(30 ILCS 355/4) (from Ch. 85, par. 1394)
Sec. 4.
Moneys will be committed and distributed from the MEAOB Fund
in the following manner:
(1) Any Authority desiring to make application for financial support
shall do so on forms and in the manner provided by the Department and
accompanied by an economic feasibility report, an economic impact report,
master building plan and design, documented evidence that the Authority has
been created pursuant to law, a financial plan, and the required local
share of total project costs, which local share shall include cash or
pledges available on demand through construction in an amount equivalent to
10% of total project costs, and the sources of and procedures for obtaining
such local share, including evidence that the local share was authorized at
a public meeting. Local share may not include State funds provided to the
Authority through grant or loan.
(2) (a) The application cycle for each program year is from July 1
to June 30.
(b) Only Authorities recognized by the Director as being created and
organized prior to July 1 of a program year may apply for support in that year.
(c) An application must be submitted by August 1 to be considered in
that year. An application submitted by August 1, 1990, that is not fully
funded shall remain on file and shall constitute a continuing application
for the following 4 program years ending on June 30, 1992,
June 30,
1993, June 30, 1994, and June 30, 1995. An Authority must participate in a
consultation with the
Department prior to submitting an application.
(d) Applications shall be made available for public inspection by
the Authority.
(e) The Department shall hold one or more hearings on the applications.
Applications may be grouped for hearings.
(f) Applications may be divided into construction phases, but dividing
the project into phases shall not imply subsequent approval of funding the
delayed phases. Applications shall be limited to single or multi‑purpose
projects the primary function of which is to provide public entertainment,
exhibitions or conventions or to provide parking facilities related thereto.
Office facilities may be included as an incidental rather than a primary
function of a project. If the Authority holds land or property not
physically contiguous to the civic center property, the Authority may
utilize such other lands or property for any facility administered by the
Authority, and such facility may be included as an incidental function of a
project. Notwithstanding the foregoing, an Authority created under the
Metropolitan Civic Center Act with a population of less than 100,000, that
before July 1, 1990, has received State financial support for 2 theatre
renovation projects in 2 separate communities, may be eligible to seek
State financial support for an agricultural center, university sports
facility, and arena in cooperation with a State university created under the
Regency Universities Act.
(g) The Director shall certify an application as eligible for State
financial support if, in his judgment:
(i) the application satisfies all conditions in subsection (1) of this
Section; (ii) the application proposes a facility which accommodates a
documented community need; (iii) the application shows evidence of
community support; (iv) the application proposes a facility which can
reasonably be expected to provide primary and secondary economic benefits
in the metropolitan area of the Authority including such things as job
creation, private investments and other benefits; and (v) the application
proposes a facility the operational expenses of which are met by the
Authority or through other means available to the Authority.
(h) The Director may deny all or a portion of an application and may
deny certification to an applicant if in the judgment of the Director the
applicant has failed to show that the project is economically feasible, or
if the master building plan and design are incomplete or inadequate, or if
the financial plan is inadequate. The submitted application will be
competitively ranked: If, after funding the highest ranked applications,
the amount available for certification by the Director, as determined by
the written certification from the Budget Director pursuant to Section 4(4)
of this Act, is insufficient to fund the next highest ranked project and
the project cannot be separated into workable phases, the Director may
select the next highest ranked project for which funds are sufficient.
(i) Upon completion of the application review the Director shall provide
a list of applications approved and the amount approved, and a list of
applications denied and the amount denied to each applicant.
(j) Applicants denied shall be provided with the reason for denial
in writing.
(k) Applications not certified in one year may be resubmitted in another
year, but no preference shall be given to resubmissions, unless the only
reason for denial is lack of available State financial support.
(l) Applications certified prior to June 1, 1985, shall remain
certified and eligible for State financial support during fiscal year 1986
after September 3, 1985. Applications received but not certified by the
Department prior to June 1, 1985, may be certified during fiscal year 1986
after September 3, 1985 in accordance with statutory provisions in
existence at the time the application was received. All such applications
shall be given priority over applications subsequently received by the
Department.
(3) (a) The Department shall establish for each applicant which has been
certified by the Director as being eligible for State financial support a
base sum equal to the lesser of:
(i) 75% of the total project costs as determined |
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from applicant's estimate.
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(ii) .0310 times the total assessed valuation, as
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equalized by the Department of Revenue, of all taxable property located within the metropolitan area of the Authority for the year 1975 or 1983, whichever is greater.
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(iii) $20,000,000.
