HB1730 EngrossedLRB097 05428 KMW 45486 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Municipal Code is amended by adding
5Section 8-1-2.5 as follows:
 
6    (65 ILCS 5/8-1-2.5 new)
7    Sec. 8-1-2.5. Expenses for economic development. The
8corporate authorities may appropriate and expend funds for
9economic development purposes, including, without limitation,
10the making of grants to any other governmental entity or
11commercial enterprise that are deemed necessary or desirable
12for the promotion of economic development within the
13municipality.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.