(20 ILCS 620/11)
(from Ch. 67 1/2, par. 1011)
Payment of project costs; revenues from governmental property.
Revenues received by a taxing district from any property, building or
facility owned, leased or operated by the taxing district or any agency or
authority established by the taxing district may be used to pay economic
development project costs, or reduce outstanding obligations of the
taxing district incurred under this Act for economic development project
costs. The taxing district may place those revenues in the special tax
allocation fund which shall be held by the treasurer of the taxing district or other
person designated by the taxing district. Revenue received by a taxing district
from the sale or other disposition of real or personal property or rights
or interests therein acquired by a taxing district with the proceeds of obligations funded by tax increment
allocation financing may be used to acquire and operate other governmental property that is within the economic development project area or that provides services within the economic development project area, subject to the restrictions of item (5) of subsection (e) of Section 3 of this Act.
(Source: P.A. 97-636, eff. 6-1-12