65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-74.4-10

(65 ILCS 5/11-74.4-10) (from Ch. 24, par. 11-74.4-10)

Sec. 11-74.4-10.

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, or from repayments of
loans,
may be used to pay redevelopment
project costs, or reduce outstanding obligations of the municipality incurred
under this Division for redevelopment project costs.  The municipality may
place such revenues in the special tax allocation fund which 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
in the special tax allocation fund.

(Source: P.A. 93-298, eff. 7-23-03.)

65 ILCS 5/11-74.4-11

(65 ILCS 5/11-74.4-11) (from Ch. 24, par. 11-74.4-11)

Sec. 11-74.4-11.

If any Section, subdivision, paragraph, sentence or clause
of this Division is, for any reason, held to be invalid or unconstitutional,
such decision shall not affect any remaining portion, Section or part thereof
which can be given effect without the invalid provision.

(Source: P.A. 79-1525.)

65 ILCS 5/11-74.4-12

(65 ILCS 5/11-74.4-12)
Sec. 11-74.4-12. Metro East Police District.

A municipality may use moneys from the special tax allocation fund to hire police officers, if the corporate authorities of the municipality determine by ordinance or resolution that, as a result of the development associated with the tax increment financing, more police officers are needed to protect the public health and safety of the residents, and  the municipality is: (i) within the territory of the Metro East Police District created under the Metro East Police District Act, or (ii) contiguous to 2 or more municipalities within the territory of the Metro East Police District and having a population of more than 5,000 inhabitants, according to the 2000 federal census. The moneys used to hire police officers may amount to no more than 10% of the funds available.

(Source: P.A. 97-971, eff. 1-1-13.)

65 ILCS 5/Art. 11 Div. 74.5

(65 ILCS 5/Art. 11 Div. 74.5 heading) DIVISION 74.5.

MUNICIPAL HOUSING FINANCE LAW

65 ILCS 5/11-74.5-1

(65 ILCS 5/11-74.5-1) (from Ch. 24, par. 11-74.5-1)

Sec. 11-74.5-1.

This Division 74.5 may be referred to as the Municipal
Housing
Finance Law.

(Source: P.A. 91-357, eff. 7-29-99.)

65 ILCS 5/11-74.5-2

(65 ILCS 5/11-74.5-2) (from Ch. 24, par. 11-74.5-2)

Sec. 11-74.5-2.

Whenever used in this Division:

(a) "Appraised value" means the fair market value of a home determined
in accordance with generally accepted procedures and standards applicable
to the appraisal of real property.

(b) "Bonds" means any revenue bonds authorized under this Division and
payable as provided hereunder.

(c) "Corporate authorities" means the corporate authorities as defined
in this Illinois Municipal Code.

(d) "Home" means real property and improvements thereon located within
the municipality consisting of not more than 4 dwelling units, including
but not limited to, condominium units owned by one mortgagor who occupies
or intends to occupy one of such units.

(e) "Home mortgage loan" means an interest bearing loan to a mortgagor
evidenced by a promissory note and secured by a mortgage on a home,
purchased or originated in accordance with this Division made for the purpose
of acquiring a home having an appraised value or a purchase price, whichever
is less, of not less than the minimum home value and less than the maximum home
value.

(f) "Lender" means any lending institution participating in a residential
housing finance plan as the originator of home mortgage loans or as a servicing
agent for home mortgage loans.

(g) "Lending institution" means any bank, bank holding company, credit
union, trust company, savings bank, national banking association, savings
and loan association, building and loan association, mortgage banker or
other financial institution which customarily provides service or otherwise
aids in the financing of home mortgages, or any holding company for any
of the foregoing.

(h) "Maximum home value" means the amount determined by the corporate authorities.

(i) "Minimum home value" means the amount determined by the corporate authorities.

(j) "Mortgagor" means a person of low or moderate income and who has received
or qualifies to receive a home mortgage loan on a home.

(k) "Municipality" means a municipality as defined in this Illinois Municipal Code.

(l) "Ordinance" means an ordinance adopted and approved by the corporate
authorities of a municipality.

(m) "Purchase price" means the actual consideration paid to the seller of a home.

(n) "Person" means a natural person or persons or a trust, provided that
such trust is for the benefit of a natural
person or members of such person's immediate family.

(o) "Participation commitment" means any undertaking or agreement by a
lending institution to participate in the implementation of a residential
housing finance plan.

(p) "Persons of low or moderate income" means a person or family (consisting
of one or more persons all of whom occupy or will occupy the home) whose
aggregate gross income including the gross income of any co-signer or guarantor
of the promissory note made in connection with the making of a home mortgage
loan does not exceed a maximum amount to be established by the corporate
authorities and determined in accordance with appropriate criteria, rules
and regulations, approved by the corporate authorities in connection with
the implementation of a residential housing finance plan.

(q) "Residential housing finance plan" means a program implemented under
this Division by a municipality to assist persons of low or moderate income
in acquiring safe, decent and sanitary housing which they can afford.

(r) "Trustee" means any State or national bank or trust company, having
trust powers, located within or outside the State of Illinois, which may
be appointed to act in any capacity with respect to a residential housing
finance plan and the issuance of bonds to finance such plan whether designated
as a trustee, custodian or administrator.

(Source: P.A. 90-706, eff. 8-7-98.)