(65 ILCS 110/5)
Sec. 5.
Legislative Declaration.
(a) The General Assembly finds, determines, and declares the following:
(1) Actions taken by the Secretary of Defense to |
| close military installations under Title II of the Defense Authorization Amendments and Base Closure and Realignment Act (Public Law 100-526; 10 U.S.C. 2687 note), the Defense Base Closure and Realignment Act of 1990 (part A of Title XXIX of Public Law 101-510; 10 U.S.C. 2687 note), Section 2687 of Title 10 of the United States Code (10 U.S.C. 2687), and actions taken by the Secretary of the Army to transfer the military installation, described in subsection (b) of Section 15 of the Joliet Arsenal Development Authority Act, pursuant to the Illinois Land Conservation Act (Title XXIX of Public Law 104-106; 16 U.S.C. 1609), as supplemented and amended, have an adverse socioeconomic impact upon the State residents due to the loss of civilian job opportunities, the transfer of permanently stationed military personnel, the decline in population, the vacancy of existing buildings, structures, residential housing units and other facilities, the burden of assuming and maintaining existing utility systems, and the erosion of the State's economic base.
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(2) The redevelopment and reuse by the public and
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| private sectors of any military installation closed by the Secretary of Defense and converted to civilian use is impaired due to little or no platting of any of the land, deleterious land use and layout, lack of community planning, depreciation of physical maintenance, presence of structures below minimum code standards, excessive vacancies, lack of adequate utility services and need to improve transportation facilities.
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(3) The closing of military installations within the
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| State is a serious menace to the health, safety, morals, and general welfare of the people of the entire State.
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(4) Protection against the economic burdens
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| associated with the closing of military installations, the consequent spread of economic stagnation, the impairments to redevelopment and reuse, and the resulting harm to the tax base of the State can best be provided by promoting, attracting and stimulating commerce, industry, manufacturing and other public and private sector investment within the State.
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(5) The continual encouragement, redevelopment,
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| reuse, growth, and expansion of commercial businesses, industrial and manufacturing facilities and other public and private investment on closed military installations within the State requires a cooperative and continuous partnership between government and the private sector.
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(6) The State has a responsibility to create a
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| favorable climate for new and improved job opportunities for its citizens and to increase the tax base of the State and its political subdivisions by encouraging the redevelopment and reuse by the public and private sectors of new commercial businesses, industrial and manufacturing facilities, and other civilian uses with respect to the vacant buildings, structures, residential housing units, and other facilities on closed military installations within the State.
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(7) The lack of redevelopment and reuse of closed
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| military installations within the State has persisted, despite efforts of State and local authorities and private organizations to attract new commercial businesses, industrial and manufacturing facilities and other public and private sector investment for civilian use to closed military installations within the State.
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(8) The economic burdens associated with the closing
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| of military installations within the State may continue and worsen if the State and its political subdivisions are not able to provide additional incentives to commercial businesses, industrial and manufacturing facilities, and other public and private investment for civilian use to locate on closed military installations within the State.
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(9) The provision of additional incentives by the
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| State and its political subdivisions is intended to relieve conditions of unemployment, create new job opportunities, increase industry and commerce, increase the tax base of the State and its political subdivisions, and alleviate vacancies and conditions leading to deterioration and blight on closed military installations within the State, thereby creating job opportunities and eradicating deteriorating and blighting conditions for the residents of the State and reducing the evils attendant upon unemployment and blight.
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(b) It is hereby declared to be the policy of the State, in the interest of
promoting the health, safety, morals, and general welfare of all the people of
the State, to provide incentives that will create new job opportunities and
eradicate potentially blighted conditions on closed military installations
within the State, and it is further declared that the relief of
conditions of unemployment, the creation of new job opportunities, the increase
of industry and commerce within the State, the alleviation of vacancies and
conditions leading to deterioration and blight, the reduction of the evils of
unemployment, and the increase of the tax base of the State and its political
subdivisions are public purposes and for the public safety, benefit, and
welfare of the residents of this State.
(Source: P.A. 90-655, eff. 7-30-98; 91-642, eff. 8-20-99.)
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(65 ILCS 110/10)
Sec. 10.
Definitions.
