Full Text of HB5438 98th General Assembly
HB5438enr 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Governmental Account Audit Act is amended by | 5 | | changing Section 4 as follows:
| 6 | | (50 ILCS 310/4) (from Ch. 85, par. 704)
| 7 | | Sec. 4. Overdue report.
| 8 | | (a) If the required report for a governmental unit is not | 9 | | filed with the
Comptroller in accordance with Section 2 or | 10 | | Section 3, whichever is
applicable, within 6 months after the | 11 | | close of the fiscal year of the
governmental unit, the | 12 | | Comptroller shall notify the governing body of that
unit in | 13 | | writing that the report is due and may also grant a 60 day
| 14 | | extension for the filing of the audit report. If the required | 15 | | report is not
filed within the time specified in such written | 16 | | notice, the Comptroller
shall cause an audit to be made by a | 17 | | licensed public accountant, and the
governmental unit shall pay | 18 | | to the Comptroller actual compensation and
expenses to | 19 | | reimburse him for the cost of preparing or completing such
| 20 | | report.
| 21 | | (b) The Comptroller may decline to order an audit and the | 22 | | preparation of
an audit report (i) if an initial examination of | 23 | | the books and records of
the
governmental unit indicates that |
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| 1 | | the books and records of the governmental unit
are inadequate | 2 | | or unavailable due to the passage of time or the occurrence of | 3 | | a
natural disaster or (ii) if the Comptroller determines that | 4 | | the cost of an
audit would impose an unreasonable financial | 5 | | burden on the governmental unit.
| 6 | | (c) The State Comptroller may grant extensions for | 7 | | delinquent audits or reports. The Comptroller may charge a | 8 | | governmental unit a fee for a delinquent audit or report of $5 | 9 | | per day for the first 15 days past due, $10 per day for 16 | 10 | | through 30 days past due, $15 per day for 31 through 45 days | 11 | | past due, and $20 per day for the 46th day and every day | 12 | | thereafter. These amounts may be reduced at the Comptroller's | 13 | | discretion. All fees collected under this subsection (c) shall | 14 | | be deposited into the Comptroller's Administrative Fund. | 15 | | (Source: P.A. 97-890, eff. 8-2-12; 97-1142, eff. 12-28-12.)
| 16 | | Section 10. The Counties Code is amended by changing | 17 | | Section 6-31004 as follows:
| 18 | | (55 ILCS 5/6-31004) (from Ch. 34, par. 6-31004)
| 19 | | Sec. 6-31004. Overdue reports.
| 20 | | (a) In the event the required reports for
a county are not | 21 | | filed with the Comptroller in accordance with Section 6-31003
| 22 | | within 6 months after the close of the fiscal year of the | 23 | | county, the
Comptroller shall notify the county board in | 24 | | writing that the reports are
due, and may also grant an |
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| 1 | | extension of time of up to 60 days for the
filing of the | 2 | | reports. In the event the required reports are not filed
within | 3 | | the time specified in such written notice, the Comptroller | 4 | | shall
cause the audit to be made and the audit report prepared | 5 | | by an accountant
or accountants.
| 6 | | (b) The Comptroller may decline to order an audit and the | 7 | | preparation of
an
audit report if an initial examination of the | 8 | | books and records of the
governmental unit indicates that the | 9 | | books and records of the governmental unit
are inadequate or | 10 | | unavailable due to the passage of time or the occurrence of a
| 11 | | natural disaster.
| 12 | | (c) The State Comptroller may grant extensions for | 13 | | delinquent audits or reports. The Comptroller may charge a | 14 | | county a fee for a delinquent audit or report of $5 per day for | 15 | | the first 15 days past due, $10 per day for 16 through 30 days | 16 | | past due, $15 per day for 31 through 45 days past due, and $20 | 17 | | per day for the 46th day and every day thereafter. These | 18 | | amounts may be reduced at the Comptroller's discretion. All | 19 | | fees collected under this subsection (c) shall be deposited | 20 | | into the Comptroller's Administrative Fund. | 21 | | (Source: P.A. 97-890, eff. 8-2-12; 97-1142, eff. 12-28-12.)
| 22 | | Section 15. The Illinois Municipal Code is amended by | 23 | | changing Sections 8-8-3.5, 8-8-4, 11-74.4-5 and 11-74.6-22 as | 24 | | follows:
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| 1 | | (65 ILCS 5/8-8-3.5)
| 2 | | Sec. 8-8-3.5. Tax Increment Financing Report. The reports | 3 | | filed under
subsection (d) of Section 11-74.4-5 of the Tax | 4 | | Increment Allocation
Redevelopment Act and the reports filed | 5 | | under subsection (d) of Section
11-74.6-22 of the Industrial | 6 | | Jobs Recovery Law
in the Illinois Municipal Code must be | 7 | | separate from any
other annual report filed with the | 8 | | Comptroller. The Comptroller must, in
cooperation with | 9 | | reporting municipalities, create
a format for the reporting of | 10 | | information described in paragraphs (1.5)
and (5) and
in | 11 | | subparagraph (G) of paragraph (7) of subsection (d) of Section
| 12 | | 11-74.4-5 of
the Tax Increment Allocation Redevelopment Act
and | 13 | | the information described in paragraphs (1.5) and (5) and in | 14 | | subparagraph
(G) of paragraph (7) of subsection (d) of Section | 15 | | 11-74.6-22 of the Industrial
Jobs Recovery Law
that facilitates | 16 | | consistent
reporting among the reporting municipalities. The | 17 | | Comptroller may allow these
reports to be filed electronically | 18 | | and may display the report, or portions of
the report, | 19 | | electronically via the Internet. All reports filed under this
| 20 | | Section must be made available for examination and copying by | 21 | | the public at all
reasonable times. A Tax Increment Financing | 22 | | Report must be filed electronically with the Comptroller within | 23 | | 180 days after the close of the municipal fiscal year or as | 24 | | soon thereafter as the audit for the redevelopment
project area | 25 | | for that fiscal year becomes available. If the Tax Increment | 26 | | Finance administrator provides the Comptroller's office with |
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| 1 | | sufficient evidence that the report is in the process of being | 2 | | completed by an auditor, the Comptroller may grant an | 3 | | extension. If the required report is not filed within
the
time | 4 | | extended by the Comptroller, the Comptroller shall notify the | 5 | | corporate authorities of that municipality that the audit | 6 | | report is past due. The the Comptroller may charge a | 7 | | municipality a fee of $5 per day for the first 15 days past | 8 | | due, $10 per day for 16 through 30 days past due, $15 per day | 9 | | for 31 through 45 days past due, and $20 per day for the 46th | 10 | | day and every day thereafter. These amounts may be reduced at | 11 | | the Comptroller's discretion. In the event the required audit | 12 | | report is not filed within 60 days of such notice, the | 13 | | Comptroller shall cause such audit to be made by an accountant | 14 | | or accountants. The Comptroller may decline to order an audit | 15 | | and the preparation of an audit report if an initial | 16 | | examination of the books and records of the municipality | 17 | | indicates that books and records of the municipality are | 18 | | inadequate or unavailable to support the preparation of the | 19 | | audit report or the supplemental report due to the passage of | 20 | | time or the occurrence of a natural disaster. All fees | 21 | | collected pursuant to this Section shall be deposited into the | 22 | | Comptroller's Administrative Fund. In the event the | 23 | | Comptroller causes an audit to be made in accordance with the | 24 | | requirements of this Section, the municipality shall pay to the | 25 | | Comptroller reasonable compensation and expenses to reimburse | 26 | | her for the cost of preparing or completing such report. Moneys |
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| 1 | | paid to the Comptroller pursuant to the preceding sentence | 2 | | shall be deposited into the Comptroller's Audit Expense | 3 | | Revolving Fund.
