Illinois General Assembly - Full Text of HB0694
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Full Text of HB0694  99th General Assembly

HB0694enr 99TH GENERAL ASSEMBLY



 


 
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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The County Economic Development Project Area
5Property Tax Allocation Act is amended by changing Sections 3,
67, and 8 as follows:
 
7    (55 ILCS 85/3)  (from Ch. 34, par. 7003)
8    Sec. 3. Definitions. In this Act, words or terms shall have
9the following meanings unless the context usage clearly
10indicates that another meaning is intended.
11    (a) "Department" means the Department of Commerce and
12Economic Opportunity.
13    (b) "Economic development plan" means the written plan of a
14county which sets forth an economic development program for an
15economic development project area. Each economic development
16plan shall include but not be limited to (1) estimated economic
17development project costs, (2) the sources of funds to pay such
18costs, (3) the nature and term of any obligations to be issued
19by the county to pay such costs, (4) the most recent equalized
20assessed valuation of the economic development project area,
21(5) an estimate of the equalized assessed valuation of the
22economic development project area after completion of the
23economic development plan, (6) the estimated date of completion

 

 

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1of any economic development project proposed to be undertaken,
2(7) a general description of any proposed developer, user, or
3tenant of any property to be located or improved within the
4economic development project area, (8) a description of the
5type, structure and general character of the facilities to be
6developed or improved in the economic development project area,
7(9) a description of the general land uses to apply in the
8economic development project area, (10) a description of the
9type, class and number of employees to be employed in the
10operation of the facilities to be developed or improved in the
11economic development project area and (11) a commitment by the
12county to fair employment practices and an affirmative action
13plan with respect to any economic development program to be
14undertaken by the county. The economic development plan for an
15economic development project area authorized by subsection
16(a-15) of Section 4 of this Act must additionally include (1)
17evidence indicating that the redevelopment project area on the
18whole has not been subject to growth and development through
19investment by private enterprise and is not reasonably expected
20to be subject to such growth and development without the
21assistance provided through the implementation of the economic
22development plan and (2) evidence that portions of the economic
23development project area have incurred Illinois Environmental
24Protection Agency or United States Environmental Protection
25Agency remediation costs for, or a study conducted by an
26independent consultant recognized as having expertise in

 

 

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1environmental remediation has determined a need for, the
2clean-up of hazardous waste, hazardous substances, or
3underground storage tanks required by State or federal law,
4provided that the remediation costs constitute a material
5impediment to the development or redevelopment of the project
6area.
7    (c) "Economic development project" means any development
8project in furtherance of the objectives of this Act.
9    (d) "Economic development project area" means any improved
10or vacant area which is located within the corporate limits of
11a county and which (1) is within the unincorporated area of
12such county, or, with the consent of any affected municipality,
13is located partially within the unincorporated area of such
14county and partially within one or more municipalities, (2) is
15contiguous, (3) is not less in the aggregate than 100 acres
16and, for an economic development project area authorized by
17subsection (a-15) of Section 4 of this Act, not more than 2,000
18acres, (4) is suitable for siting by any commercial,
19manufacturing, industrial, research or transportation
20enterprise of facilities to include but not be limited to
21commercial businesses, offices, factories, mills, processing
22plants, assembly plants, packing plants, fabricating plants,
23industrial or commercial distribution centers, warehouses,
24repair overhaul or service facilities, freight terminals,
25research facilities, test facilities or transportation
26facilities, whether or not such area has been used at any time

 

 

