Illinois Statutes
§ 70 — Payment of project costs; revenues from municipal property
Illinois·Topic GOVERNMENT·Ch. 65 MUNICIPALITIES·Act 65 ILCS 110/ Economic Development Project Area Tax Increment Allocation Act of 1995.
Revenues received by the municipality from any property, building, or facility owned, leased, or operated by the municipality or any agency or authority established by the municipality in furtherance of an economic development project under this Act may be used to pay economic development project costs or reduce outstanding obligations of the municipality incurred under this Act for economic development project costs. The municipality may place those revenues in the special tax allocation fund, which shall be held by the municipal treasurer or other person designated by the municipality.
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Legislative History
(Source: P.A. 89-176, eff. 1-1-96.)