Full Text of HB0694 99th General Assembly
HB0694enr 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The County Economic Development Project Area | 5 | | Property
Tax Allocation Act is amended by changing Sections 3, | 6 | | 7, and 8 as follows: | 7 | | (55 ILCS 85/3) (from Ch. 34, par. 7003) | 8 | | Sec. 3. Definitions. In this Act, words or terms shall have | 9 | | the
following meanings unless the context usage clearly | 10 | | indicates that another
meaning is intended. | 11 | | (a) "Department" means the Department of Commerce and | 12 | | Economic Opportunity. | 13 | | (b) "Economic development plan" means the written plan of a | 14 | | county which
sets forth an economic development program for an | 15 | | economic development
project area. Each economic development | 16 | | plan shall include but not be
limited to (1) estimated economic | 17 | | development project costs, (2) the
sources of funds to pay such | 18 | | costs, (3) the nature and term of any
obligations to be issued | 19 | | by the county to pay such costs, (4) the most
recent equalized | 20 | | assessed valuation of the economic development project
area, | 21 | | (5) an estimate of the equalized assessed valuation of the | 22 | | economic
development project area after completion of the | 23 | | economic development plan,
(6) the estimated date of completion |
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| 1 | | of any economic development
project proposed to be undertaken, | 2 | | (7) a general description of any
proposed developer, user, or | 3 | | tenant of any property to be located or
improved within the | 4 | | economic development project area, (8) a description of
the | 5 | | type, structure and general character of the facilities to be | 6 | | developed
or improved in the economic development project area, | 7 | | (9) a description of
the general land uses to apply in the | 8 | | economic development project area,
(10) a description of the | 9 | | type, class and number of employees to be
employed in the | 10 | | operation of the facilities to be developed or improved in
the | 11 | | economic development project area and (11) a commitment by the | 12 | | county
to fair employment practices and an affirmative action | 13 | | plan with respect to
any economic development program to be | 14 | | undertaken by the county. The economic development plan for an | 15 | | economic development project area authorized by subsection | 16 | | (a-15) of Section 4 of this Act must additionally include (1) | 17 | | evidence indicating that the redevelopment project area on the | 18 | | whole has not been subject to growth and development through | 19 | | investment by private enterprise and is not reasonably expected | 20 | | to be subject to such growth and development without the | 21 | | assistance provided through the implementation of the economic | 22 | | development plan and (2) evidence that portions of the economic | 23 | | development project area have incurred Illinois Environmental | 24 | | Protection Agency or United States Environmental Protection | 25 | | Agency remediation costs for, or a study conducted by an | 26 | | independent consultant recognized as having expertise in |
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| 1 | | environmental remediation has determined a need for, the | 2 | | clean-up of hazardous waste, hazardous substances, or | 3 | | underground storage tanks required by State or federal law, | 4 | | provided that the remediation costs constitute a material | 5 | | impediment to the development or redevelopment of the project | 6 | | area. | 7 | | (c) "Economic development project" means any development | 8 | | project in
furtherance of the objectives of this Act. | 9 | | (d) "Economic development project area" means any improved | 10 | | or vacant
area which is located within the corporate limits of | 11 | | a county and which (1)
is within the unincorporated area of | 12 | | such county, or, with the consent of
any affected municipality, | 13 | | is located partially within the unincorporated
area of such | 14 | | county and partially within one or more municipalities, (2) is
| 15 | | contiguous, (3) is not less in the aggregate than 100 acres | 16 | | and, for an economic development project area authorized by | 17 | | subsection (a-15) of Section 4 of this Act, not more than 2,000 | 18 | | acres, (4) is
suitable for siting by any commercial, | 19 | | manufacturing, industrial, research
or transportation | 20 | | enterprise of facilities to include but not be limited to
| 21 | | commercial businesses, offices, factories, mills, processing | 22 | | plants,
assembly plants, packing plants, fabricating plants, | 23 | | industrial or
commercial distribution centers, warehouses, | 24 | | repair overhaul or service
facilities, freight terminals, | 25 | | research facilities, test facilities or
transportation | 26 | | facilities, whether or not such area has been used at any
