Illinois SB 1432: MUNI CD-TIF SURPLUS FUNDS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1432

Introduced 1/31/2025, by Sen. Laura M. Murphy 

SYNOPSIS AS INTRODUCED:

65 ILCS 5/11-74.4-7 from Ch. 24, par. 11-74.4-7

 Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that all surplus funds in the special tax allocation fund shall be distributed as soon as possible after they are calculated (rather than distributed annually within 180 days after the close of the municipality's fiscal year).

LRB104 08034 RTM 18080 b

A BILL FOR

SB1432LRB104 08034 RTM 18080 b

1 AN ACT concerning local government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Municipal Code is amended by 

5changing Section 11-74.4-7 as follows:

6 (65 ILCS 5/11-74.4-7) (from Ch. 24, par. 11-74.4-7)

7 Sec. 11-74.4-7. Obligations secured by the special tax 

8allocation fund set forth in Section 11-74.4-8 for the 

9redevelopment project area may be issued to provide for 

10redevelopment project costs. Such obligations, when so issued, 

11shall be retired in the manner provided in the ordinance 

12authorizing the issuance of such obligations by the receipts 

13of taxes levied as specified in Section 11-74.4-9 against the 

14taxable property included in the area, by revenues as 

15specified by Section 11-74.4-8a and other revenue designated 

16by the municipality. A municipality may in the ordinance 

17pledge all or any part of the funds in and to be deposited in 

18the special tax allocation fund created pursuant to Section 

1911-74.4-8 to the payment of the redevelopment project costs 

20and obligations. Any pledge of funds in the special tax 

21allocation fund s