State of Illinois
92nd General Assembly
Legislation

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[ Engrossed ][ Senate Amendment 001 ]


92_SB1608

 
                                               LRB9215465SMdv

 1        AN ACT in relation to taxes.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Illinois  Municipal Code is amended by
 5    changing Section 11-74.4-7 as follows:

 6        (65 ILCS 5/11-74.4-7) (from Ch. 24, par. 11-74.4-7)
 7        Sec. 11-74.4-7.  Issuance of obligations to  provide  for
 8    project   costs.  Obligations  secured  by  the  special  tax
 9    allocation fund  set  forth  in  Section  11-74.4-8  for  the
10    redevelopment  project  area  may  be  issued  to provide for
11    redevelopment  project  costs.   Such  obligations,  when  so
12    issued, shall be  retired  in  the  manner  provided  in  the
13    ordinance authorizing the issuance of such obligations by the
14    receipts  of  taxes  levied as specified in Section 11-74.4-9
15    against  the  taxable  property  included  in  the  area,  by
16    revenues as specified by Section 11-74.4-8a and other revenue
17    designated by the municipality.  A municipality  may  in  the
18    ordinance  pledge  all  or any part of the funds in and to be
19    deposited in the special tax allocation fund created pursuant
20    to Section 11-74.4-8 to  the  payment  of  the  redevelopment
21    project  costs  and  obligations.  Any pledge of funds in the
22    special tax allocation fund shall provide for distribution to
23    the taxing  districts  and  to  the  Illinois  Department  of
24    Revenue  of  moneys  not  required,  pledged,  earmarked,  or
25    otherwise   designated   for  payment  and  securing  of  the
26    obligations and anticipated redevelopment project  costs  and
27    such  excess funds shall be calculated annually and deemed to
28    be "surplus" funds.  In the event a municipality only applies
29    or pledges  a  portion  of  the  funds  in  the  special  tax
30    allocation  fund  for  the payment or securing of anticipated
31    redevelopment project costs or of obligations, any such funds
 
                            -2-                LRB9215465SMdv
 1    remaining in the special tax allocation fund after  complying
 2    with  the  requirements  of  the application or pledge, shall
 3    also be calculated annually and deemed "surplus"  funds.  All
 4    surplus  funds  in  the  special tax allocation fund shall be
 5    distributed annually within 180 days after the close  of  the
 6    municipality's  fiscal  year  by  being paid by the municipal
 7    treasurer to the  County  Collector,  to  the  Department  of
 8    Revenue  and  to the municipality in direct proportion to the
 9    tax incremental revenue received as a result of  an  increase
10    in   the   equalized   assessed  value  of  property  in  the
11    redevelopment project area, tax incremental revenue  received
12    from  the State and tax incremental revenue received from the
13    municipality, but not to exceed as to each  such  source  the
14    total  incremental  revenue  received  from  that source. The
15    County Collector shall thereafter make  distribution  to  the
16    respective taxing districts in the same manner and proportion
17    as  the  most  recent distribution by the county collector to
18    the affected districts  of  real  property  taxes  from  real
19    property in the redevelopment project area.
20        Without  limiting  the  foregoing  in  this  Section, the
21    municipality may in addition  to obligations secured  by  the
22    special  tax  allocation fund pledge for a period not greater
23    than the term of the  obligations  towards  payment  of  such
24    obligations any part or any combination of the following: (a)
25    net revenues of all or part of any redevelopment project; (b)
26    taxes  levied  and  collected  on  any or all property in the
27    municipality;  (c)  the  full  faith  and   credit   of   the
28    municipality;   (d)   a  mortgage  on  part  or  all  of  the
29    redevelopment project; or (e) any other taxes or  anticipated
30    receipts that the municipality may lawfully pledge.
31        Such  obligations  may  be  issued  in one or more series
32    bearing interest at such  rate  or  rates  as  the  corporate
33    authorities of the municipality shall determine by ordinance.
34    Such  obligations  shall  bear  such date or dates, mature at
 
