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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-74.4-8b
(65 ILCS 5/11-74.4-8b)
Sec. 11-74.4-8b.
Cancellation and repayment of tax and other benefits.
Any tax abatement or benefit granted by a taxing district under an agreement
entered into under this
Act to a private individual or entity for the purpose of originating, locating,
maintaining, rehabilitating, or expanding a business facility shall be
cancelled if the individual or entity relocated its entire facility in
violation of the agreement, and the amount of the abatements or tax benefits
granted before the cancellation shall be repaid to the taxing district within
30 days, as provided in Section 18-183 of the Property Tax Code.
In addition, any private individual or entity that receives other benefits under this Act for the purpose of originating, locating,
maintaining, rehabilitating, or expanding a business facility and that abandons or relocates its facility in violation of the agreement shall pay to the municipality an amount equal to the value of the benefit prorated based on (i) the time from the date of the agreement to the date of abandonment or relocation; compared to (ii) the time from the date of the agreement to the date upon which the redevelopment plan must be completed, determined at the time of the agreement. (Source: P.A. 96-324, eff. 1-1-10.)
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65 ILCS 5/11-74.4-8c
(65 ILCS 5/11-74.4-8c)
Sec. 11-74.4-8c.
Enterprise zone abatements.
If a redevelopment project
area is or has been established under Section 11-74.4-4 on or before the
effective
date
of this amendatory Act of 1997 and the redevelopment project area contains
property that is located within an enterprise zone established under the
Illinois
Enterprise Zone Act, then the property that is located in both the
redevelopment
project area and the enterprise zone shall not be eligible for the abatement of
taxes under Section 18-170 of the Property Tax Code if the requirements of
Section 5.4.1 of the Illinois Enterprise Zone Act are satisfied.
If an abatement is limited under Section 5.4.1 of the Illinois Enterprise
Zone Act, a municipality
shall notify the county clerk and the board of review or board of appeals of
the change in writing not later than July 1 of the assessment year to be first
affected by the change.
(Source: P.A. 90-258, eff. 7-30-97.)
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65 ILCS 5/11-74.4-8d (65 ILCS 5/11-74.4-8d)
Sec. 11-74.4-8d. Website postings; municipalities of 1,000,000 or more. (a) In any municipality with a population of 1,000,000 or more, the following shall be posted on a website maintained by the municipality: (1) Any ordinance designating a redevelopment project | | area or approving a redevelopment plan, redevelopment project, or redevelopment agreement pursuant to this Division 74.4, including all attachments, and any amendments thereto.
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| (2) Written staff reports presented to a board
| | created in subsection (k) of Section 11-74.4-4.
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| (3) The information required to be submitted pursuant
| | to subsection (d) of Section 11-74.4-5 and any other overviews prepared by the municipality relating to redevelopment or financing pursuant to this Division 74.4.
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| (4) Any certificates of completion issued by the
| | municipality or annual employment certifications received by the municipality pursuant to a redevelopment agreement.
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| (b) Except as provided in subsection (c), all ordinances described in paragraph (1) of subsection (a) of this Section shall be made available on the website within 7 business days after the ordinance is passed and published by the municipality. Except as provided in subsection (c), all documents described in paragraphs (2), (3), and (4) of subsection (a) of this Section shall be made available on the website within 14 business days after the document has been completed in final form.
(c) The requirements of this Section apply with respect to any redevelopment project area designated or amended on or after July 30, 2004. The ordinances and documents that passed or were completed prior to the effective date of this amendatory Act of the 96th General Assembly shall be made available on the website no later than 30 days after that effective date.
(Source: P.A. 96-773, eff. 8-28-09.)
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65 ILCS 5/11-74.4-9
(65 ILCS 5/11-74.4-9)
(from Ch. 24, par. 11-74.4-9)
Sec. 11-74.4-9. Equalized assessed value of property.
