MUNI CD-HOUSING FINANCE BONDS
Synopsis of Bill as introduced:
Amends the Tax Increment Allocation Redevelopment Act in the
Illinois Municipal Code. Makes a technical change in the short title
HOUSE AMENDMENT NO. 1.
Deletes reference to:
65 ILCS 5/11-74.4-1
Adds reference to:
65 ILCS 5/8-4-1 from Ch. 24, par. 8-4-1
65 ILCS 5/11-74.5-2 from Ch. 24, par. 11-74.5-2
65 ILCS 5/11-74.5-3 from Ch. 24, par. 11-74.5-3
65 ILCS 5/11-74.5-5 from Ch. 24, par. 11-74.5-5
65 ILCS 5/11-74.5-4 rep.
Deletes everything. Amends the Illinois Municipal Code.
Provides that bonds issued under the Municipal Housing Finance Law
shall not be subject to referendum requirements. In the Municipal
Housing Finance Law Division, provides that "home mortgage loan" means
an interest bearing loan to a mortgagor evidenced by a promissory note
and secured by a mortgage on a home (now by a first mortgage on a
home). Provides that a municipality may acquire and contract and
enter into advance commitments to acquire directly or indirectly (now
acquire) home mortgages. Provides that a municipality may issue bonds
under the Municipal Housing Finance Law to defray, among other things,
the costs of reasonable reserves. Provides that a municipality may
authorize the sale or other disposition of any home mortgage loan
after the bonds have been paid or deemed to be paid. Deletes
provisions of the Municipal Housing Finance Law concerning the review
of bonds and provisions concerning referendums. Makes other changes.
Last action on Bill: PUBLIC ACT.............................. 90-0706
Last action date: 98-08-07
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
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