time |
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| 1 | | for such facilities and whether or not the area has been used | 2 | | or is
suitable for such facilities and whether or not the area | 3 | | has been used or
is suitable for other uses, including | 4 | | commercial agricultural purposes, and
(5) which has been | 5 | | certified by the Department pursuant to this Act. | 6 | | (e) "Economic development project costs" means and | 7 | | includes the sum
total of all reasonable or necessary costs | 8 | | incurred by a county incidental
to an economic development | 9 | | project, including, without limitation, the
following: | 10 | | (1) Costs of studies, surveys, development of plans and | 11 | | specifications,
implementation and administration of an | 12 | | economic development plan,
personnel and professional | 13 | | service costs for architectural, engineering,
legal, | 14 | | marketing, financial, planning, sheriff, fire, public | 15 | | works or other
services, provided that no charges for | 16 | | professional services may be based
on a percentage of | 17 | | incremental tax revenue; | 18 | | (2) Property assembly costs within an economic | 19 | | development project area,
including but not limited to | 20 | | acquisition of land and other real or personal
property or | 21 | | rights or interests therein, and specifically including | 22 | | payments
to developers or other non-governmental persons | 23 | | as reimbursement for property
assembly costs incurred by | 24 | | such developer or other non-governmental person; | 25 | | (3) Site preparation costs, including but not limited | 26 | | to clearance of
any area within an economic development |
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| 1 | | project area by demolition or
removal of any existing | 2 | | buildings, structures, fixtures, utilities and
| 3 | | improvements and clearing and grading; site improvement | 4 | | addressing ground level or below ground environmental | 5 | | contamination; and including installation, repair,
| 6 | | construction, reconstruction, or relocation of public | 7 | | streets, public
utilities, and other public site | 8 | | improvements within or without an economic
development | 9 | | project area which are essential to the preparation of the
| 10 | | economic development project area for use in accordance | 11 | | with an economic
development plan; and specifically | 12 | | including payments to developers or
other non-governmental | 13 | | persons as reimbursement for site preparation costs
| 14 | | incurred by such developer or non-governmental person; | 15 | | (4) Costs of renovation, rehabilitation, | 16 | | reconstruction, relocation,
repair or remodeling of any | 17 | | existing buildings, improvements, and fixtures
within an | 18 | | economic development project area, and specifically | 19 | | including
payments to developers or other non-governmental | 20 | | persons as reimbursement
for such costs incurred by such | 21 | | developer or non-governmental person; | 22 | | (5) Costs of construction within an economic | 23 | | development project area of
public improvements, including | 24 | | but not limited to, buildings, structures,
works, | 25 | | improvements, utilities or fixtures; | 26 | | (6) Financing costs, including but not limited to all |
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| 1 | | necessary and
incidental expenses related to the issuance | 2 | | of obligations, payment of any
interest on any obligations | 3 | | issued hereunder which accrues during the
estimated period | 4 | | of construction of any economic development project for
| 5 | | which such obligations are issued and for not exceeding 36 | 6 | | months
thereafter, and any reasonable reserves related to | 7 | | the issuance of such
obligations; | 8 | | (7) All or a portion of a taxing district's capital | 9 | | costs resulting from
an economic development project | 10 | | necessarily incurred or estimated to be
incurred by a | 11 | | taxing district in the furtherance of the objectives of an
| 12 | | economic development project, to the extent that the county | 13 | | by written
agreement accepts, approves and agrees to incur | 14 | | or to reimburse such costs; | 15 | | (8) Relocation costs to the extent that a county | 16 | | determines that
relocation costs shall be paid or is | 17 | | required to make payment of relocation
costs by federal or | 18 | | State law; | 19 | | (9) The estimated tax revenues from real property in an | 20 | | economic
development project area acquired by a county | 21 | | which, according to the
economic development plan, is to be | 22 | | used for a private use and which any
taxing district would | 23 | | have received had the county not adopted property tax
| 24 | | allocation financing for an economic development project | 25 | | area and
which would result from such taxing district's | 26 | | levies made after the time
