Full Text of SB1620 97th General Assembly
SB1620sam001 97TH GENERAL ASSEMBLY | Sen. Heather A. Steans Filed: 3/11/2011
| | 09700SB1620sam001 | | LRB097 08948 KMW 52719 a |
|
| 1 | | AMENDMENT TO SENATE BILL 1620
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1620 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Municipal Code is amended by | 5 | | changing 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 | 8 | | allocation fund
set forth in Section 11-74.4-8 for the | 9 | | redevelopment project area may be
issued to provide for | 10 | | redevelopment project costs. Such obligations, when
so issued, | 11 | | shall be retired in the manner provided in the ordinance
| 12 | | authorizing the issuance of such obligations by the receipts of | 13 | | taxes
levied as specified in Section 11-74.4-9 against the | 14 | | taxable property
included in the area, by revenues as specified | 15 | | by Section 11-74.4-8a and
other revenue designated by the | 16 | | municipality. A municipality may in the
ordinance pledge all or |
| | | 09700SB1620sam001 | - 2 - | LRB097 08948 KMW 52719 a |
|
| 1 | | any part of the funds in and to be deposited in the
special tax | 2 | | allocation fund created pursuant to Section 11-74.4-8 to the
| 3 | | payment of the redevelopment project costs and obligations. Any | 4 | | pledge of
funds in the special tax allocation fund shall | 5 | | provide for distribution to
the taxing districts and to the | 6 | | Illinois Department of Revenue of moneys
not required, pledged, | 7 | | earmarked, or otherwise designated for payment and
securing of | 8 | | the obligations and anticipated redevelopment project costs | 9 | | and
such excess funds shall be calculated annually and deemed | 10 | | to be "surplus"
funds. In the event a municipality only applies | 11 | | or pledges a portion of the
funds in the special tax allocation | 12 | | fund for the payment or securing of
anticipated redevelopment | 13 | | project costs or of obligations, any such funds
remaining in | 14 | | the special tax allocation fund after complying with the
| 15 | | requirements of the application or pledge, shall also be | 16 | | calculated annually
and deemed "surplus" funds. All surplus | 17 | | funds in the special tax allocation
fund shall be distributed | 18 | | annually within 180 days after the close of the
municipality's | 19 | | fiscal year by being paid by the
municipal treasurer to the | 20 | | County Collector, to the Department of Revenue
and to the | 21 | | municipality in direct proportion to the tax incremental | 22 | | revenue
received as a result of an increase in the equalized | 23 | | assessed value of
property in the redevelopment project area, | 24 | | tax incremental revenue
received from the State and tax | 25 | | incremental revenue received from the
municipality, but not to | 26 | | exceed as to each such source the total
incremental revenue |
| | | 09700SB1620sam001 | - 3 - | LRB097 08948 KMW 52719 a |
|
| 1 | | received from that source. The County Collector shall
| 2 | | thereafter make distribution to the respective taxing | 3 | | districts in the same
manner and proportion as the most recent | 4 | | distribution by the county
collector to the affected districts | 5 | | of real property taxes from real
property in the redevelopment | 6 | | project area.
| 7 | | Without limiting the foregoing in this Section, the | 8 | | municipality may in
addition to obligations secured by the | 9 | | special tax allocation fund pledge
for a period not greater | 10 | | than the term of the obligations towards payment
of such | 11 | | obligations any part or any combination of the following: (a) | 12 | | net
revenues of all or part of any redevelopment project; (b) | 13 | | taxes levied and
collected on any or all property in the | 14 | | municipality; (c) the full faith
and credit of the | 15 | | municipality; (d) a mortgage on part or all of the
| 16 | | redevelopment project; or (e) any other taxes or anticipated | 17 | | receipts that
the municipality may lawfully pledge.
| 18 | | Such obligations may be issued in one or more series | 19 | | bearing interest at
such rate or rates as the corporate | 20 | | authorities of the municipality shall
determine by ordinance. | 21 | | Such obligations shall bear such date or dates,
mature at such | 22 | | time or times not exceeding 20 years from their respective
| 23 | | dates, be in such denomination, carry such registration | 24 | | privileges, be executed
in such manner, be payable in such | 25 | | medium of payment at such place or places,
contain such | 26 | | covenants, terms and conditions, and be subject to redemption
|
| | | 09700SB1620sam001 | - 4 - | LRB097 08948 KMW 52719 a |
|
| 1 | | as such ordinance shall provide. Obligations issued pursuant to | 2 | | this Act
may be sold at public or private sale at such price as | 3 | | shall be determined
by the corporate authorities of the | 4 | | municipalities. No referendum approval
of the electors shall be | 5 | | required as a condition to the issuance of obligations
pursuant | 6 | | to this Division except as provided in this Section.
