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1 | AN ACT concerning sports facilities.
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2 | Be it enacted by the People of the State of Illinois, | ||||||||||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 1. Short title. This Act may be cited as the Kane | ||||||||||||||||||||||||||
5 | County
Sports Facilities Authority Act.
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6 | Section 5. Definitions. In this Act:
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7 | "Assistance Agreement" means one or more legally binding | ||||||||||||||||||||||||||
8 | contracts, with
respect to a facility for which the Authority | ||||||||||||||||||||||||||
9 | is to provide financial
assistance as provided in this Act, to | ||||||||||||||||||||||||||
10 | which the Authority and a governmental
owner of a facility or | ||||||||||||||||||||||||||
11 | its tenant, or both, and any other appropriate persons
are | ||||||||||||||||||||||||||
12 | parties, which may be in the form of an intergovernmental | ||||||||||||||||||||||||||
13 | agreement.
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14 | "Authority" means the Kane County Sports Facilities | ||||||||||||||||||||||||||
15 | Authority.
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16 | "Facility" means any of the following:
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17 | (1) Stadiums, arenas, or other structures for the | ||||||||||||||||||||||||||
18 | holding of athletic
contests or events, including | ||||||||||||||||||||||||||
19 | baseball, football, hockey, and automobile
racing; | ||||||||||||||||||||||||||
20 | musical, dramatic, and other artistic or social events, or | ||||||||||||||||||||||||||
21 | public
meetings and other public events.
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22 | (2) Practice fields, or other areas where | ||||||||||||||||||||||||||
23 | professional, amateur, or
semi-professional sports teams |
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| |||||||
1 | may practice or perform.
| ||||||
2 | "Facility" also means the following types of property if | ||||||
3 | that
property is directly related to an item listed in | ||||||
4 | paragraphs (1) or
(2) of this definition:
| ||||||
5 | (i) Offices, parking lots and garages, landscaping | ||||||
6 | and open spaces,
access roads,
transportation | ||||||
7 | facilities, restaurants, and stores.
| ||||||
8 | (ii) Other recreation areas.
| ||||||
9 | (iii) Other property or structures, including all
| ||||||
10 | fixtures, furnishings, and appurtenances normally | ||||||
11 | associated with such
facilities.
| ||||||
12 | "Financial Assistance" means the use by the Authority, | ||||||
13 | pursuant to an
assistance agreement, of its powers under the | ||||||
14 | Act, including, without
limitation, the power to borrow money, | ||||||
15 | to issue bonds and notes, to assist a
governmental owner or its | ||||||
16 | tenants, or both, with one or more of the following:
designing, | ||||||
17 | developing, establishing, constructing, erecting, acquiring,
| ||||||
18 | repairing, reconstructing, renovating, remodeling, adding to, | ||||||
19 | extending,
improving, equipping, operating, and maintaining a | ||||||
20 | facility owned or be owned
by
the governmental owner.
| ||||||
21 | "Governmental Owner" means a body politic, public | ||||||
22 | corporation, political
subdivision, unit of local government, | ||||||
23 | or municipality formed under the laws of
the State of Illinois | ||||||
24 | that owns or is to own a facility located within the
corporate | ||||||
25 | limits of the Authority described in Section 50 of this Act and | ||||||
26 | to
which the Authority provides financial assistance.
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1 | "Loan agreement" means a legally binding contract between | ||||||
2 | the Authority and
an owner of a facility, pursuant to which the | ||||||
3 | Authority agrees to make loans to
the owner for the purpose of | ||||||
4 | (i) constructing, acquiring, operating, repairing,
| ||||||
5 | rehabilitating, or managing a facility and the site on which a | ||||||
6 | facility is or
is to be located, which facility or site must be | ||||||
7 | located in Kane County, and (ii) infrastructure improvements
| ||||||
8 | related to the facility.
| ||||||
9 | "Management Agreement" means a legally binding contract | ||||||
10 | between the Authority
and a tenant of a facility owned by the | ||||||
11 | Authority, which contains at least the
following provisions:
| ||||||
12 | (A) a provision requiring the tenant to conduct its | ||||||
13 | complete regular home
season schedule and any home playoff | ||||||
14 | events in the facility;
| ||||||
15 | (B) a provision requiring the tenant to provide routine | ||||||
16 | maintenance of and
to operate the facility with its | ||||||
17 | personnel or contractors;
| ||||||
18 | (C) a provision requiring the tenant to advertise and | ||||||
19 | promote events it
conducts at the facility;
| ||||||
20 | (D) a provision requiring the tenant to operate or | ||||||
21 | contract for
concessions for the patrons of the facility; | ||||||
22 | and
| ||||||
23 | (E) a provision permitting the Authority or its | ||||||
24 | designee to hold other
events in any such facility owned by | ||||||
25 | the Authority at such times as shall not
unreasonably | ||||||
26 | interfere with the use of that facility by the tenant.
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1 | "Tenant" means any person with which a governmental owner | ||||||
2 | or the Authority
has entered into an agreement for the use by a | ||||||
3 | sports team of any facility.
Such an agreement may be a | ||||||
4 | management agreement or an assistance agreement or
may be a | ||||||
5 | lease of or a license, permit or similar agreement with respect | ||||||
6 | to the
use of a facility by such team for such period as shall | ||||||
7 | be agreed upon by the
person and the governmental owner or the | ||||||
8 | Authority, as the case may be.
| ||||||
9 | Section 10. Legislative finding and declaration. The | ||||||
10 | General Assembly finds
that as a result of deteriorating | ||||||
11 | infrastructure and sports facilities there is
a shortage of | ||||||
12 | sports facilities suitable for use by professional, amateur, or
| ||||||
13 | semi-professional sports teams and other musical, theatrical, | ||||||
14 | and other social
organizations.
| ||||||
15 | It is further found that as a result of the costs to repair | ||||||
16 | or replace the
infrastructure and facilities, and as a result | ||||||
17 | of current financing costs,
the private sector, without the | ||||||
18 | assistance contemplated in this Act, is unable
to construct | ||||||
19 | feasibly adequate sports facilities.
| ||||||
20 | It is further found that the creation of modern sports | ||||||
21 | facilities and the
other results contemplated by this Act would | ||||||
22 | stimulate economic activity in the
State of Illinois, including | ||||||
23 | the creation and maintenance of jobs, the creation
of new and | ||||||
24 | lasting infrastructure and other improvements, and the | ||||||
25 | retention of
sports and entertainment events that generate |
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1 | economic activity.
| ||||||
2 | It is further found that sports facilities can be magnets | ||||||
3 | for
substantial interstate tourism resulting in increased | ||||||
4 | retail sales, hotel and
restaurant sales, and entertainment | ||||||
5 | industry sales, all of which increase jobs
and economic growth.