| 4 | | (Source: P.A. 98-497, eff. 8-16-13.)
| 5 | | (65 ILCS 5/8-8-4) (from Ch. 24, par. 8-8-4)
| 6 | | Sec. 8-8-4. Overdue reports.
| 7 | | (a) In the event the required audit report for
a | 8 | | municipality is not filed
with the Comptroller in accordance | 9 | | with Section 8-8-7 within 6 months after
the close of the | 10 | | fiscal year of the municipality, the Comptroller shall
notify | 11 | | the corporate authorities of that municipality in writing that | 12 | | the
audit report is due, and may also grant an extension of | 13 | | time of 60 days,
for the filing of the audit report. In the | 14 | | event the required audit report
is not filed within the time | 15 | | specified in such written notice, the
Comptroller shall cause | 16 | | such audit to be made by an accountant or
accountants. In the | 17 | | event the required annual or supplemental report for a
| 18 | | municipality is not filed within 6 months after the close of | 19 | | the fiscal
year of the municipality, the Comptroller shall | 20 | | notify the corporate
authorities of that municipality in | 21 | | writing that the annual or supplemental
report is due and may | 22 | | grant an extension in time of 60 days for the filing
of such | 23 | | annual or supplemental report.
| 24 | | (b) In the event the annual or supplemental report is not | 25 | | filed within
the
time extended by the Comptroller, the |
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| 1 | | Comptroller shall cause such annual
or supplemental report to | 2 | | be prepared or completed and the municipality
shall pay to the | 3 | | Comptroller reasonable compensation and expenses to
reimburse | 4 | | him for the cost of preparing or completing such annual or
| 5 | | supplemental report.
Moneys paid to the Comptroller pursuant to | 6 | | the preceding sentence shall be
deposited into the | 7 | | Comptroller's Audit Expense Revolving Fund.
| 8 | | (c) The Comptroller may decline to order an audit or the | 9 | | completion of the
supplemental report if an initial examination | 10 | | of the books and records of the
municipality indicates that | 11 | | books and records of the municipality are
inadequate or | 12 | | unavailable to support the preparation of the audit report or | 13 | | the
supplemental report due to the passage of time or the | 14 | | occurrence of a natural
disaster.
| 15 | | (d) The State Comptroller may grant extensions for | 16 | | delinquent audits or reports. The Comptroller may charge a | 17 | | municipality a fee for a delinquent audit or report of $5 per | 18 | | day for the first 15 days past due, $10 per day for 16 through | 19 | | 30 days past due, $15 per day for 31 through 45 days past due, | 20 | | and $20 per day for the 46th day and every day thereafter. | 21 | | These amounts may be reduced at the Comptroller's discretion. | 22 | | All fees collected under this subsection (d) shall be deposited | 23 | | into the Comptroller's Administrative Fund. | 24 | | (Source: P.A. 97-890, eff. 8-2-12; 97-1142, eff. 12-28-12.)
| 25 | | (65 ILCS 5/11-74.4-5) (from Ch. 24, par. 11-74.4-5)
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| 1 | | Sec. 11-74.4-5. Public hearing; joint review board. | 2 | | (a) The changes made by this amendatory Act of the 91st
| 3 | | General Assembly do not apply to a municipality that, (i) | 4 | | before the
effective date of this amendatory Act of the 91st | 5 | | General Assembly,
has adopted an ordinance or resolution fixing | 6 | | a time and place for a
public hearing under this Section or | 7 | | (ii) before July 1, 1999, has adopted
an ordinance or | 8 | | resolution providing for a feasibility study under Section
| 9 | | 11-74.4-4.1, but has not yet adopted an ordinance
approving | 10 | | redevelopment plans and redevelopment projects or designating
| 11 | | redevelopment project areas under Section 11-74.4-4, until | 12 | | after that
municipality adopts an ordinance
approving | 13 | | redevelopment plans and redevelopment projects or designating
| 14 | | redevelopment project areas under Section 11-74.4-4; | 15 | | thereafter the changes
made by this amendatory Act of the 91st | 16 | | General Assembly apply to the same
extent that they apply to
| 17 | | redevelopment plans and redevelopment projects that were | 18 | | approved and
redevelopment projects that were designated | 19 | | before the effective date of this
amendatory Act of the 91st | 20 | | General Assembly.
| 21 | | Prior to the adoption of an ordinance proposing the
| 22 | | designation of a redevelopment project area, or approving a
| 23 | | redevelopment plan or redevelopment project, the municipality | 24 | | by its
corporate authorities, or as it may determine by any | 25 | | commission
designated under subsection (k) of Section | 26 | | 11-74.4-4 shall adopt an
ordinance or resolution fixing
a time |
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| 1 | | and place for public hearing.
At least 10 days prior to the | 2 | | adoption of the ordinance or resolution
establishing the time
| 3 | | and place for the public hearing, the municipality shall make | 4 | | available for
public inspection a redevelopment plan or a | 5 | | separate report that provides in
reasonable detail the basis | 6 | | for the eligibility of
the redevelopment project area. The | 7 | | report along with the name of a
person to
contact for further | 8 | | information shall be sent within a reasonable time
after the | 9 | | adoption of such ordinance or resolution to the
affected taxing | 10 | | districts
by certified mail.
