65 ILCS 5/11-74.6-30
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

Sec. 11-74.6-30.     Financing.     Obligations secured by the special tax  allocation fund set forth in Section 11-74.6-35 for the redevelopment  project area may be issued to provide for redevelopment project costs.  Those obligations, when so issued, shall be retired in the manner provided  in the ordinance authorizing the issuance of those obligations by the  receipts of taxes levied as specified in Section 11-74.6-40 against the  taxable real property included in the area and any 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 into the special tax allocation fund  created under Section 11-74.6-35 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 of  moneys not required, pledged, earmarked, or otherwise designated for  payment and securing  of the obligations and anticipated redevelopment project costs,  and any excess funds shall be calculated annually and deemed to be  "surplus" funds.  If a municipality applies or pledges only 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 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 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 but not to  exceed as to each such source the total incremental revenue received from  that source.  The county collector shall subsequently distribute surplus  funds to the respective taxing districts in the same manner and proportion  as the most recent distribution by the county collector to the affected  taxing districts of real property taxes from real property in the  redevelopment project area.Without limiting the foregoing provisions of this Section,  in addition  to obligations secured by the special tax allocation fund, the  municipality may pledge, for a period not greater than the term of the  obligations, towards payment of those obligations any part or any  combination of the following: (i) net revenues of all or part of any  redevelopment project; (ii) taxes levied and  collected on any or all real  property in the municipality; (iii) the full faith and credit of the  municipality; (iv) a mortgage on part or all of the redevelopment project;  or (v) any other taxes or anticipated receipts that the municipality may lawfully pledge.The obligations may be issued in one or more series bearing interest at  a rate or rates that the corporate authorities of the municipality  determine by ordinance.  The obligations shall bear a date or dates,  mature at a time or times, not exceeding 20 years from their respective  issue dates, be in a denomination, carry registration privileges, be executed  in a manner, be payable in a medium of payment at a place or places,  contain covenants, terms and conditions, and be subject to redemption  as the ordinance provides.  Obligations issued under this Law  may be sold at public or private sale at a price determined  by the corporate authority of the municipality.  No referendum approval  of the electors shall be required as a condition for the issuance of  obligations under this Division, except as provided in this Section.If the municipality authorizes issuance of obligations under  the authority of this Division secured by the full faith and credit of  the municipality, which obligations are other than obligations that may  be issued under home rule powers provided by Section 6 of Article VII  of the Illinois Constitution,  or pledges taxes levied and collected on  real property in the municipality or pledges the full faith and credit of  the municipality, the ordinance authorizing the issuance of those  obligations or pledging those taxes or the municipality's full faith and  credit shall be published within 10 days after the ordinance has been  passed in one or more newspapers with general circulation within that  municipality. The publication of the ordinance shall be accompanied by a  notice of (i) the specific number of voters required to sign a petition  requesting the question of the issuance of those obligations or pledging  taxes to be submitted to the electors, (ii) the time  in which the petition must be filed, and (iii) 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 provided  in this Section, within 30 days after the publication of the ordinance,  the ordinance shall become effective.  If, however, within that 30 day  period, a petition is filed with the municipal clerk, signed by electors  numbering not less than 10% 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 those 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 the petition is filed, shall submit the question at that  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 of the question, the ordinance  shall be effective, but if a majority of the electors voting upon the  question are not in favor of the question, the ordinance shall not take effect.The ordinance authorizing the obligations may provide that the obligations  shall contain a recital that they are issued under this Law.  The recital shall be conclusive evidence of their validity and of the  regularity of their issuance.In the event the municipality authorizes issuance of obligations under  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 of and interest on the obligations  as they mature.  The levy may be in addition to and exclusive of the  maximum of all other taxes authorized to be levied by the municipality.  The levy, however, shall be abated to the extent that moneys from other  sources are available for payment of the obligations and the municipality  certifies the amount of those moneys available to the county clerk.A certified copy of the 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 previously issued by the municipality under the authority  of this Law, whether at or before maturity, except that the  last maturity of the refunding obligations shall not be expressed to mature  later than  December 31 of the year in which the payment to the municipal  treasurer as provided in subsection (b) of Section 11-74.6-35 is to  be made with respect to ad valorem taxes levied in the twenty-third  calendar year after the year in which the ordinance approving the  redevelopment project area is adopted.If 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 Law, retire those obligations  from funds in the special tax allocation fund in amounts and in the same manner  as if those obligations had been issued under the provisions of this Law.No obligations issued under this Law shall be regarded as indebtedness of  the municipality issuing the obligations or any other taxing district for  the purpose of any limitation imposed by law.    (Source: P.A. 91-474, eff. 11-1-99.)