of the adoption by the county of |
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| 1 | | property tax allocation financing to the
time the current | 2 | | equalized assessed value of real property in the economic
| 3 | | development project area exceeds the total initial | 4 | | equalized value of real
property in that area; | 5 | | (10) Costs of rebating ad valorem taxes paid by any | 6 | | developer or other
nongovernmental person in whose name the | 7 | | general taxes were paid for the
last preceding year on any | 8 | | lot, block, tract or parcel of land in the
economic | 9 | | development project area, provided that: | 10 | | (i) such economic development project area is | 11 | | located in an enterprise
zone created pursuant to the | 12 | | Illinois Enterprise Zone Act; beginning on the | 13 | | effective date of this amendatory Act of the 98th | 14 | | General Assembly and ending on the date occurring 3 | 15 | | years later, compliance with this provision (i) is not | 16 | | required in Grundy County in relation to one or more | 17 | | contiguous parcels not exceeding a total area of 120 | 18 | | acres within which an electric generating facility is | 19 | | intended to be constructed and where the owner of such | 20 | | proposed electric generating facility has entered into | 21 | | a redevelopment agreement with Grundy County in | 22 | | respect thereto between July 25, 2013 and July 26, | 23 | | 2017 ; | 24 | | (ii) such ad valorem taxes shall be rebated only in | 25 | | such amounts and for
such tax year or years as the | 26 | | county and any one or more affected taxing
districts |
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| 1 | | shall have agreed by prior written agreement; | 2 | | beginning on July 25, 2013 and ending on July 25, 2017 | 3 | | the effective date of this amendatory Act of the 98th | 4 | | General Assembly and ending on the date occurring 3 | 5 | | years later , compliance with this provision (ii) is not | 6 | | required in Grundy County in relation to one or more | 7 | | contiguous parcels not exceeding a total area of 120 | 8 | | acres within which an electric generating facility is | 9 | | intended to be constructed and where the owner of such | 10 | | proposed electric generating facility has entered into | 11 | | a redevelopment agreement with Grundy County in | 12 | | respect thereto if the county receives approval from | 13 | | 2/3 of the taxing districts having taxable property | 14 | | within such parcels and representing no less than 75% | 15 | | of the aggregate tax levy for those all of the affected | 16 | | taxing districts for the levy year; | 17 | | (iii) any amount of rebate of taxes shall not | 18 | | exceed the portion, if
any, of taxes levied by the | 19 | | county or such taxing district or districts
which is | 20 | | attributable to the increase in the current equalized | 21 | | assessed
valuation of each taxable lot, block, tract or | 22 | | parcel of real property in
the economic development | 23 | | project area over and above the initial equalized
| 24 | | assessed value of each property existing at the time | 25 | | property tax allocation
financing was adopted for said | 26 | | economic development project area; and |
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| 1 | | (iv) costs of rebating ad valorem taxes shall be | 2 | | paid by a county solely
from the special tax allocation | 3 | | fund established pursuant to this Act and
shall be paid | 4 | | from the proceeds of any obligations issued by a | 5 | | county. | 6 | | (11) Costs of job training, advanced vocational | 7 | | education or career
education programs, including but not | 8 | | limited to courses in occupational,
semi-technical or | 9 | | technical fields leading directly to employment, incurred
| 10 | | by one or more taxing districts, provided that such costs | 11 | | are related to
the establishment and maintenance of | 12 | | additional job training, advanced
vocational education or | 13 | | career education programs for persons employed or
to be | 14 | | employed by employers located in an economic development | 15 | | project
area, and further provided, that when such costs | 16 | | are incurred by a taxing
district or taxing districts other | 17 | | than the county, they shall be set forth
in a written | 18 | | agreement by or among the county and the taxing district
or | 19 | | taxing districts, which agreement describes the program to | 20 | | be
undertaken, including, but not limited to, the number of | 21 | | employees to be
trained, a description of the training and | 22 | | services to be provided, the
number and type of positions | 23 | | available or to be available, itemized costs
of the program | 24 | | and sources of funds to pay the same, and the term of the
| 25 | | agreement. Such costs include, specifically, the payment | 26 | | by community
college districts of costs pursuant to Section |