| 7 | | In the event the municipality authorizes issuance of | 8 | | obligations pursuant
to the authority of this Division secured | 9 | | by the full faith and credit of
the municipality, which | 10 | | obligations are other than obligations which may
be issued | 11 | | under home rule powers provided by Article VII, Section 6 of | 12 | | the
Illinois Constitution, or pledges taxes pursuant to (b) or | 13 | | (c) of the second
paragraph of this section, the ordinance | 14 | | authorizing the issuance of such
obligations or pledging such | 15 | | taxes shall be published within 10 days after
such ordinance | 16 | | has been passed in one or more newspapers, with general
| 17 | | circulation within such municipality. The publication of the | 18 | | ordinance
shall be accompanied by a notice of (1) the specific | 19 | | number of voters
required to sign a petition requesting the | 20 | | question of the issuance of such
obligations or pledging taxes | 21 | | to be submitted to the electors; (2) the time
in which such | 22 | | petition must be filed; and (3) the date of the prospective
| 23 | | referendum. The municipal clerk shall provide a petition form | 24 | | to any
individual requesting one.
| 25 | | If no petition is filed with the municipal clerk, as | 26 | | hereinafter provided
in this Section, within 30 days after the |
| | | 09700SB1620sam001 | - 5 - | LRB097 08948 KMW 52719 a |
|
| 1 | | publication of the ordinance,
the ordinance shall be in effect. | 2 | | But, if within that 30 day period a petition
is filed with the | 3 | | municipal clerk, signed by electors in the
municipality | 4 | | numbering 10% or more of the number of registered voters in the
| 5 | | municipality, asking that the question of issuing
obligations | 6 | | using full faith and credit of the municipality as security
for | 7 | | the cost of paying for redevelopment project costs, or of | 8 | | pledging taxes
for the payment of such obligations, or both, be | 9 | | submitted to the electors
of the municipality, the corporate | 10 | | authorities of the municipality shall
call a special election | 11 | | in the manner provided by law to vote upon that
question, or, | 12 | | if a general, State or municipal election is to be held within
| 13 | | a period of not less than 30 or more than 90 days from the date | 14 | | such petition
is filed, shall submit the question at the next | 15 | | general, State or municipal
election. If it appears upon the | 16 | | canvass of the election by the corporate
authorities that a | 17 | | majority of electors voting upon the question voted in
favor | 18 | | thereof, the ordinance shall be in effect, but if a majority of | 19 | | the
electors voting upon the question are not in favor thereof, | 20 | | the ordinance
shall not take effect.
| 21 | | The ordinance authorizing the obligations may provide that | 22 | | the obligations
shall contain a recital that they are issued | 23 | | pursuant to this Division,
which recital shall be conclusive | 24 | | evidence of their validity and of the
regularity of their | 25 | | issuance.
| 26 | | In the event the municipality authorizes issuance of |
| | | 09700SB1620sam001 | - 6 - | LRB097 08948 KMW 52719 a |
|
| 1 | | obligations pursuant
to this Section secured by the full faith | 2 | | and credit of the municipality,
the ordinance authorizing the | 3 | | obligations may provide for the levy and
collection of a direct | 4 | | annual tax upon all taxable property within the
municipality | 5 | | sufficient to pay the principal thereof and interest thereon
as | 6 | | it matures, which levy may be in addition to and exclusive of | 7 | | the
maximum of all other taxes authorized to be levied by the | 8 | | municipality,
which levy, however, shall be abated to the | 9 | | extent that monies from other
sources are available for payment | 10 | | of the obligations and the municipality
certifies the amount of | 11 | | said monies available to the county clerk.
| 12 | | A certified copy of such ordinance shall be filed with the | 13 | | county clerk
of each county in which any portion of the | 14 | | municipality is situated, and
shall constitute the authority | 15 | | for the extension and collection of the taxes
to be deposited | 16 | | in the special tax allocation fund.
| 17 | | A municipality may also issue its obligations to refund in | 18 | | whole or in
part, obligations theretofore issued by such | 19 | | municipality under the authority
of this Act, whether at or | 20 | | prior to maturity, provided however, that the
last maturity of | 21 | | the refunding obligations may not be later than the dates set | 22 | | forth under Section 11-74.4-3.5.
| 23 | | In the event a municipality issues obligations under home | 24 | | rule powers or
other legislative authority the proceeds of | 25 | | which are pledged to pay
for redevelopment project costs, the | 26 | | municipality may, if it has followed
the procedures in |
| | | 09700SB1620sam001 | - 7 - | LRB097 08948 KMW 52719 a |
|
| 1 | | conformance with this division, retire said obligations
from | 2 | | funds in the special tax allocation fund in amounts and in such | 3 | | manner
as if such obligations had been issued pursuant to the | 4 | | provisions of this
division.
| 5 | | All obligations heretofore or hereafter issued pursuant to | 6 | | this Act shall
not be regarded as indebtedness of the | 7 | | municipality issuing such obligations
or any other taxing | 8 | | district 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, | 10 | | eff. 8-21-07; 95-346, eff. 8-21-07; 95-459, eff. 8-27-07; | 11 | | 95-653, eff. 1-1-08; 95-662, eff. 10-11-07; 95-683, eff. | 12 | | 10-19-07; 95-709, eff. 1-29-08; 95-876, eff. 8-21-08; 95-932, | 13 | | eff. 8-26-08; 95-964, eff. 9-23-08; 95-977, eff. 9-22-08; | 14 | | 95-1028, eff. 8-25-09 (see Section 5 of P.A. 96-717 for the | 15 | | effective date of changes made by P.A. 95-1028); 96-328, eff. | 16 | | 8-11-09; 96-1000, eff. 7-2-10.)".
|
|