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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Municipal Code is amended by | ||||||||||||||||||||||||
5 | changing Section 11-74.4-7 as follows:
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6 | (65 ILCS 5/11-74.4-7) (from Ch. 24, par. 11-74.4-7)
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7 | Sec. 11-74.4-7. Obligations secured by the special tax | ||||||||||||||||||||||||
8 | allocation fund
set forth in Section 11-74.4-8 for the | ||||||||||||||||||||||||
9 | redevelopment project area may be
issued to provide for | ||||||||||||||||||||||||
10 | redevelopment project costs. Such obligations, when
so issued, | ||||||||||||||||||||||||
11 | shall be retired in the manner provided in the ordinance
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12 | authorizing the issuance of such obligations by the receipts of | ||||||||||||||||||||||||
13 | taxes
levied as specified in Section 11-74.4-9 against the | ||||||||||||||||||||||||
14 | taxable property
included in the area, by revenues as specified | ||||||||||||||||||||||||
15 | by Section 11-74.4-8a and
other revenue designated by the | ||||||||||||||||||||||||
16 | municipality. A municipality may in the
ordinance pledge all or | ||||||||||||||||||||||||
17 | any part of the funds in and to be deposited in the
special tax | ||||||||||||||||||||||||
18 | allocation fund created pursuant to Section 11-74.4-8 to the
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19 | payment of the redevelopment project costs and obligations. Any | ||||||||||||||||||||||||
20 | pledge of
funds in the special tax allocation fund shall | ||||||||||||||||||||||||
21 | provide for distribution to
the taxing districts and to the | ||||||||||||||||||||||||
22 | Illinois Department of Revenue of moneys
not required, pledged, | ||||||||||||||||||||||||
23 | earmarked, or otherwise designated for payment and
securing of |
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1 | the obligations and anticipated redevelopment project costs | ||||||
2 | and
such excess funds shall be calculated annually and deemed | ||||||
3 | to be "surplus"
funds. In the event a municipality only applies | ||||||
4 | or pledges a portion of the
funds in the special tax allocation | ||||||
5 | fund for the payment or securing of
anticipated redevelopment | ||||||
6 | project costs or of obligations, any such funds
remaining in | ||||||
7 | the special tax allocation fund after complying with the
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8 | requirements of the application or pledge, shall also be | ||||||
9 | calculated annually
and deemed "surplus" funds. | ||||||
10 | Notwithstanding the foregoing, after the effective date of this | ||||||
11 | amendatory Act of the 96th General Assembly, all accumulated | ||||||
12 | tax incremental revenues not specifically appropriated for | ||||||
13 | defined costs for projects within a redevelopment project area | ||||||
14 | by the end of a municipality's fiscal year shall also be deemed | ||||||
15 | "surplus" funds. All surplus funds in the special tax | ||||||
16 | allocation
fund shall be distributed annually within 60 180 | ||||||
17 | days after the close of the
municipality's fiscal year by being | ||||||
18 | paid by the
municipal treasurer to the County Collector, to the | ||||||
19 | Department of Revenue
and to the municipality in direct | ||||||
20 | proportion to the tax incremental revenue
received as a result | ||||||
21 | of an increase in the equalized assessed value of
property in | ||||||
22 | the redevelopment project area, tax incremental revenue
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23 | received from the State and tax incremental revenue received | ||||||
24 | from the
municipality, but not to exceed as to each such source | ||||||
25 | the total
incremental revenue received from that source. The | ||||||
26 | County Collector shall
thereafter make distribution to the |
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1 | respective taxing districts in the same
manner and proportion | ||||||
2 | as the most recent distribution by the county
collector to the | ||||||
3 | affected districts of real property taxes from real
property in | ||||||
4 | the redevelopment project area.