In this Act, words or terms have the following meanings:
(a) "Closed military installation" means a former base, camp, post, station,
yard, center, homeport facility for any ship, or other activity under the
jurisdiction of the United States Department of the Defense which is not less
in the aggregate than 500 acres and which is closed or in the process of
being closed by the Secretary of Defense under and pursuant to Title II of the
Defense Base Closure and Realignment Act (Public Law 100-526; 10 U.S.C. 2687
note), The Defense Base Closure and Realignment Act of 1990 (part A of title
XXIX of Public Law 101-510; 10 U.S.C. 2687 note), Section 2687 of
Title 10 of
the United States Code (10 U.S.C. 2687),
or an installation, described in subsection (b) of Section 15 of the Joliet
Arsenal Development Authority Act, that has been transferred or is in the
process of being transferred by the
Secretary of the Army pursuant to the Illinois Land Conservation Act (Title
XXIX of Public Law 104-106; 16 U.S.C. 1609),
as each may be further supplemented or
amended.
(b) "Economic development plan" means the written plan of a municipality
that sets forth an economic development program for an economic development
project area. Each economic development plan shall include but not be limited
to (i) estimated economic development project costs, (ii) the sources of funds
to pay those costs, (iii) the nature and term of any obligations to be issued
by the municipality to pay those costs, (iv) the most recent equalized assessed
valuation of the economic development project area, (v) an estimate of the
equalized assessed valuation of the economic development project area after
completion of an economic development project, (vi) the estimated date of
completion of any economic development project proposed to be undertaken, (vii)
a general description of the types of any proposed developers, users, or
tenants
of any property to be located or improved within the economic development
project area,
(viii) a description of the type, structure, and general character of the
facilities to be developed or improved,
(ix) a description of the general land uses to apply in the economic
development project area,
(x) a general
description or an estimate of the type, class, and number of employees to be
employed in the operation of the facilities to be developed or improved, and
(xi) a commitment by the municipality to fair employment practices and an
affirmative action plan regarding any
economic development program to be undertaken by the municipality.
(c) "Economic development project" means any development project furthering
the objectives of this Act.
(d) "Economic development project area" means any improved or vacant area
that (i) is within or partially within and contiguous to the
boundaries of a
closed military installation as defined in subsection (a) of this Section
(except the installation described in Section 15 of the Joliet Arsenal
Development Authority Act) or, only in the case
of the installation described in Section 15
of the Joliet Arsenal Development Authority Act, is within or contiguous to
the closed military installation, (ii)
is located entirely within the territorial limits of a municipality, (iii) is
contiguous, (iv) is not less in the aggregate than 1 1/2 acres, (v) is suitable
for siting by a commercial, manufacturing, industrial, research, transportation
or residential housing enterprise or facilities to include but not be limited
to commercial businesses, offices, factories, mills, processing plants,
industrial or commercial distribution centers, warehouses, repair overhaul or
service facilities,
freight terminals, research facilities, test facilities, transportation
facilities or single or multi-family residential housing units, regardless of
whether the area has been used at any time for those facilities and regardless
of whether the area has been
used or is suitable for other uses and (vi) has been approved and certified by
the corporate authorities of the municipality pursuant to this Act.
(e) "Economic development project costs" means and includes the total of all
reasonable or necessary costs incurred or to be incurred under an
economic development project, including, without limitation, the following:
(1) Costs of studies, surveys, development of plans |
| and specifications, and implementation and administration of an economic development plan and personnel and professional service costs for architectural, engineering, legal, marketing, financial planning, police, fire, public works, public utility, or other services. No charges for professional services, however, may be based on a percentage of incremental tax revenues.
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(2) Property assembly costs within an economic
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| development project area, including but not limited to acquisition of land and other real or personal property or rights or interests in property.
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(3) Site preparation costs, including but not limited
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| to clearance of any area within an economic development project area by demolition or removal of any existing buildings, structures, fixtures, utilities, and improvements and clearing and grading; and including installation, repair, construction, reconstruction, extension or relocation of public streets, public utilities, and other public site improvements located outside the boundaries of an economic development project area that are essential to the preparation of the economic development project area for use with an economic development plan.
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(4) Costs of renovation, rehabilitation,
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| reconstruction, relocation, repair, or remodeling of any existing buildings, improvements, equipment, and fixtures within an economic development project area.
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(5) Costs of installation or construction within an
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| economic development project area of any buildings, structures, works, streets, improvements, equipment, utilities, or fixtures, whether publicly or privately owned or operated.
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(6) Financing costs, including but not limited to all
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| necessary and incidental expenses related to the issuance of obligations, payment of any interest on any obligations issued under this Act that accrues during the estimated period of construction of any economic development project for which the obligations are issued and for not more than 36 months after that period, and any reasonable reserves related to the issuance of the obligations.
