Chapter 50 — LOCAL GOVERNMENT

(50 ILCS 450/5) (from Ch. 85, par. 925) Sec. 5. The resolution authorizing the issuance of such bonds shall specify the total amount of bonds to be issued, the form and denomination of the bonds, the date they are to bear, the place where they are payable, the date or dates of ma…

(50 ILCS 450/6) (from Ch. 85, par. 926) Sec. 6. The bonds shall be executed by such officials as may be provided in the resolution authorizing the issue. They may be made registerable as to principal and may be made callable on any interest payment date at par and accrued interes…

(50 ILCS 450/7) (from Ch. 85, par. 927) Sec. 7. The resolution may provide for the creation of a sinking fund to consist of the proceeds of the taxes levied under this Act and the rental income derived from the medical service facility. This fund shall be faithfully applied to th…

(50 ILCS 450/8) (from Ch. 85, par. 928) Sec. 8. The bonds shall be sold to the highest and best bidder at not less than their par value and accrued interest. The corporate authority shall advertise for proposals to purchase the bonds. Such advertisement shall be published at leas…

(50 ILCS 450/9) (from Ch. 85, par. 929) Sec. 9. The corporate authority may lease or rent the medical service facility on terms that may be fixed and revised from time to time with consideration being given both to the need for revenue to reduce the tax rate required for the amor…

(50 ILCS 455/1) (from Ch. 85, par. 2401) Sec. 1. This Act may be cited as the Medical Service Facility Revenue Bond Act. (Source: P.A. 86-1475.)

(50 ILCS 455/10) (from Ch. 85, par. 2410) Sec. 10. The authority, or any trustee on behalf of the authority, may invest any funds held by it pursuant to this Act in bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of t…

(50 ILCS 455/2) (from Ch. 85, par. 2402) Sec. 2. In this Act, unless a different meaning clearly appears from the context, the following terms shall have the following meanings: (a) "Authority" means any municipality or county in this State. (b) "Medical Service Facility" and "fa…

(50 ILCS 455/3) (from Ch. 85, par. 2403) Sec. 3. The purpose of this Act is to enable local governmental units to serve the needs of the public more effectively in the communities of this State in which the health and welfare of the people are endangered by the lack of adequate m…

(50 ILCS 455/4) (from Ch. 85, par. 2404) Sec. 4. An Authority has the power under this Act: (1) To construct, acquire by gift, purchase or lease, to reconstruct, improve, better or extend any facility, whether or not now or hereafter in existence, within or without the boundaries…

(50 ILCS 455/5) (from Ch. 85, par. 2405) Sec. 5. The exercise of all powers granted by this Act may be authorized, and bonds may be authorized to be issued under this Act for the purposes set forth in this Act, by resolution or ordinance of the governing body of the authority whi…

(50 ILCS 455/6) (from Ch. 85, par. 2406) Sec. 6. Any resolution or ordinance authorizing the issuance of bonds under this Act may contain covenants as to (a) the use and disposition of the revenues and receipts from the facility for which the bonds are to be issued, including the…

(50 ILCS 455/7) (from Ch. 85, par. 2407) Sec. 7. The bonds shall bear the signatures of such officers of the authority as may be designated in the resolution or ordinance authorizing such bonds and such signatures shall be the valid and binding signatures of the officers of the a…

(50 ILCS 455/8) (from Ch. 85, par. 2408) Sec. 8. All bonds issued under this Act have a lien upon the revenues and receipts derived from the facility for which the bonds have been issued, and the governing body may provide in the resolution or ordinance authorizing such bonds for…

(50 ILCS 455/9) (from Ch. 85, par. 2409) Sec. 9. All bonds issued under and pursuant to this Act shall be limited obligations of the authority payable solely out of the revenues and receipts derived from the facility with respect to which such bonds are issued. No holder of any b…

(50 ILCS 460/1) Sec. 1. Short Title. This Act may be cited as the Special Assessment Supplemental Bond and Procedures Act. (Source: P.A. 90-480, eff. 8-17-97.)

(50 ILCS 460/10) Sec. 10. Definitions. As used in this Act, unless the context or usage clearly indicates otherwise: "Governing body" means the legislative body, council, board, commission, trustees, or any other body by whatever name it is known having charge of the corporate af…

(50 ILCS 460/15) Sec. 15. Supplemental powers; election. The provisions of this Act are intended to be supplemental to and in addition to all other powers or authorities granted to any governmental unit, shall be construed liberally, and shall not be construed as a limitation of …

(50 ILCS 460/20) Sec. 20. Additional costs allowed. In addition to and in excess of all costs otherwise permitted to be assessed under any special assessment law in any special assessment proceeding, the governing body may in the special assessment ordinance provide for the follo…

(50 ILCS 460/25) Sec. 25. Interest on assessments. The unpaid portion of any assessment imposed under a special assessment proceeding may bear interest at an interest rate or rates not exceeding the rate or rates on bonds permitted by the Bond Authorization Act; provided, however…

(50 ILCS 460/30) Sec. 30. Amount and term of installments. An assessment under a special assessment proceeding may be payable in one or more installments coming due not more than 31 years after the date of the judgment order of final confirmation of the assessment roll and report…

(50 ILCS 460/35) Sec. 35. Notice of first installment and accrual of interest. In lieu of the establishment of the date of the first installment of a special assessment and the accrual of interest on assessments by the issuance of a first voucher and the filing of a certificate w…

(50 ILCS 460/40) Sec. 40. Award of contract. In any special assessment proceeding, upon the vote of two-thirds of the members of the governing body then in office, the governing body or the board of local improvements, as may be applicable, may award a contract or contracts for t…

