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92_HB0626 LRB9203882SMdv 1 AN ACT to amend the Metropolitan Civic Center Support Act 2 by changing Section 4. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Metropolitan Civic Center Support Act is 6 amended by changing Section 4 as follows: 7 (30 ILCS 355/4) (from Ch. 85, par. 1394) 8 Sec. 4. Moneys will be committed and distributed from the 9 MEAOB Fund in the following manner: 10 (1) Any Authority desiring to make application for 11 financial support shall do so on forms and in the manner 12 provided by the Department and accompanied by an economic 13 feasibility report, an economic impact report, master 14 building plan and design, documented evidence that the 15 Authority has been created pursuant to law, a financial 16 plan, and the required local share of total project costs, 17 which local share shall include cash or pledges available on 18 demand through construction in an amount equivalent to 10% of 19 total project costs, and the sources of and procedures for 20 obtaining such local share, including evidence that the local 21 share was authorized at a public meeting. Local share may 22 not include State funds provided to the Authority through 23 grant or loan. 24 (2) (a) The application cycle for each program year is 25 from July 1 to June 30. 26 (b) Only Authorities recognized by the Director as being 27 created and organized prior to July 1 of a program year may 28 apply for support in that year. 29 (c) An application must be submitted by August 1 to be 30 considered in that year. An application submitted by August 31 1, 1990, that is not fully funded shall remain on file and -2- LRB9203882SMdv 1 shall constitute a continuing application for the following 4 2 program years ending on June 30, 1992, June 30, 1993, June 3 30, 1994, and June 30, 1995. An Authority must participate in 4 a consultation with the Department prior to submitting an 5 application. 6 (d) Applications shall be made available for public 7 inspection by the Authority. 8 (e) The Department shall hold one or more hearings on 9 the applications. Applications may be grouped for hearings. 10 (f) Applications may be divided into construction 11 phases, but dividing the project into phases shall not imply 12 subsequent approval of funding the delayed phases. 13 Applications shall be limited to single or multi-purpose 14 projects the primary function of which is to provide public 15 entertainment, exhibitions or conventions or to provide 16 parking facilities related thereto. Office facilities may be 17 included as an incidental rather than a primary function of a 18 project. If the Authority holds land or property not 19 physically contiguous to the civic center property, the 20 Authority may utilize such other lands or property for any 21 facility administered by the Authority, and such facility may 22 be included as an incidental function of a project. 23 Notwithstanding the foregoing, an Authority created under the 24 Metropolitan Civic Center Act with a population of less than 25 100,000, that before July 1, 1990, has received State 26 financial support for 2 theatre renovation projects in 2 27 separate communities, may be eligible to seek State financial 28 support for an agricultural center, university sports 29 facility, and arena in cooperation with a State university 30 created under the Regency Universities Act. 31 (g) The Director shall certify an application as 32 eligible for State financial support if, in his judgment: (i) 33 the application satisfies all conditions in subsection (1) of 34 this Section; (ii) the application proposes a facility which -3- LRB9203882SMdv 1 accommodates a documented community need; (iii) the 2 application shows evidence of community support; (iv) the 3 application proposes a facility which can reasonably be 4 expected to provide primary and secondary economic benefits 5 in the metropolitan area of the Authority including such 6 things as job creation, private investments and other 7 benefits; and (v) the application proposes a facility the 8 operational expenses of which are met by the Authority or 9 through other means available to the Authority. 10 (h) The Director may deny all or a portion of an 11 application and may deny certification to an applicant if in 12 the judgment of the Director the applicant has failed to show 13 that the project is economically feasible, or if the master 14 building plan and design are incomplete or inadequate, or if 15 the financial plan is inadequate. The submitted application 16 will be competitively ranked, with preference given to 17 applications for funds for repair and maintenance of 18 Authorities created and organized prior to 1980.
