Illinois General Assembly - Full Text of Public Act 096-1209
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Public Act 096-1209


 

Public Act 1209 96TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 096-1209
 
SB3505 EnrolledLRB096 17669 RCE 33031 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    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
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.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/22/2010