Illinois Compiled Statutes 35 ILCS 636/5-55 – Pledged revenues
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Terms Used In Illinois Compiled Statutes 35 ILCS 636/5-55
- Contract: A legal written agreement that becomes binding when signed.
If a municipality has, by contract, pledged or dedicated any or all of the revenues collected under any of its taxes imposed pursuant to subparagraph 1 of § 8-11-2 of the Illinois Municipal Code, § 8-11-17 of the Illinois Municipal Code, or Section 20 of the Telecommunications Infrastructure Maintenance Fee Act as shown on the list described in Section 5-25 of this Act, then the equivalent portion of revenues collected from the tax authorized by this Act shall be deemed pledged or dedicated in a manner substantially similar to the pledge of the then existing taxes so as to prevent disruption of such contract.