State of Illinois
90th General Assembly
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90_SB0977

      65 ILCS 5/11-74.4-10      from Ch. 24, par. 11-74.4-10
          Amends the Tax Increment Allocation Act in  the  Illinois
      Municipal  Code.   Makes  a  technical  change in the Section
      concerning payment of project costs.
                                                     LRB9002176KDks
                                               LRB9002176KDks
 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    such revenues in the special tax allocation fund  that  which
16    shall  be  held  by  the  municipal treasurer or other person
17    designated by the municipality.    Revenue  received  by  the
18    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.)

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