in the special tax allocation fund.

(Source: P.A. 93-298, eff. 7-23-03.)