SB0540ham004 97TH GENERAL ASSEMBLY

Rep. John E. Bradley

Filed: 5/29/2011

09700SB0540ham004 LRB097 04293 KMW 56591 a

AMENDMENT TO SENATE BILL 540

AMENDMENT NO. ______. Amend Senate Bill 540, AS AMENDED, with reference to page and line numbers of House Amendment No. 3, on page 117, by replacing lines 10 through 18 with the following:

"On and after January 1, 2012, revenues used pursuant to this subsection shall be used only for the mutual benefit of the redevelopment project area that the revenues were received from and the redevelopment project area to which the revenues were sent. A redevelopment project area that uses revenues pursuant to this subsection for reimbursement of private developer costs may not transfer revenues to another redevelopment project area before repaying the redevelopment project area from which the revenues were received. Notwithstanding the above, in a municipality with a population of less than 25,000 inhabitants, public costs as defined in paragraph (4) of subsection (a) of Section 11-74.4-3 shall not be subject to this transfer prohibition. ".