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70 ILCS 210/13
(70 ILCS 210/13) (from Ch. 85, par. 1233)
Sec. 13.
(a) The Authority shall not have power to levy taxes for any
purpose, except as provided in subsections (b), (c), (d), (e), and (f).
(b) By ordinance the Authority shall, as soon as practicable after July 1, 1992 (the
effective date of Public Act 87-733), impose a Metropolitan Pier and
Exposition Authority Retailers' Occupation Tax upon all persons engaged in
the business of selling tangible personal property at retail within the
territory described in this subsection at the rate of 1.0% of the gross
receipts (i) from the sale of food, alcoholic beverages, and soft drinks
sold for consumption on the premises where sold and (ii) from the sale of
food, alcoholic beverages, and soft drinks sold for consumption off the
premises where sold by a retailer whose principal source of gross receipts
is from the sale of food, alcoholic beverages, and soft drinks prepared for
immediate consumption.
The tax imposed under this subsection and all civil penalties that may
be assessed as an incident to that tax shall be collected and enforced by the
Illinois Department of Revenue. The Department shall have full power to
administer and enforce this subsection, to collect all taxes and penalties so
collected in the manner provided in this subsection, and to determine all
rights to credit memoranda arising on account of the erroneous payment of
tax or penalty under this subsection. In the administration of and
compliance with this subsection, the Department and persons who are subject
to this subsection shall have the same rights, remedies, privileges,
immunities, powers, and duties, shall be subject to the same conditions,
restrictions, limitations, penalties, exclusions, exemptions, and
definitions of terms, and shall employ the same modes of procedure
applicable to this Retailers' Occupation Tax as are prescribed in Sections
1, 2 through 2-65 (in respect to all provisions of those Sections other
than the State rate of taxes), 2c, 2h, 2i, 3 (except as to the disposition
of taxes and penalties collected), 4, 5, 5a, 5b, 5c, 5d, 5e, 5f, 5g, 5i,
5j, 6, 6a, 6b, 6c, 7, 8, 9, 10, 11, 12, 13, and, until January 1, 1994, 13.5
of the Retailers' Occupation Tax Act, and, on and after January 1, 1994, all
applicable provisions of the Uniform Penalty and Interest Act that are not
inconsistent with this Act, as fully as if provisions contained in those
Sections of the Retailers' Occupation Tax Act were set forth in this
subsection.
Persons subject to any tax imposed under the authority granted in
this subsection may reimburse themselves for their seller's tax liability
under this subsection by separately stating that tax as an additional
charge, which charge may be stated in combination, in a single amount, with
State taxes that sellers are required to collect under the Use Tax Act,
pursuant to bracket schedules as the Department may prescribe.
The retailer filing the return shall, at the time of filing the
return, pay to the Department the amount of tax imposed under this
subsection, less a discount of 1.75%, which is allowed to reimburse the
retailer for the expenses incurred in keeping records, preparing and
filing returns, remitting the tax, and supplying data to the Department on
request.
Whenever the Department determines that a refund should be made under
this subsection to a claimant instead of issuing a credit memorandum, the
Department shall notify the State Comptroller, who shall cause a warrant
to be drawn for the amount specified and to the person named in the
notification from the Department. The refund shall be paid by the State
Treasurer out of the Metropolitan Pier and Exposition Authority trust fund
held by the State Treasurer as trustee for the Authority.
Nothing in this subsection authorizes the Authority to impose a tax upon
the privilege of engaging in any business that under the Constitution of
the United States may not be made the subject of taxation by this State.
The Department shall forthwith pay over to the State Treasurer, ex
officio, as trustee for the Authority, all taxes and penalties collected
under this subsection for deposit into a trust fund held outside of the
State Treasury. As soon as possible after the first day of each month, beginning January 1, 2011, upon certification of the Department of Revenue, the Comptroller shall order transferred, and the Treasurer shall transfer, to the STAR Bonds Revenue Fund the local sales tax increment, as defined in the Innovation Development and Economy Act, collected under this subsection during the second preceding calendar month for sales within a STAR bond district. After the monthly transfer to the STAR Bonds Revenue Fund, on or before the 25th day of each calendar month, the
Department shall prepare and certify to the Comptroller the amounts to be
paid under subsection (g) of this Section, which shall be the amounts, not
including credit memoranda, collected under this subsection during the second
preceding calendar month by the Department, less any amounts determined by the
Department to be necessary for the payment of refunds, less 1.5% of such
balance, which sum shall be deposited by the State Treasurer into the Tax
Compliance and Administration Fund in the State Treasury from which it shall be
appropriated to the Department to cover the costs of the Department in
administering and enforcing the provisions of this subsection, and less any amounts that are transferred to the STAR Bonds Revenue Fund. Within 10 days
after receipt by the Comptroller of the certification, the Comptroller shall
cause the orders to be drawn for the remaining amounts, and the Treasurer shall
administer those amounts as required in subsection (g).