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| 1 | | 3-37, 3-38, 3-40 and 3-40.1
of the Public Community College | 2 | | Act and by school districts of costs
pursuant to Sections | 3 | | 10-22.20 and 10-23.3a of the School Code; | 4 | | (12) Private financing costs incurred by developers or | 5 | | other
non-governmental persons in connection with an | 6 | | economic development
project, and specifically including | 7 | | payments to developers or other
non-governmental persons | 8 | | as reimbursement for such costs incurred by such
developer | 9 | | or other non-governmental persons provided that: | 10 | | (A) private financing costs shall be paid or | 11 | | reimbursed by a county only
pursuant to the prior | 12 | | official action of the county evidencing an intent to
| 13 | | pay such private financing costs; | 14 | | (B) except as provided in subparagraph (D) of this | 15 | | Section, the
aggregate amount of such costs paid or | 16 | | reimbursed by a county in any one
year shall not exceed | 17 | | 30% of such costs paid or incurred by such developer
or | 18 | | other non-governmental person in that year; | 19 | | (C) private financing costs shall be paid or | 20 | | reimbursed by a county
solely from the special tax | 21 | | allocation fund established pursuant to this
Act and | 22 | | shall not be paid or reimbursed from the proceeds of | 23 | | any
obligations issued by a county; | 24 | | (D) if there are not sufficient funds available in | 25 | | the special tax
allocation fund in any year to make | 26 | | such payment or reimbursement in full,
any amount of |
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| 1 | | such private financing costs remaining to be paid or
| 2 | | reimbursed by a county shall accrue and be payable when | 3 | | funds are available
in the special tax allocation fund | 4 | | to make such payment; and | 5 | | (E) in connection with its approval and | 6 | | certification of an economic
development project | 7 | | pursuant to Section 5 of this Act, the Department shall
| 8 | | review any agreement authorizing the payment or | 9 | | reimbursement by a county
of private financing costs in | 10 | | its consideration of the impact on the
revenues of the | 11 | | county and the affected taxing districts of the use of
| 12 | | property tax allocation financing. | 13 | | (f) "Obligations" means any instrument evidencing the | 14 | | obligation of a
county to pay money, including without | 15 | | limitation, bonds, notes,
installment or financing contracts, | 16 | | certificates, tax anticipation warrants
or notes, vouchers, | 17 | | and any other evidence of indebtedness. | 18 | | (g) "Taxing districts" means municipalities, townships, | 19 | | counties, and
school, road, park, sanitary, mosquito | 20 | | abatement, forest preserve, public
health, fire protection, | 21 | | river conservancy, tuberculosis sanitarium and any
other | 22 | | county corporations or districts with the power to levy taxes | 23 | | on
real property. | 24 | | (Source: P.A. 98-109, eff. 7-25-13.)
| 25 | | (55 ILCS 85/7) (from Ch. 34, par. 7007)
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| 1 | | Sec. 7. Creation of special tax allocation fund. If a | 2 | | county has
adopted property tax allocation financing by | 3 | | ordinance for an economic
development project area, the | 4 | | Department has approved and certified the
economic development | 5 | | project area, and the county clerk has thereafter
certified the | 6 | | "total initial equalized value" of the taxable real property
| 7 | | within such economic development project area in the manner | 8 | | provided in
subsection (b) of Section 6 of this Act, each year | 9 | | after the date of the
certification by the county clerk of the | 10 | | "initial equalized assessed value"
until economic development | 11 | | project costs and all county obligations
financing economic | 12 | | development project costs have been paid, the ad valorem
taxes, | 13 | | if any, arising from the levies upon the taxable real property | 14 | | in
the economic development project area by taxing districts | 15 | | and tax rates
determined in the manner provided in subsection | 16 | | (b) of Section 6 of this Act
shall be divided as follows:
| 17 | | (1) That portion of the taxes levied upon each taxable | 18 | | lot, block, tract
or parcel of real property which is | 19 | | attributable to the lower of the current
equalized assessed | 20 | | value or the initial equalized assessed value of each
such | 21 | | taxable lot, block, tract, or parcel of real property | 22 | | existing at the
time property tax allocation financing was | 23 | | adopted shall be allocated and
when collected shall be paid | 24 | | by the county collector to the respective
affected taxing | 25 | | districts in the manner required by the law in the absence
| 26 | | of the adoption of property tax allocation financing.
