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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3069
Introduced 2/22/2005, by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
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65 ILCS 5/11-74.4-10 |
from Ch. 24, par. 11-74.4-10 |
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Amends the Tax Increment Allocation Redevelopment Act in the Illinois
Municipal
Code. Makes a technical change in a Section concerning revenue.
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A BILL FOR
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HB3069 |
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LRB094 09974 AJO 40232 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Municipal Code is amended by |
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| changing Section 11-74.4-10 as follows:
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| (65 ILCS 5/11-74.4-10) (from Ch. 24, par. 11-74.4-10)
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| Sec. 11-74.4-10. Revenues received by the
the municipality |
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| from any property,
building or facility owned, leased or |
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| operated by the municipality or any
agency or authority |
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| established by the municipality, or from repayments of
loans,
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| may be used to pay redevelopment
project costs, or reduce |
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| outstanding obligations of the municipality incurred
under |
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| this Division for redevelopment project costs. The |
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| municipality may
place such revenues in the special tax |
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| allocation fund which shall be held
by the municipal treasurer |
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| or other person designated by the municipality.
Revenue |
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| received by the municipality from the sale or other disposition
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| of real property acquired by the municipality with the proceeds |
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| of obligations
funded by tax increment allocation financing |
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| shall be deposited by the
municipality
in the special tax |
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| allocation fund. |
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| (Source: P.A. 93-298, eff. 7-23-03.)
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