|
| | 09900HB0694ham001 | - 2 - | LRB099 04504 HLH 47417 a |
|
|
1 | | development project costs, (2) the
sources of funds to pay such |
2 | | costs, (3) the nature and term of any
obligations to be issued |
3 | | by the county to pay such costs, (4) the most
recent equalized |
4 | | assessed valuation of the economic development project
area, |
5 | | (5) an estimate of the equalized assessed valuation of the |
6 | | economic
development project area after completion of the |
7 | | economic development plan,
(6) the estimated date of completion |
8 | | of any economic development
project proposed to be undertaken, |
9 | | (7) a general description of any
proposed developer, user, or |
10 | | tenant of any property to be located or
improved within the |
11 | | economic development project area, (8) a description of
the |
12 | | type, structure and general character of the facilities to be |
13 | | developed
or improved in the economic development project area, |
14 | | (9) a description of
the general land uses to apply in the |
15 | | economic development project area,
(10) a description of the |
16 | | type, class and number of employees to be
employed in the |
17 | | operation of the facilities to be developed or improved in
the |
18 | | economic development project area and (11) a commitment by the |
19 | | county
to fair employment practices and an affirmative action |
20 | | plan with respect to
any economic development program to be |
21 | | undertaken by the county. The economic development plan for an |
22 | | economic development project area authorized by subsection |
23 | | (a-15) of Section 4 of this Act must additionally include (1) |
24 | | evidence indicating that the redevelopment project area on the |
25 | | whole has not been subject to growth and development through |
26 | | investment by private enterprise and is not reasonably expected |
|
| | 09900HB0694ham001 | - 3 - | LRB099 04504 HLH 47417 a |
|
|
1 | | to be subject to such growth and development without the |
2 | | assistance provided through the implementation of the economic |
3 | | development plan and (2) evidence that portions of the economic |
4 | | development project area have incurred Illinois Environmental |
5 | | Protection Agency or United States Environmental Protection |
6 | | Agency remediation costs for, or a study conducted by an |
7 | | independent consultant recognized as having expertise in |
8 | | environmental remediation has determined a need for, the |
9 | | clean-up of hazardous waste, hazardous substances, or |
10 | | underground storage tanks required by State or federal law, |
11 | | provided that the remediation costs constitute a material |
12 | | impediment to the development or redevelopment of the project |
13 | | area. |
14 | | (c) "Economic development project" means any development |
15 | | project in
furtherance of the objectives of this Act. |
16 | | (d) "Economic development project area" means any improved |
17 | | or vacant
area which is located within the corporate limits of |
18 | | a county and which (1)
is within the unincorporated area of |
19 | | such county, or, with the consent of
any affected municipality, |
20 | | is located partially within the unincorporated
area of such |
21 | | county and partially within one or more municipalities, (2) is
|
22 | | contiguous, (3) is not less in the aggregate than 100 acres |
23 | | and, for an economic development project area authorized by |
24 | | subsection (a-15) of Section 4 of this Act, not more than 2,000 |
25 | | acres, (4) is
suitable for siting by any commercial, |
26 | | manufacturing, industrial, research
or transportation |
|
| | 09900HB0694ham001 | - 4 - | LRB099 04504 HLH 47417 a |
|
|
1 | | enterprise of facilities to include but not be limited to
|
2 | | commercial businesses, offices, factories, mills, processing |
3 | | plants,
assembly plants, packing plants, fabricating plants, |
4 | | industrial or
commercial distribution centers, warehouses, |
5 | | repair overhaul or service
facilities, freight terminals, |
6 | | research facilities, test facilities or
transportation |
7 | | facilities, whether or not such area has been used at any
time |
8 | | for such facilities and whether or not the area has been used |
9 | | or is
suitable for such facilities and whether or not the area |
10 | | has been used or
is suitable for other uses, including |
11 | | commercial agricultural purposes, and
(5) which has been |
12 | | certified by the Department pursuant to this Act. |
13 | | (e) "Economic development project costs" means and |
14 | | includes the sum
total of all reasonable or necessary costs |
15 | | incurred by a county incidental
to an economic development |
16 | | project, including, without limitation, the
following: |
17 | | (1) Costs of studies, surveys, development of plans and |
18 | | specifications,
implementation and administration of an |
19 | | economic development plan,