On and after the effective date of | 11 | | this amendatory Act of the 91st General
Assembly, the | 12 | | municipality shall print in a newspaper of general circulation
| 13 | | within the municipality a notice that interested persons may | 14 | | register with the
municipality in order to receive information | 15 | | on the proposed designation of a
redevelopment project area or | 16 | | the approval of a redevelopment plan. The notice
shall state | 17 | | the place of registration and the operating hours of that | 18 | | place.
The municipality shall have adopted reasonable rules to | 19 | | implement this
registration process under Section 11-74.4-4.2.
| 20 | | The municipality shall provide notice of the availability of | 21 | | the
redevelopment plan and eligibility report, including how to | 22 | | obtain this
information, by mail within a reasonable time after | 23 | | the adoption of the
ordinance or resolution, to all residential | 24 | | addresses that, after a good faith
effort, the municipality | 25 | | determines are located outside the proposed
redevelopment | 26 | | project area and within 750 feet of the
boundaries of the |
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| 1 | | proposed redevelopment project area. This requirement is
| 2 | | subject to the limitation that in a municipality with a | 3 | | population of over
100,000, if the total number of residential | 4 | | addresses outside the proposed
redevelopment project area and | 5 | | within 750 feet of the
boundaries of the proposed redevelopment | 6 | | project area exceeds 750, the
municipality shall be required to | 7 | | provide the notice to only the 750
residential addresses that, | 8 | | after a good faith effort, the municipality
determines are | 9 | | outside the proposed redevelopment project area and closest
to | 10 | | the boundaries of the proposed redevelopment project
area.
| 11 | | Notwithstanding the foregoing, notice given after August 7, | 12 | | 2001 (the
effective date of Public Act 92-263) and before the | 13 | | effective date of this
amendatory Act of the 92nd General | 14 | | Assembly to residential addresses within 750
feet of the | 15 | | boundaries of a proposed redevelopment project area shall be | 16 | | deemed
to have been sufficiently given in compliance with this | 17 | | Act if given only to
residents outside the boundaries of the | 18 | | proposed redevelopment project area.
The notice shall also be | 19 | | provided by the municipality, regardless of its
population, to | 20 | | those organizations and residents that have registered with the
| 21 | | municipality for that information in accordance with the | 22 | | registration
guidelines established by the municipality under | 23 | | Section 11-74.4-4.2.
| 24 | | At the public hearing any
interested person or affected | 25 | | taxing district may file with the
municipal clerk written | 26 | | objections to and may be heard orally in respect
to any issues |
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| 1 | | embodied in the notice. The municipality shall hear all | 2 | | protests
and objections at the hearing and the hearing may
be | 3 | | adjourned to another date without further notice other than a | 4 | | motion
to be entered upon the minutes fixing the time and place | 5 | | of the
subsequent hearing.
At the public hearing or at any time | 6 | | prior to the
adoption by the municipality of an ordinance | 7 | | approving a redevelopment plan,
the municipality may make | 8 | | changes in the redevelopment plan. Changes which (1)
add | 9 | | additional parcels of property to the proposed redevelopment | 10 | | project area,
(2) substantially affect the general land uses | 11 | | proposed in the redevelopment
plan, (3) substantially change | 12 | | the nature of or extend the life of the
redevelopment project,
| 13 | | or (4) increase the number of inhabited residential units to be | 14 | | displaced from the redevelopment project area, as
measured from | 15 | | the time of creation of the redevelopment project area, to a | 16 | | total of more than
10,
shall be made only after the
| 17 | | municipality gives notice,
convenes a joint review board, and | 18 | | conducts a public hearing pursuant to the
procedures set forth | 19 | | in this Section and in Section 11-74.4-6 of this Act.
Changes | 20 | | which do not (1) add additional parcels of property to the | 21 | | proposed
redevelopment project area, (2) substantially affect | 22 | | the general land uses
proposed in the redevelopment plan, (3) | 23 | | substantially change the nature of
or extend the life of the | 24 | | redevelopment project,
or (4) increase the number of inhabited | 25 | | residential units to be displaced from the redevelopment | 26 | | project area, as
measured from the time of creation of the |
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| 1 | | redevelopment project area, to a total
of more than 10,
may be | 2 | | made without further
hearing, provided that the municipality | 3 | | shall give notice of any such changes
by mail to each affected | 4 | | taxing district and registrant on the interested
parties | 5 | | registry, provided for under Section 11-74.4-4.2, and by | 6 | | publication in
a newspaper of
general circulation within the | 7 | | affected taxing district. Such notice by mail
and by | 8 | | publication shall each occur not later than 10 days following | 9 | | the
adoption by ordinance of such changes. Hearings with regard | 10 | | to a redevelopment
project area, project or plan may be held | 11 | | simultaneously.
| 12 | | (b) Prior to holding a public hearing to approve or amend a | 13 | | redevelopment
plan or to designate or add additional parcels of | 14 | | property to a redevelopment
project area, the municipality
| 15 | | shall convene a joint review board. The board shall consist of | 16 | | a representative
selected by each community college district, | 17 | | local elementary school
district and high school district or | 18 | | each local community unit school
district, park district, | 19 | | library district, township, fire protection
district, and | 20 | | county that will have the authority to
directly levy taxes on | 21 | | the property within the proposed redevelopment
project area at | 22 | | the time that the proposed redevelopment project area is
| 23 | | approved, a representative selected by the municipality and a | 24 | | public
member. The public member shall first be selected and | 25 | | then the board's
chairperson shall be selected by
a majority of | 26 | | the board members present and voting.
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| 1 | | For redevelopment project areas with redevelopment plans | 2 | | or proposed
redevelopment plans that would
result in the | 3 | | displacement of residents from 10 or more inhabited residential
| 4 | | units or that include 75 or more inhabited residential units, | 5 | | the public member
shall be a person who resides in the | 6 | | redevelopment project area. If, as
determined by the housing | 7 | | impact study provided for in paragraph (5) of
subsection (n) of | 8 | | Section 11-74.4-3, or if no housing impact study is required
| 9 | | then based on other reasonable data, the majority of | 10 | | residential units are
occupied by very low, low, or moderate | 11 | | income households, as defined in Section
3 of the Illinois | 12 | | Affordable Housing Act, the public member shall be a person
who | 13 | | resides in very low, low, or moderate income housing within the
| 14 | | redevelopment project area. Municipalities with fewer than | 15 | | 15,000 residents
shall not be required to select a person who | 16 | | lives in very low, low, or
moderate income housing within the | 17 | | redevelopment project area, provided that
the redevelopment | 18 | | plan or project will not result in displacement of residents
| 19 | | from 10 or more inhabited units, and the municipality so | 20 | | certifies
in the plan. If no person satisfying these | 21 | | requirements is available or if no
qualified person will serve | 22 | | as the public member, then the joint review board
is relieved | 23 | | of this paragraph's selection requirements for the public
| 24 | | member.
