(65 ILCS 5/11-123-10)
(from Ch. 24, par. 11-123-10)
Every city or village may occupy, hold, and use any land
acquired by the municipality under this Division 123 or under any act providing
for harbor construction. A specified municipality may occupy, hold, and
use any submerged land of the State of Illinois filled in or reclaimed by
the municipality in connection with or in construction of a utility for
the uses and purposes provided for in this Division 123. A specified municipality
may lease any of this land for a period not longer than 50 years to any
person upon such terms and conditions as are prescribed by ordinance, but
the ordinance shall provide that the rental value of the land shall be revalued
near the end of each 10 years of the rental period and that the rental for
the ensuing 10 years shall be adjusted and fixed in accordance with that evaluation.
Before such a lease becomes effective, it shall be approved in writing
by the Secretary of Transportation of the state, and, in case of approval, it
shall be authenticated by the seal of that department.
All money received by a specified municipality from the lease of land forming
a part of any harbor development shall be credited to a fund entitled the
harbor fund of that particular harbor development. All money expended by
the municipality for any purpose in relation to that land or in relation
to the construction and maintenance of any utility, may be charged to the
harbor fund, and that fund shall be used for no other purpose.
(Source: P.A. 81-840.)