personnel and professional |
20 | | service costs for architectural, engineering,
legal, |
21 | | marketing, financial, planning, sheriff, fire, public |
22 | | works or other
services, provided that no charges for |
23 | | professional services may be based
on a percentage of |
24 | | incremental tax revenue; |
25 | | (2) Property assembly costs within an economic |
26 | | development project area,
including but not limited to |
|
| | 09900HB0694ham001 | - 5 - | LRB099 04504 HLH 47417 a |
|
|
1 | | acquisition of land and other real or personal
property or |
2 | | rights or interests therein, and specifically including |
3 | | payments
to developers or other non-governmental persons |
4 | | as reimbursement for property
assembly costs incurred by |
5 | | such developer or other non-governmental person; |
6 | | (3) Site preparation costs, including but not limited |
7 | | to clearance of
any area within an economic development |
8 | | project area by demolition or
removal of any existing |
9 | | buildings, structures, fixtures, utilities and
|
10 | | improvements and clearing and grading; site improvement |
11 | | addressing ground level or below ground environmental |
12 | | contamination; and including installation, repair,
|
13 | | construction, reconstruction, or relocation of public |
14 | | streets, public
utilities, and other public site |
15 | | improvements within or without an economic
development |
16 | | project area which are essential to the preparation of the
|
17 | | economic development project area for use in accordance |
18 | | with an economic
development plan; and specifically |
19 | | including payments to developers or
other non-governmental |
20 | | persons as reimbursement for site preparation costs
|
21 | | incurred by such developer or non-governmental person; |
22 | | (4) Costs of renovation, rehabilitation, |
23 | | reconstruction, relocation,
repair or remodeling of any |
24 | | existing buildings, improvements, and fixtures
within an |
25 | | economic development project area, and specifically |
26 | | including
payments to developers or other non-governmental |
|
| | 09900HB0694ham001 | - 6 - | LRB099 04504 HLH 47417 a |
|
|
1 | | persons as reimbursement
for such costs incurred by such |
2 | | developer or non-governmental person; |
3 | | (5) Costs of construction within an economic |
4 | | development project area of
public improvements, including |
5 | | but not limited to, buildings, structures,
works, |
6 | | improvements, utilities or fixtures; |
7 | | (6) Financing costs, including but not limited to all |
8 | | necessary and
incidental expenses related to the issuance |
9 | | of obligations, payment of any
interest on any obligations |
10 | | issued hereunder which accrues during the
estimated period |
11 | | of construction of any economic development project for
|
12 | | which such obligations are issued and for not exceeding 36 |
13 | | months
thereafter, and any reasonable reserves related to |
14 | | the issuance of such
obligations; |
15 | | (7) All or a portion of a taxing district's capital |
16 | | costs resulting from
an economic development project |
17 | | necessarily incurred or estimated to be
incurred by a |
18 | | taxing district in the furtherance of the objectives of an
|
19 | | economic development project, to the extent that the county |
20 | | by written
agreement accepts, approves and agrees to incur |
21 | | or to reimburse such costs; |
22 | | (8) Relocation costs to the extent that a county |
23 | | determines that
relocation costs shall be paid or is |
24 | | required to make payment of relocation
costs by federal or |
25 | | State law; |
26 | | (9) The estimated tax revenues from real property in an |
|
| | 09900HB0694ham001 | - 7 - | LRB099 04504 HLH 47417 a |
|
|
1 | | economic
development project area acquired by a county |
2 | | which, according to the
economic development plan, is to be |
3 | | used for a private use and which any
taxing district would |
4 | | have received had the county not adopted property tax
|
5 | | allocation financing for an economic development project |
6 | | area and
which would result from such taxing district's |
7 | | levies made after the time
of the adoption by the county of |
8 | | property tax allocation financing to the
time the current |
9 | | equalized assessed value of real property in the economic
|
10 | | development project area exceeds the total initial |
11 | | equalized value of real
property in that area; |
12 | | (10) Costs of rebating ad valorem taxes paid by any |
13 | | developer or other
nongovernmental person in whose name the |
14 | | general taxes were paid for the
last preceding year on any |
15 | | lot, block, tract or parcel of land in the
economic |
16 | | development project area, provided that: |
17 | | (i) such economic development project area is |
18 | | located in an enterprise
zone created pursuant to the |
19 | | Illinois Enterprise Zone Act; beginning on the |