A certificate of registration issued by the Illinois Department of Revenue
to a retailer under the Retailers' Occupation Tax Act shall permit the
registrant to engage in a business that is taxed under the tax imposed
under this subsection, and no additional registration shall be required
under the ordinance imposing the tax or under this subsection.
A certified copy of any ordinance imposing or discontinuing any tax under
this subsection or effecting a change in the rate of that tax shall be
filed with the Department, whereupon the Department shall proceed to
administer and enforce this subsection on behalf of the Authority as of the
first day of the third calendar month following the date of filing.
The tax authorized to be levied under this subsection may be levied within
all or any part of the following described portions of the metropolitan area:
(1) that portion of the City of Chicago located | | within the following area: Beginning at the point of intersection of the Cook County - DuPage County line and York Road, then North along York Road to its intersection with Touhy Avenue, then east along Touhy Avenue to its intersection with the Northwest Tollway, then southeast along the Northwest Tollway to its intersection with Lee Street, then south along Lee Street to Higgins Road, then south and east along Higgins Road to its intersection with Mannheim Road, then south along Mannheim Road to its intersection with Irving Park Road, then west along Irving Park Road to its intersection with the Cook County - DuPage County line, then north and west along the county line to the point of beginning; and
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(2) that portion of the City of Chicago located
| | within the following area: Beginning at the intersection of West 55th Street with Central Avenue, then east along West 55th Street to its intersection with South Cicero Avenue, then south along South Cicero Avenue to its intersection with West 63rd Street, then west along West 63rd Street to its intersection with South Central Avenue, then north along South Central Avenue to the point of beginning; and
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(3) that portion of the City of Chicago located
| | within the following area: Beginning at the point 150 feet west of the intersection of the west line of North Ashland Avenue and the north line of West Diversey Avenue, then north 150 feet, then east along a line 150 feet north of the north line of West Diversey Avenue extended to the shoreline of Lake Michigan, then following the shoreline of Lake Michigan (including Navy Pier and all other improvements fixed to land, docks, or piers) to the point where the shoreline of Lake Michigan and the Adlai E. Stevenson Expressway extended east to that shoreline intersect, then west along the Adlai E. Stevenson Expressway to a point 150 feet west of the west line of South Ashland Avenue, then north along a line 150 feet west of the west line of South and North Ashland Avenue to the point of beginning.
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The tax authorized to be levied under this subsection may also be
levied on food, alcoholic beverages, and soft drinks sold on boats and
other watercraft departing from and returning to the shoreline of Lake
Michigan (including Navy Pier and all other improvements fixed to land,
docks, or piers) described in item (3).
(c) By ordinance the Authority shall, as soon as practicable after July 1, 1992 (the
effective date of Public Act 87-733), impose an occupation tax
upon all persons engaged in the corporate limits of the City of Chicago in
the business of renting, leasing, or letting rooms in a hotel, as defined
in the Hotel Operators' Occupation Tax Act, at a rate of 2.5% of the gross
rental receipts from the renting, leasing, or letting of hotel rooms within
the City of Chicago, excluding, however, from gross rental receipts
the proceeds of renting, leasing, or letting to permanent residents of
a hotel, as defined in that Act. Gross rental receipts shall not include
charges that are added on account of the liability arising from any tax
imposed by the State or any governmental agency on the occupation of
renting, leasing, or letting rooms in a hotel.
