093_SB1496

 
                                     LRB093 10837 SJM 11296 b

 1        AN ACT in relation to municipal government.

 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 11-74.4-10 as follows:

 6        (65 ILCS 5/11-74.4-10) (from Ch. 24, par. 11-74.4-10)
 7        Sec. 11-74.4-10.  Revenues.   Revenues  received  by  the
 8    municipality  from  any property, building or facility owned,
 9    leased or operated by  the  municipality  or  any  agency  or
10    authority  established by the municipality may be used to pay
11    redevelopment   project   costs,   or   reduce    outstanding
12    obligations  of the municipality incurred under this Division
13    for redevelopment project costs.  The municipality may  place
14    such  revenues in the special tax allocation fund which shall
15    be held by the municipal treasurer or other person designated
16    by the municipality.  Revenue received  by  the  municipality
17    from  the sale or other disposition of real property acquired
18    by the municipality with the proceeds of  obligations  funded
19    by  tax  increment allocation financing shall be deposited by
20    the municipality in the special tax allocation fund.
21    (Source: P.A. 79-1525.)