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5 | Without limiting the foregoing in this Section, the | ||||||
6 | municipality may in
addition to obligations secured by the | ||||||
7 | special tax allocation fund pledge
for a period not greater | ||||||
8 | than the term of the obligations towards payment
of such | ||||||
9 | obligations any part or any combination of the following: (a) | ||||||
10 | net
revenues of all or part of any redevelopment project; (b) | ||||||
11 | taxes levied and
collected on any or all property in the | ||||||
12 | municipality; (c) the full faith
and credit of the | ||||||
13 | municipality; (d) a mortgage on part or all of the
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14 | redevelopment project; or (e) any other taxes or anticipated | ||||||
15 | receipts that
the municipality may lawfully pledge.
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16 | Such obligations may be issued in one or more series | ||||||
17 | bearing interest at
such rate or rates as the corporate | ||||||
18 | authorities of the municipality shall
determine by ordinance. | ||||||
19 | Such obligations shall bear such date or dates,
mature at such | ||||||
20 | time or times not exceeding 20 years from their respective
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21 | dates, be in such denomination, carry such registration | ||||||
22 | privileges, be executed
in such manner, be payable in such | ||||||
23 | medium of payment at such place or places,
contain such | ||||||
24 | covenants, terms and conditions, and be subject to redemption
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25 | as such ordinance shall provide. Obligations issued pursuant to | ||||||
26 | this Act
may be sold at public or private sale at such price as |
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1 | shall be determined
by the corporate authorities of the | ||||||
2 | municipalities. No referendum approval
of the electors shall be | ||||||
3 | required as a condition to the issuance of obligations
pursuant | ||||||
4 | to this Division except as provided in this Section.
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5 | In the event the municipality authorizes issuance of | ||||||
6 | obligations pursuant
to the authority of this Division secured | ||||||
7 | by the full faith and credit of
the municipality, which | ||||||
8 | obligations are other than obligations which may
be issued | ||||||
9 | under home rule powers provided by Article VII, Section 6 of | ||||||
10 | the
Illinois Constitution, or pledges taxes pursuant to (b) or | ||||||
11 | (c) of the second
paragraph of this section, the ordinance | ||||||
12 | authorizing the issuance of such
obligations or pledging such | ||||||
13 | taxes shall be published within 10 days after
such ordinance | ||||||
14 | has been passed in one or more newspapers, with general
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15 | circulation within such municipality. The publication of the | ||||||
16 | ordinance
shall be accompanied by a notice of (1) the specific | ||||||
17 | number of voters
required to sign a petition requesting the | ||||||
18 | question of the issuance of such
obligations or pledging taxes | ||||||
19 | to be submitted to the electors; (2) the time
in which such | ||||||
20 | petition must be filed; and (3) the date of the prospective
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21 | referendum. The municipal clerk shall provide a petition form | ||||||
22 | to any
individual requesting one.
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23 | If no petition is filed with the municipal clerk, as | ||||||
24 | hereinafter provided
in this Section, within 30 days after the | ||||||
25 | publication of the ordinance,
the ordinance shall be in effect. | ||||||
26 | But, if within that 30 day period a petition
is filed with the |
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1 | municipal clerk, signed by electors in the
municipality | ||||||
2 | numbering 10% or more of the number of registered voters in the
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3 | municipality, asking that the question of issuing
obligations | ||||||
4 | using full faith and credit of the municipality as security
for | ||||||
5 | the cost of paying for redevelopment project costs, or of | ||||||
6 | pledging taxes
for the payment of such obligations, or both, be | ||||||
7 | submitted to the electors
of the municipality, the corporate | ||||||
8 | authorities of the municipality shall
call a special election | ||||||
9 | in the manner provided by law to vote upon that
question, or, | ||||||
10 | if a general, State or municipal election is to be held within
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11 | a period of not less than 30 or more than 90 days from the date | ||||||
12 | such petition
is filed, shall submit the question at the next | ||||||
13 | general, State or municipal
election. If it appears upon the | ||||||
14 | canvass of the election by the corporate
authorities that a | ||||||
15 | majority of electors voting upon the question voted in
favor | ||||||
16 | thereof, the ordinance shall be in effect, but if a majority of | ||||||
17 | the
electors voting upon the question are not in favor thereof, | ||||||
18 | the ordinance
shall not take effect.