The tax imposed by the Authority under this subsection and all civil
penalties that may be assessed as an incident to that tax shall be collected
and enforced by the Illinois Department of Revenue. The certificate of
registration that is issued by the Department to a lessor under the Hotel
Operators' Occupation Tax Act shall permit that registrant to engage in a
business that is taxable under any ordinance enacted under this
subsection without registering separately with the Department under that
ordinance or under this subsection. The Department shall have full power to
administer and enforce this subsection, to collect all taxes and penalties
due under this subsection, to dispose of taxes and penalties so collected
in the manner provided in this subsection, and to determine all rights to
credit memoranda arising on account of the erroneous payment of tax or
penalty under this subsection. In the administration of and compliance with
this subsection, the Department and persons who are subject to this
subsection shall have the same rights, remedies, privileges, immunities,
powers, and duties, shall be subject to the same conditions, restrictions,
limitations, penalties, and definitions of terms, and shall employ the same
modes of procedure as are prescribed in the Hotel Operators' Occupation Tax
Act (except where that Act is inconsistent with this subsection), as fully
as if the provisions contained in the Hotel Operators' Occupation Tax Act
were set out in this subsection.
Whenever the Department determines that a refund should be made under
this subsection to a claimant instead of issuing a credit memorandum, the
Department shall notify the State Comptroller, who shall cause a warrant
to be drawn for the amount specified and to the person named in the
notification from the Department. The refund shall be paid by the State
Treasurer out of the Metropolitan Pier and Exposition Authority trust fund
held by the State Treasurer as trustee for the Authority.
Persons subject to any tax imposed under the authority granted in
this subsection may reimburse themselves for their tax liability for that
tax by separately stating that tax as an additional charge,
which charge may be stated in combination, in a single amount, with State
taxes imposed under the Hotel Operators' Occupation Tax Act, the
municipal tax imposed under Section 8-3-13 of the Illinois Municipal
Code, and the tax imposed under Section 19 of the Illinois Sports
Facilities Authority Act.
The person filing the return shall, at the time of filing the return,
pay to the Department the amount of tax, less a discount of 2.1% or $25 per
calendar year, whichever is greater, which is allowed to reimburse the
operator for the expenses incurred in keeping records, preparing and filing
returns, remitting the tax, and supplying data to the Department on request.
Except as otherwise provided in this paragraph, the Department shall forthwith pay over to the State Treasurer,
ex officio, as trustee for the Authority, all taxes and penalties collected
under this subsection for deposit into a trust fund held outside the State
Treasury. On or before the 25th day of each calendar month, the Department
shall certify to the Comptroller the amounts to be paid under subsection
(g) of this Section, which shall be the amounts (not including credit
memoranda) collected under this subsection during the second preceding
calendar month by the Department, less any amounts determined by the
Department to be necessary for payment of refunds, less 1.5% of the remainder, which the Department shall transfer into the Tax Compliance and Administration Fund. The Department, at the time of each monthly disbursement to the Authority, shall prepare and certify to the State Comptroller the amount to be transferred into the Tax Compliance and Administration Fund under this subsection. Within 10 days after
receipt by the Comptroller of the Department's certification, the
Comptroller shall cause the orders to be drawn for such amounts, and the
Treasurer shall administer the amounts distributed to the Authority as required in subsection (g).
A certified copy of any ordinance imposing or discontinuing a tax under this
subsection or effecting a change in the rate of that tax shall be filed with
the Illinois Department of Revenue, whereupon the Department shall proceed to
administer and enforce this subsection on behalf of the Authority as of the
first day of the third calendar month following the date of filing.
(d) By ordinance the Authority shall, as soon as practicable after July 1, 1992 (the
effective date of Public Act 87-733), impose a tax
upon all persons engaged in the business of renting automobiles in the
metropolitan area at the rate of 6% of the gross
receipts from that business, except that no tax shall be imposed on the
business of renting automobiles for use as taxicabs or in livery service.