(a) If a municipality by ordinance provides for tax
increment allocation financing pursuant to Section 11-74.4-8, the county clerk
immediately thereafter shall determine (1) the most recently ascertained
equalized assessed value of each lot, block, tract or parcel of real property
within such redevelopment project area from which shall be deducted the
homestead exemptions under Article 15 of the Property
Tax Code, which value shall be the "initial equalized assessed value" of each
such piece of property, and (2) the total equalized assessed value of all
taxable real property within such redevelopment project area by adding together
the most recently ascertained equalized assessed value of each taxable lot,
block, tract, or parcel of real property within such project area, from which
shall be deducted the homestead exemptions provided by Sections 15-170,
15-175, and 15-176 of the Property Tax Code, and shall certify such amount
as the "total
initial equalized assessed value" of the taxable real property within such
project area.
(b) In reference to any municipality which has adopted tax increment
financing after January 1, 1978, and in respect to which the county clerk
has certified the "total initial equalized assessed value" of the property
in the redevelopment area, the municipality may thereafter request the clerk
in writing to adjust the initial equalized value of all taxable real property
within the redevelopment project area by deducting therefrom the exemptions under Article 15 of the
Property Tax Code applicable
to each lot, block, tract or parcel of real property within such redevelopment
project area. The county clerk shall immediately after the written request to
adjust the total initial equalized value is received determine the total
homestead exemptions in the redevelopment project area provided by Sections
15-170, 15-175, and 15-176 of the Property Tax Code by adding
together the homestead
exemptions provided by said Sections
on each lot, block, tract or parcel of real property within such redevelopment
project area and then shall deduct the total of said exemptions from the total
initial equalized assessed value. The county clerk shall then promptly certify
such amount as the "total initial equalized assessed value as adjusted" of the
taxable real property within such redevelopment project area.
(c) After the county clerk has certified the "total initial
equalized assessed value" of the taxable real property in such area, then
in respect to every taxing district containing a redevelopment project area,
the county clerk or any other official required by law to ascertain the amount
of the equalized assessed value of all taxable property within such district
for the purpose of computing the rate per cent of tax to be extended upon
taxable property within such district, shall in every year that tax increment
allocation financing is in effect ascertain the amount of value of taxable
property in a redevelopment project area by including in such amount the lower
of the current equalized assessed value or the certified "total initial
equalized assessed value" of all taxable real property in such area, except
that after he has certified the "total initial equalized assessed value as
adjusted" he shall in the year of said certification if tax rates have not been
extended and in every year thereafter that tax increment allocation financing
is in effect ascertain the amount of value of taxable property in a
redevelopment project area by including in such amount the lower of the current
equalized assessed value or the certified "total initial equalized assessed
value as adjusted" of all taxable real property in such area. The rate per cent
of tax determined shall be extended to the current equalized assessed value of
all property in the redevelopment project area in the same manner as the rate
per cent of tax is extended to all other taxable property in the taxing
district. The method of extending taxes established under this Section shall
terminate when the municipality adopts an ordinance dissolving the special tax
allocation fund for the redevelopment project area. This Division shall not be
construed as relieving property owners within a redevelopment project area from
paying a uniform rate of taxes upon the current equalized assessed value of
their taxable property as provided in the Property Tax Code.
(Source: P.A. 95-644, eff. 10-12-07.)
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65 ILCS 5/11-74.4-10
(65 ILCS 5/11-74.4-10) (from Ch. 24, par. 11-74.4-10)
Sec. 11-74.4-10.
Revenues received by 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.)
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65 ILCS 5/11-74.4-11
(65 ILCS 5/11-74.4-11) (from Ch. 24, par. 11-74.4-11)
Sec. 11-74.4-11.
If any Section, subdivision, paragraph, sentence or clause
of this Division is, for any reason, held to be invalid or unconstitutional,
such decision shall not affect any remaining portion, Section or part thereof
which can be given effect without the invalid provision.
(Source: P.A. 79-1525.)
