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(30 ILCS 720/5) (from Ch. 85, par. 895)
Sec. 5.
Applications
for and approval of grants to industrial development agencies. Subject to appropriation, the
Department is authorized to make grants to recognized industrial
development agencies, to assist such agencies in the financing of their
operational costs for the purposes of making studies, surveys and
investigations, the compilation of data and statistics and in the carrying
out of planning and promotional programs; but before any such grant may be
made,
(A) The industrial development agency shall have made application to the
Department for such grant, and shall have therein set forth the studies
proposed to be made, the statistics, data and surveys proposed to be
completed, and the program proposed to be undertaken for the purpose of
encouraging and stimulating industrial development in the county. The
application shall further state, under oath or affirmation, with evidence
thereof satisfactory to the department, the amount of funds held by or
committed or subscribed to the industrial development agency for
application to the purposes herein described and the amount of the grant
for which application is made; and
(B) The Department, after review of the application, if satisfied that
the program of the industrial development agency appears to be in accord
with the purposes of this Act, shall authorize the making of a matching
grant to such industrial development agency equal to funds of the agency
allocated by it to the program described in its application; but such State
grant shall not exceed an amount equal to one-twentieth of one dollar for
each inhabitant of the county or counties represented by such agency as
determined by the last preceding decennial United States Census.
(Source: P.A. 103-363, eff. 7-28-23.)
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