| ||||||
6 | Section 15. Authority and Board created.
| ||||||
7 | (a) The Kane County Sports Facilities Authority is created | ||||||
8 | as a
State agency.
| ||||||
9 | (b) The governing and administrative powers of the | ||||||
10 | Authority shall be
vested in a body known as the Kane County | ||||||
11 | Sports Facilities Authority
Board. The Board shall consist of 8 | ||||||
12 | members: a Chair and 7 additional members,
all of whom are | ||||||
13 | appointed by the chairperson of the Kane County Board, with the | ||||||
14 | advice and consent of the Kane County Board.
| ||||||
15 | No member shall be
employed by the State or any political | ||||||
16 | subdivision of the State or
by any department or agency of the | ||||||
17 | State or any political subdivision of
the State.
| ||||||
18 | Section 20. Terms of appointments.
| ||||||
19 | (a) On the effective date of this Act:
| ||||||
20 | (1) The Chair and 3 other
members of the Board shall be | ||||||
21 | appointed for initial terms expiring June 30 of 2011.
| ||||||
22 | (2) 2 members of the Board for
initial terms expiring | ||||||
23 | June 30 of 2010.
| ||||||
24 | (3) 2 members of the Board for
initial terms expiring |
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| |||||||
1 | June 30 of 2009.
| ||||||
2 | (b) At the expiration of the term of any member, the | ||||||
3 | chairperson of the Kane County Board shall appoint the member's | ||||||
4 | successor in the
same manner as appointments for the initial | ||||||
5 | terms. All successors shall hold
office for a term of 3 years | ||||||
6 | from the first day of July of the year in which
they are | ||||||
7 | appointed, except in the case of an appointment to fill a | ||||||
8 | vacancy.
Each member, including the Chair, shall hold office | ||||||
9 | until the expiration of the
member's term and until the | ||||||
10 | member's successor is appointed and qualified.
Nothing shall | ||||||
11 | preclude a member or a Chair from serving consecutive terms.
| ||||||
12 | (c) Vacancies for members and for the Chair shall be filled | ||||||
13 | in the same
manner as original appointments for the balance of | ||||||
14 | the unexpired term.
| ||||||
15 | Section 25. Actions of the Authority.
| ||||||
16 | (a) Six members of the Authority constitute a quorum for | ||||||
17 | the purpose of
conducting business. Actions of the Authority | ||||||
18 | must receive the affirmative
vote of at least 6 members. The | ||||||
19 | Authority shall determine the times and places
of its meetings. | ||||||
20 | The members of the Authority shall serve without compensation
| ||||||
21 | for service as a member but are entitled to reimbursement of | ||||||
22 | reasonable
expenses incurred in the performance of their | ||||||
23 | official duties.
| ||||||
24 | (b) The Authority shall annually elect a secretary and a | ||||||
25 | treasurer.
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1 | (c) An executive committee appointed by the chairperson of | ||||||
2 | the Kane County Board made up of 4 members,
including the | ||||||
3 | Chair, have the authority to operate the Authority on a
| ||||||
4 | day-to-day basis, with the powers and duties determined by the | ||||||
5 | bylaws of the
Authority.
| ||||||
6 | Section 30. Executive Director. The Authority shall | ||||||
7 | appoint an
Executive Director, who is the chief executive | ||||||
8 | officer of the
Authority. In addition to any other duties set | ||||||
9 | forth in this Act, the
Executive Director shall do the | ||||||
10 | following:
| ||||||
11 | (1) Direct and supervise the administrative affairs | ||||||
12 | and activities of the
Authority, in accordance with its | ||||||
13 | rules, regulations, and policies.
| ||||||
14 | (2) Attend meetings of the Authority.
| ||||||
15 | (3) Keep minutes of all proceedings of the Authority.
| ||||||
16 | (4) Approve all accounts for salaries, per diem | ||||||
17 | payments, and allowable
expenses of the Authority and its | ||||||
18 | employees and consultants and approve all
expenses | ||||||
19 | incidental to the operation of the Authority.
| ||||||
20 | (5) Report and make recommendations to the Authority
on | ||||||
21 | the merits and status of any proposed facility.
| ||||||
22 | (6) Perform any other duty that the Authority requires
| ||||||
23 | for carrying out the provisions of this Act.
| ||||||
24 | Section 35. Powers.
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1 | (a) In addition to the powers set forth elsewhere in this | ||||||
2 | Act, the Authority
may do the following:
| ||||||
3 | (1) Adopt and alter an official seal.
| ||||||
4 | (2) Sue and be sued, plead and be impleaded, all in its | ||||||
5 | own name, and
agree to binding arbitration of any dispute | ||||||
6 | to which it is a party.
| ||||||
7 | (3) Adopt bylaws, rules, and regulations to carry out | ||||||
8 | the provisions of
this Act.
| ||||||
9 | (4) Maintain an office or offices at the place the | ||||||
10 | Authority may
designate.
| ||||||
11 | (5) Employ, either as regular employees or independent | ||||||
12 | contractors,
consultants, engineers, architects, | ||||||
13 | accountants, attorneys, financial experts,
construction | ||||||
14 | experts and personnel, superintendents, managers and other
| ||||||
15 | professional personnel, and such other personnel as may be | ||||||
16 | necessary in the
judgment of the Authority, and fix their | ||||||
17 | compensation.
| ||||||
18 | (6) Acquire, hold, lease as lessor or as lessee, use, | ||||||
19 | encumber, transfer,
or dispose of real and personal | ||||||
20 | property, including the alteration of or
demolition of | ||||||
21 | improvements to real estate.
| ||||||
22 | (7) Enter into contracts of any kind.
| ||||||
23 | (8) Enter into one or more loan agreements with an | ||||||
24 | owner of a facility
that conform to the requirements of | ||||||
25 | this Act and that may contain provisions as
the Authority | ||||||
26 | shall determine, including, without limit: (i) provisions
|
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| |||||||
1 | granting the owner the right and option to extend the term | ||||||
2 | of the loan
agreement; (ii) provisions creating an | ||||||
3 | assignment and pledge by the Authority
of certain of the | ||||||
4 | Authority's revenues and receipts to be received under this
| ||||||
5 | Act for the benefit of the owner of the facility as further | ||||||
6 | security for
performance by the Authority of its | ||||||
7 | obligations under the loan agreement; and
(iii) provisions | ||||||
8 | requiring the establishment of reserves by the Authority or | ||||||
9 | by
the owner, or both, as further security for the | ||||||
10 | performance of their respective
obligations under the loan | ||||||
11 | agreement.
| ||||||
12 | (9) Borrow money from any source for any lawful | ||||||
13 | purpose, including
working capital for its operations, | ||||||
14 | reserve funds, or interest, and to
mortgage, pledge or | ||||||
15 | otherwise encumber the property or funds of the Authority
| ||||||
16 | and to contract with or engage the services of any person | ||||||
17 | in connection with
any financing, including financial | ||||||
18 | institutions, issuers of letters of credit,
or insurers and | ||||||
19 | enter into reimbursement agreements with this person which | ||||||
20 | may
be secured as if money were borrowed from the person.
| ||||||
21 | (10) Receive and accept from any private or public | ||||||
22 | source, contributions,
gifts, or grants of money or | ||||||
23 | property.
| ||||||
24 | (11) Make loans from proceeds or funds otherwise | ||||||
25 | available to the extent
necessary or appropriate to | ||||||
26 | accomplish the purposes of the Authority.