The tax imposed under this subsection and all civil penalties that may be
assessed as an incident to that tax shall be collected and enforced by the
Illinois Department of Revenue. The certificate of registration issued by
the Department to a retailer under the Retailers' Occupation Tax Act or
under the Automobile Renting Occupation and Use Tax Act shall permit that
person to engage in a business that is taxable under any ordinance enacted
under this subsection without registering separately with the Department
under that ordinance or under this subsection. The Department shall have
full power to administer and enforce this subsection, to collect all taxes
and penalties due under this subsection, to dispose of taxes and penalties
so collected in the manner provided in this subsection, and to determine
all rights to credit memoranda arising on account of the erroneous payment
of tax or penalty under this subsection. In the administration of and
compliance with this subsection, the Department and persons who are subject
to this subsection shall have the same rights, remedies, privileges,
immunities, powers, and duties, be subject to the same conditions,
restrictions, limitations, penalties, and definitions of terms, and employ
the same modes of procedure as are prescribed in Sections 2 and 3 (in
respect to all provisions of those Sections other than the State rate of
tax; and in respect to the provisions of the Retailers' Occupation Tax Act
referred to in those Sections, except as to the disposition of taxes and
penalties collected, except for the provision allowing retailers a
deduction from the tax to cover certain costs, and except that credit
memoranda issued under this subsection may not be used to discharge any
State tax liability) of the Automobile Renting Occupation and Use Tax Act,
as fully as if provisions contained in those Sections of that Act were set
forth in this subsection.
Persons subject to any tax imposed under the authority granted in
this subsection may reimburse themselves for their tax liability under this
subsection by separately stating that tax as an additional charge, which
charge may be stated in combination, in a single amount, with State tax
that sellers are required to collect under the Automobile Renting
Occupation and Use Tax Act, pursuant to bracket schedules as the Department
may prescribe.
Whenever the Department determines that a refund should be made under
this subsection to a claimant instead of issuing a credit memorandum, the
Department shall notify the State Comptroller, who shall cause a warrant to
be drawn for the amount specified and to the person named in the
notification from the Department. The refund shall be paid by the State
Treasurer out of the Metropolitan Pier and Exposition Authority trust fund
held by the State Treasurer as trustee for the Authority.
Except as otherwise provided in this paragraph, the Department shall forthwith pay over to the State Treasurer, ex officio,
as trustee, all taxes and penalties collected under this subsection for
deposit into a trust fund held outside the State Treasury. On or before the
25th day of each calendar month, the Department shall certify
to the Comptroller the amounts to be paid under subsection (g) of this
Section (not including credit memoranda) collected under this subsection
during the second preceding calendar month by the Department, less any
amount determined by the Department to be necessary for payment of refunds, less 1.5% of the remainder, which the Department shall transfer into the Tax Compliance and Administration Fund. The Department, at the time of each monthly disbursement to the Authority, shall prepare and certify to the State Comptroller the amount to be transferred into the Tax Compliance and Administration Fund under this subsection.
Within 10 days after receipt by the Comptroller of the Department's
certification, the Comptroller shall cause the orders to be drawn for such
amounts, and the Treasurer shall administer the amounts distributed to the Authority as required in
subsection (g).
Nothing in this subsection authorizes the Authority to impose a tax upon
the privilege of engaging in any business that under the Constitution of
the United States may not be made the subject of taxation by this State.
A certified copy of any ordinance imposing or discontinuing a tax under
this subsection or effecting a change in the rate of that tax shall be
filed with the Illinois Department of Revenue, whereupon the Department
shall proceed to administer and enforce this subsection on behalf of the
Authority as of the first day of the third calendar month following the
date of filing.
(e) By ordinance the Authority shall, as soon as practicable after July 1, 1992 (the
effective date of Public Act 87-733), impose a tax upon the
privilege of using in the metropolitan area an automobile that is rented
from a rentor outside Illinois and is titled or registered with an agency
of this State's government at a rate of 6% of the rental price of that
automobile, except that no tax shall be imposed on the privilege of using
automobiles rented for use as taxicabs or in livery service. The tax shall
be collected from persons whose Illinois address for titling or
registration purposes is given as being in the metropolitan area. The tax
shall be collected by the Department of Revenue for the Authority. The tax
must be paid to the State or an exemption determination must be obtained
from the Department of Revenue before the title or certificate of
registration for the property may be issued. The tax or proof of exemption
may be transmitted to the Department by way of the State agency with which
or State officer with whom the tangible personal property must be titled or
registered if the Department and that agency or State officer determine
that this procedure will expedite the processing of applications for title
or registration.