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65 ILCS 5/11-74.4-12 (65 ILCS 5/11-74.4-12) Sec. 11-74.4-12. Metro East Police District. A municipality may use moneys from the special tax allocation fund to hire police officers, if the corporate authorities of the municipality determine by ordinance or resolution that, as a result of the development associated with the tax increment financing, more police officers are needed to protect the public health and safety of the residents, and the municipality is: (i) within the territory of the Metro East Police District created under the Metro East Police District Act, or (ii) contiguous to 2 or more municipalities within the territory of the Metro East Police District and having a population of more than 5,000 inhabitants, according to the 2000 federal census. The moneys used to hire police officers may amount to no more than 10% of the funds available.
(Source: P.A. 97-971, eff. 1-1-13.) |
65 ILCS 5/Art. 11 Div. 74.5
(65 ILCS 5/Art. 11 Div. 74.5 heading)
DIVISION 74.5.
MUNICIPAL HOUSING FINANCE LAW
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65 ILCS 5/11-74.5-1
(65 ILCS 5/11-74.5-1) (from Ch. 24, par. 11-74.5-1)
Sec. 11-74.5-1.
This Division 74.5 may be referred to as the Municipal
Housing
Finance Law.
(Source: P.A. 91-357, eff. 7-29-99.)
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65 ILCS 5/11-74.5-2
(65 ILCS 5/11-74.5-2) (from Ch. 24, par. 11-74.5-2)
Sec. 11-74.5-2.
Whenever used in this Division:
(a) "Appraised value" means the fair market value of a home determined
in accordance with generally accepted procedures and standards applicable
to the appraisal of real property.
(b) "Bonds" means any revenue bonds authorized under this Division and
payable as provided hereunder.
(c) "Corporate authorities" means the corporate authorities as defined
in this Illinois Municipal Code.
(d) "Home" means real property and improvements thereon located within
the municipality consisting of not more than 4 dwelling units, including
but not limited to, condominium units owned by one mortgagor who occupies
or intends to occupy one of such units.
(e) "Home mortgage loan" means an interest bearing loan to a mortgagor
evidenced by a promissory note and secured by a mortgage on a home,
purchased or originated in accordance with this Division made for the purpose
of acquiring a home having an appraised value or a purchase price, whichever
is less, of not less than the minimum home value and less than the maximum home
value.
(f) "Lender" means any lending institution participating in a residential
housing finance plan as the originator of home mortgage loans or as a servicing
agent for home mortgage loans.
(g) "Lending institution" means any bank, bank holding company, credit
union, trust company, savings bank, national banking association, savings
and loan association, building and loan association, mortgage banker or
other financial institution which customarily provides service or otherwise
aids in the financing of home mortgages, or any holding company for any
of the foregoing.
(h) "Maximum home value" means the amount determined by the corporate authorities.
(i) "Minimum home value" means the amount determined by the corporate authorities.
(j) "Mortgagor" means a person of low or moderate income and who has received
or qualifies to receive a home mortgage loan on a home.
(k) "Municipality" means a municipality as defined in this Illinois Municipal Code.
(l) "Ordinance" means an ordinance adopted and approved by the corporate
authorities of a municipality.
(m) "Purchase price" means the actual consideration paid to the seller of a home.
(n) "Person" means a natural person or persons or a trust, provided that
such trust is for the benefit of a natural
person or members of such person's immediate family.
(o) "Participation commitment" means any undertaking or agreement by a
lending institution to participate in the implementation of a residential
housing finance plan.
(p) "Persons of low or moderate income" means a person or family (consisting
of one or more persons all of whom occupy or will occupy the home) whose
aggregate gross income including the gross income of any co-signer or guarantor
of the promissory note made in connection with the making of a home mortgage
loan does not exceed a maximum amount to be established by the corporate
authorities and determined in accordance with appropriate criteria, rules
and regulations, approved by the corporate authorities in connection with
the implementation of a residential housing finance plan.