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1for such facilities and whether or not the area has been used
2or is suitable for such facilities and whether or not the area
3has been used or is suitable for other uses, including
4commercial agricultural purposes, and (5) which has been
5certified by the Department pursuant to this Act.
6    (e) "Economic development project costs" means and
7includes the sum total of all reasonable or necessary costs
8incurred by a county incidental to an economic development
9project, including, without limitation, the following:
10        (1) Costs of studies, surveys, development of plans and
11    specifications, implementation and administration of an
12    economic development plan, personnel and professional
13    service costs for architectural, engineering, legal,
14    marketing, financial, planning, sheriff, fire, public
15    works or other services, provided that no charges for
16    professional services may be based on a percentage of
17    incremental tax revenue;
18        (2) Property assembly costs within an economic
19    development project area, including but not limited to
20    acquisition of land and other real or personal property or
21    rights or interests therein, and specifically including
22    payments to developers or other non-governmental persons
23    as reimbursement for property assembly costs incurred by
24    such developer or other non-governmental person;
25        (3) Site preparation costs, including but not limited
26    to clearance of any area within an economic development

 

 

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1    project area by demolition or removal of any existing
2    buildings, structures, fixtures, utilities and
3    improvements and clearing and grading; site improvement
4    addressing ground level or below ground environmental
5    contamination; and including installation, repair,
6    construction, reconstruction, or relocation of public
7    streets, public utilities, and other public site
8    improvements within or without an economic development
9    project area which are essential to the preparation of the
10    economic development project area for use in accordance
11    with an economic development plan; and specifically
12    including payments to developers or other non-governmental
13    persons as reimbursement for site preparation costs
14    incurred by such developer or non-governmental person;
15        (4) Costs of renovation, rehabilitation,
16    reconstruction, relocation, repair or remodeling of any
17    existing buildings, improvements, and fixtures within an
18    economic development project area, and specifically
19    including payments to developers or other non-governmental
20    persons as reimbursement for such costs incurred by such
21    developer or non-governmental person;
22        (5) Costs of construction within an economic
23    development project area of public improvements, including
24    but not limited to, buildings, structures, works,
25    improvements, utilities or fixtures;
26        (6) Financing costs, including but not limited to all

 

 

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1    necessary and incidental expenses related to the issuance
2    of obligations, payment of any interest on any obligations
3    issued hereunder which accrues during the estimated period
4    of construction of any economic development project for
5    which such obligations are issued and for not exceeding 36
6    months thereafter, and any reasonable reserves related to
7    the issuance of such obligations;
8        (7) All or a portion of a taxing district's capital
9    costs resulting from an economic development project
10    necessarily incurred or estimated to be incurred by a
11    taxing district in the furtherance of the objectives of an
12    economic development project, to the extent that the county
13    by written agreement accepts, approves and agrees to incur
14    or to reimburse such costs;
15        (8) Relocation costs to the extent that a county
16    determines that relocation costs shall be paid or is
17    required to make payment of relocation costs by federal or
18    State law;
19        (9) The estimated tax revenues from real property in an
20    economic development project area acquired by a county
21    which, according to the economic development plan, is to be
22    used for a private use and which any taxing district would
23    have received had the county not adopted property tax
24    allocation financing for an economic development project
25    area and which would result from such taxing district's
26    levies made after the time of the adoption by the county of

 

 

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1    property tax allocation financing to the time the current
2    equalized assessed value of real property in the economic
3    development project area exceeds the total initial
4    equalized value of real property in that area;
5        (10) Costs of rebating ad valorem taxes paid by any
6    developer or other nongovernmental person in whose name the
7    general taxes were paid for the last preceding year on any
8    lot, block, tract or parcel of land in the economic
9    development project area, provided that:
10            (i) such economic development project area is
11        located in an enterprise zone created pursuant to the
12        Illinois Enterprise Zone Act; beginning on the
13        effective date of this amendatory Act of the 98th
14        General Assembly and ending on the date occurring 3
15        years later, compliance with this provision (i) is not
16        required in Grundy County in relation to one or more
17        contiguous parcels not exceeding a total area of 120
18        acres within which an electric generating facility is
19        intended to be constructed and where the owner of such
20        proposed electric generating facility has entered into
21        a redevelopment agreement with Grundy County in
22        respect thereto between July 25, 2013 and July 26,
23        2017;
24            (ii) such ad valorem taxes shall be rebated only in
25        such amounts and for such tax year or years as the
26        county and any one or more affected taxing districts

