65 ILCS 46/ Municipal Validation Law of 2002.

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65 ILCS 46/Art. 5

(65 ILCS 46/Art. 5 heading) ARTICLE 5

65 ILCS 46/5-1

(65 ILCS 46/5-1)

Sec. 5-1.

Short title.

This Article may be cited as the Municipal
Validation of 2002.

(Source: P.A. 92-884, eff. 1-13-03.)

65 ILCS 46/5-5

(65 ILCS 46/5-5)

Sec. 5-5.

Redevelopment actions; validation.

All actions taken before the
effective
date of this Law by any municipality pursuant to the Tax Increment Allocation
Redevelopment Act for purposes of approving a redevelopment plan and
redevelopment
project, designating a redevelopment project area, and adopting tax increment
allocation
financing are validated, ratified, and confirmed as valid actions in full force
and effect as
of the date of adoption of the ordinance of the municipality approving the
redevelopment
plan and project, notwithstanding that an ordinance designating the
redevelopment
project area was not adopted on that date and an ordinance adopting tax
increment
allocation financing was not adopted on that date, provided that, no later than
180 days
after the effective date of this Law, the governing body of the municipality
adopts an
ordinance designating the redevelopment project area and an ordinance adopting
tax
increment allocation financing for the redevelopment project area.

(Source: P.A. 92-884, eff. 1-13-03.)

65 ILCS 46/5-10

(65 ILCS 46/5-10)

Sec. 5-10.

Election validation.

All actions taken before the effective
date of
this Law with respect to a public question authorizing the issuance of general
obligation
bonds of a municipality that was submitted to and approved by the electors of
that
municipality at the general primary election held on March 19, 2002 and all
bonds issued
or to be issued by that municipality pursuant to that approval are ratified,
validated, and
confirmed as lawful actions to authorize the issuance of those bonds and any
such bonds
shall be lawful, valid, and binding general obligations of that municipality,
notwithstanding that the notice of election and the form of public question
approved by
the electors at that election did not conform to the requirements of applicable
law,
provided that the notice of election and the public question did set forth the
principal
amount of the bonds and the capital improvements to be financed by the bonds
and that
no bond issued by virtue of the approval of the public question shall bear
interest at a rate
exceeding 7% per annum.

(Source: P.A. 92-884, eff. 1-13-03.)