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| |||||||
1 | (12) Provide for the insurance of any property, | ||||||
2 | operations, officers,
agents, or employees of the | ||||||
3 | Authority against any risk or hazard and provide
for the | ||||||
4 | indemnification of its members, employees, contractors, or | ||||||
5 | agents
against any and all risks.
| ||||||
6 | (13) Provide relocation assistance and compensation | ||||||
7 | for landowners and
their lessees displaced by any land | ||||||
8 | acquisition of the Authority, including the
acquisition of | ||||||
9 | land and construction of replacement housing thereon as the
| ||||||
10 | Authority shall determine.
| ||||||
11 | (14) Exercise all the corporate powers granted | ||||||
12 | Illinois corporations under
the Business Corporation Act | ||||||
13 | of 1983, except to the extent that powers are
inconsistent | ||||||
14 | with those of a body politic and corporate of the State.
| ||||||
15 | (15) Determine the locations of, develop, design, | ||||||
16 | establish, construct,
erect, acquire, own, repair, | ||||||
17 | reconstruct, renovate, remodel, add to, extend,
improve, | ||||||
18 | equip, operate, regulate and maintain facilities and | ||||||
19 | provide financial
assistance to governmental owners or | ||||||
20 | their tenants or both, pursuant to an
assistance agreement | ||||||
21 | to do the foregoing, in each case to the extent necessary
| ||||||
22 | to accomplish the purposes of the Authority.
| ||||||
23 | (16) Regulate the use and operation of facilities that | ||||||
24 | are developed under
the provisions of this Act.
| ||||||
25 | (17) Enter into one or more management agreements which | ||||||
26 | conform to the
requirements of this Act and which may |
| |||||||
| |||||||
1 | contain such provisions as the Authority
shall determine, | ||||||
2 | including, without limitation (i) provisions allocating
| ||||||
3 | receipts from rents, rates, fees, and charges for use of | ||||||
4 | the facility or for
services rendered in connection with | ||||||
5 | the facility between the Authority and the
tenant of the | ||||||
6 | facility; (ii) provisions providing for or limiting | ||||||
7 | payments to
the Authority for use of the facility based on | ||||||
8 | levels of attendance or
receipts, or both attendance and | ||||||
9 | receipts, of the tenant from admission
charges, parking | ||||||
10 | concessions, advertising, radio and television, and other
| ||||||
11 | sources; (iii) provisions obligating the Authority to make | ||||||
12 | payments to the
tenant with respect to expenses of routine | ||||||
13 | maintenance and operation of any
facility and operating | ||||||
14 | expenses of the tenant with respect to use of the
facility; | ||||||
15 | (iv) provisions requiring the Authority to pay liquidated | ||||||
16 | damages to
the tenant for failure of timely completion of | ||||||
17 | construction of any new
facility; (v) provisions | ||||||
18 | permitting the Authority to grant rent-free occupancy
of an | ||||||
19 | existing facility pending completion of construction of | ||||||
20 | any new facility
and requiring the Authority to pay certain | ||||||
21 | incremental costs of maintenance,
repair, replacement, and | ||||||
22 | operation of an existing facility in the event of
failure | ||||||
23 | of timely completion of construction of any new facility; | ||||||
24 | (vi)
provisions requiring the Authority to reimburse the | ||||||
25 | tenant for certain State
and local taxes and provisions | ||||||
26 | permitting reductions of payments due the
Authority by the |
| |||||||
| |||||||
1 | tenant or reimbursement of the tenant by the Authority in | ||||||
2 | the
event of imposition of certain new State and local | ||||||
3 | taxes, or the increase above
specified levels of certain | ||||||
4 | existing State and local taxes, or both; (vii)
provisions | ||||||
5 | obligating the Authority to purchase tickets to events | ||||||
6 | conducted by
the tenant based upon specified attendance | ||||||
7 | levels; (viii) provisions granting
the tenant the right and | ||||||
8 | option to extend the term of the management agreement;
and | ||||||
9 | (ix) provisions requiring the establishment of reserves by | ||||||
10 | the Authority or
by the tenant, or both, as further | ||||||
11 | security for the performance of their
respective | ||||||
12 | obligations under the management agreement.
| ||||||
13 | (18) Enter into one or more assistance agreements that | ||||||
14 | conform to the
requirements of this Act and that may | ||||||
15 | contain such provisions as the Authority
shall determine | ||||||
16 | establishing the rights and obligations of the Authority | ||||||
17 | and
the governmental owner or a tenant, or both, with | ||||||
18 | respect to the facility for
which the Authority is to | ||||||
19 | provide financial assistance.
| ||||||
20 | (19) Issue bonds or notes under Section 100 of this | ||||||
21 | Act.
| ||||||
22 | (20) Sell, convey, lease, or grant a permit or license | ||||||
23 | with respect to, or
by agreement authorize another person on | ||||||
24 | its behalf to sell, convey, lease or
grant a permit or license | ||||||
25 | with respect to (i) the right to use or the right to
purchase | ||||||
26 | tickets to use, or any other interest in, any seat or area |
| |||||||
| |||||||
1 | within a
facility; (ii) the right to name or place advertising | ||||||
2 | in all or any part of a
facility; or (iii) any intangible | ||||||
3 | personal property rights, including
intellectual property | ||||||
4 | rights, appurtenant to any facility, the proceeds of
which are | ||||||
5 | used for the purpose of carrying out the powers granted by the | ||||||
6 | Act.
| ||||||
7 | (21) Do all things necessary or convenient to carry out | ||||||
8 | the powers granted
by this Act.