 

 

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1        shall have agreed by prior written agreement;
2        beginning on July 25, 2013 and ending on July 25, 2017
3        the effective date of this amendatory Act of the 98th
4        General Assembly and ending on the date occurring 3
5        years later, compliance with this provision (ii) is not
6        required in Grundy County in relation to one or more
7        contiguous parcels not exceeding a total area of 120
8        acres within which an electric generating facility is
9        intended to be constructed and where the owner of such
10        proposed electric generating facility has entered into
11        a redevelopment agreement with Grundy County in
12        respect thereto if the county receives approval from
13        2/3 of the taxing districts having taxable property
14        within such parcels and representing no less than 75%
15        of the aggregate tax levy for those all of the affected
16        taxing districts for the levy year;
17            (iii) any amount of rebate of taxes shall not
18        exceed the portion, if any, of taxes levied by the
19        county or such taxing district or districts which is
20        attributable to the increase in the current equalized
21        assessed valuation of each taxable lot, block, tract or
22        parcel of real property in the economic development
23        project area over and above the initial equalized
24        assessed value of each property existing at the time
25        property tax allocation financing was adopted for said
26        economic development project area; and

 

 

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1            (iv) costs of rebating ad valorem taxes shall be
2        paid by a county solely from the special tax allocation
3        fund established pursuant to this Act and shall be paid
4        from the proceeds of any obligations issued by a
5        county.
6        (11) Costs of job training, advanced vocational
7    education or career education programs, including but not
8    limited to courses in occupational, semi-technical or
9    technical fields leading directly to employment, incurred
10    by one or more taxing districts, provided that such costs
11    are related to the establishment and maintenance of
12    additional job training, advanced vocational education or
13    career education programs for persons employed or to be
14    employed by employers located in an economic development
15    project area, and further provided, that when such costs
16    are incurred by a taxing district or taxing districts other
17    than the county, they shall be set forth in a written
18    agreement by or among the county and the taxing district or
19    taxing districts, which agreement describes the program to
20    be undertaken, including, but not limited to, the number of
21    employees to be trained, a description of the training and
22    services to be provided, the number and type of positions
23    available or to be available, itemized costs of the program
24    and sources of funds to pay the same, and the term of the
25    agreement. Such costs include, specifically, the payment
26    by community college districts of costs pursuant to Section

 

 

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1    3-37, 3-38, 3-40 and 3-40.1 of the Public Community College
2    Act and by school districts of costs pursuant to Sections
3    10-22.20 and 10-23.3a of the School Code;
4        (12) Private financing costs incurred by developers or
5    other non-governmental persons in connection with an
6    economic development project, and specifically including
7    payments to developers or other non-governmental persons
8    as reimbursement for such costs incurred by such developer
9    or other non-governmental persons provided that:
10            (A) private financing costs shall be paid or
11        reimbursed by a county only pursuant to the prior
12        official action of the county evidencing an intent to
13        pay such private financing costs;
14            (B) except as provided in subparagraph (D) of this
15        Section, the aggregate amount of such costs paid or
16        reimbursed by a county in any one year shall not exceed
17        30% of such costs paid or incurred by such developer or
18        other non-governmental person in that year;
19            (C) private financing costs shall be paid or
20        reimbursed by a county solely from the special tax
21        allocation fund established pursuant to this Act and
22        shall not be paid or reimbursed from the proceeds of
23        any obligations issued by a county;
24            (D) if there are not sufficient funds available in
25        the special tax allocation fund in any year to make
26        such payment or reimbursement in full, any amount of

 

 