                            -3-                LRB9215465SMdv
 1    such  time  or  times  not  exceeding  20  years  from  their
 2    respective  dates,  be  in  such  denomination,  carry   such
 3    registration  privileges,  be  executed  in  such  manner, be
 4    payable in such medium of payment at such  place  or  places,
 5    contain  such covenants, terms and conditions, and be subject
 6    to redemption as such ordinance shall  provide.   Obligations
 7    issued  pursuant to this Act may be sold at public or private
 8    sale at such price as shall be determined  by  the  corporate
 9    authorities of the municipalities.  No referendum approval of
10    the electors shall be required as a condition to the issuance
11    of  obligations  pursuant to this Division except as provided
12    in this Section.
13        In the event  the  municipality  authorizes  issuance  of
14    obligations  pursuant  to  the  authority  of  this  Division
15    secured  by  the  full  faith and credit of the municipality,
16    which obligations are other than  obligations  which  may  be
17    issued  under  home  rule  powers  provided  by  Article VII,
18    Section 6 of the Illinois  Constitution,   or  pledges  taxes
19    pursuant  to  (b)  or  (c)  of  the  second paragraph of this
20    section, the  ordinance  authorizing  the  issuance  of  such
21    obligations  or pledging such taxes shall be published within
22    10 days after such ordinance has been passed in one  or  more
23    newspapers,    with    general    circulation   within   such
24    municipality. The  publication  of  the  ordinance  shall  be
25    accompanied  by a notice of (1) the specific number of voters
26    required to sign a petition requesting the  question  of  the
27    issuance   of  such  obligations  or  pledging  taxes  to  be
28    submitted to  the  electors;  (2)  the  time  in  which  such
29    petition  must  be filed; and (3) the date of the prospective
30    referendum.  The municipal clerk  shall  provide  a  petition
31    form to any individual requesting one.
32        If  no  petition  is  filed  with the municipal clerk, as
33    hereinafter provided in this Section, within  30  days  after
34    the  publication  of the ordinance, the ordinance shall be in
 
                            -4-                LRB9215465SMdv
 1    effect.  But, if within that 30  day  period  a  petition  is
 2    filed  with  the  municipal  clerk, signed by electors in the
 3    municipality  numbering  10%  or  more  of  the   number   of
 4    registered  voters  in  the  municipality,  asking  that  the
 5    question  of  issuing obligations using full faith and credit
 6    of the municipality as security for the cost  of  paying  for
 7    redevelopment  project  costs,  or  of pledging taxes for the
 8    payment of such obligations, or both,  be  submitted  to  the
 9    electors  of  the  municipality, the corporate authorities of
10    the municipality shall call a special election in the  manner
11    provided by law to vote upon that question, or, if a general,
12    State  or municipal election is to be held within a period of
13    not less than 30 or more than  90 days  from  the  date  such
14    petition  is  filed,  shall  submit  the question at the next
15    general, State or municipal election.  If it appears upon the
16    canvass of the election by the corporate authorities  that  a
17    majority  of electors voting upon the question voted in favor
18    thereof, the ordinance shall be in effect, but if a  majority
19    of  the  electors  voting  upon the question are not in favor
20    thereof, the ordinance shall not take effect.
21        The ordinance authorizing  the  obligations  may  provide
22    that  the  obligations  shall contain a recital that they are
23    issued pursuant to this  Division,  which  recital  shall  be
24    conclusive  evidence  of their validity and of the regularity
25    of their issuance.
26        In the event  the  municipality  authorizes  issuance  of
27    obligations  pursuant  to  this  Section  secured by the full
28    faith  and  credit  of  the   municipality,   the   ordinance
29    authorizing  the  obligations  may  provide  for the levy and
30    collection of a direct annual tax upon all  taxable  property
31    within  the  municipality  sufficient  to  pay  the principal
32    thereof and interest thereon as it matures, which levy may be
33    in addition to and exclusive of  the  maximum  of  all  other
34    taxes  authorized  to  be  levied  by the municipality, which
 