20 | | effective date of this amendatory Act of the 98th |
21 | | General Assembly and ending on the date occurring 3 |
22 | | years later, compliance with this provision (i) is not |
23 | | required in Grundy County in relation to one or more |
24 | | contiguous parcels not exceeding a total area of 120 |
25 | | acres within which an electric generating facility is |
26 | | intended to be constructed and where the owner of such |
|
| | 09900HB0694ham001 | - 8 - | LRB099 04504 HLH 47417 a |
|
|
1 | | proposed electric generating facility has entered into |
2 | | a redevelopment agreement with Grundy County in |
3 | | respect thereto between July 25, 2013 and July 26, |
4 | | 2017 ; |
5 | | (ii) such ad valorem taxes shall be rebated only in |
6 | | such amounts and for
such tax year or years as the |
7 | | county and any one or more affected taxing
districts |
8 | | shall have agreed by prior written agreement; |
9 | | beginning on July 25, 2013 and ending on July 25, 2017 |
10 | | the effective date of this amendatory Act of the 98th |
11 | | General Assembly and ending on the date occurring 3 |
12 | | years later , compliance with this provision (ii) is not |
13 | | required in Grundy County in relation to one or more |
14 | | contiguous parcels not exceeding a total area of 120 |
15 | | acres within which an electric generating facility is |
16 | | intended to be constructed and where the owner of such |
17 | | proposed electric generating facility has entered into |
18 | | a redevelopment agreement with Grundy County in |
19 | | respect thereto if the county receives approval from |
20 | | 2/3 of the taxing districts having taxable property |
21 | | within such parcels and representing no less than 75% |
22 | | of the aggregate tax levy for those all of the affected |
23 | | taxing districts for the levy year; |
24 | | (iii) any amount of rebate of taxes shall not |
25 | | exceed the portion, if
any, of taxes levied by the |
26 | | county or such taxing district or districts
which is |
|
| | 09900HB0694ham001 | - 9 - | LRB099 04504 HLH 47417 a |
|
|
1 | | attributable to the increase in the current equalized |
2 | | assessed
valuation of each taxable lot, block, tract or |
3 | | parcel of real property in
the economic development |
4 | | project area over and above the initial equalized
|
5 | | assessed value of each property existing at the time |
6 | | property tax allocation
financing was adopted for said |
7 | | economic development project area; and |
8 | | (iv) costs of rebating ad valorem taxes shall be |
9 | | paid by a county solely
from the special tax allocation |
10 | | fund established pursuant to this Act and
shall be paid |
11 | | from the proceeds of any obligations issued by a |
12 | | county. |
13 | | (11) Costs of job training, advanced vocational |
14 | | education or career
education programs, including but not |
15 | | limited to courses in occupational,
semi-technical or |
16 | | technical fields leading directly to employment, incurred
|
17 | | by one or more taxing districts, provided that such costs |
18 | | are related to
the establishment and maintenance of |
19 | | additional job training, advanced
vocational education or |
20 | | career education programs for persons employed or
to be |
21 | | employed by employers located in an economic development |
22 | | project
area, and further provided, that when such costs |
23 | | are incurred by a taxing
district or taxing districts other |
24 | | than the county, they shall be set forth
in a written |
25 | | agreement by or among the county and the taxing district
or |
26 | | taxing districts, which agreement describes the program to |
|
| | 09900HB0694ham001 | - 10 - | LRB099 04504 HLH 47417 a |
|
|
1 | | be
undertaken, including, but not limited to, the number of |
2 | | employees to be
trained, a description of the training and |
3 | | services to be provided, the
number and type of positions |
4 | | available or to be available, itemized costs
of the program |
5 | | and sources of funds to pay the same, and the term of the
|
6 | | agreement. Such costs include, specifically, the payment |
7 | | by community
college districts of costs pursuant to Section |
8 | | 3-37, 3-38, 3-40 and 3-40.1
of the Public Community College |
9 | | Act and by school districts of costs
pursuant to Sections |
10 | | 10-22.20 and 10-23.3a of the School Code; |
11 | | (12) Private financing costs incurred by developers or |
12 | | other
non-governmental persons in connection with an |
13 | | economic development
project, and specifically including |
14 | | payments to developers or other
non-governmental persons |
15 | | as reimbursement for such costs incurred by such
developer |
16 | | or other non-governmental persons provided that: |
17 | | (A) private financing costs shall be paid or |
18 | | reimbursed by a county only
pursuant to the prior |
19 | | official action of the county evidencing an intent to
|
