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90_SB0977
65 ILCS 5/11-74.4-10 from Ch. 24, par. 11-74.4-10
Amends the Tax Increment Allocation Act in the Illinois
Municipal Code. Makes a technical change in the Section
concerning payment of project costs.
LRB9002176KDks
LRB9002176KDks
1 AN ACT to amend the Illinois Municipal Code by changing
2 Section 11-74.4-10.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 changing Section 11-74.4-10 as follows:
7 (65 ILCS 5/11-74.4-10) (from Ch. 24, par. 11-74.4-10)
8 Sec. 11-74.4-10. Revenues received by the municipality
9 from any property, building or facility owned, leased or
10 operated by the municipality or any agency or authority
11 established by the municipality may be used to pay
12 redevelopment project costs, or reduce outstanding
13 obligations of the municipality incurred under this Division
14 for redevelopment project costs. The municipality may place
15 such revenues in the special tax allocation fund that which
16 shall be held by the municipal treasurer or other person
17 designated by the municipality. Revenue received by the
18 municipality from the sale or other disposition of real
19 property acquired by the municipality with the proceeds of
20 obligations funded by tax increment allocation financing
21 shall be deposited by the municipality in the special tax
22 allocation fund.
23 (Source: P.A. 79-1525.)