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(7) All or a portion of a taxing district's capital
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| or operating costs resulting from an economic development project necessarily incurred or estimated to be incurred by a taxing district in the furtherance of the objectives of an economic development project, to the extent that the municipality, by written agreement, accepts and approves those costs.
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(8) Relocation costs to the extent that a
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| municipality determines that relocation costs shall be paid or is required to pay relocation costs by federal or State law.
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(9) The estimated tax revenues from real property in
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| an economic development project area acquired by a municipality in furtherance of an economic development project under this Act that, according to the economic development plan, is to be used for a private use (i) that any taxing district would have received had the municipality not adopted tax increment allocation financing for an economic development project area and (ii) that would result from the taxing district's levies made after the time of the adoption by the municipality of tax increment allocation financing to the time the current equalized assessed value of real property in the economic development project area exceeds the total initial equalized value of real property.
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(10) Costs of rebating ad valorem taxes paid by any
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| developer or other nongovernmental person in whose name the general taxes were paid for the last preceding year on any lot, block, tract, or parcel of land in the economic development project area, provided that:
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(A) the economic development project area is
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| located in an enterprise zone created under the Illinois Enterprise Zone Act;
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(B) the ad valorem taxes shall be rebated only in
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| amounts and for a tax year or years as the municipality and any one or more affected taxing districts have agreed by prior written agreement;
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(C) any amount of rebate of taxes shall not
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| exceed the portion, if any, of taxes levied by the municipality or taxing district or districts that is attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the economic development project area over and above the initial equalized assessed value of each property existing at the time property tax allocation financing was adopted for the economic development project area; and
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(D) costs of rebating ad valorem taxes shall be
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| paid by a municipality solely from the special tax allocation fund established under this Act and shall not be paid from the proceeds of any obligations issued by a municipality.
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(11) Costs of job training or advanced vocational or
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| career education, including but not limited to courses in occupational, semi-technical, or technical fields leading directly to employment, incurred by one or more taxing districts, but only if the costs are related to the establishment and maintenance of additional job training, advanced vocational education, or career education programs for persons employed or to be employed by employers located in the economic development project area and only if, when the costs are incurred by a taxing district or taxing districts other than the municipality, they shall be set forth in a written agreement by or among the municipality and the taxing district or taxing districts that describes the program to be undertaken, including without limitation the number of employees to be trained, a description of the training and services to be provided, the number and type of positions available or to be available, itemized costs of the program and sources of funds to pay the costs, and the term of the agreement. These costs include, specifically, the payment by community college districts of costs pursuant to Sections 3-37, 3-38, 3-40 and 3-40.1 of the Public Community College Act and by school districts of costs pursuant to Sections 10-22.20 and 10-23.3a of the School Code.
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(12) Private financing costs incurred by a developer
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| or other nongovernmental person in connection with an economic development project, provided that:
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(A) private financing costs shall be paid or
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| reimbursed by a municipality only pursuant to the prior official action of the municipality evidencing an intent to pay or reimburse such private financing costs;
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(B) except as provided in subparagraph (D), the
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| aggregate amount of the costs paid or reimbursed by a municipality in any one year shall not exceed 30% of the costs paid or incurred by the developer or other nongovernmental person in that year;
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(C) private financing costs shall be paid or
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| reimbursed by a municipality solely from the special tax allocation fund established under this Act and shall not be paid from the proceeds of any obligations issued by a municipality; and
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(D) if there are not sufficient funds available
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| in the special tax allocation fund in any year to make the payment or reimbursement in full, any amount of the interest costs remaining to be paid or reimbursed by a municipality shall accrue and be payable when funds are available in the special tax allocation fund to make the payment.
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If a special service area has been established under the Special
Service Area Tax Act, then any tax increment revenues derived from the tax
imposed pursuant to the Special Service Area Tax Act may be used within the
economic development project area for the purposes permitted by that Act as
well as the purposes permitted by this Act.
(f) "Municipality" means a city, village, or incorporated town.
(g) "Obligations" means any instrument evidencing the obligation of a
municipality to pay money, including without limitation bonds, notes,
installment or financing contracts, certificates, tax anticipation warrants or
notes, vouchers, and any other evidences of indebtedness.
(h) "Taxing districts" means counties, townships, and school, road, park,
sanitary, mosquito abatement, forest preserve, public health, fire protection,
river conservancy, tuberculosis sanitarium, and any other districts or other
municipal corporations with the power to levy taxes.
