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Rep. John E. Bradley
Filed: 5/29/2011
| | 09700SB0540ham004 | | LRB097 04293 KMW 56591 a |
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| 1 | | AMENDMENT TO SENATE BILL 540
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 540, AS AMENDED, |
| 3 | | with reference to page and line numbers of House Amendment No. |
| 4 | | 3, on page 117, by replacing lines 10 through 18 with the |
| 5 | | following:
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| 6 | | "On and after January 1, 2012, revenues
used pursuant to |
| 7 | | this subsection shall be used only for the
mutual benefit of |
| 8 | | the redevelopment project area that the
revenues were received |
| 9 | | from and the redevelopment project area
to which the revenues |
| 10 | | were sent. A redevelopment project area that uses revenues |
| 11 | | pursuant to this subsection for
reimbursement of private |
| 12 | | developer costs may not transfer
revenues to another |
| 13 | | redevelopment project area before repaying
the redevelopment |
| 14 | | project area from which the revenues were
received. |
| 15 | | Notwithstanding the above, in a municipality with a
population |
| 16 | | of less than 25,000 inhabitants, public costs as
defined in |
| 17 | | paragraph (4) of subsection (a) of Section 11-74.4-3
shall not |
| 18 | | be subject to this transfer prohibition. ".
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