| ||||||
9 | (b) The Authority may not construct or enter into a | ||||||
10 | contract to construct
more than one new stadium facility and | ||||||
11 | may not enter into assistance agreements
providing for the | ||||||
12 | reconstruction, renovation, remodeling, extension, or
| ||||||
13 | improvement of all or substantially all of more than one | ||||||
14 | existing facility
unless authorized by law.
| ||||||
15 | (c) The Authority may adopt such rules as are necessary to | ||||||
16 | carry out those
powers conferred and perform those duties | ||||||
17 | required by this Act.
| ||||||
18 | Section 40. Duties.
| ||||||
19 | (a) In addition to the powers set forth elsewhere in this | ||||||
20 | Act, subject to
the terms of any agreements with the holders of | ||||||
21 | the Authority's evidences of
indebtedness, the Authority shall | ||||||
22 | do the following:
| ||||||
23 | (1) Comply with all zoning, building, and land use | ||||||
24 | controls of the
municipality within which is located any | ||||||
25 | stadium facility owned by the
Authority or for which the |
| |||||||
| |||||||
1 | Authority provides financial assistance.
| ||||||
2 | (2) Enter into a loan agreement with an owner of a | ||||||
3 | facility to finance the
acquisition, construction, | ||||||
4 | maintenance, or rehabilitation of the facility. The
| ||||||
5 | agreement shall contain appropriate and reasonable | ||||||
6 | provisions with respect to
termination, default, and legal | ||||||
7 | remedies. The loan may be at below-market
interest rates.
| ||||||
8 | (3) Create and maintain a financial reserve for repair | ||||||
9 | and replacement of
capital assets.
| ||||||
10 | (b) In a loan agreement for the construction of a new | ||||||
11 | facility, in
connection with prequalification of general | ||||||
12 | contractors for construction of the
facility, the Authority | ||||||
13 | shall require that the owner of the facility require
submission | ||||||
14 | of a commitment detailing how the general contractor will | ||||||
15 | expend 25%
or more of the dollar value of the general contract | ||||||
16 | with one or more minority
business enterprises and 5% or more | ||||||
17 | of the dollar value with one or more female
business | ||||||
18 | enterprises. This commitment may be met by contractor's status | ||||||
19 | as a
minority business enterprise or female business | ||||||
20 | enterprise, by a joint venture,
or by subcontracting a portion | ||||||
21 | of the work with or by purchasing materials for
the work from | ||||||
22 | one or more such enterprises, or by any combination thereof. | ||||||
23 | Any
contract with the general contractor for construction of | ||||||
24 | the new facility shall
require the general contractor to meet | ||||||
25 | the foregoing obligations and shall
require monthly reporting | ||||||
26 | to the Authority with respect to the status of the
|
| |||||||
| |||||||
1 | implementation of the contractor's affirmative action plan and | ||||||
2 | compliance with
that plan. This report shall be filed with the | ||||||
3 | General Assembly. The Authority
shall require that the facility | ||||||
4 | owner establish and maintain an affirmative
action program | ||||||
5 | designed to promote equal employment opportunity and that
| ||||||
6 | specifies the goals and methods for increasing participation by | ||||||
7 | minorities and
women in a representative mix of job | ||||||
8 | classifications required to perform the
respective contracts. | ||||||
9 | The Authority shall file a report before March 1 of each
year | ||||||
10 | with the General Assembly detailing its implementation of this | ||||||
11 | subsection.
The terms "minority business enterprise" and | ||||||
12 | "female business enterprise" have
the meanings provided in the | ||||||
13 | Business Enterprise for Minorities, Females, and
Persons with | ||||||
14 | Disabilities Act.
| ||||||
15 | (c) With respect to a facility owned or to be owned by the | ||||||
16 | Authority, enter
or have entered into a management agreement | ||||||
17 | with a tenant of the Authority to
operate the facility that | ||||||
18 | requires the tenant to operate the facility for a
period at | ||||||
19 | least as long as the term of any bonds issued to finance the
| ||||||
20 | development, establishment, construction, erection, | ||||||
21 | acquisition, repair,
reconstruction, remodeling, adding to, | ||||||
22 | extension, improvement, equipping,
operation, and maintenance | ||||||
23 | of the facility. Such agreement shall contain
appropriate and | ||||||
24 | reasonable provisions with respect to termination, default, | ||||||
25 | and
legal remedies.
|
| |||||||
| |||||||
1 | Section 45. Reporting. Promptly following entering into a | ||||||
2 | management
agreement, an
assistance agreement, or a loan | ||||||
3 | agreement involving a new facility or facility
site, the | ||||||
4 | Authority shall submit a detailed written report and findings | ||||||
5 | of the
Authority with respect to the proposed management | ||||||
6 | agreement, assistance
agreement, or loan agreement to the | ||||||
7 | General Assembly.
| ||||||
8 | The report and findings of the Authority shall include the | ||||||
9 | following:
| ||||||
10 | (A) A detailed plan of the method of funding the | ||||||
11 | management agreement,
assistance agreement, or loan | ||||||
12 | agreement;
| ||||||
13 | (B) An evaluation of the economic consequences of the | ||||||
14 | proposed management
agreement, assistance agreement, or | ||||||
15 | loan agreement; and
| ||||||
16 | (C) If applicable, an analysis of the reasons for | ||||||
17 | acquiring a site for
constructing a new facility.
| ||||||
18 | Section 50. Territory. The territory of the Authority is | ||||||
19 | coterminous with the
boundaries of Kane County, Illinois.
| ||||||
20 | Section 55. Acquisition of property. The Authority may | ||||||
21 | acquire in its own
name, by gift or purchase, any real or | ||||||
22 | personal property, or interests in real
or personal property, | ||||||
23 | necessary or convenient to carry out its corporate
purposes. | ||||||
24 | The Authority may not acquire property by eminent domain.
|
| |||||||
| |||||||
1 | Section 60. Tax exemption.
| ||||||
2 | (a) Neither the Authority nor any governmental owner of a | ||||||
3 | facility or
that governmental owner's tenant shall be required | ||||||
4 | to pay property taxes on any
facility, nor shall the interest | ||||||
5 | of a tenant in any facility either owned by
the Authority or | ||||||
6 | owned by any governmental owner to which the Authority has
| ||||||
7 | provided financial assistance be subject to property taxes.
| ||||||
8 | (b) Bonds issued by the Authority, their transfer, the | ||||||
9 | interest payable on
them, and any income derived from them | ||||||
10 | shall be exempt from income taxes or
from taxation by any | ||||||
11 | political subdivisions, municipal corporations, or public
| ||||||
12 | agencies of any kind of this State. For purposes of Section 250 | ||||||
13 | of the Illinois
Income Tax Act, the exemption of the income | ||||||
14 | from bonds issued by the Authority
shall terminate after all of | ||||||
15 | the bonds have been paid. The amount of such
income that shall | ||||||
16 | be added and then subtracted on the Illinois income tax
return | ||||||
17 | of a taxpayer, pursuant to Section 203 of the Illinois Income | ||||||
18 | Tax Act,
from federal adjusted gross income or federal taxable | ||||||
19 | income in computing
Illinois base income shall be the interest | ||||||
20 | net of any bond premium
amortization.
