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90_HB2205
65 ILCS 5/11-74.4-10 from Ch. 24, par. 11-74.4-10
Amends the Tax Increment Allocation Redevelopment Act in
the Illinois Municipal Code. Makes technical changes in the
Section concerning the usage of certain funds received by the
municipality to pay redevelopment project costs.
LRB9000126KRpk
LRB9000126KRpk
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 received by the municipality
9 from any property, building, or facility owned, leased, or
10 operated by the municipality or any agency or authority
11 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 the such revenues in the special tax allocation fund that
16 which shall be held by the municipal treasurer or other
17 person designated by the municipality. Revenue received by
18 the municipality from the sale or other disposition of real
19 property acquired by the municipality with the proceeds of
20 obligations funded by tax increment allocation financing
21 shall be deposited by the municipality in the special tax
22 allocation fund.
23 (Source: P.A. 79-1525.)