(q) "Residential housing finance plan" means a program implemented under
this Division by a municipality to assist persons of low or moderate income
in acquiring safe, decent and sanitary housing which they can afford.
(r) "Trustee" means any State or national bank or trust company, having
trust powers, located within or outside the State of Illinois, which may
be appointed to act in any capacity with respect to a residential housing
finance plan and the issuance of bonds to finance such plan whether designated
as a trustee, custodian or administrator.
(Source: P.A. 90-706, eff. 8-7-98.)
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65 ILCS 5/11-74.5-3
(65 ILCS 5/11-74.5-3) (from Ch. 24, par. 11-74.5-3)
Sec. 11-74.5-3.
In addition to powers which a municipality may now have,
municipalities have the following powers:
(a) To acquire, and to contract and enter into advance commitments to
acquire, directly or indirectly, home mortgages owned or originated by
lending institutions at such
prices and upon such other terms and conditions as shall be determined by
such municipality or trustee as it may designate as its agent;
(b) To make and execute contracts with lending institutions for the
origination
and servicing of home mortgage loans on behalf of a municipality and to
pay the reasonable value of services rendered in accordance with such contracts;
(c) To make loans to lenders to enable such lenders to make home mortgage
loans in accordance with this Division;
(d) To establish, by rules or regulations, by ordinances relating to
any issuance of bonds or in any financing documents relating to such issuance,
such standards and requirements applicable to the purchase of home mortgage
loans or the origination of home mortgage loans or loans to lenders as such
municipality deems necessary or desirable to effectuate the public purposes
of this Act, including but not limited to: (i) the time within which lending
institutions must make participation commitments and make disbursements
for home mortgage loans; (ii) the terms and conditions of home mortgage
loans to be acquired or originated; (iii) the standards and criteria to
be applied by the municipality in defining persons of low or moderate income; (iv)
the amounts and types of insurance coverage required on homes, home mortgage
loans and bonds; (v) the representations and warranties to be required
of persons and lending institutions as evidence of compliance with such
standards and requirements; (vi) restrictions as to interest rate and other
terms of home mortgage loans or the return realized therefrom by lending
institutions; (vii) the type and amount of collateral security to be provided
to assure repayment of any loans to lenders by such municipalities and to
assure repayment of bonds; and (viii) any other matters related to the
purchase or origination of home mortgage loans or the making of loans
to lenders as shall be deemed relevant or necessary by the corporate authorities
of such municipality.
(e) To require from each lending institution from which home mortgage
loans are to be purchased or which will originate home mortgage loans on
behalf of the municipality or from lenders to which loans are made, the
submission, at the time of making participation commitments, of evidence
satisfactory to such municipality of the ability and intention of such lending
institution to make home mortgage loans, and the submission, within the
time specified by such municipality for making disbursements for home mortgage
loans, of evidence satisfactory to such municipality of the making of home
mortgage loans and of compliance with any standards and requirements established
by such municipality.
(f) To require that a lending institution or lender furnish, prior to
or concurrently with the delivery of any participation commitment by a lending
institution, a commitment fee in the form of a cash deposit, letter of credit,
promissory note, surety bond or other instrument approved by the corporate
authorities executed by or on behalf of such lending institution, in an
amount to be determined by the corporate authorities.
(g) To issue its bonds to defray, in whole or in part (i) the cost
of acquiring or originating home mortgage loans or making loans to lenders
in order to enable them to make home mortgage loans; (ii) if deemed necessary
or advisable, the costs of paying interest on bonds during a reasonable
period necessary to acquire or originate the home mortgage loans or to make
the loans to lender, (iii) the costs of studies and surveys, insurance
premiums, underwriting fees, legal, accounting and marketing services incurred
in connection with the issuance and sale of such bonds, including amounts
required to establish reasonably necessary bond and interest reserve accounts,
and trustee, custodian and rating agency fees; (iv) the costs of reasonable
reserves; and (v) such other costs
as are reasonably related to the foregoing.
