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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Metropolitan Civic Center Support Act is | ||||||
| 5 | amended by adding Section 19 as follows: | ||||||
| 6 | (30 ILCS 355/19 new) | ||||||
| 7 | Sec. 19. Annual payments of principal and interest; local | ||||||
| 8 | option. | ||||||
| 9 | (a) If the State has issued its bonds pursuant to Section 7 | ||||||
| 10 | of this Act on
behalf of a local Civic Center Authority to help | ||||||
| 11 | fund the construction of the Authority's
facilities, if those | ||||||
| 12 | bonds have been outstanding for at least 10 years, and if the | ||||||
| 13 | board
of trustees or the city council of the village or city | ||||||
| 14 | where the Civic Center Authority is
located makes a finding in | ||||||
| 15 | a duly adopted ordinance that it is no longer feasible to | ||||||
| 16 | operate
or cause the facilities of the Authority to be operated | ||||||
| 17 | in such a manner that, collectively,
they will earn sufficient | ||||||
| 18 | revenues for the Authority to pay all of its operating costs, | ||||||
| 19 | then the board of trustees or city council may, at its option, | ||||||
| 20 | apply to the State for relief from the terms of any and all | ||||||
| 21 | Support Agreements between the State and the Authority. | ||||||
| 22 | (b) When applying to the State for relief from the terms of | ||||||
| 23 | any such Support
Agreement, the board of trustees or city | ||||||
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| 1 | council must enter into a written agreement
with the State, | ||||||
| 2 | Department of Commerce and Economic Opportunity, whereby the | ||||||
| 3 | board of trustees or city council agrees to make the annual | ||||||
| 4 | principal and interest payments on any and all outstanding | ||||||
| 5 | bonds issued by the State on behalf of the village's or city's | ||||||
| 6 | Civic
Center Authority until all such outstanding bonds have | ||||||
| 7 | been paid in full. In addition,
the written agreement shall | ||||||
| 8 | provide that the board of trustees or city council shall | ||||||
| 9 | deposit
the amount of each annual principal and interest | ||||||
| 10 | payment on all such outstanding bonds
with the State | ||||||
| 11 | Treasurer's Office at least 30 days before the due date of all | ||||||
| 12 | such annual
payments. Upon the execution of such an agreement | ||||||
| 13 | between the State of Illinois,
Department of Commerce and | ||||||
| 14 | Economic Opportunity, and the board of trustees or city
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| 15 | council, the Board of the local Metropolitan Exposition, | ||||||
| 16 | Auditorium and Office
Building Authority of that village or | ||||||
| 17 | city shall declare an abandonment of all of its
facilities and | ||||||
| 18 | activities, and the board of trustees or city council may adopt | ||||||
| 19 | an ordinance
dissolving its Civic Center Authority.
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| 20 | Section 99. Effective date. This Act takes effect upon | ||||||
| 21 | becoming law.
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