Notwithstanding the foregoing, an applicant with a facility with more
than 400,000 square feet of exhibition space shall have a base sum of
$15,000,000 in any event, and the applicant shall be eligible to receive up
to $10,000,000 of its base sum in the fiscal year beginning July 1, 1990,
and the balance of its base sum in the fiscal year beginning July 1, 1991.
Notwithstanding the foregoing, an applicant that has received by July 1,
1990, the maximum amount of State financial support authorized under
subsection (3)(a)(iii) of this Section shall receive additional State
financial support as appropriated by the General Assembly.
(b) After this base sum has been established, the Department shall enter
into an agreement with the Authority whereby the Department will agree to
do one of the following:
(i) Subject to annual appropriation by the General
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Assembly, to pay annually to the Authority from the MEAOB Fund (A) an amount equal to the interest and principal cost to the Authority of amortizing revenue bonds issued by the Authority in an amount equal to the base sum or (B) an amount equal to the interest and principal cost to a unit of local government of amortizing revenue or general obligation bonds issued by the unit of local government pursuant to an intergovernmental cooperation agreement with the Authority in an amount equal to the base sum. The amortization schedule for such revenue or general obligation bonds shall be determined by the Authority or the unit of local government and be approved by the Department; or
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(ii) After September 3, 1985, to provide State
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financial support from the issuance of Bonds pursuant to Section 7 of this Act, the proceeds of which shall be granted by the Department to the Authority in an amount equal to the base sum, subject to annual appropriation by the General Assembly. After September 3, 1985, newly certified applicants shall receive State financial support only in accordance with this subparagraph (ii).
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The issuance of Bonds pursuant to Section 7 of this Act to
provide State financial support, as provided in subparagraph (ii) above,
shall be subject to the satisfaction of all the conditions contained in
this Act required for the issuance of Bonds, including, without
limitation, those conditions contained in Section 9. Any application
certified by the Director as eligible for State financial support
in one fiscal year, but for which State financial support is not provided
during such fiscal year, shall continue to be certified as eligible for
State financial support in subsequent fiscal years.
(4) Prior to July 1, 1989, the Director shall not certify an applicant
Authority as eligible for State Financial Support unless he receives
written certification from the Budget Director that the revenues for the
last completed fiscal year paid into the MEAOB Fund equal or exceed 175% of
the annual debt service required with respect to Bonds and Local Bonds for
previously certified applications and the application then under
consideration. For the fiscal year beginning July 1, 1989, and each fiscal
year thereafter, the Director shall not certify an applicant Authority as
eligible for State Financial Support unless he receives written
certification from the Budget Director that the amount to be certified by
the Director, when added to all other amounts previously certified by the
Director and funded from the proceeds of Bonds, does not exceed the
estimated proceeds available under this Act to fund civic center and
library projects from the proceeds of Bonds to be issued and sold after
July 1, 1989 pursuant to Section 7 of this Act. The total aggregate amount
of principal issued and outstanding in Bonds and in Local Bonds subject to
State financial support under subsection (3)(b) above at any given time for
all Authorities shall not exceed the sum of $200,000,000. Bonds and Local
Bonds (or portions thereof) for which there shall be delivered to an escrow
agent or trustee for the benefit of the holders thereof either cash
or a combination of cash and direct obligations of, or obligations the
principal and interest on which are fully guaranteed by, the United States
of America shall be deemed not to be outstanding for the purpose of any
determination of, or certification relating to, debt service coverage
required by this Act to the extent that the principal of, premium, if any,
and interest on such bonds are payable from the amount so delivered and any
income or increment to accrue thereon (without consideration of any
reinvestment thereof). Bonds and Local Bonds (or portions thereof) for
which there shall be delivered to an escrow agent or trustee for the
benefit of the holders thereof either cash or a combination of cash and
direct obligations of, or obligations the principal and interest on which
are fully guaranteed by, the United States of America shall be deemed not
to be outstanding for the purpose of any determination of, or certification
relating to, the aggregate amount of Bonds and Local Bonds outstanding at
any given time under this Act to the extent that the principal of and
premium, if any, on such bonds are payable from the amount so delivered and
any income or increment to accrue thereon (without consideration of any
reinvestment thereof).
(Source: P.A. 91‑357, eff. 7‑29‑99.)
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(30 ILCS 355/8) (from Ch. 85, par. 1397a)
Sec. 8.
An amount necessary to pay the reasonable cost of each issuance
and sale of Bonds authorized and sold pursuant to Section 7 of this Act is
hereby authorized to be paid from the proceeds of each issue of Bonds.
