Bill Status of HB3756 94th General Assembly
Short Description: MCCORMICK PLACE BONDS
Rep. Angelo Saviano - Kurt M. Granberg - Kenneth Dunkin - Lovana Jones
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Finance Act, the Use Tax Act, the Service Occupation Tax Act, the Service Use Tax Act, and the Retailers' Occupation Tax Act concerning moneys deposited into the McCormick Place Expansion Project Fund. Provides that moneys deposited into the Fund from collections from use and occupation taxes shall be deposited into the Fund as "Base Deposits" and "Additional Deposit" (now, the moneys are deposited into the Fund as a singe "Total Deposit"). Provides that moneys must be deposited into the Fund each fiscal year in which there are outstanding bonds until fiscal year 2046 (now, fiscal year 2042). In the State Finance Act, provides that the Chairman of the Metropolitan Pier and Exposition Authority must annually certify an amount equal to (i) the Base Deposit into the Fund plus (ii) the Additional Deposit into the Fund that is required to pay the Debt Service Requirements on all outstanding bonds minus (iii) amounts available to pay debt service in that fiscal year (now, the Chairman must certify an amount required to pay the debt service on existing bonds). Amends the Metropolitan Pier and Exposition Authority Act. Provides for monthly payments from the special trust fund to the McCormick Place Expansion Project Fund of an amount equal to the Additional Deposit certified by the Chairman of the Authority (now, provides for monthly payments of the entire certified amount). Provides for monthly payments from the McCormick Place Expansion Project Fund to the Authority of the entire amount certified by the Chairman (now, requires monthly payments of the Debt Service Requirement). Provides that the Authority may not issue bonds and notes if, at the time of issuance, the requirements in any fiscal year for payment of principal and interest for all outstanding bonds and notes exceeds the Total Deposit to be transferred to the Fund McCormick Place Expansion Project Fund under the State Finance Act (now, the Authority may issue bonds and notes in an aggregate principle amount not to exceed $2,107,000,000). Provides that no bonds issued to refund or advance refund the Authority's bonds may mature later than fiscal year 2046 (now, the refund bonds may not mature later than the longest maturity date of the series of bonds being refunded). Effective immediately.