# 50 ILCS 470/5: Section 5

> Illinois · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S5

## Section

- **Citation:** 50 ILCS 470/5
- **Heading:** Section 5
- **Jurisdiction:** Illinois
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Illinois Code / Chapter 50 / Act 470 / Section 5

## Text

(50 ILCS 470/5) Sec. 5. Purpose. It is hereby found and declared that the purpose of this Act is to promote, stimulate, and develop the general and economic welfare of the State of Illinois and its communities and to assist in the development and redevelopment of major tourism, entertainment, retail, and related destination projects within eligible areas of the State, thereby creating new jobs, stimulating significant capital investment, and promoting the general welfare of the citizens of this State, by authorizing municipalities and counties to issue sales tax and revenue (STAR) bonds for the financing of STAR bond projects as defined in Section 10, and to otherwise exercise the powers and authorities granted to municipalities. It is further found and declared to be the policy of the State, in the interest of promoting the health, safety, morals, and general welfare of all the people of the State, to provide incentives to create new job opportunities and to promote major tourism, entertainment, retail, and related destination projects within the State. It is further found and declared: (a) that it is in the public interest to limit the portion of the aggregate proceeds of

## Nearby sections

- [50 ILCS 470/1 Section 1](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S1.md)
- [50 ILCS 470/5 Section 5](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S5.md)
- [50 ILCS 470/10 Section 10](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S10.md)
- [50 ILCS 470/15 Section 15](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S15.md)
- [50 ILCS 470/20 Section 20](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S20.md)
- [50 ILCS 470/25 Section 25](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S25.md)
- [50 ILCS 470/30 Section 30](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S30.md)
- [50 ILCS 470/31 Section 31](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S31.md)
- [50 ILCS 470/33 Section 33](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S33.md)
- [50 ILCS 470/35 Section 35](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S35.md)
- [50 ILCS 470/40 Section 40](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S40.md)
- [50 ILCS 470/45 Section 45](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S45.md)
- [50 ILCS 470/50 Section 50](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S50.md)
- [50 ILCS 470/52 Section 52](https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S52.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_C50_A470_S5. Check the current official text before relying on it. Not legal advice.