(Source: P.A. 91-642, eff. 8-20-99.)
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(65 ILCS 110/15)
Sec. 15.
Establishment of economic development project areas; Notice.
(a) The corporate authorities of a municipality shall by ordinance propose
the establishment of an economic development project area and fix a time and
place for a public hearing.
(b) Notice of the public hearing shall be given by publication and mailing.
Notice by publication shall be given by publication at least twice, the first
publication to be not more than 30 nor less than 10 days before the hearing in
a newspaper of general circulation within the taxing districts having property
in the proposed economic development project area. Notice by mailing shall
be given by depositing the notice together with a copy of the proposed economic
development plan in the United States mails by certified mail addressed to the
person or persons in whose name the general taxes for the last preceding year
were paid on each lot, block, tract, or parcel of land lying within the
economic development project area. The notice shall be mailed not less than 10
days before the date set for the public hearing. If taxes for the last
preceding year were not paid, the notice shall also be sent to any
nongovernmental person or persons listed on the tax rolls as the person or
persons having a taxable property interest in the property.
(c) The notices issued under this Section shall include the following:
(1) The time and place of the public hearing.
(2) The boundaries of the proposed economic |
| development project area by legal description and by street location where possible.
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(3) A notification that all interested persons will
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| be given an opportunity to be heard at the public hearing.
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(4) An invitation for any person to submit
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| alternative proposals or bids for any proposed conveyance, lease, mortgage, or other disposition of land within the proposed economic development project area.
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(5) A description of the economic development plan or
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| economic development project for the proposed economic development project area if a plan or project is the subject matter of the hearing.
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(6) Other matters the municipality deems appropriate.
(d) Not less than 30 days before the date set for the hearing, the
municipality shall give notice by mail as provided in this Section to all
taxing districts that have taxable property included in the economic
development
project area. In addition to the other requirements of this Section, the notice
shall include the following:
(1) An invitation, to a representative designated by
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| the taxing district, to serve as a member of a joint review board and to attend a meeting of the joint review board to be held not less than 15 days before the public hearing for the purpose of reviewing the proposed economic development plan.
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(2) Information as to the time, date, and place of
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| the meeting of the joint review board.
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(3) A statement that the joint review board is
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| invited to submit any oral or written comments on the proposed economic development project at or before the public hearing and the name, address, and telephone number of the person designated by the municipality to receive comments before the public hearing.
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(4) A copy of the proposed economic development plan
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| if the economic development plan is the subject of the public hearing.
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(Source: P.A. 89-176, eff. 1-1-96.)
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(65 ILCS 110/55)
Sec. 55.
Issuance of obligations for economic development project costs.
(a) Obligations secured by the special tax allocation fund provided for in
Section 50 for the economic development project area may be issued to provide
for the payment of economic development project costs. The obligations, when
issued, shall be retired in the manner provided in the ordinance authorizing
the issuance of the obligations by the receipts of taxes levied as specified in
Section 45 against the taxable property included in the economic development
project area and by other revenue designated or pledged by the municipality. A
municipality may in the ordinance pledge all or any part of the moneys in and
to be deposited into the special tax allocation fund created under Section 50
to the payment of the economic development project costs and obligations.
Whenever a municipality pledges all of
the moneys to the credit of a special tax allocation fund to secure obligations
issued or to be issued to pay economic development project costs, the
municipality may specifically provide that moneys remaining to the credit of
the special tax allocation fund after the payment of the obligations shall be
accounted for annually and shall be deemed to be "surplus" moneys, and those
"surplus" moneys shall be distributed as provided in this Section. Whenever a
municipality pledges less than all of the moneys to the credit of the special
tax allocation fund to secure obligations issued or to be issued to pay
economic development project costs, the municipality shall provide that moneys
to the credit of the special tax allocation fund and not subject to the pledge
or otherwise encumbered or required for payment of contractual obligations for
specific economic development project costs shall be
calculated annually and shall be deemed to be "surplus" moneys, and those
"surplus" moneys shall be distributed as provided in this Section. All moneys
to the credit of the special tax allocation fund that are deemed to be
"surplus" moneys shall be distributed annually within 180 days after the close
of the municipality's fiscal year by being paid by the municipal treasurer to
the county collector. The county collector shall make distribution
to the respective taxing districts in the same manner and proportion as the
most recent distribution by the county collector to those taxing districts of
real property taxes from real property in the economic development project
area.