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| 1 | | (2) That portion, if any, of those taxes which is | 2 | | attributable to the
increase in the current equalized | 3 | | assessed valuation of each taxable lot,
block, tract, or | 4 | | parcel of real property in the economic development
project | 5 | | are, over and above the initial equalized assessed value of | 6 | | each
property existing at the time property tax allocation | 7 | | financing was
adopted shall be allocated to and when | 8 | | collected shall be paid to the
county treasurer, who shall | 9 | | deposit those taxes into a special fund called
the special | 10 | | tax allocation fund of the county for the purpose of paying
| 11 | | economic development project costs and obligations | 12 | | incurred in the payment
thereof.
| 13 | | The county, by an ordinance adopting property tax | 14 | | allocation financing,
may pledge the funds in and to be | 15 | | deposited in the special tax allocation
fund for the payment of | 16 | | obligations issued under this Act and for the
payment of | 17 | | economic development project costs. No part of the current
| 18 | | equalized assessed valuation of each property in the economic | 19 | | development
project area attributable to any increase above the | 20 | | total initial equalized
assessed value of such properties shall | 21 | | be used in calculating the general
State school aid formula, | 22 | | provided for in Section 18-8 of the School Code,
until such | 23 | | time as all economic development projects costs have been paid
| 24 | | as provided for in this Section.
| 25 | | Whenever a county issues bonds for the purpose of financing | 26 | | economic
development project costs, the county may provide by |
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| 1 | | ordinance for the
appointment of a trustee, which may be any | 2 | | trust company within the State,
and for the establishment of | 3 | | the funds or accounts to be maintained by such
trustee as the | 4 | | county shall deem necessary to provide for the security and
| 5 | | payment of the bonds. If the county provides for the | 6 | | appointment of a
trustee, the trustee shall be considered the | 7 | | assignee of any payments
assigned by the county pursuant to the | 8 | | ordinance and this Section. Any
amounts paid to the trustee as | 9 | | assignee shall be deposited in the funds or
accounts | 10 | | established pursuant to the trust agreement, and shall be held | 11 | | by
the trustee in trust for the benefit of the holders of the | 12 | | bonds, and the
holders shall have a lien on and a security | 13 | | interest in those bonds or
accounts so long as the bonds remain | 14 | | outstanding and unpaid. Upon
retirement of the bonds, the | 15 | | trustee shall pay over any excess amounts held
to the county | 16 | | for deposit in the special tax allocation fund.
| 17 | | When the economic development project costs, including | 18 | | without limitation
all county obligations financing economic | 19 | | development project costs
incurred under this Act, have been | 20 | | paid, all surplus funds then remaining
in the special tax | 21 | | allocation funds shall be distributed by being paid by
the | 22 | | county treasurer to the county collector, who shall immediately
| 23 | | thereafter pay those funds to the taxing districts having | 24 | | taxable property
in the economic development project area in | 25 | | the same manner and proportion
as the most recent distribution | 26 | | by the county collector to those taxing
districts of real |
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| 1 | | property taxes from real property in the economic
development | 2 | | project area.
| 3 | | Upon the payment of all economic development project costs, | 4 | | retirement of
obligations and the distribution of any excess | 5 | | monies pursuant to this
Section and not later than 23 years | 6 | | from the date of adoption of the
ordinance adopting property | 7 | | tax allocation financing, the county shall
adopt an ordinance | 8 | | dissolving the special tax allocation fund for the
economic | 9 | | development project area and terminating the designation of the
| 10 | | economic development project area as an economic development | 11 | | project area ; however, in relation to one or more contiguous | 12 | | parcels not exceeding a total area of 120 acres within which an | 13 | | electric generating facility is intended to be constructed, and | 14 | | with respect to which the owner of that proposed electric | 15 | | generating facility has entered into a redevelopment agreement | 16 | | with Grundy County on or before July 25, 2017, the ordinance of | 17 | | the county required in this paragraph shall not dissolve the | 18 | | special tax allocation fund for the existing economic | 19 | | development project area and shall only terminate the | 20 | | designation of the economic development project area as to | 21 | | those portions of the economic development project area | 22 | | excluding the area covered by the redevelopment agreement | 23 | | between the owner of the proposed electric generating facility | 24 | | and Grundy County; the county shall adopt an ordinance | 25 | | dissolving the special tax allocation fund for the economic | 26 | | development project area and terminating the designation of the |
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| 1 | | economic development project area as an economic development | 2 | | project area with regard to the electric generating facility | 3 | | property not later than 35 years from the date of adoption of | 4 | | the ordinance adopting property tax allocation financing .