| 25 | | Within 90 days of the effective date of this amendatory Act | 26 | | of the 91st
General Assembly, each municipality that designated |
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| 1 | | a redevelopment project
area for which it was not required to | 2 | | convene a joint review board under this
Section shall convene a | 3 | | joint review board to perform the
duties specified under | 4 | | paragraph (e) of this Section.
| 5 | | All board members shall be appointed and the first board | 6 | | meeting shall be
held at least 14 days but not more than 28 | 7 | | days after the
mailing of notice by the
municipality to the | 8 | | taxing
districts as required by Section 11-74.4-6(c).
| 9 | | Notwithstanding the preceding sentence, a municipality that | 10 | | adopted either a
public hearing resolution or a feasibility | 11 | | resolution between July 1, 1999 and
July 1, 2000 that called | 12 | | for the meeting of the joint review board within 14
days of | 13 | | notice of public hearing to affected taxing districts is deemed | 14 | | to be
in compliance with the notice, meeting, and public | 15 | | hearing provisions of the
Act.
Such notice
shall also advise
| 16 | | the taxing bodies represented on the joint review board of the | 17 | | time and place
of the first meeting of the board. Additional | 18 | | meetings of the
board shall be held upon the call of any | 19 | | member. The municipality
seeking designation of the | 20 | | redevelopment project area shall provide
administrative | 21 | | support to the board.
| 22 | | The board shall review (i) the public record, planning | 23 | | documents and
proposed ordinances approving the redevelopment | 24 | | plan and
project and (ii) proposed amendments to the | 25 | | redevelopment plan or additions
of parcels of property to the | 26 | | redevelopment project area to be
adopted by the municipality. |
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| 1 | | As part of its deliberations, the board may
hold additional | 2 | | hearings on the proposal. A
board's recommendation shall be
an | 3 | | advisory, non-binding recommendation. The recommendation shall | 4 | | be adopted
by a majority of those members present and voting. | 5 | | The recommendations shall
be submitted to the municipality
| 6 | | within 30 days after convening of the board.
Failure of the | 7 | | board to
submit
its report on a timely basis shall not be cause | 8 | | to delay the public hearing
or any other step in the process of | 9 | | designating or
amending the
redevelopment project area but | 10 | | shall be deemed to constitute approval by the
joint review | 11 | | board of the matters before it.
| 12 | | The board shall base its recommendation to approve or | 13 | | disapprove the
redevelopment plan and the designation of the | 14 | | redevelopment project area or the
amendment of the | 15 | | redevelopment plan or addition of parcels of property to the
| 16 | | redevelopment project area on the basis of the redevelopment | 17 | | project area and
redevelopment plan satisfying the
plan | 18 | | requirements, the eligibility criteria
defined in Section | 19 | | 11-74.4-3, and the objectives of this Act.
| 20 | | The board shall issue a written report describing why the
| 21 | | redevelopment plan and project area or the amendment thereof | 22 | | meets or
fails to meet one or more of the objectives of this | 23 | | Act and both the plan
requirements and the eligibility criteria | 24 | | defined in Section 11-74.4-3.
In the event the Board does not | 25 | | file a report it shall be presumed
that these taxing bodies | 26 | | find the redevelopment project area and
redevelopment plan |
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| 1 | | satisfy the
objectives of this Act and the plan requirements | 2 | | and eligibility criteria.
| 3 | | If the board recommends rejection of the matters before it, | 4 | | the
municipality will have 30 days within which to resubmit the | 5 | | plan or amendment.
During this period, the municipality will | 6 | | meet and confer with the board and
attempt to resolve those | 7 | | issues set forth in the board's written report that
led to the | 8 | | rejection of the plan or amendment.
| 9 | | Notwithstanding the resubmission set forth above, the | 10 | | municipality may
commence the scheduled public hearing and | 11 | | either adjourn the public hearing or
continue the public | 12 | | hearing until a date certain. Prior to continuing any
public | 13 | | hearing to a date certain, the municipality shall announce | 14 | | during the
public hearing the time, date, and location for the | 15 | | reconvening of the public
hearing. Any changes to the | 16 | | redevelopment plan necessary to satisfy the issues
set forth in | 17 | | the joint review board report shall be the subject of a public
| 18 | | hearing before the hearing is adjourned if the changes would | 19 | | (1) substantially
affect the general land uses proposed in the | 20 | | redevelopment plan, (2)
substantially change the nature of or | 21 | | extend the life of the redevelopment
project, or (3) increase | 22 | | the number of inhabited residential units to be
displaced from | 23 | | the redevelopment project area, as
measured from the
time of | 24 | | creation of the redevelopment project area, to a total of
more | 25 | | than 10. Changes to the redevelopment plan necessary
to
satisfy | 26 | | the issues set forth in the joint review board report shall not |
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| 1 | | require
any further notice or convening of a joint review board | 2 | | meeting, except that
any changes to the redevelopment plan that | 3 | | would add additional parcels of
property to the proposed | 4 | | redevelopment project area shall be subject to the
notice, | 5 | | public hearing, and joint review board meeting requirements | 6 | | established
for such changes by subsection (a) of Section | 7 | | 11-74.4-5.
| 8 | | In the event that the
municipality and the board are unable | 9 | | to resolve these differences, or in the
event that the | 10 | | resubmitted plan or amendment is rejected by the board, the
| 11 | | municipality may proceed with the plan or amendment, but only | 12 | | upon a
three-fifths vote of the corporate authority responsible | 13 | | for approval of the
plan or amendment, excluding positions of | 14 | | members that are vacant and those
members that are ineligible | 15 | | to vote because of conflicts of interest.