Such costs may include, but shall not be limited to, any one or more of
the following: fees and expenses of trustees, depositaries, and paying
agents; legal fees; rating agency fees; and the fees of any accountants or
experts retained to verify the accuracy of mathematical computations or the
adequacy of any deposits to reserve or escrow funds. Such costs also may
include the costs of obtaining, from any department or agency of the United
States or of the State of Illinois, or any private company or financial
institution, any insurance, guaranty, or other credit‑support instrument as
to, or of, or for the payment or repayment of, interest on or principal of,
or both, or premiums on any Bonds or any Local Bonds; and in that
connection the Bond Sale Order for any issue of Bonds may authorize the
Director or the Budget Director, as the case may be, to enter into any
agreement, contract, or any other instrument
whatsoever with respect to any such insurance, guaranty, or other
credit‑support instrument and to accept payment in such manner and form as
provided therein, and to assign any such insurance, guaranty, or other
credit‑support instrument as security for such obligations.
(Source: P.A. 86‑44.)
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(30 ILCS 355/9) (from Ch. 85, par. 1397b)
Sec. 9.
(a) Prior to July 1, 1989, Bonds shall be issued and sold
from time to time in
such amounts as directed by the Director with the
approval of the Budget Director. The
Budget Director shall withhold approval unless he is able to certify
that revenues for the last completed fiscal year paid into the MEAOB Fund
equal or exceed 175% of the annual debt service required with respect to
bonds subject to State financial support under subparagraph (i) of
paragraph (b) of subsection (3) of Section 4 of this Act plus,
Bonds previously issued, and plus the Bonds proposed for issuance. No Bonds
shall be issued without such prior certification in writing. After July
1, 1989, Bonds shall be issued and sold from time to time in such amounts as
directed by the Budget Director. The Budget Director shall not issue and
sell bonds unless he is able to certify for the fiscal year
beginning July 1, 1989, or July 1, 1990, as the case may be, that
revenues for the last completed fiscal year
paid into the MEAOB Fund pursuant to subsection (a) of Section 8.25e of
the State Finance Act and Section 28 of the Illinois Horse Racing Act of
1975
together with the amount to be deposited during such fiscal year pursuant
to subsection (b) of
Section 8.25e of the State Finance Act, and for the
fiscal year beginning July 1, 1991 and for each fiscal year thereafter that
revenues for the last completed fiscal year paid into the MEAOB Fund equal
or exceed 200% of the annual debt service required with respect to bonds
subject to State Financial Support under subparagraph (i) of paragraph (b)
of subsection (3) of Section 4 of this Act, plus Bonds previously issued,
and plus the Bonds prepared for issuance. No Bonds shall be issued without
such prior certification in writing.
(b) Bonds shall be in such form, in such denominations, payable within
30 years from their date, bearing interest payable annually or
semi‑annually from their date at a rate that does not exceed that permitted
in the Bond Authorization Act; provided, however, that if such Bonds
are sold at a price less
than par the net effective interest rate of the Bonds shall also not exceed
that permitted, and shall be dated as shall be fixed and determined by the
Director or the Budget Director, as the case may be, in the order
authorizing the issuance and sale of Bonds, which
order shall be approved by the Director or the Budget Director, as
the case may be, and is
herein called a "Bond Sale Order". Bonds shall be payable at such place or
places within or without the State of Illinois, and may be made registrable
as to either principal or as to both principal and interest, as shall be
fixed and determined by the Director or the Budget Director, as the case
may be, in the Bond Sale Order. Bonds may be
callable as fixed and determined by the Director or the Budget Director,
as the case may be, in the Bond Sale Order.
Bonds authorized under this Act shall be issued pursuant to a trust
indenture executed and delivered on behalf of the State by the
Director or the Budget Director, as the case may be, such trust
indenture to be in substantially the form approved in
the Bond Sale Order authorizing the issuance and Sale of the Bonds. A
trust indenture shall be entered into with a bank or trust company in the
State of Illinois designated by the Treasurer having trust powers and
possessing capital and surplus of not less
than $25,000,000. A trust indenture shall set forth the terms and
conditions of the Bonds and provide for payment of and security for the
Bonds, including the establishment and maintenance of debt service and
reserve funds, and for other protections for holders of the Bonds. The
term "reserve funds" as used in this Act shall include funds and accounts
established under a trust indenture to provide for the payment of principal
of and premium and interest on Bonds and to provide for fees of trustees,
registrars, paying agents and other fiduciaries.
(Source: P.A. 86‑44; 86‑1017; 86‑1475 .)
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