| 5 | | Thereafter the rates of the taxing districts shall be extended | 6 | | and taxes
levied, collected and distributed in the manner | 7 | | applicable in the absence
of the adoption of property tax | 8 | | allocation financing.
| 9 | | Nothing in this Section shall be construed as relieving | 10 | | property in
economic development project areas from being | 11 | | assessed as provided in the
Property Tax Code or as relieving | 12 | | owners of that
property from paying a uniform rate of taxes, as | 13 | | required by Section 4 of
Article IX of the Illinois | 14 | | Constitution of 1970.
| 15 | | (Source: P.A. 98-463, eff. 8-16-13.)
| 16 | | (55 ILCS 85/8) (from Ch. 34, par. 7008)
| 17 | | Sec. 8. Issuance of obligations for economic development | 18 | | project costs. Obligations secured by the special tax | 19 | | allocation fund provided for in
Section 7 for an economic | 20 | | development project area may be issued to provide
for economic | 21 | | development project costs. Those obligations, when so issued,
| 22 | | shall be retired in the manner provided in the ordinance | 23 | | authorizing the
issuance of the obligations by the receipts of | 24 | | taxes levied as specified in
Section 6 against the taxable | 25 | | property included in the economic development
project area and |
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| 1 | | by other revenues designated or pledged by the county. A
county | 2 | | may in the ordinance pledge all or any part of the funds in and | 3 | | to
be deposited in the special tax allocation fund created | 4 | | pursuant to Section
7 to the payment of the economic | 5 | | development project costs and obligations.
Whenever a county | 6 | | pledges all of the funds to the credit of a special tax
| 7 | | allocation fund to secure obligations issued or to be issued to | 8 | | pay
economic development project costs, the county may | 9 | | specifically provide
that funds remaining to the credit of such | 10 | | special tax allocation fund
after the payment of such | 11 | | obligations shall be accounted for annually and
shall be deemed | 12 | | to be "surplus" funds, and such "surplus" funds shall be
| 13 | | distributed as hereinafter provided. Whenever a county pledges | 14 | | less than
all of the monies to the credit of a special tax | 15 | | allocation fund to secure
obligations issued or to be issued to | 16 | | pay economic development project
costs, the county shall | 17 | | provide that monies to the credit of a special tax
allocation | 18 | | fund and not subject to such pledge or otherwise encumbered or
| 19 | | required for payment of contractual obligations for specified | 20 | | economic
development project costs shall be calculated | 21 | | annually and shall be deemed
to be "surplus" funds, and such | 22 | | "surplus" funds shall be distributed as
hereinafter provided. | 23 | | All funds to the credit of a special tax allocation
fund which | 24 | | are deemed to be "surplus" funds shall be distributed annually
| 25 | | within 180 days after the close of the county's fiscal year by | 26 | | being paid
by the county treasurer to the county collector. The |
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| 1 | | county collector
shall thereafter make distribution to the | 2 | | respective taxing districts in
the same manner and proportion | 3 | | as the most recent distribution by the
county collector to | 4 | | those taxing districts of real property taxes from real
| 5 | | property in the economic development project area.
| 6 | | Without limiting the foregoing in this Section the county | 7 | | may, in
addition to obligations secured by the special tax | 8 | | allocation fund, pledge
for a period not greater than the term | 9 | | of the obligations towards payment
of those obligations any | 10 | | part or any combination of the following: (i) net
revenues of | 11 | | all or part of any economic development project; (ii) taxes
| 12 | | levied and collected on any or all property in the county, | 13 | | including,
specifically, taxes levied or imposed by the county | 14 | | in a special service
area pursuant to "An Act to provide the | 15 | | manner of levying or imposing taxes
for the provision of | 16 | | special services to areas within the boundaries of
home rule | 17 | | units and non-home rule municipalities and counties", approved
| 18 | | September 21, 1973; (iii) the full faith and credit of the | 19 | | county; (iv) a
mortgage on part or all of the economic | 20 | | development project; or (v) any
other taxes or anticipated | 21 | | receipts that the county may lawfully pledge.
