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| Public Act 096-1209 | ||||
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Metropolitan Civic Center Support Act is | ||||
amended by adding Section 19 as follows: | ||||
(30 ILCS 355/19 new) | ||||
Sec. 19. Annual payments of principal and interest; local | ||||
option. | ||||
(a) If the State has issued its bonds pursuant to Section 7 | ||||
of this Act on
behalf of a local Civic Center Authority to help | ||||
fund the construction of the Authority's
facilities, if those | ||||
bonds have been outstanding for at least 10 years, and if the | ||||
board
of trustees or the city council of the village or city | ||||
where the Civic Center Authority is
located makes a finding in | ||||
a duly adopted ordinance that it is no longer feasible to | ||||
operate
or cause the facilities of the Authority to be operated | ||||
in such a manner that, collectively,
they will earn sufficient | ||||
revenues for the Authority to pay all of its operating costs, | ||||
then the board of trustees or city council may, at its option, | ||||
apply to the State for relief from the terms of any and all | ||||
Support Agreements between the State and the Authority. | ||||
(b) When applying to the State for relief from the terms of | ||||
any such Support
Agreement, the board of trustees or city | ||||
council must enter into a written agreement
with the State, | ||
Department of Commerce and Economic Opportunity, whereby the | ||
board of trustees or city council agrees to make the annual | ||
principal and interest payments on any and all outstanding | ||
bonds issued by the State on behalf of the village's or city's | ||
Civic
Center Authority until all such outstanding bonds have | ||
been paid in full. In addition,
the written agreement shall | ||
provide that the board of trustees or city council shall | ||
deposit
the amount of each annual principal and interest | ||
payment on all such outstanding bonds
with the State | ||
Treasurer's Office at least 30 days before the due date of all | ||
such annual
payments. Upon the execution of such an agreement | ||
between the State of Illinois,
Department of Commerce and | ||
Economic Opportunity, and the board of trustees or city
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council, the Board of the local Metropolitan Exposition, | ||
Auditorium and Office
Building Authority of that village or | ||
city shall declare an abandonment of all of its
facilities and | ||
activities, and the board of trustees or city council may adopt | ||
an ordinance
dissolving its Civic Center Authority.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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