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(30 ILCS 105/6z-59)
Sec. 6z-59. The Tax Recovery Fund. There is created in the
State treasury the Tax Recovery Fund. Through December 31, 2030, all moneys received from
the
rental, authorized under Section 2705-555 of the Department of Transportation
Law of
the Civil Administrative Code of Illinois, of land, buildings, or improvements
on property
held for development of an airport in Will County by the Department of
Transportation
shall be remitted to the State Treasurer for payment into the Tax
Recovery Fund. Subject to appropriation, the moneys in the Fund shall be
expended with
the following priority: (1)
to compensate taxing districts for leasehold taxes
then (2) to the General Revenue Fund less any money
necessary to pay maintenance and repair
costs for that real property.
The tax compensation shall be determined in accordance with Sections 9-195 and
15-55 of
the
Property Tax Code.
Expenditures for these purposes may be made by
Department of Transportation without regard to the fiscal year in which tax
compensation
liability and property maintenance and repair costs
were incurred. Unexpended moneys in the Fund shall not be transferred or
allocated by
the Comptroller or Treasurer to any other fund nor shall the Governor authorize
the
transfer or allocation of those moneys to any other fund. After December 31, 2030, all
moneys received from the rental, authorized under Section 2705-555 of the
Department
of Transportation Law of the Civil Administrative Code of Illinois, of land,
buildings, or
improvements on property held for the development of an airport in Will County
by the
Department of Transportation shall not be remitted to the Tax
Recovery
Fund but shall instead be paid to the General Revenue Fund. The balance
remaining in
the Tax Recovery Fund on December 31, 2030 shall first be
expended to
compensate taxing districts for loss of revenue for the 2030
tax
assessment year, and
then transferred to
the
General Revenue Fund for the purpose of debt service on State bonds issued to
provide
funds for airport land acquisition in Will County.
(Source: P.A. 101-532, eff. 8-23-19.) |
