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91_SB1581
SRS91S0071PMcb
1 AN ACT to amend the Road Improvement Impact Fee Law by
2 changing Section 5-916.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Road Improvement Impact Fee Law is
6 amended by changing Section 5-916 as follows:
7 (605 ILCS 5/5-916) (from Ch. 121, par. 5-916)
8 Sec. 5-916. Refund of Impact Fees. All impact fees
9 collected by a unit of local government shall be refunded to
10 the person who paid the fee or to that person's successor in
11 interest whenever the unit of local government fails to
12 encumber by contract impact fees collected within 15 5 years
13 of the date on which such impact fees were due to be paid.
14 Such fees may be held in escrow by the developer for a period
15 no longer than 15 years from the date such impact fees were
16 due to be paid.
17 Refunds shall be made in accordance with this Section
18 provided that the person who paid the fee or that person's
19 successor in interest files a petition with the unit of local
20 government imposing the impact fee, seeking a refund within
21 one year from the date that such fees were required to be
22 encumbered by contract.
23 All refunds made shall bear interest at a rate which is
24 at least 70% of the Prime Commercial Rate in effect at the
25 time of the imposition of the impact fee.
26 (Source: P.A. 86-97; 87-187.)