| 16 | | (c) After a municipality has by ordinance approved a | 17 | | redevelopment plan
and designated a redevelopment project | 18 | | area, the plan may be amended and
additional properties may be | 19 | | added to the redevelopment project area only as
herein | 20 | | provided. Amendments which (1) add additional parcels of | 21 | | property to
the proposed redevelopment project area, (2) | 22 | | substantially affect the general
land uses proposed in the | 23 | | redevelopment plan, (3) substantially change the
nature of the | 24 | | redevelopment project, (4) increase the total estimated
| 25 | | redevelopment
project costs set out in the redevelopment plan | 26 | | by more than 5% after
adjustment for inflation from the date |
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| 1 | | the plan was adopted, (5) add
additional redevelopment project | 2 | | costs to the itemized list of redevelopment
project costs set | 3 | | out in the redevelopment plan, or (6) increase the number of
| 4 | | inhabited residential units to be
displaced from the | 5 | | redevelopment
project area, as measured from the time of | 6 | | creation of
the
redevelopment project area, to a total of more | 7 | | than
10, shall be made only after
the
municipality gives | 8 | | notice, convenes a joint review board, and conducts a public
| 9 | | hearing pursuant to the procedures set forth in this Section | 10 | | and in Section
11-74.4-6 of this Act. Changes which do not (1) | 11 | | add additional parcels of
property to the proposed | 12 | | redevelopment project area, (2) substantially affect
the | 13 | | general land uses proposed in the redevelopment plan, (3) | 14 | | substantially
change the nature of the redevelopment project, | 15 | | (4) increase the total
estimated redevelopment project cost set | 16 | | out in the redevelopment plan by more
than 5% after adjustment | 17 | | for inflation from the date the plan was adopted,
(5) add | 18 | | additional redevelopment project costs to the itemized list of
| 19 | | redevelopment project costs set out in the redevelopment plan, | 20 | | or (6) increase
the number of inhabited residential units to be | 21 | | displaced from the
redevelopment project area, as measured from | 22 | | the time of
creation of
the redevelopment project area, to a | 23 | | total of more than 10, may be made
without further public | 24 | | hearing
and related notices and procedures including the | 25 | | convening of a joint review
board as set forth in Section | 26 | | 11-74.4-6 of this Act, provided that the
municipality shall |
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| 1 | | give notice of
any such changes by mail to each affected taxing | 2 | | district and registrant on the
interested parties registry, | 3 | | provided for under Section 11-74.4-4.2, and by
publication in
a | 4 | | newspaper of general circulation within the affected taxing | 5 | | district. Such
notice by mail and by publication shall each | 6 | | occur not later than 10 days
following the adoption by | 7 | | ordinance of such changes.
| 8 | | (d) After the effective date of this amendatory Act of the | 9 | | 91st General
Assembly, a
municipality shall submit in an | 10 | | electronic format the
following information for each | 11 | | redevelopment project area (i) to the State
Comptroller under | 12 | | Section 8-8-3.5 of the Illinois Municipal Code , subject to any | 13 | | extensions or exemptions provided at the Comptroller's | 14 | | discretion under that Section,
and (ii) to all taxing districts | 15 | | overlapping the
redevelopment project area no later than 180
| 16 | | days after the close of each municipal fiscal year or as soon | 17 | | thereafter as
the audited financial
statements become | 18 | | available and, in any case, shall be submitted before the
| 19 | | annual meeting of the Joint Review Board to each of the taxing | 20 | | districts that
overlap the redevelopment project area:
| 21 | | (1) Any amendments to the redevelopment plan, the | 22 | | redevelopment
project area, or the State Sales Tax | 23 | | Boundary.
| 24 | | (1.5) A list of the redevelopment project areas | 25 | | administered by the
municipality and, if applicable, the | 26 | | date each redevelopment project area was
designated or |
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| 1 | | terminated by the municipality.
| 2 | | (2) Audited financial statements of the special tax | 3 | | allocation fund once a
cumulative total of $100,000 has | 4 | | been deposited in the fund.
| 5 | | (3) Certification of the Chief Executive Officer of the | 6 | | municipality
that the municipality has complied with all of | 7 | | the requirements of this Act
during the preceding fiscal | 8 | | year.
| 9 | | (4) An opinion of legal counsel that the municipality | 10 | | is in compliance
with this Act.
| 11 | | (5) An analysis of the special tax allocation fund | 12 | | which sets forth:
| 13 | | (A) the balance in the special tax allocation fund | 14 | | at the beginning of
the fiscal year;
| 15 | | (B) all amounts deposited in the special tax | 16 | | allocation fund by source;
| 17 | | (C) an itemized list of all expenditures from the | 18 | | special tax
allocation fund by category of
permissible | 19 | | redevelopment project cost; and
| 20 | | (D) the balance in the special tax allocation fund | 21 | | at the end of the
fiscal year including a breakdown of | 22 | | that balance by source and a breakdown
of that balance | 23 | | identifying any portion of the balance that is | 24 | | required,
pledged, earmarked, or otherwise designated | 25 | | for payment of or securing of
obligations and | 26 | | anticipated redevelopment project costs. Any portion |
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| 1 | | of
such ending balance that has not been identified or | 2 | | is not identified as
being
required, pledged, | 3 | | earmarked, or otherwise designated for payment of or
| 4 | | securing of obligations or anticipated redevelopment | 5 | | projects costs
shall be designated as surplus as set | 6 | | forth in Section
11-74.4-7 hereof.
| 7 | | (6) A description of all property purchased by the | 8 | | municipality within
the redevelopment project area | 9 | | including:
| 10 | | (A) Street address.
| 11 | | (B) Approximate size or description of property.
| 12 | | (C) Purchase price.
| 13 | | (D) Seller of property.
| 14 | | (7) A statement setting forth all activities | 15 | | undertaken in furtherance
of the objectives of the | 16 | | redevelopment plan, including:
| 17 | | (A) Any project implemented in the preceding | 18 | | fiscal year.
| 19 | | (B) A description of the redevelopment activities | 20 | | undertaken.
| 21 | | (C) A description of any agreements entered into by | 22 | | the municipality
with
regard to the disposition or | 23 | | redevelopment of any property within the
redevelopment | 24 | | project area or the area within the State Sales Tax | 25 | | Boundary.
| 26 | | (D) Additional information on the use of all funds |
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| 1 | | received under this
Division and steps taken by the
| 2 | | municipality to achieve the objectives of the | 3 | | redevelopment plan.
| 4 | | (E) Information regarding contracts that the | 5 | | municipality's tax
increment advisors or consultants | 6 | | have entered into with entities or persons
that have | 7 | | received, or are receiving, payments financed by tax | 8 | | increment
revenues produced by the same redevelopment | 9 | | project area.
| 10 | | (F) Any reports submitted to the municipality by | 11 | | the joint review board.
| 12 | | (G) A review of public and, to the extent possible, | 13 | | private investment
actually undertaken to date after | 14 | | the effective date of this amendatory Act of
the 91st | 15 | | General Assembly and estimated to be undertaken during | 16 | | the following
year. This review shall, on a | 17 | | project-by-project basis, set forth the
estimated | 18 | | amounts of public and private investment incurred | 19 | | after the effective
date of this amendatory Act of the | 20 | | 91st General Assembly and provide the ratio
of private | 21 | | investment to public investment to the date of the | 22 | | report and as
estimated to the completion of the | 23 | | redevelopment project.