(h) To authorize the sale or other disposition of any home mortgage
loan, in whole or in part, upon such terms, at such prices and times, and
from time to time, as may be necessary to assure that the revenues and receipts
to be derived with respect to the home mortgage loans, together with any
insurance proceeds, funds held in reserve accounts and earnings thereon,
shall produce and provide revenues and receipts at least sufficient to provide
for the prompt payment of the principal of, redemption premiums, if any,
and interest at maturity of all bonds issued pursuant to this Division or to
otherwise authorize the sale or other disposition of any home mortgage loan
after the bonds have been paid or deemed to be paid.
(i) To pledge any revenues and receipts to be received from any home
mortgage loans to the punctual payment of bonds authorized under this Division,
and the interest and redemption premiums, if any, thereon.
(j) To mortgage, pledge or grant security interests in any home mortgage
loans, notes or other property in favor of the holder or holders of bonds
issued therefor.
(k) to issue its bonds in such amount as may be necessary (and not limited
by the amount of bonds refunded) for the purpose of refunding, in whole
or in part at any time, bonds theretofore issued by such municipality under
authority of this Division, the proceeds of which refunding bonds may be
used, at the discretion of the corporate authorities, for paying bonds at
maturity, calling bonds for payment and paying bonds prior to maturity,
or for deposit into an escrow or trust fund in advance of maturity of bonds to
be held
for payment thereof at maturity or earlier.
(l) To appoint or designate a trustee or trustees for the benefit of
the bondholders and to delegate and assign thereto, insofar as it may lawfully
do so, its rights, duties
and responsibilities with respect to carrying out and enforcing the terms
and provisions of its residential housing finance plan.
(m) To provide for and authorize the use and disposition of any funds
remaining in the possession of the municipality (or trustees)
following payment
and retirement of, or following the making of provision for the payment
of, the bonds of a designated series issued pursuant to this Division.
(n) To make and execute contracts and other instruments necessary or
convenient to the exercise of any of the powers granted herein.
(Source: P.A. 90-706, eff. 8-7-98.)
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65 ILCS 5/11-74.5-4
(65 ILCS 5/11-74.5-4) (from Ch. 24, par. 11-74.5-4)
Sec. 11-74.5-4.
(Repealed).
(Source: P.A. 82-783. Repealed by P.A. 90-706, eff. 8-7-98.)
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65 ILCS 5/11-74.5-5
(65 ILCS 5/11-74.5-5) (from Ch. 24, par. 11-74.5-5)
Sec. 11-74.5-5.
The exercise of any or all powers granted by this Division
shall be authorized and the bonds shall be authorized to be issued under
this Division for the purposes set forth in this Act, by an ordinance adopted
by the corporate authorities of a municipality which shall take effect
immediately
upon adoption.
Any such ordinance shall set forth a finding and declaration (i) of the
public purpose therefor and (ii) that such ordinance is adopted pursuant
to this Division, which finding and declaration shall be conclusive evidence
of the existence and sufficiency of the public purpose and of the
power to carry out and give effect to such public purposes.
The bonds shall bear interest at such rate or rates (subject only to the
limitations set forth in paragraph (a) of Section 11-74.5-4 and without
regard to any other law pertaining to interest rate limitations),
may be payable at such time or times, may be in one or more series, may
bear such
date or dates, may mature at such time or times not exceeding 40 years from
their respective dates, may be payable in such medium of payment at such
place or places, may carry such registration privileges, may be subject
to such terms of redemption at such premiums, may be executed in such manner,
may contain such terms, covenants and conditions and may be in such form,
either coupon or registered, as the corporate authorities shall provide.
The bonds may be sold at public or private sale at such price, in such manner
and upon such terms as the corporate authorities may determine. Pending
the preparation of definitive bonds and in anticipation thereof, interim
notes, in such form and with such provisions as may be authorized by the
corporate authorities, may be issued to the purchaser or purchasers of bonds
sold pursuant to this Division. The bonds and interim notes shall be deemed
to be securities and negotiable instruments within the meaning and for all
purposes of the Uniform Commercial Code.
