65 ILCS 5/11-74.4-7
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-74.4-7)Sec. 11-74.4-7. Obligations secured by the special tax allocation fund  set forth in Section 11-74.4-8 for the redevelopment project area may be  issued to provide for redevelopment project costs.  Such obligations, when  so issued, shall be retired in the manner provided in the ordinance  authorizing the issuance of such obligations by the receipts of taxes  levied as specified in Section 11-74.4-9 against the taxable property  included in the area, by revenues as specified by Section 11-74.4-8a and  other revenue designated by the municipality.  A municipality may in the  ordinance pledge all or any part of the funds in and to be deposited in the  special tax allocation fund created pursuant to Section 11-74.4-8 to the  payment of the redevelopment project costs and obligations. Any pledge of  funds in the special tax allocation fund shall provide for distribution to  the taxing districts and to the Illinois Department of Revenue of moneys  not required, pledged, earmarked, or otherwise designated for payment and  securing of the obligations and anticipated redevelopment project costs and  such excess funds shall be calculated annually and deemed to be "surplus"  funds.  In the event a municipality only applies or pledges a portion of the  funds in the special tax allocation fund for the payment or securing of  anticipated redevelopment project costs or of obligations, any such funds  remaining in the special tax allocation fund after complying with the  requirements of the application or pledge, shall also be calculated annually  and deemed "surplus" funds.  All surplus funds in the special tax allocation  fund shall be distributed annually within 180 days after the close of the  municipality's fiscal year by being paid by the  municipal treasurer to the County Collector, to the Department of Revenue  and to the municipality in direct proportion to the tax incremental revenue  received as a result of an increase in the equalized assessed value of  property in the redevelopment project area, tax incremental revenue  received from the State and tax incremental revenue received from the  municipality, but not to exceed as to each such source the total  incremental revenue received from that source. The County Collector shall  thereafter make distribution to the respective taxing districts in the same  manner and proportion as the most recent distribution by the county  collector to the affected districts of real property taxes from real  property in the redevelopment project area.Without limiting the foregoing in this Section, the municipality may in  addition  to obligations secured by the special tax allocation fund pledge  for a period not greater than the term of the obligations towards payment  of such obligations any part or any combination of the following: (a) net  revenues of all or part of any redevelopment project; (b) taxes levied and  collected on any or all property in the municipality; (c) the full faith  and credit of the municipality; (d) a mortgage on part or all of the  redevelopment project; (d-5) repayment of bonds issued pursuant to subsection (p-130) of Section 19-1 of the School Code; or (e) any other taxes or anticipated receipts that  the municipality may lawfully pledge.Such obligations may be issued in one or more series bearing interest at  such rate or rates as the corporate authorities of the municipality shall  determine by ordinance.  Such obligations shall bear such date or dates,  mature at such time or times not exceeding 20 years from their respective  dates, be in such denomination, carry such registration privileges, be executed  in such manner, be payable in such medium of payment at such place or places,  contain such covenants, terms and conditions, and be subject to redemption  as such ordinance shall provide.  Obligations issued pursuant to this Act  may be sold at public or private sale at such price as shall be determined  by the corporate authorities of the municipalities.  No referendum approval  of the electors shall be required as a condition to the issuance of obligations  pursuant to this Division except as provided in this Section.In the event the municipality authorizes issuance of obligations pursuant  to the authority of this Division secured by the full faith and credit of  the municipality, which obligations are other than obligations which may  be issued under home rule powers provided by Article VII, Section 6 of the  Illinois Constitution,  or pledges taxes pursuant to (b) or (c) of the second  paragraph of this section, the ordinance authorizing the issuance of such  obligations or pledging such taxes shall be published within 10 days after  such ordinance has been passed in one or more newspapers, with general  circulation within such municipality. The publication of the ordinance  shall be accompanied by a notice of (1) the specific number of voters  required to sign a petition requesting the question of the issuance of such  obligations or pledging taxes to be submitted to the electors; (2) the time  in which such petition must be filed; and (3) the date of the prospective  referendum.  The municipal clerk shall provide a petition form to any  individual requesting one.If no petition is filed with the municipal clerk, as hereinafter provided  in this Section, within 30 days after the publication of the ordinance,  the ordinance shall be in effect.  But, if within that 30 day period a petition  is filed with the municipal clerk, signed by electors in the  municipality numbering 10% or more of the number of registered voters in the  municipality, asking that the question of issuing  obligations using full faith and credit of the municipality as security  for the cost of paying for redevelopment project costs, or of pledging taxes  for the payment of such obligations, or both, be submitted to the electors  of the municipality, the corporate authorities of the municipality shall  call a special election in the manner provided by law to vote upon that  question, or, if a general, State or municipal election is to be held within  a period of not less than 30 or more than  90 days from the date such petition  is filed, shall submit the question at the next general, State or municipal  election.  If it appears upon the canvass of the election by the corporate  authorities that a majority of electors voting upon the question voted in  favor thereof, the ordinance shall be in effect, but if a majority of the  electors voting upon the question are not in favor thereof, the ordinance  shall not take effect.The ordinance authorizing the obligations may provide that the obligations  shall contain a recital that they are issued pursuant to this Division,  which recital shall be conclusive evidence of their validity and of the  regularity of their issuance.In the event the municipality authorizes issuance of obligations pursuant  to this Section secured by the full faith and credit of the municipality,  the ordinance authorizing the obligations may provide for the levy and  collection of a direct annual tax upon all taxable property within the  municipality sufficient to pay the principal thereof and interest thereon  as it matures, which levy may be in addition to and exclusive of the  maximum of all other taxes authorized to be levied by the municipality,  which levy, however, shall be abated to the extent that monies from other  sources are available for payment of the obligations and the municipality  certifies the amount of said monies available to the county clerk.A certified copy of such ordinance shall be filed with the county clerk  of each county in which any portion of the municipality is situated, and  shall constitute the authority for the extension and collection of the taxes  to be deposited in the special tax allocation fund.A municipality may also issue its obligations to refund in whole or in  part, obligations theretofore issued by such municipality under the authority  of this Act, whether at or prior to maturity, provided however, that the  last maturity of the refunding obligations may not be later than the dates set forth under Section 11-74.4-3.5.In the event a municipality issues obligations under home rule powers or  other legislative authority the proceeds of which are pledged to pay  for redevelopment project costs, the municipality may, if it has followed  the procedures in conformance with this division, retire said obligations  from funds in the special tax allocation fund in amounts and in such manner  as if such obligations had been issued pursuant to the provisions of this  division.All obligations heretofore or hereafter issued pursuant to this Act shall  not be regarded as indebtedness of the municipality issuing such obligations  or any other taxing district for the purpose of any limitation imposed by law.  (Source: P.A. 100-531, eff. 9-22-17.)