20 | | pay such private financing costs; |
21 | | (B) except as provided in subparagraph (D) of this |
22 | | Section, the
aggregate amount of such costs paid or |
23 | | reimbursed by a county in any one
year shall not exceed |
24 | | 30% of such costs paid or incurred by such developer
or |
25 | | other non-governmental person in that year; |
26 | | (C) private financing costs shall be paid or |
|
| | 09900HB0694ham001 | - 11 - | LRB099 04504 HLH 47417 a |
|
|
1 | | reimbursed by a county
solely from the special tax |
2 | | allocation fund established pursuant to this
Act and |
3 | | shall not be paid or reimbursed from the proceeds of |
4 | | any
obligations issued by a county; |
5 | | (D) if there are not sufficient funds available in |
6 | | the special tax
allocation fund in any year to make |
7 | | such payment or reimbursement in full,
any amount of |
8 | | such private financing costs remaining to be paid or
|
9 | | reimbursed by a county shall accrue and be payable when |
10 | | funds are available
in the special tax allocation fund |
11 | | to make such payment; and |
12 | | (E) in connection with its approval and |
13 | | certification of an economic
development project |
14 | | pursuant to Section 5 of this Act, the Department shall
|
15 | | review any agreement authorizing the payment or |
16 | | reimbursement by a county
of private financing costs in |
17 | | its consideration of the impact on the
revenues of the |
18 | | county and the affected taxing districts of the use of
|
19 | | property tax allocation financing. |
20 | | (f) "Obligations" means any instrument evidencing the |
21 | | obligation of a
county to pay money, including without |
22 | | limitation, bonds, notes,
installment or financing contracts, |
23 | | certificates, tax anticipation warrants
or notes, vouchers, |
24 | | and any other evidence of indebtedness. |
25 | | (g) "Taxing districts" means municipalities, townships, |
26 | | counties, and
school, road, park, sanitary, mosquito |
|
| | 09900HB0694ham001 | - 12 - | LRB099 04504 HLH 47417 a |
|
|
1 | | abatement, forest preserve, public
health, fire protection, |
2 | | river conservancy, tuberculosis sanitarium and any
other |
3 | | county corporations or districts with the power to levy taxes |
4 | | on
real property. |
5 | | (Source: P.A. 98-109, eff. 7-25-13.)
|
6 | | (55 ILCS 85/7) (from Ch. 34, par. 7007)
|
7 | | Sec. 7. Creation of special tax allocation fund. If a |
8 | | county has
adopted property tax allocation financing by |
9 | | ordinance for an economic
development project area, the |
10 | | Department has approved and certified the
economic development |
11 | | project area, and the county clerk has thereafter
certified the |
12 | | "total initial equalized value" of the taxable real property
|
13 | | within such economic development project area in the manner |
14 | | provided in
subsection (b) of Section 6 of this Act, each year |
15 | | after the date of the
certification by the county clerk of the |
16 | | "initial equalized assessed value"
until economic development |
17 | | project costs and all county obligations
financing economic |
18 | | development project costs have been paid, the ad valorem
taxes, |
19 | | if any, arising from the levies upon the taxable real property |
20 | | in
the economic development project area by taxing districts |
21 | | and tax rates
determined in the manner provided in subsection |
22 | | (b) of Section 6 of this Act
shall be divided as follows:
|
23 | | (1) That portion of the taxes levied upon each taxable |
24 | | lot, block, tract
or parcel of real property which is |
25 | | attributable to the lower of the current
equalized assessed |
|
| | 09900HB0694ham001 | - 13 - | LRB099 04504 HLH 47417 a |
|
|
1 | | value or the initial equalized assessed value of each
such |
2 | | taxable lot, block, tract, or parcel of real property |
3 | | existing at the
time property tax allocation financing was |
4 | | adopted shall be allocated and
when collected shall be paid |
5 | | by the county collector to the respective
affected taxing |
6 | | districts in the manner required by the law in the absence
|
7 | | of the adoption of property tax allocation financing.
|
8 | | (2) That portion, if any, of those taxes which is |
9 | | attributable to the
increase in the current equalized |
10 | | assessed valuation of each taxable lot,
block, tract, or |
11 | | parcel of real property in the economic development
project |
12 | | are, over and above the initial equalized assessed value of |
13 | | each
property existing at the time property tax allocation |
14 | | financing was
adopted shall be allocated to and when |
15 | | collected shall be paid to the
county treasurer, who shall |
16 | | deposit those taxes into a special fund called
the special |
17 | | tax allocation fund of the county for the purpose of paying
|
18 | | economic development project costs and obligations |
19 | | incurred in the payment
thereof.