(Source: P.A. 90-706, eff. 8-7-98.)
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65 ILCS 5/11-74.5-6
(65 ILCS 5/11-74.5-6) (from Ch. 24, par. 11-74.5-6)
Sec. 11-74.5-6.
Any ordinance authorizing the issuance of the bonds under
this Division may contain covenants regarding (a) the use and disposition
of the revenues and receipts from any home mortgage loans for which the
bonds are to be issued, including the creation and maintenance of such reasonable
and adequate
reserves as the corporate authorities may determine; (b) the insurance to
be carried on any home mortgage loan or bonds and the use and disposition
of the proceeds of such insurance; (c) the appointment of one or more trustees
for the benefit of the bondholders, paying agents or bond registrars; (d)
the investment of any funds held by such trustees or lender; (e) the maximum
interest rate payable on any home mortgage loan (subject to the provisions
of paragraph (a) of Section 11-74.5-4); and (f) the terms and conditions
upon which the holders of the bonds or any portion thereof, or any trustees
therefor, are entitled to the appointment of a receiver by a court of competent
jurisdiction, and such terms and conditions may provide that the receiver
may take possession of the home mortgage loans or any part thereof and maintain,
sell or otherwise dispose of such home mortgage loans, prescribe other payments
and collect, receive and apply all income and revenues thereafter derived
therefrom. An ordinance authorizing the issuance of bonds under this Division
may provide that payment of the principal of, redemption premium, if any,
and interest on any bonds issued under this Division shall be secured by
a mortgage, pledge, security interest, insurance agreement or indenture
of trust of or with respect to such home mortgage loans and a lien upon
the revenues and receipts derived therefrom or from any notes or other obligations of
lending institutions, with respect to which the bonds are issued. Such
mortgage, pledge, security interest, insurance agreement or indenture of
trust may contain such covenants and agreements as may be necessary or
appropriate to safeguard the interests of the holders of the bonds and shall
be executed in the manner authorized by the ordinance authorizing the bonds.
The provisions of this Division and any such ordinance and any such mortgage,
pledge, security interest, insurance agreement or indenture of trust shall
constitute a contract with the holder or holders of the bonds and continue
in effect until the principal of, the interest on, and the redemption premiums,
if any, on the bonds have been fully paid or provision made for the payment
thereof, and the duties of the municipality and its corporate authorities
and officers under this Division and any such ordinance and any such mortgage,
pledge, security interest, insurance agreement or indenture of trust shall
be enforceable as provided therein by any bondholder by mandamus, foreclosure
of any such mortgage, pledge, security interest or indenture of trust or
other appropriate suit, action or proceeding in any court of competent jurisdiction;
provided the ordinance or any mortgage, pledge, security interest, insurance
agreement or indenture of trust under which the bonds are issued may provide
that all such remedies and rights to enforcement may be vested in a trustee
(with full power of appointment) for the benefit of all the bondholders,
which trustee shall be subject to the control of such number of holders
or owners of any outstanding bonds as provided therein.
(Source: P.A. 81-580.)
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65 ILCS 5/11-74.5-7
(65 ILCS 5/11-74.5-7) (from Ch. 24, par. 11-74.5-7)
Sec. 11-74.5-7.
The bonds shall bear the manual or facsimile signatures
of such officers of a municipality as may be designated in the ordinance
authorizing such bonds and such signatures shall constitute the valid and
binding signatures of such officers, notwithstanding that before the delivery
thereof and payment therefor any or all of the persons whose signatures
appear thereon have ceased to be officers of such municipality. The validity
of the bonds shall not be dependent on nor affected by the validity or regularity
of any proceedings relating to the home mortgage loans acquired or made
from proceeds of the bonds. A recital in the bonds that they are issued
pursuant to this Division shall be conclusive evidence of their validity
and of the regularity of their issuance.
(Source: P.A. 81-580.)
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