Sec. 4.7. Municipal reports.
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/il/chapter-20/act-620/4-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4.7. Municipal reports. After the effective date of this amendatory Act of the 97th General Assembly, a municipality shall submit in an electronic format all of the following information for each economic development project area
(i)to the State Comptroller and
(ii)to all taxing districts overlapping the economic development project area no later than 180 days after the close of each municipal fiscal year or as soon thereafter as the audited financial statements become available:
(1)Any amendments to the economic development plan or the economic development project
area.
(2)Audited financial statements of the special tax allocation fund once a cumulative
total of $100,000 has been deposited into the fund.
(3)Certification of the Chief Executive Officer of the municipality that the
municipality has complied with all of the requirements of this Act during the preceding fiscal year.
(4)An opinion of legal counsel that the municipality is in compliance with this Act.
(5)An analysis of the special tax allocation fund that sets forth:
(A)the balance in the special tax allocation fund at the beginning of the fiscal
year;
(B)all amounts deposited in the special tax allocation fund by source;
(C)an itemized list of all expenditures from the special tax allocation fund by
category of permissible economic development project cost; and
(D)the balance in the special tax allocation fund at the end of the fiscal year,
including a breakdown of that balance by source and a breakdown of that balance identifying any portion of the balance that is required, pledged, earmarked, or otherwise designated for payment of or securing of obligations and anticipated economic development project costs; any portion of that ending balance that has not been identified or is not identified as being required, pledged, earmarked, or otherwise designated for payment of or securing of obligations or anticipated economic development project costs shall be designated as surplus as set forth in Section 8 of this Act.
(6)A description of all property purchased by the municipality within the economic
development project area including:
(A)street address;
(B)approximate size or description of property;
(C)purchase price; and
(D)the seller of the property.
(7)A statement setting forth all activities undertaken in furtherance of the objectives
of the economic development plan, including:
(A)any project implemented in the preceding fiscal year;
(B)a description of the economic development activities undertaken;
(C)a description of any agreements entered into by the municipality with regard to
the disposition or redevelopment of any property within the economic development project area;
(D)additional information on the use of all funds received under this Act and steps
taken by the municipality to achieve the objectives of the economic development plan;
(E)information regarding contracts that the municipality's tax increment advisors
or consultants have entered into with entities or persons that have received, or are receiving, payments financed by tax increment revenues produced by the same economic development project area; and
(F)a review of public and, to the extent possible, private investment actually
undertaken on or after the effective date of this amendatory Act of the 97th General Assembly and prior to the date of the report and estimated to be undertaken during the following fiscal year; this review shall, on a project by project basis, set forth the estimated amounts of public and private investment incurred after the effective date of this amendatory Act of the 97th General Assembly and provide the ratio of private investment to public investment to the date of the report and as estimated to the completion of the economic development project.
(8)With regard to any obligations issued by the municipality:
(A)copies of any official statements; and
(B)an analysis prepared by a financial advisor or underwriter setting forth:
the nature and term of those obligations; and
(ii)projected debt service including required reserves and debt coverage.
(9)For special tax allocation funds that have experienced cumulative deposits of
incremental tax revenues of $100,000 or more, a certified audit report reviewing compliance with this Act performed by an independent certified public accountant licensed by the authority of the State of Illinois. The financial portion of the audit must be conducted in accordance with Standards for Audits of Governmental Organizations, Programs, Activities, and Functions adopted by the Comptroller General of the United States (1981), as amended, or the standards specified by Section 8-8-5 of the Illinois Municipal Auditing Law of the Illinois Municipal Code.
The audit report shall contain a letter from the independent certified public accountant indicating compliance or noncompliance with the requirements of subsection
(e)of Section 3 of this Act.
(10)A list of all intergovernmental agreements in effect during the fiscal year to
which the municipality is a party and an accounting of any moneys transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements.