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(35 ILCS 200/15-103)
Sec. 15-103.
Bi-State Development Agency.
(a) Property owned by
the Bi-State
Development Agency of the Missouri-Illinois Metropolitan District is
exempt.
(b) The exemption under this Section is not affected by any
transaction
in which, for
the purpose of obtaining financing, the Agency,
directly or
indirectly, leases or otherwise transfers the property to another for which or
whom property is not exempt and immediately after the lease or transfer enters
into a leaseback
or other agreement that directly or indirectly gives the Agency a right to
use, control, and possess the property. In the case of a
conveyance
of the property, the Agency must retain an option
to
purchase the property at a future date or, within the limitations period for
reverters, the property must revert back to the Agency.
(c) If the property has been conveyed as described in subsection (b), the
property is no longer exempt under this Section as of the date when:
(1) the right of the Agency to use, control, and |
| possess the property is terminated;
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(2) the Agency no longer has an option to purchase or
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| otherwise acquire the property; and
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(3) there is no provision for a reverter of the
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| property to the Agency within the limitations period for reverters.
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(d) Pursuant to Sections 15-15 and 15-20 of this Code, the Agency
shall notify the chief county assessment officer of
any transaction under subsection (b). The chief county
assessment officer shall
determine initial and continuing compliance with the requirements of this
Section for tax exemption. Failure to notify the chief county assessment
officer of a transaction under this Section or to otherwise comply with the
requirements of Sections
15-15 and 15-20 of this Code shall, in the discretion of the chief county
assessment officer, constitute cause to terminate the exemption,
notwithstanding any other provision of this Code.
(e) No provision of this Section shall be construed to affect the obligation
of the Agency
under Section 15-10 of this Code to file
an annual certificate of status or to notify the chief county assessment
officer of transfers of interest or other changes in the status of the property
as required by this Code.
(Source: P.A. 91-513, eff. 8-13-99.)
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