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1        such private financing costs remaining to be paid or
2        reimbursed by a county shall accrue and be payable when
3        funds are available in the special tax allocation fund
4        to make such payment; and
5            (E) in connection with its approval and
6        certification of an economic development project
7        pursuant to Section 5 of this Act, the Department shall
8        review any agreement authorizing the payment or
9        reimbursement by a county of private financing costs in
10        its consideration of the impact on the revenues of the
11        county and the affected taxing districts of the use of
12        property tax allocation financing.
13    (f) "Obligations" means any instrument evidencing the
14obligation of a county to pay money, including without
15limitation, bonds, notes, installment or financing contracts,
16certificates, tax anticipation warrants or notes, vouchers,
17and any other evidence of indebtedness.
18    (g) "Taxing districts" means municipalities, townships,
19counties, and school, road, park, sanitary, mosquito
20abatement, forest preserve, public health, fire protection,
21river conservancy, tuberculosis sanitarium and any other
22county corporations or districts with the power to levy taxes
23on real property.
24(Source: P.A. 98-109, eff. 7-25-13.)
 
25    (55 ILCS 85/7)  (from Ch. 34, par. 7007)

 

 

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1    Sec. 7. Creation of special tax allocation fund. If a
2county has adopted property tax allocation financing by
3ordinance for an economic development project area, the
4Department has approved and certified the economic development
5project area, and the county clerk has thereafter certified the
6"total initial equalized value" of the taxable real property
7within such economic development project area in the manner
8provided in subsection (b) of Section 6 of this Act, each year
9after the date of the certification by the county clerk of the
10"initial equalized assessed value" until economic development
11project costs and all county obligations financing economic
12development project costs have been paid, the ad valorem taxes,
13if any, arising from the levies upon the taxable real property
14in the economic development project area by taxing districts
15and tax rates determined in the manner provided in subsection
16(b) of Section 6 of this Act shall be divided as follows:
17        (1) That portion of the taxes levied upon each taxable
18    lot, block, tract or parcel of real property which is
19    attributable to the lower of the current equalized assessed
20    value or the initial equalized assessed value of each such
21    taxable lot, block, tract, or parcel of real property
22    existing at the time property tax allocation financing was
23    adopted shall be allocated and when collected shall be paid
24    by the county collector to the respective affected taxing
25    districts in the manner required by the law in the absence
26    of the adoption of property tax allocation financing.

 

 

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1        (2) That portion, if any, of those taxes which is
2    attributable to the increase in the current equalized
3    assessed valuation of each taxable lot, block, tract, or
4    parcel of real property in the economic development project
5    are, over and above the initial equalized assessed value of
6    each property existing at the time property tax allocation
7    financing was adopted shall be allocated to and when
8    collected shall be paid to the county treasurer, who shall
9    deposit those taxes into a special fund called the special
10    tax allocation fund of the county for the purpose of paying
11    economic development project costs and obligations
12    incurred in the payment thereof.
13    The county, by an ordinance adopting property tax
14allocation financing, may pledge the funds in and to be
15deposited in the special tax allocation fund for the payment of
16obligations issued under this Act and for the payment of
17economic development project costs. No part of the current
18equalized assessed valuation of each property in the economic
19development project area attributable to any increase above the
20total initial equalized assessed value of such properties shall
21be used in calculating the general State school aid formula,
22provided for in Section 18-8 of the School Code, until such
23time as all economic development projects costs have been paid
24as provided for in this Section.
25    Whenever a county issues bonds for the purpose of financing
26economic development project costs, the county may provide by

 

 

