90th General Assembly
Summary of SB1231
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Senate Sponsors:
FARLEY.

Short description: 
METRO PIER EXPO-BONDS                                                      

Synopsis of Bill as introduced:
        Amends  the  Metropolitan  Pier  and  Exposition  Authority  Act.      
   Provides that the surplus revenues of the Authority shall be used  for      
   the  repair,  replacement,  and improvement of the grounds, buildings,      
   and  facilities  of  the  Authority  (now  for  capital   repair   and      
   rehabilitation  of the grounds, buildings, facilities of the expansion      
   project).  Provides that bonds issued by the Authority may not  exceed      
   an   aggregate   original  principal  amount  of  $1,037,000,000  (now      
   $937,000,000).  Provides that any member, officer or employee  of  the      
   Authority  may  be  designated to authorize the wire transfer of funds      
   deposited by the secretary-treasurer in a bank  or  savings  and  loan      
   association  (now  in  a  bank or savings and loan association for the      
   payment of payroll and employee benefits  related  expenses).   Amends      
   the  State  Finance Act, the Use Tax Act, the Service Use Tax Act, the      
   Service Occupation Tax Act, and the  Retailers'  Occupation  Tax  Act.      
   Provides for specified monthly installment deposits into the McCormick      
   Place  Expansion  Project  Fund for fiscal years 2005, 2006, 2007, and      
   thereafter from moneys collected under the Use Tax  Act,  the  Service      
   Use  Tax  Act,  the  Service  Occupation  Tax  Act, and the Retailers'      
   Occupation Tax Act.  Provides that the  monthly  installment  deposits      
   shall not be made after fiscal year 2029.  Effective immediately.           
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status