State of Illinois
90th General Assembly
Legislation

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]



90_SB0042

      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 technical changes.
                                                     LRB9001080KDks
                                               LRB9001080KDks
 1        AN  ACT  to amend the Illinois Municipal Code by changing
 2    Section 11-74.4-10.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  Illinois  Municipal Code is amended by
 6    changing Section 11-74.4-10 as follows:
 7        (65 ILCS 5/11-74.4-10) (from Ch. 24, par. 11-74.4-10)
 8        Sec. 11-74.4-10.  Revenues received by  the  municipality
 9    from  any  property,  building, or facility owned, leased, or
10    operated by the  municipality  or  any  agency  or  authority
11    established   by   the   municipality  may  be  used  to  pay
12    redevelopment   project   costs,   or   reduce    outstanding
13    obligations  of the municipality incurred under this Division
14    for redevelopment project costs.  The municipality may  place
15    these  such  revenues in the special tax allocation fund that
16    which shall be held  by  the  municipal  treasurer  or  other
17    person  designated  by the municipality.  Revenue received by
18    the municipality from the sale or other disposition  of  real
19    property  acquired  by  the municipality with the proceeds of
20    obligations funded  by  tax  increment  allocation  financing
21    shall  be  deposited  by  the municipality in the special tax
22    allocation fund.
23    (Source: P.A. 79-1525.)

[ Top ]