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1ordinance for the appointment of a trustee, which may be any
2trust company within the State, and for the establishment of
3the funds or accounts to be maintained by such trustee as the
4county shall deem necessary to provide for the security and
5payment of the bonds. If the county provides for the
6appointment of a trustee, the trustee shall be considered the
7assignee of any payments assigned by the county pursuant to the
8ordinance and this Section. Any amounts paid to the trustee as
9assignee shall be deposited in the funds or accounts
10established pursuant to the trust agreement, and shall be held
11by the trustee in trust for the benefit of the holders of the
12bonds, and the holders shall have a lien on and a security
13interest in those bonds or accounts so long as the bonds remain
14outstanding and unpaid. Upon retirement of the bonds, the
15trustee shall pay over any excess amounts held to the county
16for deposit in the special tax allocation fund.
17    When the economic development project costs, including
18without limitation all county obligations financing economic
19development project costs incurred under this Act, have been
20paid, all surplus funds then remaining in the special tax
21allocation funds shall be distributed by being paid by the
22county treasurer to the county collector, who shall immediately
23thereafter pay those funds to the taxing districts having
24taxable property in the economic development project area in
25the same manner and proportion as the most recent distribution
26by the county collector to those taxing districts of real

 

 

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1property taxes from real property in the economic development
2project area.
3    Upon the payment of all economic development project costs,
4retirement of obligations and the distribution of any excess
5monies pursuant to this Section and not later than 23 years
6from the date of adoption of the ordinance adopting property
7tax allocation financing, the county shall adopt an ordinance
8dissolving the special tax allocation fund for the economic
9development project area and terminating the designation of the
10economic development project area as an economic development
11project area; however, in relation to one or more contiguous
12parcels not exceeding a total area of 120 acres within which an
13electric generating facility is intended to be constructed, and
14with respect to which the owner of that proposed electric
15generating facility has entered into a redevelopment agreement
16with Grundy County on or before July 25, 2017, the ordinance of
17the county required in this paragraph shall not dissolve the
18special tax allocation fund for the existing economic
19development project area and shall only terminate the
20designation of the economic development project area as to
21those portions of the economic development project area
22excluding the area covered by the redevelopment agreement
23between the owner of the proposed electric generating facility
24and Grundy County; the county shall adopt an ordinance
25dissolving the special tax allocation fund for the economic
26development project area and terminating the designation of the

 

 

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1economic development project area as an economic development
2project area with regard to the electric generating facility
3property not later than 35 years from the date of adoption of
4the ordinance adopting property tax allocation financing.
5Thereafter the rates of the taxing districts shall be extended
6and taxes levied, collected and distributed in the manner
7applicable in the absence of the adoption of property tax
8allocation financing.
9    Nothing in this Section shall be construed as relieving
10property in economic development project areas from being
11assessed as provided in the Property Tax Code or as relieving
12owners of that property from paying a uniform rate of taxes, as
13required by Section 4 of Article IX of the Illinois
14Constitution of 1970.
15(Source: P.A. 98-463, eff. 8-16-13.)
 
16    (55 ILCS 85/8)  (from Ch. 34, par. 7008)
17    Sec. 8. Issuance of obligations for economic development
18project costs. Obligations secured by the special tax
19allocation fund provided for in Section 7 for an economic
20development project area may be issued to provide for economic
21development project costs. Those obligations, when so issued,
22shall be retired in the manner provided in the ordinance
23authorizing the issuance of the obligations by the receipts of
24taxes levied as specified in Section 6 against the taxable
25property included in the economic development project area and

 

 

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1by other revenues designated or pledged by the county. A county
2may in the ordinance pledge all or any part of the funds in and
3to be deposited in the special tax allocation fund created
4pursuant to Section 7 to the payment of the economic
5development project costs and obligations. Whenever a county
6pledges all of the funds to the credit of a special tax
7allocation fund to secure obligations issued or to be issued to
8pay economic development project costs, the county may
9specifically provide that funds remaining to the credit of such
10special tax allocation fund after the payment of such
11obligations shall be accounted for annually and shall be deemed
12to be "surplus" funds, and such "surplus" funds shall be
13distributed as hereinafter provided. Whenever a county pledges
14less than all of the monies to the credit of a special tax
15allocation fund to secure obligations issued or to be issued to
16pay economic development project costs, the county shall
17provide that monies to the credit of a special tax allocation
18fund and not subject to such pledge or otherwise encumbered or
19required for payment of contractual obligations for specified
20economic development project costs shall be calculated
21annually and shall be deemed to be "surplus" funds, and such
22"surplus" funds shall be distributed as hereinafter provided.
23All funds to the credit of a special tax allocation fund which
24are deemed to be "surplus" funds shall be distributed annually
25within 180 days after the close of the county's fiscal year by
26being paid by the county treasurer to the county collector. The