|
20 | | The county, by an ordinance adopting property tax |
21 | | allocation financing,
may pledge the funds in and to be |
22 | | deposited in the special tax allocation
fund for the payment of |
23 | | obligations issued under this Act and for the
payment of |
24 | | economic development project costs. No part of the current
|
25 | | equalized assessed valuation of each property in the economic |
26 | | development
project area attributable to any increase above the |
|
| | 09900HB0694ham001 | - 14 - | LRB099 04504 HLH 47417 a |
|
|
1 | | total initial equalized
assessed value of such properties shall |
2 | | be used in calculating the general
State school aid formula, |
3 | | provided for in Section 18-8 of the School Code,
until such |
4 | | time as all economic development projects costs have been paid
|
5 | | as provided for in this Section.
|
6 | | Whenever a county issues bonds for the purpose of financing |
7 | | economic
development project costs, the county may provide by |
8 | | ordinance for the
appointment of a trustee, which may be any |
9 | | trust company within the State,
and for the establishment of |
10 | | the funds or accounts to be maintained by such
trustee as the |
11 | | county shall deem necessary to provide for the security and
|
12 | | payment of the bonds. If the county provides for the |
13 | | appointment of a
trustee, the trustee shall be considered the |
14 | | assignee of any payments
assigned by the county pursuant to the |
15 | | ordinance and this Section. Any
amounts paid to the trustee as |
16 | | assignee shall be deposited in the funds or
accounts |
17 | | established pursuant to the trust agreement, and shall be held |
18 | | by
the trustee in trust for the benefit of the holders of the |
19 | | bonds, and the
holders shall have a lien on and a security |
20 | | interest in those bonds or
accounts so long as the bonds remain |
21 | | outstanding and unpaid. Upon
retirement of the bonds, the |
22 | | trustee shall pay over any excess amounts held
to the county |
23 | | for deposit in the special tax allocation fund.
|
24 | | When the economic development project costs, including |
25 | | without limitation
all county obligations financing economic |
26 | | development project costs
incurred under this Act, have been |
|
| | 09900HB0694ham001 | - 15 - | LRB099 04504 HLH 47417 a |
|
|
1 | | paid, all surplus funds then remaining
in the special tax |
2 | | allocation funds shall be distributed by being paid by
the |
3 | | county treasurer to the county collector, who shall immediately
|
4 | | thereafter pay those funds to the taxing districts having |
5 | | taxable property
in the economic development project area in |
6 | | the same manner and proportion
as the most recent distribution |
7 | | by the county collector to those taxing
districts of real |
8 | | property taxes from real property in the economic
development |
9 | | project area.
|
10 | | Upon the payment of all economic development project costs, |
11 | | retirement of
obligations and the distribution of any excess |
12 | | monies pursuant to this
Section and not later than 23 years |
13 | | from the date of adoption of the
ordinance adopting property |
14 | | tax allocation financing, the county shall
adopt an ordinance |
15 | | dissolving the special tax allocation fund for the
economic |
16 | | development project area and terminating the designation of the
|
17 | | economic development project area as an economic development |
18 | | project area ; however, in relation to one or more contiguous |
19 | | parcels not exceeding a total area of 120 acres within which an |
20 | | electric generating facility is intended to be constructed, and |
21 | | with respect to which the owner of that proposed electric |
22 | | generating facility has entered into a redevelopment agreement |
23 | | with Grundy County on or before July 25, 2017, the ordinance of |
24 | | the county required in this paragraph shall not dissolve the |
25 | | special tax allocation fund for the existing economic |
26 | | development project area and shall only terminate the |
|
| | 09900HB0694ham001 | - 16 - | LRB099 04504 HLH 47417 a |
|
|
1 | | designation of the economic development project area as to |
2 | | those portions of the economic development project area |
3 | | excluding the area covered by the redevelopment agreement |
4 | | between the owner of the proposed electric generating facility |
5 | | and Grundy County; the county shall adopt an ordinance |
6 | | dissolving the special tax allocation fund for the economic |
7 | | development project area and terminating the designation of the |
8 | | economic development project area as an economic development |
9 | | project area with regard to the electric generating facility |
10 | | property not later than 35 years from the date of adoption of |
11 | | the ordinance adopting property tax allocation financing .
