SAVIANO-CAPPARELLI-MCAULIFFE-BUGIELSKI-MAUTINO AND LANG.
METRO PIER EXPO-BONDS
Synopsis of Bill as introduced:
Amends the Metropolitan Pier and Exposition Authority Act.
Provides that the surplus revenues of the Authority shall be used for
the repair, replacement, and improvement of the grounds, buildings,
and facilities of the Authority (now for capital repair and
rehabilitation of the grounds, buildings, facilities of the expansion
project). Provides that bonds issued by the Authority may not exceed
an aggregate original principal amount of $1,037,000,000 (now
$937,000,000). Provides that any member, officer or employee of the
Authority may be designated to authorize the wire transfer of funds
deposited by the secretary-treasurer in a bank or savings and loan
association (now in a bank or savings and loan association for the
payment of payroll and employee benefits related expenses). Amends
the State Finance Act, the Use Tax Act, the Service Use Tax Act, the
Service Occupation Tax Act, and the Retailers' Occupation Tax Act.
Provides for specified monthly installment deposits into the McCormick
Place Expansion Project Fund for fiscal years 2005, 2006, 2007, and
thereafter from moneys collected under the Use Tax Act, the Service
Use Tax Act, the Service Occupation Tax Act, and the Retailers'
Occupation Tax Act. Provides that the monthly installment deposits
shall not be made after fiscal year 2029. Effective immediately.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
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