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19 | The ordinance authorizing the obligations may provide that | ||||||
20 | the obligations
shall contain a recital that they are issued | ||||||
21 | pursuant to this Division,
which recital shall be conclusive | ||||||
22 | evidence of their validity and of the
regularity of their | ||||||
23 | issuance.
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24 | In the event the municipality authorizes issuance of | ||||||
25 | obligations pursuant
to this Section secured by the full faith | ||||||
26 | and credit of the municipality,
the ordinance authorizing the |
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1 | obligations may provide for the levy and
collection of a direct | ||||||
2 | annual tax upon all taxable property within the
municipality | ||||||
3 | sufficient to pay the principal thereof and interest thereon
as | ||||||
4 | it matures, which levy may be in addition to and exclusive of | ||||||
5 | the
maximum of all other taxes authorized to be levied by the | ||||||
6 | municipality,
which levy, however, shall be abated to the | ||||||
7 | extent that monies from other
sources are available for payment | ||||||
8 | of the obligations and the municipality
certifies the amount of | ||||||
9 | said monies available to the county clerk.
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10 | A certified copy of such ordinance shall be filed with the | ||||||
11 | county clerk
of each county in which any portion of the | ||||||
12 | municipality is situated, and
shall constitute the authority | ||||||
13 | for the extension and collection of the taxes
to be deposited | ||||||
14 | in the special tax allocation fund.
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15 | A municipality may also issue its obligations to refund in | ||||||
16 | whole or in
part, obligations theretofore issued by such | ||||||
17 | municipality under the authority
of this Act, whether at or | ||||||
18 | prior to maturity, provided however, that the
last maturity of | ||||||
19 | the refunding obligations may not be later than the dates set | ||||||
20 | forth under Section 11-74.4-3.5. , or (NNN) if the ordinance | ||||||
21 | was adopted on December 22, 1986 by the Village of Hoffman | ||||||
22 | Estates
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23 | In the event a municipality issues obligations under home | ||||||
24 | rule powers or
other legislative authority the proceeds of | ||||||
25 | which are pledged to pay
for redevelopment project costs, the | ||||||
26 | municipality may, if it has followed
the procedures in |
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1 | conformance with this division, retire said obligations
from | ||||||
2 | funds in the special tax allocation fund in amounts and in such | ||||||
3 | manner
as if such obligations had been issued pursuant to the | ||||||
4 | provisions of this
division.
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5 | All obligations heretofore or hereafter issued pursuant to | ||||||
6 | this Act shall
not be regarded as indebtedness of the | ||||||
7 | municipality issuing such obligations
or any other taxing | ||||||
8 | district for the purpose of any limitation imposed by law.
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9 | (Source: P.A. 95-15, eff. 7-16-07; 95-164, eff. 1-1-08; 95-331, | ||||||
10 | eff. 8-21-07; 95-346, eff. 8-21-07; 95-459, eff. 8-27-07; | ||||||
11 | 95-653, eff. 1-1-08; 95-662, eff. 10-11-07; 95-683, eff. | ||||||
12 | 10-19-07; 95-709, eff. 1-29-08; 95-876, eff. 8-21-08; 95-932, | ||||||
13 | eff. 8-26-08; 95-964, eff. 9-23-08; 95-977, eff. 9-22-08; | ||||||
14 | 95-1028, eff. 8-25-09 (see Section 5 of P.A. 96-717 for the | ||||||
15 | effective date of changes made by P.A. 95-1028); 96-328, eff. | ||||||
16 | 8-11-09; revised 9-25-09.)
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17 | Section 99. Effective date. This Act takes effect upon | ||||||
18 | becoming law.
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