The Department shall have full power to administer and enforce this
subsection, to collect all taxes, penalties, and interest due under this
subsection, to dispose of taxes, penalties, and interest so collected in
the manner provided in this subsection, and to determine all rights to
credit memoranda or refunds arising on account of the erroneous payment of
tax, penalty, or interest under this subsection. In the administration of
and compliance with this subsection, the Department and persons who are
subject to this subsection shall have the same rights, remedies,
privileges, immunities, powers, and duties, be subject to the same
conditions, restrictions, limitations, penalties, and definitions of terms,
and employ the same modes of procedure as are prescribed in Sections 2 and
4 (except provisions pertaining to the State rate of tax; and in respect to
the provisions of the Use Tax Act referred to in that Section, except
provisions concerning collection or refunding of the tax by retailers,
except the provisions of Section 19 pertaining to claims by retailers,
except the last paragraph concerning refunds, and except that credit
memoranda issued under this subsection may not be used to discharge any
State tax liability) of the Automobile Renting Occupation and Use Tax Act,
as fully as if provisions contained in those Sections of that Act were set
forth in this subsection.
Whenever the Department determines that a refund should be made under this
subsection to a claimant instead of issuing a credit memorandum, the Department
shall notify the State Comptroller, who shall cause a warrant to be drawn
for the amount specified and to the person named in the notification
from the Department. The refund shall be paid by the State Treasurer out
of the Metropolitan Pier and Exposition Authority trust fund held by the
State Treasurer as trustee for the Authority.
Except as otherwise provided in this paragraph, the Department shall forthwith pay over to the State Treasurer, ex officio,
as trustee, all taxes, penalties, and interest collected under this
subsection for deposit into a trust fund held outside the State Treasury.
On or before the 25th day of each calendar month, the Department shall
certify to the State Comptroller the amounts to be paid under subsection
(g) of this Section, which shall be the amounts (not including credit
memoranda) collected under this subsection during the second preceding
calendar month by the Department, less any amounts determined by the
Department to be necessary for payment of refunds, less 1.5% of the remainder, which the Department shall transfer into the Tax Compliance and Administration Fund. The Department, at the time of each monthly disbursement to the Authority, shall prepare and certify to the State Comptroller the amount to be transferred into the Tax Compliance and Administration Fund under this subsection. Within 10 days after
receipt by the State Comptroller of the Department's certification, the
Comptroller shall cause the orders to be drawn for such amounts, and the
Treasurer shall administer the amounts distributed to the Authority as required in subsection (g).
A certified copy of any ordinance imposing or discontinuing a tax or
effecting a change in the rate of that tax shall be filed with the Illinois
Department of Revenue, whereupon the Department shall proceed to administer
and enforce this subsection on behalf of the Authority as of the first day
of the third calendar month following the date of filing.
(f) By ordinance the Authority shall, as soon as practicable after July 1, 1992 (the
effective date of Public Act 87-733), impose an occupation tax on all
persons, other than a governmental agency, engaged in the business of
providing ground transportation for hire to passengers in the metropolitan
area at a rate of (i) $4 per taxi or livery vehicle departure with
passengers for hire from commercial service airports in the metropolitan
area, (ii) for each departure with passengers for hire from a commercial
service airport in the metropolitan area in a bus or van operated by a
person other than a person described in item (iii): $18 per bus or van with
a capacity of 1-12 passengers, $36 per bus or van with a capacity of 13-24
passengers, and $54 per bus or van with a capacity of over 24 passengers,
and (iii) for each departure with passengers for hire from a commercial
service airport in the metropolitan area in a bus or van operated by a
person regulated by the Interstate Commerce Commission or Illinois Commerce
Commission, operating scheduled service from the airport, and charging fares on
a per passenger basis: $2 per passenger for hire in each bus or van. The term
"commercial service airports" means those airports receiving scheduled
passenger service and enplaning more than 100,000 passengers per year.
In the ordinance imposing the tax, the Authority may provide for the
administration and enforcement of the tax and the collection of the tax
from persons subject to the tax as the Authority determines to be necessary
or practicable for the effective administration of the tax. The Authority
may enter into agreements as it deems appropriate with any governmental
agency providing for that agency to act as the Authority's agent to
collect the tax.