| ||||||
21 | Section 65. Conflicts of interest; generally.
| ||||||
22 | (a) No members or employees of the Authority shall be
| ||||||
23 | employed by, be an officer or director of, or have any
| ||||||
24 | ownership interest in any corporation or entity that is a party |
| |||||||
| |||||||
1 | to a loan
agreement with the Authority under this Act.
| ||||||
2 | (b) No moneys of the Authority shall be deposited in any | ||||||
3 | financial
institution in which any officer, director, or holder | ||||||
4 | of a substantial
proprietary interest is also a member or | ||||||
5 | employee of the Authority.
| ||||||
6 | (c) No real estate to which a member or employee of the | ||||||
7 | Authority holds
legal title or in which such a person has any | ||||||
8 | beneficial interest, including
any interest in a land trust, | ||||||
9 | shall be purchased by the Authority, nor shall
any such | ||||||
10 | property be purchased by a corporation or entity for a
facility | ||||||
11 | to be financed under this Act. Every member and employee of the
| ||||||
12 | Authority shall file annually with the Authority a record of | ||||||
13 | all real estate in
this State to which the person holds legal | ||||||
14 | title or in which the person has any
beneficial interest, | ||||||
15 | including any interest in a land trust. In the event it is
| ||||||
16 | later disclosed that the Authority or other entity has | ||||||
17 | purchased real estate in
which a member or employee had an | ||||||
18 | interest, the purchase shall be voidable by
the Authority and | ||||||
19 | the member or employee involved shall be disqualified from
| ||||||
20 | membership in or employment by the Authority.
| ||||||
21 | Section 70. Conflicts of interest; contracts.
| ||||||
22 | (a) No member of the Authority or officer, agent, or | ||||||
23 | employee of the
Authority shall, in his or her own name or in | ||||||
24 | the name of a nominee, be an
officer or director of or hold an | ||||||
25 | ownership interest of more than 7.5% in any
person, |
| |||||||
| |||||||
1 | association, trust, corporation, partnership, or other entity | ||||||
2 | that is,
in its own name or in the name of a nominee, a party to | ||||||
3 | a contract or agreement
upon which the member or officer, | ||||||
4 | agent, or employee may be called upon to act
or vote.
| ||||||
5 | (b) With respect to any direct or any indirect interest, | ||||||
6 | other than an
interest prohibited in subsection (a), in a | ||||||
7 | contract or agreement upon which
the member or officer, agent, | ||||||
8 | or employee may be called upon to act or vote, a
member of the | ||||||
9 | Authority or officer, agent, or employee
of the Authority shall | ||||||
10 | disclose the same to the secretary of the
Authority before the | ||||||
11 | taking of final action by the Authority concerning the
contract | ||||||
12 | or agreement and shall so disclose the nature and extent of | ||||||
13 | such
interest and his or her acquisition thereof, which | ||||||
14 | disclosures shall be
publicly acknowledged by the Authority and | ||||||
15 | entered upon the minutes of the
Authority. If a member of the | ||||||
16 | Authority or officer, agent, or employee of the
Authority holds | ||||||
17 | such an interest, then he or she shall refrain from any further
| ||||||
18 | official involvement in regard to the contract or agreement, | ||||||
19 | from voting on any
matter pertaining to the contract or | ||||||
20 | agreement, and from communicating with
other members of the | ||||||
21 | Authority or its officers, agents, and employees
concerning the | ||||||
22 | contract or agreement. Notwithstanding any other provision of
| ||||||
23 | law, any contract or agreement entered into in conformity with | ||||||
24 | this subsection
(b) shall not be void or invalid by reason of | ||||||
25 | the interest described in this
subsection, nor shall any person | ||||||
26 | so disclosing the interest and
refraining from further official |
| |||||||
| |||||||
1 | involvement as provided in this subsection be
guilty of an | ||||||
2 | offense, be removed from office, or be subject to any other
| ||||||
3 | penalty on account of such interest.
| ||||||
4 | (c) Any contract or agreement made in violation of | ||||||
5 | subsection (a)
or (b) of this Section shall be null and void | ||||||
6 | and give rise to no
action against the Authority.
| ||||||
7 | Section 75. Records and reports of the Authority. The | ||||||
8 | secretary shall
keep a record of the proceedings of the | ||||||
9 | Authority. The treasurer of the
Authority shall be custodian of | ||||||
10 | all Authority funds and shall be bonded
in the amount the other | ||||||
11 | members of the Authority may designate. The
accounts and books | ||||||
12 | of the Authority shall be set up and maintained in a
manner | ||||||
13 | approved by the Auditor General, and the Authority shall file
| ||||||
14 | with the Auditor General a certified annual report within 120 | ||||||
15 | days after
the close of its fiscal year. The Authority shall | ||||||
16 | also file with the
Governor, the Secretary of the Senate, the | ||||||
17 | Clerk of the House of
Representatives, and the Illinois | ||||||
18 | Economic and Fiscal Commission, by March 1
of each year, a | ||||||
19 | written report covering its activities for the previous
fiscal | ||||||
20 | year. So filed, the report shall be a public record and open
| ||||||
21 | for inspection at the offices of the Authority during normal
| ||||||
22 | business hours.
| ||||||
23 | Section 85. No impairment of loan agreement. The State of
| ||||||
24 | Illinois pledges to and agrees with any facility owner under |
| |||||||
| |||||||
1 | any loan
agreement entered into by the Authority with respect | ||||||
2 | to a
facility that the State will not limit or alter the rights | ||||||
3 | and powers
vested in the Authority by this Act so as to impair | ||||||
4 | the terms of
the loan agreement or in any way impair the rights | ||||||
5 | and remedies
of the owner so long as the owner is not in | ||||||
6 | default under the loan
agreement. In addition, the State | ||||||
7 | pledges to and agrees with the owner that
the
State will not | ||||||
8 | limit the basis on which State funds are to be allocated,
| ||||||
9 | deposited, and paid to the Authority, or the use of those | ||||||
10 | funds, so as to
impair the terms of any such loan agreement. | ||||||
11 | The Authority is
authorized to include this pledge and | ||||||
12 | agreement of the State in the
loan agreement.