(50 ILCS 460/45) Sec. 45. Bonds. In lieu of the issuance of vouchers or bonds provided by a special assessment law, Supplemental Act Assessment Bonds payable from the assessments made under a special assessment proceeding may be issued under this Section. Supplemental Act Assessm…

(50 ILCS 460/5) Sec. 5. Finding. The General Assembly finds that: (a) there have been many important changes in the financial markets and practices with respect to the issuance of obligations to provide funds for the payment of local improvements to be paid from the imposition of…

(50 ILCS 460/50) Sec. 50. Alternative local procedure. Upon the request of all of the owners of record to be subject to assessment in a special assessment proceeding, the alternative procedure for the proceeding set forth in this Section may be used. In this alternative procedure…

(50 ILCS 460/55) Sec. 55. County clerk may collect. Pursuant to the Illinois constitutional and statutory provisions relating to intergovernmental cooperation, the county clerk of any county in which property subject to a special assessment is located may, but shall not be requir…

(50 ILCS 460/60) Sec. 60. Recital. Supplemental Act Assessment Bonds that are issued in part under this Act may contain a recital to that effect and any such recital shall be conclusive as against the governmental body thereof and any other person as to the validity of the Supple…

(50 ILCS 460/65) Sec. 65. Rebates. If, after final settlement with the contractor for any improvements, there is any surplus remaining, the Board of Local Improvements shall declare a surplus and rebate upon each lot, block, tract, or parcel of land assessed the pro rata proporti…

(50 ILCS 460/70) Sec. 70. (Amendatory provisions; text omitted). (Source: P.A. 90-480, eff. 8-17-97.)

(50 ILCS 460/75) Sec. 75. (Amendatory provisions; text omitted). (Source: P.A. 90-480, eff. 8-17-97.)

(50 ILCS 460/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 90-480, eff. 8-17-97.)

(50 ILCS 465/1) Sec. 1. Short title. This Act may be cited as the Local Government Housing Finance Act. (Source: P.A. 92-142, eff. 7-24-01.)

(50 ILCS 465/10) Sec. 10. Powers. In addition to powers that an Authority may now have, Authorities have the following powers: (a) To acquire, and to contract and enter into advance commitments to acquire, directly or indirectly, home mortgages owned by lending institutions at an…

(50 ILCS 465/15) Sec. 15. Ordinance authorizing exercise of powers. The exercise of any or all powers granted by this Act shall be authorized and the bonds shall be authorized to be issued under this Act for the purposes set forth in this Act, by an ordinance adopted by the corpo…

(50 ILCS 465/20) Sec. 20. Covenants. Any ordinances authorizing the issuance of the bonds under this Act may contain covenants regarding (i) the use and disposition of the revenues and receipts from any home mortgage loans for which the bonds are to be issued, including the creat…

(50 ILCS 465/25) Sec. 25. Signatures. The bonds shall bear the manual or facsimile signatures of any officers of the Authority that may be designated in the ordinance authorizing the bonds and the signatures constitute the valid and binding signatures of the officers, notwithstan…

(50 ILCS 465/30) Sec. 30. Pledges; validity. Any pledge made to secure bonds shall be valid and binding from the time when the pledge is made. The revenues and receipts or property or interests in property pledged and thereafter received by the Authority or trustee shall immediat…

(50 ILCS 465/35) Sec. 35. Bonds; obligations of the Authority. All bonds issued under this Act shall be limited obligations of the Authority issuing the same, payable solely from the (i) bond proceeds, (ii) revenues and receipts derived from the home mortgage loans or from any no…

(50 ILCS 465/40) Sec. 40. Personal liability; corporate authorities. Neither the members of the corporate authorities of an Authority, nor any official or employee of the Authority, nor any person executing bonds issued under this Act shall be liable personally for payment of the…

(50 ILCS 465/45) Sec. 45. Joint or cooperative action. One or more Authorities (whether or not any of them are home rule units) may join together or cooperate with one another in the exercise, either jointly, on behalf of the Authorities, or otherwise, of any one or more of the p…

(50 ILCS 465/5) Sec. 5. Definitions. In this Act: "Appraised value" means the fair market value of a home determined in accordance with generally accepted procedures and standards applicable to the appraisal of real property. "Authority" means any county or any municipality in th…

(50 ILCS 465/50) Sec. 50. Legal investments. Notwithstanding any other provision of law, bonds issued pursuant to this Act shall be legal investments for all trust funds, insurance companies, savings and loan associations, investment companies, and banks, both savings and commerc…

(50 ILCS 465/55) Sec. 55. Interests of corporate officers or employees; participating lending institutions. Notwithstanding the provisions of any other law to the contrary, a member of the corporate authorities, or an officer or employee of the Authority, may be an officer, emplo…

(50 ILCS 465/60) Sec. 60. Scope of additional powers. The powers conferred by this Act are in addition and supplemental to, and the limitations imposed by this Act shall not affect, the powers conferred upon Authorities by any other law. This Act is not a limitation upon the powe…

(50 ILCS 465/65) Sec. 65. Construction. This Act is necessary for the health, welfare, and safety of the State, its counties and municipalities, and its inhabitants; therefore, it shall be liberally construed to effect its purposes. (Source: P.A. 92-142, eff. 7-24-01.)

(50 ILCS 465/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 92-142, eff. 7-24-01.)

(50 ILCS 470/1) Sec. 1. Short title. This Act may be cited as the Innovation Development and Economy Act. (Source: P.A. 96-939, eff. 6-24-10.)

(50 ILCS 470/10) Sec. 10. Definitions. As used in this Act, the following words and phrases shall have the following meanings unless a different meaning clearly appears from the context: "Base year" means the calendar year immediately prior to the calendar year in which the STAR …

(50 ILCS 470/100) Sec. 100. (Amendatory provisions; text omitted). (Source: P.A. 96-939, eff. 6-24-10; text omitted.)