(b) Without limiting the provisions of subsection (a), the municipality may,
in addition to obligations secured by the special tax allocation fund, pledge
(for a period not greater than the term of the obligations) towards payment of
those obligations any part or any combination of the following: (i) net
revenues of all or part of the economic development project; (ii) taxes levied
and collected on any or all property in the municipality including,
specifically, taxes levied or imposed by the municipality in a special service
area under the Special Service Area Tax Act; (iii) the full faith and credit of
the municipality; (iv) a mortgage on part or all of the economic development
project; or (v) any other taxes or anticipated receipts that the municipality
may lawfully pledge.
(c) The obligations may be issued in one or more series bearing interest at
rates the municipality determines by ordinance. The rates may
be variable or fixed, without regard to any limitations contained in any law
now in effect or later adopted. The obligations shall bear dates,
mature at a time or times not exceeding 20 years from their respective dates
(but not exceeding 23 years from the date of establishment of the economic
development project area), be in a denomination, be in a form (whether coupon,
registered, or book-entry), carry registration, conversion, and exchange
privileges, be executed in a manner, be payable in a medium of payment at a
place or places within or without the State of Illinois, contain covenants,
terms, and conditions, be subject to redemption with or without
premium, be subject to defeasance upon terms, and have rank or priority as the
ordinance provides. Obligations issued under this Act may be sold at public or
private sale at a price determined by the corporate authorities of the
municipality. The obligations may be issued utilizing the
provisions of any one or more of the Omnibus Bond Acts specified in Section
1.33 of the Statute on Statutes. No referendum approval of the electors shall
be required as a condition to the issuance of obligations under this Act except
as provided in this Section.
(d) If the municipality authorizes the issuance of obligations under this
Act secured by the full faith and credit of the municipality or pledges ad
valorem taxes under clause (ii) of subsection (b) of this Section (and the
obligations are other than obligations that may be issued under home rule
powers provided by Article VII, Section 6 of the Illinois Constitution, or the
ad valorem taxes are other than ad valorem taxes that may
pledged under home rule powers provided by Article VII, Section 6 of the
Illinois Constitution or that are levied in a special service area under the
Special Service Area Tax Act), the ordinance authorizing the issuance of the
obligations or pledging those taxes shall be published within 10 days after the
ordinance has been passed in one or more newspapers having a general
circulation within the municipality. The publication of the ordinance shall be
accompanied by a notice of (i) the specific number of voters required to sign a
petition requesting the question of the issuance of the obligations or pledging
ad valorem taxes to be submitted to the electors; (ii) the time in which the
petition must be filed; and (iii) the date of the prospective referendum. The
municipal clerk shall provide a petition form to any individual requesting
one.
(e) If no petition is filed with the clerk of the municipality that adopted
the ordinance within 21 days after the publication of the ordinance, the
ordinance shall be in effect. If, however, within that 21-day period a petition
is filed with the municipal clerk, signed by electors numbering not less than
5% of the registered voters in the municipality, asking that the question of
issuing obligations using the full faith and credit of the municipality as
security for the cost of paying for economic development project costs or of
pledging ad valorem taxes for the payment of those obligations, or both, be
submitted to the electors of the municipality, the municipality shall not be
authorized to issue obligations of the municipality using the full faith and
credit of the municipality as security or pledging ad valorem taxes for the
payment of the obligations, or both, until the proposition has been submitted
to and approved by a majority of the voters voting on the proposition at a
regularly scheduled election. The municipality shall certify the proposition to
the proper election authorities for submission in accordance with the general
election law.
(f) The ordinance authorizing the obligations may provide that the
obligations shall contain a recital that they are issued
under this Act, and that recital shall be conclusive evidence of their validity
and of the regularity of their issuance.
(g) If the municipality authorizes the issuance of obligations under this
Act secured by the full faith and credit of the municipality, the ordinance
authorizing the obligations may provide for the levy and collection of a direct
annual tax upon all taxable property within the municipality sufficient to pay
the principal of and interest on the obligations as it matures. The levy may
be in addition to and exclusive of the maximum of all other taxes authorized to
be levied by the municipality, but shall be abated to the extent that moneys
from other sources are available for payment of the obligations and the
municipality certifies the amount of those moneys available to the county
clerk.
(h) A municipality shall file a certified copy of an ordinance authorizing
the issuance of obligations under this Act with the municipal clerk. The
filing shall constitute the authority for the extension and collection of the
taxes
to be deposited in the special tax allocation fund.