| ||||||
13 | Section 90. Volume cap. Notwithstanding any other | ||||||
14 | provision of law, the
Governor may allocate any volume cap | ||||||
15 | available to the State or any of its
agencies under the | ||||||
16 | Internal Revenue Code of 1986, including any
amounts carried | ||||||
17 | forward by the State or any of
its agencies with respect to | ||||||
18 | stadiums, to the Downstate Illinois Sports
Facilities | ||||||
19 | Authority, and the Authority may carry forward any amount | ||||||
20 | allocated
to it by the Governor or by any home rule unit.
| ||||||
21 | Section 100. Bonds and notes.
| ||||||
22 | (a) (1) The Authority may at any time and from time to time
| ||||||
23 | issue bonds and
notes for any corporate purpose, including the | ||||||
24 | establishment of reserves and
the payment of interest and costs |
| |||||||
| |||||||
1 | of issuance. In this Act the term "bonds"
includes notes of any | ||||||
2 | kind, interim certificates, refunding bonds or any other
| ||||||
3 | evidence of obligation for borrowed money issued under this | ||||||
4 | Section 100. Bonds
may be issued in one or more series and may | ||||||
5 | be payable and secured either on a
parity with or separately | ||||||
6 | from other bonds.
| ||||||
7 | (2) The bonds of any issue shall be payable solely from | ||||||
8 | all or any part
of the property or revenues of the | ||||||
9 | Authority, including, without limitation:
| ||||||
10 | (i) Rents, rates, fees, charges, or other revenues | ||||||
11 | payable to or any
receipts of the Authority, including | ||||||
12 | amounts which are deposited pursuant to
the Act with a | ||||||
13 | trustee for bondholders;
| ||||||
14 | (ii) Payments by financial institutions, insurance | ||||||
15 | companies, or others
pursuant to letters or lines of | ||||||
16 | credit, policies of insurance, or purchase
agreements;
| ||||||
17 | (iii) Investment earnings from funds or accounts | ||||||
18 | maintained pursuant
to a bond resolution or trust | ||||||
19 | agreement; and
| ||||||
20 | (iv) Proceeds of refunding bonds.
| ||||||
21 | (3) Bonds may be authorized by a resolution of the | ||||||
22 | Authority and may be
secured by a trust agreement by and | ||||||
23 | between the Authority and a corporate
trustee or trustees, | ||||||
24 | which may be any trust company or bank having the powers
of | ||||||
25 | a trust company within or without the State. Bonds may:
| ||||||
26 | (i) Mature at a time or times, whether as serial |
| |||||||
| |||||||
1 | bonds, as term
bonds, or as both, not exceeding 40 | ||||||
2 | years from their respective dates of issue;
| ||||||
3 | (ii) Notwithstanding the provision of "An Act to | ||||||
4 | authorize public
corporations to issue bonds, other | ||||||
5 | evidences of indebtedness and tax
anticipation | ||||||
6 | warrants subject to interest rate limitations set | ||||||
7 | forth therein",
approved May 26, 1970, as now or | ||||||
8 | hereafter amended, or any other provision of
law, bear | ||||||
9 | interest at any fixed or variable rate or rates | ||||||
10 | determined by the
method provided in the resolution or | ||||||
11 | trust agreement;
| ||||||
12 | (iii) Be payable at a time or times, in the | ||||||
13 | denominations and form,
either coupon, or registered, | ||||||
14 | or both, and carry the registration and
privileges as | ||||||
15 | to exchange, transfer or conversion and for the | ||||||
16 | replacement of
mutilated, lost or destroyed bonds as | ||||||
17 | the resolution or trust agreement may
provide;
| ||||||
18 | (iv) Be payable in lawful money of the United | ||||||
19 | States at a designated
place;
| ||||||
20 | (v) Be subject to the terms of purchase, payment, | ||||||
21 | redemption,
refunding, or refinancing that the | ||||||
22 | resolution or trust agreement provides;
| ||||||
23 | (vi) Be executed by the manual or facsimile | ||||||
24 | signatures of the officers
of the Authority designated | ||||||
25 | by the Authority which signatures shall be valid at
| ||||||
26 | delivery even for one who has ceased to hold office; |
| |||||||
| |||||||
1 | and
| ||||||
2 | (vii) Be sold in the manner and upon the terms | ||||||
3 | determined by the
Authority.
| ||||||
4 | (b) Any resolution or trust agreement may contain | ||||||
5 | provisions which shall
be part of the contract with the holders | ||||||
6 | of the bonds as to:
| ||||||
7 | (1) Pledging, assigning, or directing the use, | ||||||
8 | investment, or disposition
of all or any part of the | ||||||
9 | revenues of the Authority or proceeds or benefits of
any | ||||||
10 | contract including, without limit, any management | ||||||
11 | agreement or assistance
agreement and conveying or | ||||||
12 | otherwise securing any property or property rights;
| ||||||
13 | (2) The setting aside of loan funding deposits, debt | ||||||
14 | service reserves,
capitalized interest accounts, | ||||||
15 | replacement or operating reserves, cost of
issuance | ||||||
16 | accounts and sinking funds, and the regulation, | ||||||
17 | investment, and
disposition thereof;
| ||||||
18 | (3) Limitations on the purposes to which or the | ||||||
19 | investments in which the
proceeds of sale of any issue of | ||||||
20 | bonds or the Authority's revenues and receipts
may be | ||||||
21 | applied or made;
| ||||||
22 | (4) Limitations on the issue of additional bonds, the | ||||||
23 | terms upon which
additional bonds may be issued and | ||||||
24 | secured, the terms upon which additional
bonds may rank on | ||||||
25 | a parity with, or be subordinate or superior to, other | ||||||
26 | bonds;
|
| |||||||
| |||||||
1 | (5) The refinancing, advance refunding, or refinancing | ||||||
2 | of outstanding
bonds;
| ||||||
3 | (6) The procedure, if any, by which the terms of any | ||||||
4 | contract with
bondholders may be altered or amended and the | ||||||
5 | amount of bonds and holders of
which must consent thereto, | ||||||
6 | and the manner in which consent shall be given;
| ||||||
7 | (7) Defining the acts or omissions which shall | ||||||
8 | constitute a default in
the duties of the Authority to | ||||||
9 | holders of bonds and providing the rights or
remedies of | ||||||
10 | such holders in the event of a default which may include | ||||||
11 | provisions
restricting individual right of action by | ||||||
12 | bondholders;
| ||||||
13 | (8) Providing for guarantees, pledges of property, | ||||||
14 | letters of credit, or
other security, or insurance for the | ||||||
15 | benefit of bondholders; and
| ||||||
16 | (9) Any other matter relating to the bonds which the | ||||||
17 | Authority
determines appropriate.