| 22 | | Such obligations may be issued in one or more series | 23 | | bearing interest at
such rate or rates as the corporate | 24 | | authorities of the county shall
determine by ordinance, which | 25 | | rate or rates may be variable or fixed,
without regard to any | 26 | | limitations contained in any law now in effect or
hereafter |
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| 1 | | adopted. Such obligations shall bear such date or dates, mature
| 2 | | at such time or times not exceeding 20 years from their | 3 | | respective dates,
but in no event exceeding 23 years from the | 4 | | date of establishment of the
economic development project area ; | 5 | | however, with respect to obligations payable from incremental | 6 | | revenues generated from an area comprised of one or more | 7 | | contiguous parcels not exceeding a total area of 120 acres | 8 | | within which an electric generating facility is intended to be | 9 | | constructed, and with respect to which the owner of such | 10 | | proposed electric generating facility has entered into a | 11 | | redevelopment agreement with Grundy County on or before July | 12 | | 25, 2017, those obligations shall bear such date or dates, | 13 | | mature at such time or times not exceeding 35 years from the | 14 | | date of establishment of the economic development project area , | 15 | | be in such denomination, be in such
form, whether coupon, | 16 | | registered or book-entry, carry such registration,
conversion | 17 | | and exchange privileges, be executed in such manner, be payable
| 18 | | in such medium of payment at such place or places within or | 19 | | without the
State of Illinois, contain such covenants, terms | 20 | | and conditions, be subject
to redemption with or without | 21 | | premium, be subject to defeasance upon such
terms, and have | 22 | | such rank or priority, as such ordinance shall provide.
| 23 | | Obligations issued pursuant to this Act may be sold at public | 24 | | or private
sale at such price as shall be determined by the | 25 | | corporate authorities of
the counties. Such obligations may, | 26 | | but need not, be issued utilizing the
provisions of any one or |
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| 1 | | more of the omnibus bond Acts specified in Section
1.33 of "An | 2 | | Act to revise the law in relation to the construction of the
| 3 | | statutes", approved March 5, 1874, as such term is defined in | 4 | | the Statute
on Statutes. No referendum approval of the electors | 5 | | shall be required as a
condition to the issuance of obligations | 6 | | pursuant to this Act except as
provided in this Section.
| 7 | | In the event the county (i) authorizes the issuance of | 8 | | obligations
pursuant to the authority of this Act and secured | 9 | | by the full faith and
credit of the county or (ii) pledges | 10 | | taxes levied and collected on any or
all property in the | 11 | | county, which obligations or taxes are not obligations
or taxes | 12 | | authorized under home rule powers pursuant to Section 6 of | 13 | | Article
VII of the Illinois Constitution of 1970, or are not | 14 | | obligations or taxes
authorized under "An Act to provide the | 15 | | manner of levying or imposing taxes
for the provision of | 16 | | special services to areas within the boundaries of
home rule | 17 | | units and non-home rule municipalities and counties", approved
| 18 | | September 21, 1973, the ordinance authorizing the issuance of | 19 | | those
obligations or pledging those taxes shall be published | 20 | | within 10 days after
the ordinance has been adopted, in one or | 21 | | more newspapers having a general
circulation within the county. | 22 | | The publication of the ordinance shall be
accompanied by a | 23 | | notice of (1) the specific number of voters required to
sign a | 24 | | petition requesting the questions of the issuance of the | 25 | | obligations or
pledging ad valorem taxes to be submitted to the | 26 | | electors; (2) the time
within which the petition must be filed; |
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| 1 | | and (3) the date of the
prospective referendum. The county | 2 | | clerk shall provide a petition form to
any individual | 3 | | requesting one.