(i) A municipality may also issue its obligations to refund, in whole or in
part, obligations previously issued by the municipality under this Act, whether
at or prior to maturity. The last maturity of the refunding obligations,
however, shall not be expressed to mature later than 23 years from the date of
the ordinance approving the economic development project areas.
(j) If a municipality issues obligations under home rule powers or other
legislative authority, the proceeds of which are pledged to pay for economic
development project costs, the municipality may, if it has followed the
procedures set forth in this Act, retire those obligations from moneys in the
special tax allocation fund in amounts and a manner as if those obligations had
been issued under this Act.
(k) No obligations issued under this Act shall be regarded as an
indebtedness of the municipality issuing the obligations or any other taxing
district for the purpose of any limitation imposed by law.
(l) Obligations issued under this Act shall not be subject to the Bond
Authorization Act.
(Source: P.A. 89-176, eff. 1-1-96.)
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(65 ILCS 110/60)
Sec. 60.
Powers of municipalities; economic development project area
commissions. In addition to powers that it may now have, a municipality has
the following powers under this Act:
(1) To make and enter into all contracts necessary or incidental to the
implementation and furtherance of an economic development plan.
(2) Within an economic development project area, to acquire by purchase,
donation, lease, or eminent domain and to own, convey, lease, mortgage, or
dispose of land and other real or personal property or rights or interests in
property and to grant or acquire licenses, easements, and options with respect
to property, all in the manner and at a price the municipality determines is
reasonably necessary to achieve the objectives of the economic development
project. No conveyance, lease, mortgage, disposition of land, or agreement
relating to the development of property shall be made or executed except
pursuant to prior official action of the municipality. No conveyance, lease,
mortgage, or other disposition of land in furtherance of an economic
development project, and no agreement relating to the development of property
in furtherance of an economic development project, shall be made without making
public disclosure of the terms and disposition of all bids and proposals
submitted to the municipality in connection with that action.
(3) To clear any area within an economic development project area by
demolition or removal of any existing buildings, structures, fixtures,
utilities, or improvements and to clear and grade land.
(4) To install, repair, construct, reconstruct, extend or relocate public
streets, public utilities, and other public site improvements located outside
the boundaries of an economic development project area that are essential to
the preparation of an economic development project area for use in accordance
with an economic development plan.
(5) To renovate, rehabilitate, reconstruct, relocate, repair, or remodel any
existing buildings, improvements, and fixtures within an economic development
project area.
(6) To install or construct any buildings, structures, works, streets,
improvements, utilities, or fixtures within an economic development project
area.
(7) To issue obligations as provided in this Act.
(8) To fix, charge, and collect fees, rents, and charges for the use of any
building, facility, or property or any portion of a building, facility, or
property owned or leased by the municipality in furtherance of an economic
development project under this Act within an economic development project area.
(9) To accept grants, guarantees, donations of property or labor, or any
other thing of value for use in connection with an economic development
project.
(10) To pay or cause to be paid economic development project costs,
including, specifically, to reimburse any developer or nongovernmental person
for economic development project costs incurred by that person. Any payments
to be made by a municipality to developers or other nongovernmental persons for
economic development project costs incurred by the developer or other
nongovernmental person shall be made only pursuant to the prior official action
of the municipality evidencing an intent to pay or cause to be paid those
economic development costs. A municipality is not required
to obtain any right, title, or interest in any real or personal property in
order to pay economic development project costs associated with the property.
The municipality shall adopt accounting procedures necessary to determine that
the economic development project costs are properly paid.
(11) To utilize revenues received under this Act from one economic
development project area for economic development project costs in another
economic development project area that is either contiguous to, or is separated
only by a public right-of-way from, the economic development project area from
which the revenues are received.
(12) To exercise any and all other powers necessary to effectuate the
purposes of this Act.
(13) To create a commission of not less than 5 or more than 15 persons to be
appointed by the corporate authorities of the municipality. Members of a
commission shall be appointed for initial terms of 1, 2, 3, 4, and 5 years,
respectively, in numbers to provide that the terms of not more than one-third
of all the members shall expire in any one year. Their successors shall be
appointed for a term of 5 years. The commission, subject to approval of the
corporate authorities, may exercise the powers enumerated in this Section. The
commission also may hold the public hearings required by this Act and make
recommendations to the corporate authorities concerning the approval of
economic development plans, the establishment of economic development project
areas, and the adoption of tax increment allocation financing for economic
development project areas.
(Source: P.A. 89-176, eff. 1-1-96.)
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