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91_HB0306 LRB9100182PTbd 1 AN ACT to amend the Illinois Municipal Code by changing 2 Section 11-74.6-50. 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 11-74.6-50 as follows: 7 (65 ILCS 5/11-74.6-50) 8 Sec. 11-74.6-50. Report. On or before the date which is 9 60 months following the date on which this amendatory Act of 10 1994 becomes law, the Department shall submit to the General 11 Assembly a report detailing the number of redevelopment 12 project areas that have been established, the number and type 13 of jobs created or retained therein, the aggregate amount of 14 tax increment incentives provided, the aggregate amount of 15 private investment produced therein, the amount of tax 16 increment revenue produced and available for expenditure 17 within the tax increment financing districts and such 18 additional information as the Department may determine to be 19 relevant.
On or after the date which is 72 months following20 the date on which this amendatory Act of 1994 becomes law the21 authority granted hereunder to municipalities to establish22 redevelopment project areas and to adopt tax increment23 allocation financing in connection therewith shall expire24 unless the General Assembly shall have authorized25 municipalities to continue to exercise said powers.26 (Source: P.A. 88-537.) 27 Section 99. Effective date. This Act takes effect upon 28 becoming law.
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