| 4 | | If no petition is filed with the county clerk, as | 5 | | hereinafter provided in
this Section, within 21 days after the | 6 | | publication of the ordinance, the
ordinance shall be in effect. | 7 | | However, if within that 21 day period a
petition is filed with | 8 | | the county clerk, signed by electors numbering not
less than 5% | 9 | | of the number of legal voters who voted at the last general
| 10 | | election in such county, asking that the question of issuing | 11 | | obligations
using the full faith and credit of the county as | 12 | | security for the cost of
paying for economic development | 13 | | project costs, or of pledging ad valorem
taxes for the payment | 14 | | of those obligations, or both, be submitted to the
electors of | 15 | | the county, the county shall not be authorized to issue
| 16 | | obligations of the county using the full faith and credit of | 17 | | the county as
security or pledging ad valorem taxes for the | 18 | | payment of those obligations,
or both, until the proposition | 19 | | has been submitted to and approved by a
majority of the voters | 20 | | voting on the proposition at a regularly scheduled
election. | 21 | | The county shall certify the proposition to the proper election
| 22 | | authorities for submission in accordance with the general | 23 | | election law.
| 24 | | The ordinance authorizing the obligations may provide that | 25 | | the obligations
shall contain a recital that they are issued | 26 | | pursuant to this Act, which
recital shall be conclusive |
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| 1 | | evidence of their validity and of the
regularity of their | 2 | | issuance.
| 3 | | In the event the county authorizes issuance of obligations | 4 | | pursuant to
this Act secured by the full faith and credit of | 5 | | the county, the ordinance
authorizing the obligations may | 6 | | provide for the levy and collection of a
direct annual tax upon | 7 | | all taxable property within the county sufficient to
pay the | 8 | | principal thereof and interest thereon as it matures, which | 9 | | levy
may be in addition to and exclusive of the maximum of all | 10 | | other taxes
authorized to be levied by the county, which levy, | 11 | | however, shall be abated
to the extent that monies from other | 12 | | sources are available for payment of
the obligations and the | 13 | | county certifies the amount of those monies
available to the | 14 | | county clerk.
| 15 | | A certified copy of the ordinance shall be filed with the | 16 | | county clerk
and shall constitute the authority for the | 17 | | extension and collection of the
taxes to be deposited in the | 18 | | special tax allocation fund.
| 19 | | A county may also issue its obligations to refund, in whole | 20 | | or in part,
obligations theretofore issued by the county under | 21 | | the authority of this
Act, whether at or prior to maturity. | 22 | | However, the last maturity of the
refunding obligations shall | 23 | | not be expressed to mature later than 23 years
from the date of | 24 | | the ordinance establishing the economic development project | 25 | | area, however, with regard to obligations payable from | 26 | | incremental revenues generated from an area comprised of one or |
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| 1 | | more contiguous parcels not exceeding a total area of 120 acres | 2 | | within which an electric generating facility is intended to be | 3 | | constructed, and with respect to which the owner of that | 4 | | proposed electric generating facility has entered into a | 5 | | redevelopment agreement with Grundy County on or before July | 6 | | 25, 2017, the last maturity of the refunding obligations shall | 7 | | not be expressed to mature later than 35 years from the date of | 8 | | the ordinance establishing the economic development
project | 9 | | area.
| 10 | | In the event a county issues obligations under home rule | 11 | | powers and other
legislative authority, including | 12 | | specifically, "An Act to provide the
manner of levying or | 13 | | imposing taxes for the provisions of special services
to areas | 14 | | within the boundaries of home rule units and non-home rule
| 15 | | municipalities and counties", approved September 21, 1973, the | 16 | | proceeds of
which are pledged to pay for economic development | 17 | | project costs, the county
may, if it has followed the | 18 | | procedures in conformance with this Act,
retire those | 19 | | obligations from funds in the special tax allocation fund in
| 20 | | amount and in such manner as if those obligations had been | 21 | | issued pursuant
to the provisions of this Act.
| 22 | | No obligations issued pursuant to this Act shall be | 23 | | regarded as
indebtedness of the county issuing those | 24 | | obligations for the purpose of any
limitation imposed by law.
| 25 | | Obligations issued pursuant to this Act shall not be | 26 | | subject to the
provisions of the Bond Authorization Act.
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| 1 | | (Source: P.A. 90-655, eff. 7-30-98.)
| 2 | | Section 99. Effective date. This Act takes effect upon | 3 | | becoming law.
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