|
12 | | Thereafter the rates of the taxing districts shall be extended |
13 | | and taxes
levied, collected and distributed in the manner |
14 | | applicable in the absence
of the adoption of property tax |
15 | | allocation financing.
|
16 | | Nothing in this Section shall be construed as relieving |
17 | | property in
economic development project areas from being |
18 | | assessed as provided in the
Property Tax Code or as relieving |
19 | | owners of that
property from paying a uniform rate of taxes, as |
20 | | required by Section 4 of
Article IX of the Illinois |
21 | | Constitution of 1970.
|
22 | | (Source: P.A. 98-463, eff. 8-16-13.)
|
23 | | (55 ILCS 85/8) (from Ch. 34, par. 7008)
|
24 | | Sec. 8. Issuance of obligations for economic development |
25 | | project costs. Obligations secured by the special tax |
|
| | 09900HB0694ham001 | - 17 - | LRB099 04504 HLH 47417 a |
|
|
1 | | allocation fund provided for in
Section 7 for an economic |
2 | | development project area may be issued to provide
for economic |
3 | | development project costs. Those obligations, when so issued,
|
4 | | shall be retired in the manner provided in the ordinance |
5 | | authorizing the
issuance of the obligations by the receipts of |
6 | | taxes levied as specified in
Section 6 against the taxable |
7 | | property included in the economic development
project area and |
8 | | by other revenues designated or pledged by the county. A
county |
9 | | may in the ordinance pledge all or any part of the funds in and |
10 | | to
be deposited in the special tax allocation fund created |
11 | | pursuant to Section
7 to the payment of the economic |
12 | | development project costs and obligations.
Whenever a county |
13 | | pledges all of the funds to the credit of a special tax
|
14 | | allocation fund to secure obligations issued or to be issued to |
15 | | pay
economic development project costs, the county may |
16 | | specifically provide
that funds remaining to the credit of such |
17 | | special tax allocation fund
after the payment of such |
18 | | obligations shall be accounted for annually and
shall be deemed |
19 | | to be "surplus" funds, and such "surplus" funds shall be
|
20 | | distributed as hereinafter provided. Whenever a county pledges |
21 | | less than
all of the monies to the credit of a special tax |
22 | | allocation fund to secure
obligations issued or to be issued to |
23 | | pay economic development project
costs, the county shall |
24 | | provide that monies to the credit of a special tax
allocation |
25 | | fund and not subject to such pledge or otherwise encumbered or
|
26 | | required for payment of contractual obligations for specified |
|
| | 09900HB0694ham001 | - 18 - | LRB099 04504 HLH 47417 a |
|
|
1 | | economic
development project costs shall be calculated |
2 | | annually and shall be deemed
to be "surplus" funds, and such |
3 | | "surplus" funds shall be distributed as
hereinafter provided. |
4 | | All funds to the credit of a special tax allocation
fund which |
5 | | are deemed to be "surplus" funds shall be distributed annually
|
6 | | within 180 days after the close of the county's fiscal year by |
7 | | being paid
by the county treasurer to the county collector. The |
8 | | county collector
shall thereafter make distribution to the |
9 | | respective taxing districts in
the same manner and proportion |
10 | | as the most recent distribution by the
county collector to |
11 | | those taxing districts of real property taxes from real
|
12 | | property in the economic development project area.
|
13 | | Without limiting the foregoing in this Section the county |
14 | | may, in
addition to obligations secured by the special tax |
15 | | allocation fund, pledge
for a period not greater than the term |
16 | | of the obligations towards payment
of those obligations any |
17 | | part or any combination of the following: (i) net
revenues of |
18 | | all or part of any economic development project; (ii) taxes
|
19 | | levied and collected on any or all property in the county, |
20 | | including,
specifically, taxes levied or imposed by the county |
21 | | in a special service
area pursuant to "An Act to provide the |
22 | | manner of levying or imposing taxes
for the provision of |
23 | | special services to areas within the boundaries of
home rule |
24 | | units and non-home rule municipalities and counties", approved
|
25 | | September 21, 1973; (iii) the full faith and credit of the |
26 | | county; (iv) a
mortgage on part or all of the economic |
|
| | 09900HB0694ham001 | - 19 - | LRB099 04504 HLH 47417 a |
|
|
1 | | development project; or (v) any
other taxes or anticipated |
2 | | receipts that the county may lawfully pledge.