| 24 | | (8) With regard to any obligations issued by the | 25 | | municipality:
| 26 | | (A) copies of any official statements; and
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| 1 | | (B) an analysis prepared by financial advisor or | 2 | | underwriter setting
forth: (i) nature and term of | 3 | | obligation; and (ii) projected debt service
including | 4 | | required reserves and debt coverage.
| 5 | | (9) For special tax allocation funds that have | 6 | | experienced cumulative
deposits of incremental tax | 7 | | revenues of $100,000 or more, a certified audit
report | 8 | | reviewing compliance
with this Act
performed by an | 9 | | independent public accountant certified and licensed by | 10 | | the
authority of the State of Illinois. The financial | 11 | | portion of the audit
must be conducted in accordance with | 12 | | Standards for Audits of Governmental
Organizations, | 13 | | Programs, Activities, and Functions adopted by the
| 14 | | Comptroller General of the United States (1981), as | 15 | | amended, or the standards
specified by Section 8-8-5 of the | 16 | | Illinois Municipal Auditing Law of the
Illinois Municipal | 17 | | Code. The audit
report shall contain a letter from the | 18 | | independent certified public accountant
indicating | 19 | | compliance or noncompliance with the requirements
of | 20 | | subsection (q) of Section 11-74.4-3. For redevelopment | 21 | | plans or
projects that would result in the displacement of | 22 | | residents from 10 or more
inhabited residential units or | 23 | | that contain 75 or more inhabited residential
units, notice | 24 | | of the availability of the information, including how to | 25 | | obtain
the report, required in this subsection shall also | 26 | | be sent by mail to all
residents or organizations that |
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| 1 | | operate in the municipality that register with
the | 2 | | municipality for that information according to | 3 | | registration procedures
adopted under Section 11-74.4-4.2. | 4 | | All municipalities are subject to this
provision.
| 5 | | (10) A list of all intergovernmental agreements in | 6 | | effect during the fiscal year to which the municipality is | 7 | | a party and an accounting of any moneys transferred or | 8 | | received by the municipality during that fiscal year | 9 | | pursuant to those intergovernmental agreements. | 10 | | (d-1) Prior to the effective date of this amendatory Act of | 11 | | the 91st
General Assembly, municipalities with populations of | 12 | | over 1,000,000 shall,
after
adoption of a redevelopment plan or | 13 | | project, make available upon request to any
taxing district in | 14 | | which the redevelopment project area is located the
following | 15 | | information:
| 16 | | (1) Any amendments to the redevelopment plan, the | 17 | | redevelopment project
area, or the State Sales Tax | 18 | | Boundary; and
| 19 | | (2) In connection with any redevelopment project area | 20 | | for which the
municipality has outstanding obligations | 21 | | issued to provide for redevelopment
project costs pursuant | 22 | | to Section 11-74.4-7, audited financial statements of
the | 23 | | special tax allocation fund.
| 24 | | (e) The joint review board shall meet annually 180 days
| 25 | | after the close of the municipal fiscal year or as soon as the | 26 | | redevelopment
project audit for that fiscal year becomes |
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| 1 | | available to review the
effectiveness and status of the | 2 | | redevelopment project area up to that date.
| 3 | | (f) (Blank).
| 4 | | (g) In the event that a municipality has held a public | 5 | | hearing under this
Section prior to March 14, 1994 (the | 6 | | effective date of Public Act 88-537), the
requirements imposed | 7 | | by Public Act 88-537 relating to the method of fixing the
time | 8 | | and place for public hearing, the materials and information | 9 | | required to be
made available for public inspection, and the | 10 | | information required to be sent
after adoption of an ordinance | 11 | | or resolution fixing a time and place for public
hearing shall | 12 | | not be applicable.
| 13 | | (h) On and after the effective date of this amendatory Act | 14 | | of the 96th General Assembly, the State Comptroller must post | 15 | | on the State Comptroller's official website the information | 16 | | submitted by a municipality pursuant to subsection (d) of this | 17 | | Section. The information must be posted no later than 45 days | 18 | | after the State Comptroller receives the information from the | 19 | | municipality. The State Comptroller must also post a list of | 20 | | the municipalities not in compliance with the reporting | 21 | | requirements set forth in subsection (d) of this Section. | 22 | | (i) No later than 10 years after the corporate authorities | 23 | | of a municipality adopt an ordinance to establish a | 24 | | redevelopment project area, the municipality must compile a | 25 | | status report concerning the redevelopment project area. The | 26 | | status report must detail without limitation the following: (i) |
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| 1 | | the amount of revenue generated within the redevelopment | 2 | | project area, (ii) any expenditures made by the municipality | 3 | | for the redevelopment project area including without | 4 | | limitation expenditures from the special tax allocation fund, | 5 | | (iii) the status of planned activities, goals, and objectives | 6 | | set forth in the redevelopment plan including details on new or | 7 | | planned construction within the redevelopment project area, | 8 | | (iv) the amount of private and public investment within the | 9 | | redevelopment project area, and (v) any other relevant | 10 | | evaluation or performance data. Within 30 days after the | 11 | | municipality compiles the status report, the municipality must | 12 | | hold at least one public hearing concerning the report. The | 13 | | municipality must provide 20 days' public notice of the | 14 | | hearing. | 15 | | (j) Beginning in fiscal year 2011 and in each fiscal year | 16 | | thereafter, a municipality must detail in its annual budget (i) | 17 | | the revenues generated from redevelopment project areas by | 18 | | source and (ii) the expenditures made by the municipality for | 19 | | redevelopment project areas. | 20 | | (Source: P.A. 96-1335, eff. 7-27-10.)
| 21 | | (65 ILCS 5/11-74.6-22)
| 22 | | Sec. 11-74.6-22. Adoption of ordinance; requirements; | 23 | | changes.
| 24 | | (a) Before adoption of an ordinance proposing the
| 25 | | designation of a redevelopment planning area or a redevelopment |
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| 1 | | project area,
or both, or approving a
redevelopment plan or | 2 | | redevelopment project, the municipality or commission
| 3 | | designated pursuant to subsection (l) of Section 11-74.6-15 | 4 | | shall fix by
ordinance or resolution
a time and place for | 5 | | public hearing.