:If, after 19 funding the highest ranked applications, the amount available 20 for certification by the Director, as determined by the 21 written certification from the Budget Director pursuant to 22 Section 4(4) of this Act, is insufficient to fund the next 23 highest ranked project and the project cannot be separated 24 into workable phases, the Director may select the next 25 highest ranked project for which funds are sufficient. 26 (i) Upon completion of the application review the 27 Director shall provide a list of applications approved and 28 the amount approved, and a list of applications denied and 29 the amount denied to each applicant. 30 (j) Applicants denied shall be provided with the reason 31 for denial in writing. 32 (k) Applications not certified in one year may be 33 resubmitted in another year, but no preference shall be given 34 to resubmissions, unless the only reason for denial is lack -4- LRB9203882SMdv 1 of available State financial support. 2 (l) Applications certified prior to June 1, 1985, shall 3 remain certified and eligible for State financial support 4 during fiscal year 1986 after September 3, 1985. 5 Applications received but not certified by the Department 6 prior to June 1, 1985, may be certified during fiscal year 7 1986 after September 3, 1985 in accordance with statutory 8 provisions in existence at the time the application was 9 received. All such applications shall be given priority over 10 applications subsequently received by the Department. 11 (3) (a) The Department shall establish for each 12 applicant which has been certified by the Director as being 13 eligible for State financial support a base sum equal to the 14 lesser of: 15 (i) 75% of the total project costs as determined 16 from applicant's estimate. 17 (ii) .0310 times the total assessed valuation, as 18 equalized by the Department of Revenue, of all taxable 19 property located within the metropolitan area of the 20 Authority for the year 1975 or 1983, whichever is 21 greater. 22 (iii) $20,000,000. 23 Notwithstanding the foregoing, an applicant with a 24 facility with more than 400,000 square feet of exhibition 25 space shall have a base sum of $15,000,000 in any event, and 26 the applicant shall be eligible to receive up to $10,000,000 27 of its base sum in the fiscal year beginning July 1, 1990, 28 and the balance of its base sum in the fiscal year beginning 29 July 1, 1991. Notwithstanding the foregoing, an applicant 30 that has received by July 1, 1990, the maximum amount of 31 State financial support authorized under subsection 32 (3)(a)(iii) of this Section shall receive additional State 33 financial support as appropriated by the General Assembly. 34 (b) After this base sum has been established, the -5- LRB9203882SMdv 1 Department shall enter into an agreement with the Authority 2 whereby the Department will agree to do one of the following: 3 (i) Subject to annual appropriation by the General 4 Assembly, to pay annually to the Authority from the MEAOB 5 Fund (A) an amount equal to the interest and principal 6 cost to the Authority of amortizing revenue bonds issued 7 by the Authority in an amount equal to the base sum or 8 (B) an amount equal to the interest and principal cost to 9 a unit of local government of amortizing revenue or 10 general obligation bonds issued by the unit of local 11 government pursuant to an intergovernmental cooperation 12 agreement with the Authority in an amount equal to the 13 base sum. The amortization schedule for such revenue or 14 general obligation bonds shall be determined by the 15 Authority or the unit of local government and be approved 16 by the Department; or 17 (ii) After September 3, 1985, to provide State 18 financial support from the issuance of Bonds pursuant to 19 Section 7 of this Act, the proceeds of which shall be 20 granted by the Department to the Authority in an amount 21 equal to the base sum, subject to annual appropriation by 22 the General Assembly. After September 3, 1985, newly 23 certified applicants shall receive State financial 24 support only in accordance with this subparagraph (ii). 25 The issuance of Bonds pursuant to Section 7 of this Act 26 to provide State financial support, as provided in 27 subparagraph (ii) above, shall be subject to the satisfaction 28 of all the conditions contained in this Act required for the 29 issuance of Bonds, including, without limitation, those 30 conditions contained in Section 9. Any application certified 31 by the Director as eligible for State financial support in 32 one fiscal year, but for which State financial support is not 33 provided during such fiscal year, shall continue to be 34 certified as eligible for State financial support in -6- LRB9203882SMdv 1 subsequent fiscal years. 2 (4) Prior to July 1, 1989, the Director shall not 3 certify an applicant Authority as eligible for State 4 Financial Support unless he receives written certification 5 from the Budget Director that the revenues for the last 6 completed fiscal year paid into the MEAOB Fund equal or 7 exceed 175% of the annual debt service required with respect 8 to Bonds and Local Bonds for previously certified 9 applications and the application then under consideration. 10 For the fiscal year beginning July 1, 1989, and each fiscal 11 year thereafter, the Director shall not certify an applicant 12 Authority as eligible for State Financial Support unless he 13 receives written certification from the Budget Director that 14 the amount to be certified by the Director, when added to all 15 other amounts previously certified by the Director and funded 16 from the proceeds of Bonds, does not exceed the estimated 17 proceeds available under this Act to fund civic center and 18 library projects from the proceeds of Bonds to be issued and 19 sold after July 1, 1989 pursuant to Section 7 of this Act. 20 The total aggregate amount of principal issued and 21 outstanding in Bonds and in Local Bonds subject to State 22 financial support under subsection (3)(b) above at any given 23 time for all Authorities shall not exceed the sum of 24 $200,000,000. Bonds and Local Bonds (or portions thereof) for 25 which there shall be delivered to an escrow agent or trustee 26 for the benefit of the holders thereof either cash or a 27 combination of cash and direct obligations of, or obligations 28 the principal and interest on which are fully guaranteed by, 29 the United States of America shall be deemed not to be 30 outstanding for the purpose of any determination of, or 31 certification relating to, debt service coverage required by 32 this Act to the extent that the principal of, premium, if 33 any, and interest on such bonds are payable from the amount 34 so delivered and any income or increment to accrue thereon -7- LRB9203882SMdv 1 (without consideration of any reinvestment thereof). Bonds 2 and Local Bonds (or portions thereof) for which there shall 3 be delivered to an escrow agent or trustee for the benefit of 4 the holders thereof either cash or a combination of cash and 5 direct obligations of, or obligations the principal and 6 interest on which are fully guaranteed by, the United States 7 of America shall be deemed not to be outstanding for the 8 purpose of any determination of, or certification relating 9 to, the aggregate amount of Bonds and Local Bonds outstanding 10 at any given time under this Act to the extent that the 11 principal of and premium, if any, on such bonds are payable 12 from the amount so delivered and any income or increment to 13 accrue thereon (without consideration of any reinvestment 14 thereof). 15 (Source: P.A. 91-357, eff. 7-29-99.) 16 Section 99. Effective date. This Act takes effect upon 17 becoming law.
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