 

 

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1county collector shall thereafter make distribution to the
2respective taxing districts in the same manner and proportion
3as the most recent distribution by the county collector to
4those taxing districts of real property taxes from real
5property in the economic development project area.
6    Without limiting the foregoing in this Section the county
7may, in addition to obligations secured by the special tax
8allocation fund, pledge for a period not greater than the term
9of the obligations towards payment of those obligations any
10part or any combination of the following: (i) net revenues of
11all or part of any economic development project; (ii) taxes
12levied and collected on any or all property in the county,
13including, specifically, taxes levied or imposed by the county
14in a special service area pursuant to "An Act to provide the
15manner of levying or imposing taxes for the provision of
16special services to areas within the boundaries of home rule
17units and non-home rule municipalities and counties", approved
18September 21, 1973; (iii) the full faith and credit of the
19county; (iv) a mortgage on part or all of the economic
20development project; or (v) any other taxes or anticipated
21receipts that the county may lawfully pledge.
22    Such obligations may be issued in one or more series
23bearing interest at such rate or rates as the corporate
24authorities of the county shall determine by ordinance, which
25rate or rates may be variable or fixed, without regard to any
26limitations contained in any law now in effect or hereafter

 

 

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1adopted. Such obligations shall bear such date or dates, mature
2at such time or times not exceeding 20 years from their
3respective dates, but in no event exceeding 23 years from the
4date of establishment of the economic development project area;
5however, with respect to obligations payable from incremental
6revenues generated from an area comprised of one or more
7contiguous parcels not exceeding a total area of 120 acres
8within which an electric generating facility is intended to be
9constructed, and with respect to which the owner of such
10proposed electric generating facility has entered into a
11redevelopment agreement with Grundy County on or before July
1225, 2017, those obligations shall bear such date or dates,
13mature at such time or times not exceeding 35 years from the
14date of establishment of the economic development project area,
15be in such denomination, be in such form, whether coupon,
16registered or book-entry, carry such registration, conversion
17and exchange privileges, be executed in such manner, be payable
18in such medium of payment at such place or places within or
19without the State of Illinois, contain such covenants, terms
20and conditions, be subject to redemption with or without
21premium, be subject to defeasance upon such terms, and have
22such rank or priority, as such ordinance shall provide.
23Obligations issued pursuant to this Act may be sold at public
24or private sale at such price as shall be determined by the
25corporate authorities of the counties. Such obligations may,
26but need not, be issued utilizing the provisions of any one or

 

 

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1more of the omnibus bond Acts specified in Section 1.33 of "An
2Act to revise the law in relation to the construction of the
3statutes", approved March 5, 1874, as such term is defined in
4the Statute on Statutes. No referendum approval of the electors
5shall be required as a condition to the issuance of obligations
6pursuant to this Act except as provided in this Section.
7    In the event the county (i) authorizes the issuance of
8obligations pursuant to the authority of this Act and secured
9by the full faith and credit of the county or (ii) pledges
10taxes levied and collected on any or all property in the
11county, which obligations or taxes are not obligations or taxes
12authorized under home rule powers pursuant to Section 6 of
13Article VII of the Illinois Constitution of 1970, or are not
14obligations or taxes authorized under "An Act to provide the
15manner of levying or imposing taxes for the provision of
16special services to areas within the boundaries of home rule
17units and non-home rule municipalities and counties", approved
18September 21, 1973, the ordinance authorizing the issuance of
19those obligations or pledging those taxes shall be published
20within 10 days after the ordinance has been adopted, in one or
21more newspapers having a general circulation within the county.
22The publication of the ordinance shall be accompanied by a
23notice of (1) the specific number of voters required to sign a
24petition requesting the questions of the issuance of the
25obligations or pledging ad valorem taxes to be submitted to the
26electors; (2) the time within which the petition must be filed;

