(65 ILCS 5/11-11-2) (from Ch. 24, par. 11-11-2)
Sec. 11-11-2.
The corporate authorities of each municipality may borrow
money or other property and accept contributions, capital grants, gifts,
donations, services or other financial assistance from the United States of
America, the Housing and Home Finance Agency or any other agency or
instrumentality, corporate or otherwise, of the United States of America
for or in aid of an "Urban Renewal Project" as defined in the Act of
Congress approved August 2, 1954, being Public Law 560-83rd Congress, known
as the "Housing Act of 1954", and which the municipality is authorized to
effectuate, and to this end the municipality may comply with such
conditions and enter into such agreements upon such covenants, terms and
conditions as the corporate authorities may deem necessary, appropriate,
convenient or desirable. The corporate authorities may issue bonds,
debentures, notes, special certificates or other evidences of indebtedness
in order to secure loans made pursuant hereto. However, any such bonds,
debentures, notes, special certificates or other evidence of indebtedness
issued hereunder shall be payable solely out of the proceeds from the sale
of real property acquired in the project area, out of any revenue from the
operation, management or demolition of existing buildings or improvements
of any real property acquired in such project area, out of such capital
grants as the municipality may receive from the United States of America or
any agency or instrumentality thereof, or out of any local cash or non-cash
grants-in-aid, as defined in the Act of Congress approved July 15, 1949,
being Public Law 171--81st Congress, known as the "Housing Act of 1949", as
amended, including the Housing Act of 1954, which the municipality or
public body or any other entity may make in connection with the
implementation of such Urban Renewal Project.
Any bonds issued under this Section as limited bonds as defined in Section 3
of
the Local Government Debt Reform Act shall comply with the requirements of the
Bond Issue Notification Act.
Any municipality having a population of 500,000 or more may enter into a
contract with the United States of America or any agency or instrumentality
thereof and agree to the extent authorized by law, to provide such local
grants-in-aid. Notwithstanding any other provision of this Code, such
contract may contain a provision pledging the municipality to provide such
local grants-in-aid over a period of time, not to exceed 5 years from the
date of such contract.
(Source: P.A. 89-655, eff. 1-1-97.)
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