| ||||||
18 | (c) No member of the Authority nor any person executing the | ||||||
19 | bonds shall be
liable personally on the bonds or subject to any | ||||||
20 | personal liability by reason
of the issuance of the bonds.
| ||||||
21 | (d) The Authority may enter into agreements with agents, | ||||||
22 | banks, insurers,
or others for the purpose of enhancing the | ||||||
23 | marketability of or security for its
bonds.
| ||||||
24 | (e) (1) A pledge by the Authority of revenues and receipts | ||||||
25 | as security
for an issue of bonds or for the performance of its | ||||||
26 | obligations under any
management agreement or assistance |
| |||||||
| |||||||
1 | agreement shall be valid and binding from
the time when the | ||||||
2 | pledge is made.
| ||||||
3 | (2) The revenues and receipts pledged shall | ||||||
4 | immediately be subject to
the lien of the pledge without | ||||||
5 | any physical delivery or further act, and the
lien of any | ||||||
6 | pledge shall be valid and binding against any person having | ||||||
7 | any
claim of any kind in tort, contract or otherwise | ||||||
8 | against the Authority,
irrespective of whether the person | ||||||
9 | has notice.
| ||||||
10 | (3) No resolution, trust agreement, management | ||||||
11 | agreement or assistance
agreement or any financing | ||||||
12 | statement, continuation statement, or other
instrument | ||||||
13 | adopted or entered into by the Authority need be filed or | ||||||
14 | recorded
in any public record other than the records of the | ||||||
15 | Authority in order to
perfect the lien against third | ||||||
16 | persons, regardless of any contrary provision of
law.
| ||||||
17 | (f) The Authority may issue bonds to refund, advance | ||||||
18 | refund, or refinance
any of its bonds then outstanding, | ||||||
19 | including the payment of any redemption
premium and any | ||||||
20 | interest accrued or to accrue to the earliest or any subsequent
| ||||||
21 | date of redemption, purchase or maturity of the bonds. | ||||||
22 | Refunding or advance
refunding bonds may be issued for the | ||||||
23 | public purposes of realizing savings in
the effective costs of | ||||||
24 | debt service, directly or through a debt restructuring,
for | ||||||
25 | alleviating impending or actual default, or for paying | ||||||
26 | principal of,
redemption premium, if any, and interest on bonds |
| |||||||
| |||||||
1 | as they mature or are subject
to redemption, and may be issued | ||||||
2 | in one or more series in an amount in excess
of that of the | ||||||
3 | bonds to be refunded.
| ||||||
4 | (g) At no time shall the total outstanding bonds and notes | ||||||
5 | of the Authority
issued under this Section 100 exceed (i) | ||||||
6 | $40,000,000 in connection with
facilities owned by the | ||||||
7 | Authority; and (ii) $40,000,000 in connection with
facilities | ||||||
8 | owned by a governmental owner other than the Authority. Bonds | ||||||
9 | which
are being paid or retired by issuance, sale or delivery | ||||||
10 | of bonds or notes, and
bonds or notes for which sufficient | ||||||
11 | funds have been deposited with the paying
agent or trustee to | ||||||
12 | provide for payment of principal and interest thereon, and
any | ||||||
13 | redemption premium, as provided in the authorizing resolution, | ||||||
14 | shall not be
considered outstanding for the purposes of this | ||||||
15 | paragraph.
| ||||||
16 | (h) The bonds and notes of the Authority shall not be | ||||||
17 | indebtedness of the
State, or of any political subdivision of | ||||||
18 | the State other than the Authority.
The bonds and notes of the | ||||||
19 | Authority are not general obligations of the State
of Illinois, | ||||||
20 | or of any other political subdivision of the State other than | ||||||
21 | the
Authority, and are not secured by a pledge of the full | ||||||
22 | faith and credit of the
State of Illinois, or of any other | ||||||
23 | political subdivision of the State other
than the Authority, | ||||||
24 | and the holders of bonds and notes of the Authority may not
| ||||||
25 | require the levy or imposition by the State, or any other | ||||||
26 | political subdivision
of the State other than the Authority, of |
| |||||||
| |||||||
1 | any taxes or, except as provided in
this Act, the application | ||||||
2 | of revenues or funds of the State of Illinois, or any
other | ||||||
3 | political subdivision of the State other than the Authority, to | ||||||
4 | the
payment of bonds and notes of the Authority.
| ||||||
5 | (i) In order to provide for the payment of debt service | ||||||
6 | requirements
(including amounts for reserve funds and to pay | ||||||
7 | the costs of credit
enhancements) on bonds issued pursuant to | ||||||
8 | this Act, the Authority may provide
in any trust agreement | ||||||
9 | securing such bonds for a pledge and assignment of its
right to | ||||||
10 | all amounts to be received from the Illinois Sports Facilities | ||||||
11 | Fund
and for a pledge and assignment (subject to the terms of | ||||||
12 | any management
agreement or assistance agreement) of all taxes | ||||||
13 | and other amounts to be
received under Section 100 of this Act | ||||||
14 | and may further provide written notice
to the State Treasurer | ||||||
15 | and State Comptroller (which notice shall constitute a
| ||||||
16 | direction to those officers) for a direct payment of these | ||||||
17 | amounts to the
trustee for its bondholders.
| ||||||
18 | (j) The State of Illinois pledges to and agrees with the | ||||||
19 | holders of the
bonds and notes of the Authority issued pursuant | ||||||
20 | to this Act that the State
will not limit or alter the rights | ||||||
21 | and powers vested in the Authority by this
Act so as to impair | ||||||
22 | the terms of any contract made by the Authority with such
| ||||||
23 | holders or in any way impair the rights and remedies of such | ||||||
24 | holders until such
bonds and notes, together with interest | ||||||
25 | thereon, with interest on any unpaid
installments of interest, | ||||||
26 | and all costs and expenses in connection with any
action or |
| |||||||
| |||||||
1 | proceedings by or on behalf of such holders, are fully met and
| ||||||
2 | discharged. In addition, the State pledges to and agrees with | ||||||
3 | the holders of
the bonds and notes of the Authority issued | ||||||
4 | pursuant to this Act that the State
will not limit or alter the | ||||||
5 | basis on which State funds are to be allocated,
deposited and | ||||||
6 | paid to the Authority as provided in this Act, or the use of | ||||||
7 | such
funds, so as to impair the terms of any such contract. The | ||||||
8 | Authority is
authorized to include these pledges and agreements | ||||||
9 | of the State in any contract
with the holders of bonds or notes | ||||||
10 | issued pursuant to this Section.
