(70 ILCS 200/155-20)
Sec. 155-20.
State and municipal financial support.
(a) The Authority
created by this Article shall receive financial support from the State in the
amounts provided for in Section 4 of the Metropolitan Civic Center Support
Act, as now or hereafter amended.
Notwithstanding anything to the contrary, the Authority's base sum of State
financial support under subdivision (3)(a)(ii) of Section 4 of the Metropolitan
Civic
Center Support Act, as now or hereafter amended, shall be calculated by
using the multiplier contained in
that Act times the total assessed valuation, as equalized by the Department
of Revenue, of all taxable property located within the metropolitan area of
the Authority for the year 1987.
(b) The Authority created by this Article may receive financial support from
any municipality in order for the Authority to undertake any of its
authorized rights and powers. Any municipality, both within and outside of
the metropolitan area, is authorized to pay and to irrevocably pledge to
the Authority or the holders of any bonds issued and sold by the Authority
pursuant to this Article any or all of its existing and future revenues derived
from its imposition of a tax upon all persons engaged in such municipality
in the business of renting, leasing or renting rooms in a hotel, as defined
in the Hotel Operator's Occupation Tax Act, as now or hereafter amended,
provided such municipality
determines, in its discretion, that such payment or pledge shall assist in,
among other things, attracting nonresident, overnight visitors to that
municipality.
(Source: P.A. 90-328, eff. 1-1-98.)
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