|
3 | | Such obligations may be issued in one or more series |
4 | | bearing interest at
such rate or rates as the corporate |
5 | | authorities of the county shall
determine by ordinance, which |
6 | | rate or rates may be variable or fixed,
without regard to any |
7 | | limitations contained in any law now in effect or
hereafter |
8 | | adopted. Such obligations shall bear such date or dates, mature
|
9 | | at such time or times not exceeding 20 years from their |
10 | | respective dates,
but in no event exceeding 23 years from the |
11 | | date of establishment of the
economic development project area ; |
12 | | however, with respect to obligations payable from incremental |
13 | | revenues generated from an area comprised of one or more |
14 | | contiguous parcels not exceeding a total area of 120 acres |
15 | | within which an electric generating facility is intended to be |
16 | | constructed, and with respect to which the owner of such |
17 | | proposed electric generating facility has entered into a |
18 | | redevelopment agreement with Grundy County on or before July |
19 | | 25, 2017, those obligations shall bear such date or dates, |
20 | | mature at such time or times not exceeding 35 years from the |
21 | | date of establishment of the economic development project area , |
22 | | be in such denomination, be in such
form, whether coupon, |
23 | | registered or book-entry, carry such registration,
conversion |
24 | | and exchange privileges, be executed in such manner, be payable
|
25 | | in such medium of payment at such place or places within or |
26 | | without the
State of Illinois, contain such covenants, terms |
|
| | 09900HB0694ham001 | - 20 - | LRB099 04504 HLH 47417 a |
|
|
1 | | and conditions, be subject
to redemption with or without |
2 | | premium, be subject to defeasance upon such
terms, and have |
3 | | such rank or priority, as such ordinance shall provide.
|
4 | | Obligations issued pursuant to this Act may be sold at public |
5 | | or private
sale at such price as shall be determined by the |
6 | | corporate authorities of
the counties. Such obligations may, |
7 | | but need not, be issued utilizing the
provisions of any one or |
8 | | more of the omnibus bond Acts specified in Section
1.33 of "An |
9 | | Act to revise the law in relation to the construction of the
|
10 | | statutes", approved March 5, 1874, as such term is defined in |
11 | | the Statute
on Statutes. No referendum approval of the electors |
12 | | shall be required as a
condition to the issuance of obligations |
13 | | pursuant to this Act except as
provided in this Section.
|
14 | | In the event the county (i) authorizes the issuance of |
15 | | obligations
pursuant to the authority of this Act and secured |
16 | | by the full faith and
credit of the county or (ii) pledges |
17 | | taxes levied and collected on any or
all property in the |
18 | | county, which obligations or taxes are not obligations
or taxes |
19 | | authorized under home rule powers pursuant to Section 6 of |
20 | | Article
VII of the Illinois Constitution of 1970, or are not |
21 | | obligations or taxes
authorized under "An Act to provide the |
22 | | manner of levying or imposing taxes
for the provision of |
23 | | special services to areas within the boundaries of
home rule |
24 | | units and non-home rule municipalities and counties", approved
|
25 | | September 21, 1973, the ordinance authorizing the issuance of |
26 | | those
obligations or pledging those taxes shall be published |
|
| | 09900HB0694ham001 | - 21 - | LRB099 04504 HLH 47417 a |
|
|
1 | | within 10 days after
the ordinance has been adopted, in one or |
2 | | more newspapers having a general
circulation within the county. |
3 | | The publication of the ordinance shall be
accompanied by a |
4 | | notice of (1) the specific number of voters required to
sign a |
5 | | petition requesting the questions of the issuance of the |
6 | | obligations or
pledging ad valorem taxes to be submitted to the |
7 | | electors; (2) the time
within which the petition must be filed; |
8 | | and (3) the date of the
prospective referendum. The county |
9 | | clerk shall provide a petition form to
any individual |
10 | | requesting one.
