MUNI CD-TIF BOND RETIREMENT
Synopsis of Bill as introduced:
Amends the Tax Increment Allocation Redevelopment Act in the
Illinois Municipal Code. Provides that the maturity date for tax
increment financing obligations may not exceed 35 years if the
ordinance approving the redevelopment project was adopted on or after
December 21, 1986, but before January 1, 1987. Provides that the
municipality may extend the life of the redevelopment project area to
35 years after notice to the taxing districts represented on the joint
review board. Effective immediately.
SENATE AMENDMENT NO. 1.
Replaces the amendatory provisions to provide that the maturity
date for tax increment financing obligations may not exceed 35 years
if the ordinance was adopted before January 1, 1987 by a municipality
in Mason County.
Last action on Bill: PUBLIC ACT.............................. 91-0261
Last action date: 99-07-23
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
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