 

 

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1and (3) the date of the prospective referendum. The county
2clerk shall provide a petition form to any individual
3requesting one.
4    If no petition is filed with the county clerk, as
5hereinafter provided in this Section, within 21 days after the
6publication of the ordinance, the ordinance shall be in effect.
7However, if within that 21 day period a petition is filed with
8the county clerk, signed by electors numbering not less than 5%
9of the number of legal voters who voted at the last general
10election in such county, asking that the question of issuing
11obligations using the full faith and credit of the county as
12security for the cost of paying for economic development
13project costs, or of pledging ad valorem taxes for the payment
14of those obligations, or both, be submitted to the electors of
15the county, the county shall not be authorized to issue
16obligations of the county using the full faith and credit of
17the county as security or pledging ad valorem taxes for the
18payment of those obligations, or both, until the proposition
19has been submitted to and approved by a majority of the voters
20voting on the proposition at a regularly scheduled election.
21The county shall certify the proposition to the proper election
22authorities for submission in accordance with the general
23election law.
24    The ordinance authorizing the obligations may provide that
25the obligations shall contain a recital that they are issued
26pursuant to this Act, which recital shall be conclusive

 

 

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1evidence of their validity and of the regularity of their
2issuance.
3    In the event the county authorizes issuance of obligations
4pursuant to this Act secured by the full faith and credit of
5the county, the ordinance authorizing the obligations may
6provide for the levy and collection of a direct annual tax upon
7all taxable property within the county sufficient to pay the
8principal thereof and interest thereon as it matures, which
9levy may be in addition to and exclusive of the maximum of all
10other taxes authorized to be levied by the county, which levy,
11however, shall be abated to the extent that monies from other
12sources are available for payment of the obligations and the
13county certifies the amount of those monies available to the
14county clerk.
15    A certified copy of the ordinance shall be filed with the
16county clerk and shall constitute the authority for the
17extension and collection of the taxes to be deposited in the
18special tax allocation fund.
19    A county may also issue its obligations to refund, in whole
20or in part, obligations theretofore issued by the county under
21the authority of this Act, whether at or prior to maturity.
22However, the last maturity of the refunding obligations shall
23not be expressed to mature later than 23 years from the date of
24the ordinance establishing the economic development project
25area, however, with regard to obligations payable from
26incremental revenues generated from an area comprised of one or

 

 

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1more contiguous parcels not exceeding a total area of 120 acres
2within which an electric generating facility is intended to be
3constructed, and with respect to which the owner of that
4proposed electric generating facility has entered into a
5redevelopment agreement with Grundy County on or before July
625, 2017, the last maturity of the refunding obligations shall
7not be expressed to mature later than 35 years from the date of
8the ordinance establishing the economic development project
9area.
10    In the event a county issues obligations under home rule
11powers and other legislative authority, including
12specifically, "An Act to provide the manner of levying or
13imposing taxes for the provisions of special services to areas
14within the boundaries of home rule units and non-home rule
15municipalities and counties", approved September 21, 1973, the
16proceeds of which are pledged to pay for economic development
17project costs, the county may, if it has followed the
18procedures in conformance with this Act, retire those
19obligations from funds in the special tax allocation fund in
20amount and in such manner as if those obligations had been
21issued pursuant to the provisions of this Act.
22    No obligations issued pursuant to this Act shall be
23regarded as indebtedness of the county issuing those
24obligations for the purpose of any limitation imposed by law.
25    Obligations issued pursuant to this Act shall not be
26subject to the provisions of the Bond Authorization Act.

 

 

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1(Source: P.A. 90-655, eff. 7-30-98.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.