| ||||||
11 | Section 105. Tax. The Authority may impose an occupation | ||||||
12 | tax
upon all persons engaged in
the business of renting, | ||||||
13 | leasing, or letting rooms in a hotel, as defined in
the Hotel | ||||||
14 | Operators' Occupation Tax Act, at a rate not to exceed 2% of | ||||||
15 | the
gross rental receipts from the renting, leasing or letting | ||||||
16 | of hotel rooms. The
taxing may be
imposed, however, only if | ||||||
17 | approved by ordinance of the municipality within
which the tax | ||||||
18 | is to be imposed.
| ||||||
19 | The tax imposed by the Authority pursuant to this Section | ||||||
20 | and all civil
penalties that may be assessed as an incident | ||||||
21 | thereof shall be collected and
enforced by the State Department | ||||||
22 | of Revenue. The certificate of registration
which is issued by | ||||||
23 | the Department to a lessor under the Hotel Operators'
| ||||||
24 | Occupation Tax Act shall permit such registrant to engage in a | ||||||
25 | business
which is taxable under any ordinance or resolution |
| |||||||
| |||||||
1 | enacted pursuant to this
Section without registering | ||||||
2 | separately with the Department under such ordinance
or | ||||||
3 | resolution or under this Section. The Department shall have | ||||||
4 | full power
to administer and enforce this Section; to collect | ||||||
5 | all taxes and penalties
due hereunder; to dispose of taxes and | ||||||
6 | penalties so collected in the manner
provided in this Section, | ||||||
7 | and to determine all rights to credit memoranda,
arising on | ||||||
8 | account of the erroneous payment of tax or penalty hereunder.
| ||||||
9 | In the administration of, and compliance with, this Section, | ||||||
10 | the Department
and persons who are subject to this Section | ||||||
11 | shall have the same rights,
remedies, privileges, immunities, | ||||||
12 | powers and duties, and be subject to the
same conditions, | ||||||
13 | restrictions, limitations, penalties and definitions of
terms, | ||||||
14 | and employ the same modes of procedure, as are prescribed in | ||||||
15 | the
Hotel Operators' Occupation Tax Act (except where that Act | ||||||
16 | is inconsistent
herewith), as the same is now or may hereafter | ||||||
17 | be amended, as fully as if
the provisions contained in the | ||||||
18 | Hotel Operators' Occupation Tax Act were
set forth herein.
| ||||||
19 | Whenever the Department determines that a refund should be | ||||||
20 | made under this
Section to a claimant instead of issuing a | ||||||
21 | credit memorandum, the Department
shall notify the State | ||||||
22 | Comptroller, who shall cause the warrant to be drawn
for the | ||||||
23 | amount specified, and to the person named, in such notification
| ||||||
24 | from the Department. Such refund shall be paid by the State | ||||||
25 | Treasurer out
of the amounts held by the State Treasurer as | ||||||
26 | trustee for the Authority.
|
| |||||||
| |||||||
1 | Persons subject to any tax imposed pursuant to authority | ||||||
2 | granted by this
Section may reimburse themselves for their tax | ||||||
3 | liability for such tax by
separately stating such tax as an | ||||||
4 | additional charge, which charge may be
stated in combination, | ||||||
5 | in a single amount, with State tax imposed under
the Hotel | ||||||
6 | Operators' Occupation Tax Act.
| ||||||
7 | The Department shall forthwith pay over to the State | ||||||
8 | Treasurer,
ex-officio, as trustee for the Authority, all taxes | ||||||
9 | and penalties collected
hereunder for deposit in a trust fund | ||||||
10 | outside the State Treasury. On or
before the 25th day of each | ||||||
11 | calendar month, the Department shall certify to
the Comptroller | ||||||
12 | the amount to be paid to or on behalf of the Authority from
| ||||||
13 | amounts collected hereunder by the Department, and deposited | ||||||
14 | into such
trust fund during the second preceding calendar | ||||||
15 | month. The amount to be
paid to or on behalf of the Authority | ||||||
16 | shall be the amount (not including
credit memoranda) collected | ||||||
17 | hereunder during such second preceding calendar
month by the | ||||||
18 | Department, less an amount equal to the amount of refunds
| ||||||
19 | authorized during such second preceding calendar month by the | ||||||
20 | Department on
behalf of the Authority, and less 4% of such | ||||||
21 | balance, which sum shall be
retained by the State Treasurer to | ||||||
22 | cover the costs incurred by the
Department in administering and | ||||||
23 | enforcing the provisions of this Section,
as provided herein. | ||||||
24 | Each such monthly certification by the Department
shall also | ||||||
25 | certify to the Comptroller the amount to be so retained by the
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26 | State Treasurer for payment into the General Revenue Fund of |
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1 | the State
Treasury.
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2 | Amounts collected by the Department and paid to the | ||||||
3 | Authority pursuant
to this Section shall be used for the | ||||||
4 | corporate purposes of the Authority.
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5 | Nothing in this Section shall be construed to authorize the | ||||||
6 | Authority
to impose a tax upon the privilege of engaging in any | ||||||
7 | business which under
the constitution of the United States may | ||||||
8 | not be made the subject of taxation
by this State.
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9 | An ordinance or resolution imposing or discontinuing a tax | ||||||
10 | hereunder or
effecting a change in the rate thereof shall be | ||||||
11 | effective on the first day
of the second calendar month next | ||||||
12 | following the month in which the
ordinance or resolution is | ||||||
13 | passed.
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14 | If the Authority levies a tax authorized by this Section it | ||||||
15 | shall
transmit to the Department of Revenue not later than 5 | ||||||
16 | days after the
adoption of the ordinance or resolution a | ||||||
17 | certified copy of the ordinance
or resolution imposing such tax | ||||||
18 | whereupon the Department of Revenue shall
proceed to administer | ||||||
19 | and enforce this Section on behalf of the Authority.
Upon a | ||||||
20 | change in rate of a tax levied hereunder, or upon the | ||||||
21 | discontinuance
of the tax, the Authority shall not later than 5 | ||||||
22 | days after the effective
date of the ordinance or resolution | ||||||
23 | discontinuing the tax or effecting a
change in rate transmit to | ||||||
24 | the Department of Revenue a certified copy of
the ordinance or | ||||||
25 | resolution effecting such change or discontinuance.
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1 | Section 900. The Downstate Illinois Sports Facilities | ||||||
2 | Authority Act is amended by changing Section 50 as follows:
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3 | (70 ILCS 3210/50)
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4 | Sec. 50. Territory. The territory of the Authority is | ||||||
5 | coterminous with the
boundaries of the State of Illinois, | ||||||
6 | excluding the City of Chicago and excluding Kane County .
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7 | (Source: P.A. 93-227, eff. 1-1-04.)
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