Prior to the adoption of the ordinance or | 6 | | resolution establishing the time and
place for the public | 7 | | hearing, the municipality shall make available for public
| 8 | | inspection a redevelopment plan or a report that provides in | 9 | | sufficient detail,
the basis for the eligibility of the
| 10 | | redevelopment project area. The report
along with the name of a
| 11 | | person to contact for further information shall be sent to the | 12 | | affected taxing
district by certified mail within a reasonable | 13 | | time following the adoption of
the ordinance or resolution | 14 | | establishing the time and place for the public
hearing.
| 15 | | At the public hearing any
interested person or affected | 16 | | taxing district may file with the
municipal clerk written | 17 | | objections to the ordinance and may be heard orally
on any | 18 | | issues that are the subject of the hearing. The municipality | 19 | | shall
hear and determine all alternate proposals or bids for | 20 | | any proposed conveyance,
lease, mortgage or other disposition | 21 | | of land and all protests and objections at
the hearing and the
| 22 | | hearing may be adjourned to another date without further notice | 23 | | other than
a motion to be entered upon the minutes fixing the | 24 | | time and place of the
later hearing.
At the public hearing or | 25 | | at any time prior to the adoption by the
municipality of an | 26 | | ordinance approving a redevelopment plan, the
municipality may |
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| 1 | | make changes in the redevelopment plan. Changes
which (1) add | 2 | | additional parcels of property to the proposed redevelopment
| 3 | | project
area, (2) substantially affect the general land uses | 4 | | proposed in the
redevelopment plan, or (3) substantially change | 5 | | the nature of or extend the
life of the redevelopment
project | 6 | | shall be made only after the
municipality gives notice, | 7 | | convenes a joint review board, and conducts a public
hearing | 8 | | pursuant to the procedures set forth in this Section and in | 9 | | Section
11-74.6-25. Changes which do not (1) add additional | 10 | | parcels of
property to the proposed redevelopment project area, | 11 | | (2) substantially affect
the general land uses proposed in the | 12 | | redevelopment plan, or (3) substantially
change the nature of | 13 | | or extend the life of the redevelopment project may be
made | 14 | | without further hearing, provided that the municipality shall | 15 | | give notice
of any such changes by mail to each affected taxing | 16 | | district and by publication
once in a newspaper of general | 17 | | circulation within the affected taxing district.
Such notice by | 18 | | mail and by publication shall each occur not later than 10 days
| 19 | | following the adoption by ordinance of such changes.
| 20 | | (b) Before adoption of an ordinance proposing the | 21 | | designation of a
redevelopment planning area or a redevelopment | 22 | | project area, or both, or
amending the boundaries of an | 23 | | existing
redevelopment project area or redevelopment planning | 24 | | area, or both, the
municipality shall convene a joint review
| 25 | | board to consider the proposal. The board shall consist of a
| 26 | | representative selected by each taxing district that has
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| 1 | | authority to levy real property taxes on the property within | 2 | | the proposed
redevelopment project area and that has at least | 3 | | 5% of its total equalized
assessed value located within the | 4 | | proposed redevelopment project area, a
representative selected | 5 | | by the municipality
and a public member. The public member and | 6 | | the board's chairperson shall
be selected by a majority of | 7 | | other board members.
| 8 | | All board members shall be appointed and the first board | 9 | | meeting held
within 14 days following the notice by the | 10 | | municipality to all the taxing
districts as required by | 11 | | subsection (c) of Section 11-74.6-25. The notice
shall also | 12 | | advise the taxing bodies represented on the joint review board
| 13 | | of the time and place of the first meeting of the board. | 14 | | Additional
meetings of the board shall be held upon the call of | 15 | | any 2 members. The
municipality seeking designation of the | 16 | | redevelopment project area may provide
administrative support | 17 | | to the board.
| 18 | | The board shall review the public record, planning | 19 | | documents and
proposed ordinances approving the redevelopment | 20 | | plan and project to be
adopted by the municipality. As part of | 21 | | its deliberations, the board may
hold additional hearings on | 22 | | the proposal. A board's recommendation, if any,
shall be a | 23 | | written recommendation adopted by a
majority vote of the board | 24 | | and submitted to the municipality within 30 days
after the | 25 | | board convenes. A board's recommendation shall be binding upon | 26 | | the
municipality. Failure of the board to submit
its |
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| 1 | | recommendation on a timely basis shall not be cause to delay | 2 | | the public
hearing or the process of establishing or amending | 3 | | the
redevelopment project area. The board's recommendation on | 4 | | the proposal
shall be based upon the area satisfying the | 5 | | applicable eligibility criteria
defined in Section 11-74.6-10 | 6 | | and whether there is a basis for the
municipal findings set | 7 | | forth in the redevelopment plan as required by this
Act. If the | 8 | | board does not file a recommendation it shall be presumed that
| 9 | | the board has found that the redevelopment project area | 10 | | satisfies the
eligibility criteria.
| 11 | | (c) After a municipality has by ordinance approved a | 12 | | redevelopment plan
and designated a redevelopment planning | 13 | | area or a redevelopment project area,
or both, the plan may be
| 14 | | amended and additional properties may be added to the | 15 | | redevelopment project
area only as herein provided. Amendments
| 16 | | which (1) add additional parcels of property to the proposed | 17 | | redevelopment
project
area, (2) substantially affect the | 18 | | general land uses proposed in the
redevelopment plan, (3) | 19 | | substantially change the nature of the redevelopment
project,
| 20 | | (4) increase the total estimated
redevelopment project costs | 21 | | set out in the redevelopment plan by more than 5%
after | 22 | | adjustment for inflation from the date the plan was adopted, or
| 23 | | (5) add additional redevelopment project costs to the itemized | 24 | | list of
redevelopment project costs set out in the | 25 | | redevelopment plan
shall be made only after the municipality | 26 | | gives notice,
convenes a joint review board, and conducts a |
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| 1 | | public hearing pursuant to the
procedures set forth in this | 2 | | Section and in Section 11-74.6-25.
