30 ILCS 370/ Public Works Finance Act.

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FINANCE
(30 ILCS 370/) Public Works Finance Act.

30 ILCS 370/1

(30 ILCS 370/1) (from Ch. 29, par. 33a)

Sec. 1.

In addition to the right, power and authority granted by any Act, all
municipal corporations, political subdivisions and units of local
government of this State (herein called municipalities) are authorized to
apply for and accept grants and loans from and contract with the United
States Government, the State of Illinois or any department, agency or
instrumentality thereof as and when the same is created or empowered to act
for the United States or the State of Illinois, for the purpose of aiding
in financing the establishment, construction, improvement, extension,
purchase or use of any public work project within the scope of or relating
to the authorized corporate functions and operations or powers of the
particular municipality and to sell or pledge therefor any securities which
such municipality is authorized to issue. Such municipalities are
authorized to pledge any revenue to be derived from any such public work
projects and to issue bonds or special certificates payable solely out of
the revenue derived from such projects.

Such municipalities are further authorized to apply for, accept, expend,
recapture and otherwise utilize Urban Development Action Grant funds awarded
under the Federal Housing and Community Development Act of 1977 (Public Law 95-128).

Such municipal corporations, political subdivisions and units of local
government are further authorized to adopt supplemental appropriation
ordinances making appropriation of any funds expected from any Federal or
State grants or loans where such grants or loans are accepted after the
adoption of the annual appropriations ordinance for the budget year.

(Source: P.A. 82-212.)

30 ILCS 370/1.1

(30 ILCS 370/1.1) (from Ch. 29, par. 33a.1)

Sec. 1.1.

Short title.

This Act may be cited as the

Public Works Finance Act.

(Source: P.A. 86-1324.)