                            -5-                LRB9215465SMdv
 1    levy, however, shall be abated to the extent that monies from
 2    other sources are available for payment  of  the  obligations
 3    and  the  municipality  certifies  the  amount of said monies
 4    available to the county clerk.
 5        A certified copy of such ordinance shall  be  filed  with
 6    the  county  clerk of each county in which any portion of the
 7    municipality is situated, and shall constitute the  authority
 8    for the extension and collection of the taxes to be deposited
 9    in the special tax allocation fund.
10        A  municipality  may also issue its obligations to refund
11    in whole or in part, obligations theretofore issued  by  such
12    municipality  under  the authority of this Act, whether at or
13    prior to maturity, provided however, that the  last  maturity
14    of the refunding obligations shall not be expressed to mature
15    later  than  December  31 of the year in which the payment to
16    the municipal treasurer as  provided  in  subsection  (b)  of
17    Section  11-74.4-8  of this Act is to be made with respect to
18    ad valorem taxes levied in  the  twenty-third  calendar  year
19    after   the   year  in  which  the  ordinance  approving  the
20    redevelopment project area is adopted if  the  ordinance  was
21    adopted  on  or  after  January  15, 1981, and not later than
22    December 31 of the year in which the payment to the municipal
23    treasurer as provided in subsection (b) of Section  11-74.4-8
24    of  this  Act  is to be made with respect to ad valorem taxes
25    levied in the thirty-fifth calendar year after  the  year  in
26    which  the ordinance approving the redevelopment project area
27    is adopted (A) if the ordinance was  adopted  before  January
28    15,  1981,  or  (B)  if the ordinance was adopted in December
29    1983, April 1984, July 1985, or December 1989, or (C) if  the
30    ordinance was adopted in December, 1987 and the redevelopment
31    project  is located within one mile of Midway Airport, or (D)
32    if the ordinance was adopted before  January  1,  1987  by  a
33    municipality  in  Mason County, or (E) if the municipality is
34    subject  to  the  Local  Government  Financial  Planning  and
 
                            -6-                LRB9215465SMdv
 1    Supervision Act or the Financially Distressed  City  Law,  or
 2    (F)  if  the  ordinance  was  adopted in December 1984 by the
 3    Village of Rosemont, or (G) if the ordinance was  adopted  on
 4    December 31, 1986 by a municipality located in Clinton County
 5    for  which  at  least  $250,000  of  tax increment bonds were
 6    authorized on June 17, 1997, or if the ordinance was  adopted
 7    on  December  31, 1986 by a municipality with a population in
 8    1990 of less than 3,600 that is located in a  county  with  a
 9    population in 1990 of less than 34,000 and for which at least
10    $250,000  of  tax increment bonds were authorized on June 17,
11    1997, or (H) if the ordinance was adopted on October 5,  1982
12    by  the City of Kankakee, or (I) if the ordinance was adopted
13    on December 29, 1986 by East St. Louis, or if  the  ordinance
14    was adopted on November 12, 1991 by the Village of Sauget, or
15    (J)  if the ordinance was adopted on February 11, 1985 by the
16    City of Rock Island, or (K)  if  the  ordinance  was  adopted
17    before December 18, 1986 by the City of Moline, or (L) if the
18    ordinance  was  adopted in September 1988 by Sauk Village, or
19    (M) if the ordinance was adopted  in  October  1993  by  Sauk
20    Village,  or (N) if the ordinance was adopted on December 29,
21    1986 by the City of  Galva,  or  (O)  if  the  ordinance  was
22    adopted  in March 1991 by the City of Centreville, or (P) (L)
23    if the ordinance was adopted on January 23, 1991 by the  City
24    of  East  St.  Louis and, for redevelopment project areas for
25    which bonds were issued before July 29, 1991,  in  connection
26    with  a  redevelopment  project  in the area within the State
27    Sales Tax Boundary  and  which  were  extended  by  municipal
28    ordinance under subsection (n) of Section 11-74.4-3, the last
29    maturity  of the refunding obligations shall not be expressed
30    to mature later than the  date  on  which  the  redevelopment
31    project  area  is  terminated or December 31, 2013, whichever
32    date occurs first.
33        In the event a municipality issues obligations under home
34    rule powers or other legislative authority  the  proceeds  of
 
                            -7-                LRB9215465SMdv
 1    which are pledged to pay for redevelopment project costs, the
 2    municipality  may,  if  it  has  followed  the  procedures in
 3    conformance with this division, retire said obligations  from
 4    funds  in  the  special tax allocation fund in amounts and in
 5    such manner as if such obligations had been  issued  pursuant
 6    to the provisions of this division.
 7        All  obligations  heretofore or hereafter issued pursuant
 8    to this Act shall not be  regarded  as  indebtedness  of  the
 9    municipality  issuing  such  obligations  or any other taxing
10    district for the purpose of any limitation imposed by law.
11    (Source: P.A. 91-261, eff.  7-23-99;  91-477,  eff.  8-11-99;
12    91-478,  eff.  11-1-99;  91-642,  eff.  8-20-99; 91-763, eff.
13    6-9-00; 92-263, eff. 8-7-01;  92-406,  eff.  1-1-02;  revised
14    10-10-01.)

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