Changes which do not (1) add | 3 | | additional parcels of property to the proposed
redevelopment | 4 | | project area, (2) substantially affect the general land uses
| 5 | | proposed in the redevelopment plan, (3) substantially change | 6 | | the nature
of the redevelopment project, (4) increase the total | 7 | | estimated redevelopment
project cost set out in the | 8 | | redevelopment plan by more than 5% after adjustment
for | 9 | | inflation from the date the plan was adopted, or (5) add | 10 | | additional
redevelopment project costs to the itemized list of | 11 | | redevelopment project costs
set out in the redevelopment plan
| 12 | | may be made without further hearing, provided that the | 13 | | municipality
shall give notice of any such changes by mail to | 14 | | each affected taxing district
and by publication once in a | 15 | | newspaper of general circulation within the affected
taxing | 16 | | district. Such notice by mail and by publication shall each | 17 | | occur not
later than 10 days following the adoption by | 18 | | ordinance of such changes.
| 19 | | (d) After the effective date of this amendatory Act of the | 20 | | 91st General
Assembly, a
municipality shall
submit the | 21 | | following information for each redevelopment project area (i) | 22 | | to
the State Comptroller under Section 8-8-3.5 of the Illinois | 23 | | Municipal Code , subject to any extensions or exemptions | 24 | | provided at the Comptroller's discretion under that Section, | 25 | | and (ii) to all taxing districts overlapping
the
redevelopment | 26 | | project area
no later than 180
days after the close of each |
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| 1 | | municipal fiscal year or as soon thereafter as
the audited | 2 | | financial statements become available and, in any case, shall | 3 | | be
submitted before the annual meeting of the joint review | 4 | | board to each of the
taxing districts that overlap the | 5 | | redevelopment project area:
| 6 | | (1) Any amendments to the redevelopment plan, or the | 7 | | redevelopment
project area.
| 8 | | (1.5) A list of the redevelopment project areas | 9 | | administered by the
municipality and, if applicable, the | 10 | | date each redevelopment project area was
designated or | 11 | | terminated by the municipality.
| 12 | | (2) Audited financial statements of the special tax | 13 | | allocation fund once a
cumulative total of $100,000 of tax | 14 | | increment revenues has been deposited in
the fund.
| 15 | | (3) Certification of the Chief Executive Officer of the | 16 | | municipality
that the municipality has complied with all of | 17 | | the requirements of this Act
during the preceding fiscal | 18 | | year.
| 19 | | (4) An opinion of legal counsel that the municipality | 20 | | is in compliance
with this Act.
| 21 | | (5) An analysis of the special tax allocation fund | 22 | | which sets forth:
| 23 | | (A) the balance in the special tax allocation fund | 24 | | at the beginning of
the fiscal year;
| 25 | | (B) all amounts deposited in the special tax | 26 | | allocation fund by source;
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| 1 | | (C) an itemized list of all expenditures from the | 2 | | special tax
allocation fund by category of
permissible | 3 | | redevelopment project cost; and
| 4 | | (D) the balance in the special tax allocation fund | 5 | | at the end of the
fiscal year including a breakdown of | 6 | | that balance by source and a breakdown
of that balance | 7 | | identifying any portion of the balance that is | 8 | | required,
pledged, earmarked, or otherwise designated | 9 | | for payment of or securing of
obligations and | 10 | | anticipated redevelopment project costs. Any portion | 11 | | of
such ending
balance that has not been identified or | 12 | | is not identified as being required,
pledged, | 13 | | earmarked, or otherwise designated for payment of or | 14 | | securing of
obligations or anticipated redevelopment | 15 | | project costs shall be designated as
surplus as set | 16 | | forth in Section
11-74.6-30 hereof.
| 17 | | (6) A description of all property purchased by the | 18 | | municipality within
the redevelopment project area | 19 | | including:
| 20 | | (A) Street address.
| 21 | | (B) Approximate size or description of property.
| 22 | | (C) Purchase price.
| 23 | | (D) Seller of property.
| 24 | | (7) A statement setting forth all activities | 25 | | undertaken in furtherance
of the objectives of the | 26 | | redevelopment plan, including:
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| 1 | | (A) Any project implemented in the preceding | 2 | | fiscal year.
| 3 | | (B) A description of the redevelopment activities | 4 | | undertaken.
| 5 | | (C) A description of any agreements entered into by | 6 | | the municipality
with regard to the disposition or | 7 | | redevelopment of any property within the
redevelopment | 8 | | project area.
| 9 | | (D) Additional information on the use of all funds | 10 | | received under this
Division and steps taken by the
| 11 | | municipality to achieve the objectives of the | 12 | | redevelopment plan.
| 13 | | (E) Information regarding contracts that the | 14 | | municipality's tax
increment advisors or consultants | 15 | | have entered into with entities or persons
that have | 16 | | received, or are receiving, payments financed by tax | 17 | | increment
revenues produced
by the same redevelopment | 18 | | project area.
| 19 | | (F) Any reports submitted to the municipality by | 20 | | the joint review
board.
| 21 | | (G) A review of public and, to the extent possible, | 22 | | private investment
actually undertaken to date after | 23 | | the effective date of this amendatory Act of
the 91st | 24 | | General Assembly and estimated to be undertaken during | 25 | | the following
year. This review
shall, on a | 26 | | project-by-project basis, set forth the estimated |
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| 1 | | amounts of public
and private investment incurred | 2 | | after the effective date of this amendatory Act
of the | 3 | | 91st General Assembly
and provide the ratio of private | 4 | | investment to public investment to the date of
the | 5 | | report and as estimated to the completion of the | 6 | | redevelopment project.
| 7 | | (8) With regard to any obligations issued by the | 8 | | municipality:
| 9 | | (A) copies of any official statements; and
| 10 | | (B) an analysis prepared by financial advisor or | 11 | | underwriter setting
forth: (i) nature and term of | 12 | | obligation; and (ii) projected debt service
including | 13 | | required reserves and debt coverage.
| 14 | | (9) For special tax allocation funds that have received | 15 | | cumulative
deposits of incremental tax revenues of | 16 | | $100,000 or more, a certified audit
report reviewing | 17 | | compliance with
this Act
performed by an independent public | 18 | | accountant certified and licensed by the
authority of the | 19 | | State of Illinois. The financial portion of the audit
must | 20 | | be conducted in accordance with Standards for Audits of | 21 | | Governmental
Organizations, Programs, Activities, and | 22 | | Functions adopted by the
Comptroller General of the United | 23 | | States (1981), as amended, or the standards
specified
by | 24 | | Section 8-8-5 of the Illinois Municipal Auditing Law of the | 25 | | Illinois
Municipal Code. The audit
report shall contain a | 26 | | letter from the independent certified public accountant
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| 1 | | indicating compliance or noncompliance with the | 2 | | requirements
of subsection (o) of Section 11-74.6-10.
| 3 | | (e) The joint review board shall meet annually 180 days
| 4 | | after the close of the municipal fiscal year or as soon as the | 5 | | redevelopment
project audit for that fiscal year becomes | 6 | | available to review the
effectiveness and status of the | 7 | | redevelopment project area up to that date.
| 8 | | (Source: P.A. 97-146, eff. 1-1-12.)
| 9 | | Section 99. Effective date. This Act takes effect upon | 10 | | becoming law. |
|