HB1730 97TH GENERAL ASSEMBLY

LRB097 05428 KMW 45486 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1730

Introduced , by Rep. Al Riley

SYNOPSIS AS INTRODUCED:

65 ILCS 5/8-1-2.5 new

Amends the Illinois Municipal Code. Provides that the corporate authorities of a municipality may appropriate and expend funds for economic development purposes. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Municipal Code is amended by adding Section 8-1-2.5 as follows:

(65 ILCS 5/8-1-2.5 new)

Sec. 8-1-2.5. Expenses for economic development. The corporate authorities may appropriate and expend funds for economic development purposes, including, without limitation, the making of grants to any other governmental entity or commercial enterprise that are deemed necessary or desirable for the promotion of economic development within the municipality.

Section 99. Effective date. This Act takes effect upon becoming law.