Sec. 18. Conveyance for public use.

196 words·~1 min read·/il/chapter-70/act-1905/18

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Subject to the preceding Section, and whenever the Authority has acquired title to, and possession of, any or all real property within the designated area, the Authority

(1)may convey to the City in which the area is located and with or without any monetary consideration therefor, such parts thereof as are to be laid out into streets and alleys;

(2)may convey to that City or to any public body having jurisdiction over schools, parks or playgrounds in the designated area, such parts of such real property for use for parks, playgrounds, schools and other public purposes as the Authority may provide for in its plan of redevelopment, and at such price or prices as the Authority and the proper officials of such public bodies may agree upon; and

(3)may grant easements for public utilities, sewers, and other similar facilities, with or without consideration therefor.

The proceeds from the sale of any real property by the Authority pursuant to this Section shall be placed in a sinking fund to be created by the Authority for the retirement of revenue bonds issued by the Authority pursuant to this Act.