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91_HB2342
LRB9103759PTpk
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. Revenues received by the
9 municipality from any property, building or facility owned,
10 leased or operated by the municipality or any agency or
11 authority 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 which shall
16 be held by the municipal treasurer or other person designated
17 by the municipality. Revenue received by the municipality
18 from the sale or other disposition of real property acquired
19 by the municipality with the proceeds of obligations funded
20 by tax increment allocation financing shall be deposited by
21 the municipality in the special tax allocation fund.
22 (Source: P.A. 79-1525.)