Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 210/13.2

(70 ILCS 210/13.2) (from Ch. 85, par. 1233.2)

Sec. 13.2.

  The McCormick Place Expansion Project Fund is created in
the State Treasury. All moneys in the McCormick Place Expansion Project
Fund are allocated to and shall be appropriated and used only for the
purposes authorized by and subject to the limitations and conditions of
this Section.  Those amounts may be appropriated by law to
the Authority
for the purposes of paying the debt service requirements on all bonds and
notes, including bonds and notes issued to refund or advance
refund bonds and notes issued under this Section, Section 13.1, or issued to refund or
advance refund bonds and notes otherwise issued under this Act, (collectively
referred to as
"bonds") to be issued by the Authority under this Section in an aggregate
original principal amount (excluding the amount of any bonds and
notes issued to refund or advance refund bonds or notes issued under this
Section and Section 13.1) not to exceed $2,850,000,000 for the purposes
of
carrying out and
performing its duties and exercising its powers under this Act.
 The increased debt authorization of $450,000,000 provided by Public Act 96-898 shall be used solely for the purpose of: (i) hotel construction and related necessary capital improvements; (ii) other needed capital improvements to existing facilities; and (iii) land acquisition for and construction of one multi-use facility on property bounded by East Cermak Road on the south, East 21st Street on the north, South Indiana Avenue on the west, and South Prairie Avenue on the east in the City of Chicago, Cook County, Illinois; these limitations do not apply to the increased debt authorization provided by Public Act 100-23. No bonds issued to refund or advance refund bonds issued under this Section may mature later than
 40 years from the date of issuance of the refunding or  advance refunding bonds.  After the aggregate original principal
amount of
bonds authorized in this Section has been issued, the
payment of any
principal amount of such bonds does not authorize the issuance of
additional bonds (except refunding bonds). Any bonds and notes issued under this Section in any year in which there is an outstanding "post-2010 deficiency amount" as that term is defined in Section 13 (g)(3) of this Act shall provide for the payment to the State Treasurer of the amount of that deficiency. Proceeds from the sale of bonds issued pursuant to the increased debt authorization provided by Public Act 100-23 may be used for any corporate purpose of the Authority in fiscal years 2021 and 2022 and for the payment to the State Treasurer of any unpaid amounts described in paragraph (3) of subsection (g) of Section 13 of this Act as part of the "2010 deficiency amount" or the "Post-2010 deficiency amount".

On the first day of each month commencing after July 1, 1993, amounts, if
any, on deposit in the McCormick Place Expansion Project Fund shall,
subject to appropriation, be paid in full to the Authority or, upon its
direction, to the trustee or trustees for bondholders of bonds that by
their terms are payable from the moneys received from the McCormick Place
Expansion Project Fund, until an amount equal to 100% of the
aggregate amount of the principal and interest in the fiscal year,
including that pursuant to sinking fund requirements, has been so paid and
deficiencies in reserves shall have been remedied.

The State of Illinois pledges to and agrees with the holders of the bonds
of the Metropolitan Pier and Exposition Authority issued under this
Section that the State will not limit or alter the rights and powers vested
in the Authority by this Act so as to impair the terms of any contract made
by the Authority with those holders or in any way impair the rights and
remedies of those holders until the bonds, together with interest thereon,
interest on any unpaid installments of interest, and all costs and
expenses in connection with any action or proceedings by or on behalf of
those holders are fully met and discharged; provided that any increase in
the Tax Act Amounts specified in Section 3 of the Retailers' Occupation Tax
Act, Section 9 of the Use Tax Act, Section 9 of the Service Use Tax Act,
and Section 9 of the Service Occupation Tax Act required to be deposited
into the Build Illinois Bond Account in the Build Illinois Fund pursuant to
any law hereafter enacted shall not be deemed to impair the rights of such
holders so long as the increase does not result in the aggregate debt
service payable in the current or any future fiscal year of the State on
all bonds issued pursuant to the Build Illinois Bond Act and the
Metropolitan Pier and Exposition Authority Act and payable from tax
revenues specified in Section 3 of the Retailers' Occupation Tax Act,
Section 9 of the Use Tax Act, Section 9 of the Service Use Tax Act, and
Section 9 of the Service Occupation Tax Act exceeding 33 1/3% of such tax
revenues for the most recently completed fiscal year of the State at the
time of such increase. In addition, the State pledges to and agrees with
the holders of the bonds of the Authority issued under this Section that
the State will not limit or alter the basis on which State funds are to be
paid to the Authority as provided in this Act or the use of those funds so
as to impair the terms of any such contract; provided that any increase in
the Tax Act Amounts specified in Section 3 of the Retailers' Occupation Tax
Act, Section 9 of the Use Tax Act, Section 9 of the Service Use Tax Act,
and Section 9 of the Service Occupation Tax Act required to be deposited
into the Build Illinois Bond Account in the Build Illinois Fund pursuant to
any law hereafter enacted shall not be deemed to impair the terms of any
such contract so long as the increase does not result in the aggregate debt
service payable in the current or any future fiscal year of the State on
all bonds issued pursuant to the Build Illinois Bond Act and the
Metropolitan Pier and Exposition Authority Act and payable from tax
revenues specified in Section 3 of the Retailers' Occupation Tax Act,
Section 9 of the Use Tax Act, Section 9 of the Service Use Tax Act, and
Section 9 of the Service Occupation Tax Act exceeding 33 1/3% of such tax
revenues for the most recently completed fiscal year of the State at the
time of such increase. The Authority is authorized to include these pledges
and agreements with the State in any contract with the holders of bonds
issued under this Section.

The State shall not be liable on bonds of the Authority issued under this
Section, those bonds shall not be a debt of the State, and this Act shall
not be construed as a guarantee by the State of the debts of the Authority.
The bonds shall contain a statement to this effect on the face of the bonds.

(Source: P.A. 101-636, eff. 6-10-20; 102-558, eff. 8-20-21.)