(65 ILCS 5/11-74.6-45)
Expenditure of certain revenues.
(a) Revenues received
by the municipality from any property, building or facility owned, leased
or operated by the municipality or any agency or authority established by
the municipality may be used to pay redevelopment project costs, or reduce
outstanding obligations of the municipality incurred
under this Law for redevelopment project costs. The municipality may
deposit those revenues into a special tax allocation fund. The fund shall
be held by the municipal treasurer or other person designated by the
municipality. Revenue received by the municipality from the sale or other
disposition of real property acquired by the municipality with the proceeds
of obligations funded by tax increment allocation financing shall be
deposited by the municipality into the special tax allocation fund.
(Source: P.A. 91-474, eff. 11-1-99.)