|
11 | | If no petition is filed with the county clerk, as |
12 | | hereinafter provided in
this Section, within 21 days after the |
13 | | publication of the ordinance, the
ordinance shall be in effect. |
14 | | However, if within that 21 day period a
petition is filed with |
15 | | the county clerk, signed by electors numbering not
less than 5% |
16 | | of the number of legal voters who voted at the last general
|
17 | | election in such county, asking that the question of issuing |
18 | | obligations
using the full faith and credit of the county as |
19 | | security for the cost of
paying for economic development |
20 | | project costs, or of pledging ad valorem
taxes for the payment |
21 | | of those obligations, or both, be submitted to the
electors of |
22 | | the county, the county shall not be authorized to issue
|
23 | | obligations of the county using the full faith and credit of |
24 | | the county as
security or pledging ad valorem taxes for the |
25 | | payment of those obligations,
or both, until the proposition |
26 | | has been submitted to and approved by a
majority of the voters |
|
| | 09900HB0694ham001 | - 22 - | LRB099 04504 HLH 47417 a |
|
|
1 | | voting on the proposition at a regularly scheduled
election. |
2 | | The county shall certify the proposition to the proper election
|
3 | | authorities for submission in accordance with the general |
4 | | election law.
|
5 | | The ordinance authorizing the obligations may provide that |
6 | | the obligations
shall contain a recital that they are issued |
7 | | pursuant to this Act, which
recital shall be conclusive |
8 | | evidence of their validity and of the
regularity of their |
9 | | issuance.
|
10 | | In the event the county authorizes issuance of obligations |
11 | | pursuant to
this Act secured by the full faith and credit of |
12 | | the county, the ordinance
authorizing the obligations may |
13 | | provide for the levy and collection of a
direct annual tax upon |
14 | | all taxable property within the county sufficient to
pay the |
15 | | principal thereof and interest thereon as it matures, which |
16 | | levy
may be in addition to and exclusive of the maximum of all |
17 | | other taxes
authorized to be levied by the county, which levy, |
18 | | however, shall be abated
to the extent that monies from other |
19 | | sources are available for payment of
the obligations and the |
20 | | county certifies the amount of those monies
available to the |
21 | | county clerk.
|
22 | | A certified copy of the ordinance shall be filed with the |
23 | | county clerk
and shall constitute the authority for the |
24 | | extension and collection of the
taxes to be deposited in the |
25 | | special tax allocation fund.
|
26 | | A county may also issue its obligations to refund, in whole |
|
| | 09900HB0694ham001 | - 23 - | LRB099 04504 HLH 47417 a |
|
|
1 | | or in part,
obligations theretofore issued by the county under |
2 | | the authority of this
Act, whether at or prior to maturity. |
3 | | However, the last maturity of the
refunding obligations shall |
4 | | not be expressed to mature later than 23 years
from the date of |
5 | | the ordinance establishing the economic development project |
6 | | area, however, with regard to obligations payable from |
7 | | incremental revenues generated from an area comprised of one or |
8 | | more contiguous parcels not exceeding a total area of 120 acres |
9 | | within which an electric generating facility is intended to be |
10 | | constructed, and with respect to which the owner of that |
11 | | proposed electric generating facility has entered into a |
12 | | redevelopment agreement with Grundy County on or before July |
13 | | 25, 2017, the last maturity of the refunding obligations shall |
14 | | not be expressed to mature later than 35 years from the date of |
15 | | the ordinance establishing the economic development
project |
16 | | area.
|
17 | | In the event a county issues obligations under home rule |
18 | | powers and other
legislative authority, including |
19 | | specifically, "An Act to provide the
manner of levying or |
20 | | imposing taxes for the provisions of special services
to areas |
21 | | within the boundaries of home rule units and non-home rule
|
22 | | municipalities and counties", approved September 21, 1973, the |
23 | | proceeds of
which are pledged to pay for economic development |
24 | | project costs, the county
may, if it has followed the |
25 | | procedures in conformance with this Act,
retire those |
26 | | obligations from funds in the special tax allocation fund in
|
|
| | 09900HB0694ham001 | - 24 - | LRB099 04504 HLH 47417 a |
|
|
1 | | amount and in such manner as if those obligations had been |
2 | | issued pursuant
to the provisions of this Act.
|
3 | | No obligations issued pursuant to this Act shall be |
4 | | regarded as
indebtedness of the county issuing those |
5 | | obligations for the purpose of any
limitation imposed by law.
|
6 | | Obligations issued pursuant to this Act shall not be |
7 | | subject to the
provisions of the Bond Authorization Act.
|
8 | | (Source: P.A. 90-655, eff. 7-30-98.)
|
9 | | Section 99. Effective date. This Act takes effect upon |
10 | | becoming law.".
|