State Codes and Statutes
Statutes > Illinois > Chapter65 > 802 > 006500050HArt_11_Div_76_2 (65 ILCS 5/11‑76.2‑1) (from Ch. 24, par. 11‑76.2‑1) Sec. 11‑76.2‑1. A public hearing on a proposal to exchange real estate shall be held, pursuant to a 3/4 vote of the members of the corporate authorities of a municipality then holding office. No exchange of real estate shall be made unless such a public hearing is held prior to the agreement being entered into. (Source: P.A. 81‑858.) |
(65 ILCS 5/11‑76.2‑2) (from Ch. 24, par. 11‑76.2‑2) Sec. 11‑76.2‑2. Upon action being duly adopted pursuant to Section 11‑76.2‑1 above, a public hearing shall be held by the corporate authorities at a time and place to be designated by them upon such proposal, pursuant to notice of public hearing duly published in a newspaper of general circulation published in said municipality or if no such newspaper is so published then in a newspaper published in the county in which said municipality is wholly or partially situated that has a general circulation in said municipality. Said notice shall be so published not less than 15 days nor more than 30 days prior to the date of the hearing; and shall set forth a legal description of the property or properties to be so exchanged, as well as the property or properties that the municipality is to receive through such exchange, and the proposed terms and conditions otherwise of such exchange. (Source: P.A. 81‑858.) |
(65 ILCS 5/11‑76.2‑3) (from Ch. 24, par. 11‑76.2‑3) Sec. 11‑76.2‑3. After the conclusion of said public hearing, the corporate authorities of the municipality may by a 3/4 vote of the corporate authorities then holding office authorize the exchange as proposed, or as modified as they may find desirable after the holding of the hearing. In case an exchange is so authorized, the authorization shall be by ordinance, wherein findings shall be made as follows: (1) that the premises to be conveyed by the municipality under such exchange, in the opinion of the city council or board of trustees are no longer needed by the municipality for the public interest; (2) that the premises to be received by the municipality under such exchange will prove useful to the municipality and will be for the public interest; and (3) that the total value of the substitutional premises is approximately equal to or exceeds the value of the premises for which same are being exchanged, as determined by the corporate authorities, taking into consideration the long term best interest of the public. (Source: P.A. 81‑858.) |
(65 ILCS 5/11‑76.2‑4) (from Ch. 24, par. 11‑76.2‑4) Sec. 11‑76.2‑4. When the ordinance has been adopted, an exchange agreement entered into and consideration secured, as provided under such authorized exchange, the mayor or president, and the municipal clerk, may convey the real estate to be given by the municipality under such exchange and transfer same, by proper deed of conveyance, stating therein the consideration therefor, with the seal of the municipality. (Source: P.A. 81‑858.) |