In the ordinance imposing the tax, the Authority may designate a method or
methods for persons subject to the tax to reimburse themselves for the tax
liability arising under the ordinance (i) by separately stating the full
amount of the tax liability as an additional charge to passengers departing
the airports, (ii) by separately stating one-half of the tax liability as
an additional charge to both passengers departing from and to passengers
arriving at the airports, or (iii) by some other method determined by the
Authority.
All taxes, penalties, and interest collected under any ordinance adopted
under this subsection, less any amounts determined to be necessary for the
payment of refunds and less the taxes, penalties, and interest attributable to any increase in the rate of tax authorized by Public Act 96-898, shall be paid forthwith to the State Treasurer, ex
officio, for deposit into a trust fund held outside the State Treasury and
shall be administered by the State Treasurer as provided in subsection (g)
of this Section. All taxes, penalties, and interest attributable to any increase in the rate of tax authorized by Public Act 96-898 shall be paid by the State Treasurer as follows: 25% for deposit into the Convention Center Support Fund, to be used by the Village of Rosemont for the repair, maintenance, and improvement of the Donald E. Stephens Convention Center and for debt service on debt instruments issued for those purposes by the village and 75% to the Authority to be used for grants to an organization meeting the qualifications set out in Section 5.6 of this Act, provided the Metropolitan Pier and Exposition Authority has entered into a marketing agreement with such an organization.
(g) Amounts deposited from the proceeds of taxes imposed by the
Authority under subsections (b), (c), (d), (e), and (f) of this Section and
amounts deposited under Section 19 of the Illinois Sports Facilities
Authority Act shall be held in a trust fund outside the State Treasury and, other than the amounts transferred into the Tax Compliance and Administration Fund under subsections (b), (c), (d), and (e),
shall be administered by the Treasurer as follows:
(1) An amount necessary for the payment of refunds
| | with respect to those taxes shall be retained in the trust fund and used for those payments.
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| (2) On July 20 and on the 20th of each month
| | thereafter, provided that the amount requested in the annual certificate of the Chairman of the Authority filed under Section 8.25f of the State Finance Act has been appropriated for payment to the Authority, 1/8 of the local tax transfer amount, together with any cumulative deficiencies in the amounts transferred into the McCormick Place Expansion Project Fund under this subparagraph (2) during the fiscal year for which the certificate has been filed, shall be transferred from the trust fund into the McCormick Place Expansion Project Fund in the State treasury until 100% of the local tax transfer amount has been so transferred. "Local tax transfer amount" shall mean the amount requested in the annual certificate, minus the reduction amount. "Reduction amount" shall mean $41.7 million in fiscal year 2011, $36.7 million in fiscal year 2012, $36.7 million in fiscal year 2013, $36.7 million in fiscal year 2014, and $31.7 million in each fiscal year thereafter until 2035, provided that the reduction amount shall be reduced by (i) the amount certified by the Authority to the State Comptroller and State Treasurer under Section 8.25 of the State Finance Act, as amended, with respect to that fiscal year and (ii) in any fiscal year in which the amounts deposited in the trust fund under this Section exceed $343.3 million, exclusive of amounts set aside for refunds and for the reserve account, one dollar for each dollar of the deposits in the trust fund above $343.3 million with respect to that year, exclusive of amounts set aside for refunds and for the reserve account.
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| (3) On July 20, 2010, the Comptroller shall certify
| | to the Governor, the Treasurer, and the Chairman of the Authority the 2010 deficiency amount, which means the cumulative amount of transfers that were due from the trust fund to the McCormick Place Expansion Project Fund in fiscal years 2008, 2009, and 2010 under Section 13(g) of this Act, as it existed prior to May 27, 2010 (the effective date of Public Act 96-898), but not made. On July 20, 2011 and on July 20 of each year through July 20, 2014, the Treasurer shall calculate for the previous fiscal year the surplus revenues in the trust fund and pay that amount to the Authority. On July 20, 2015 and on July 20 of each year thereafter to and including July 20, 2017, as long as bonds and notes issued under Section 13.2 or bonds and notes issued to refund those bonds and notes are outstanding, the Treasurer shall calculate for the previous fiscal year the surplus revenues in the trust fund and pay one-half of that amount to the State Treasurer for deposit into the General Revenue Fund until the 2010 deficiency amount has been paid and shall pay the balance of the surplus revenues to the Authority. On July 20, 2018 and on July 20 of each year thereafter, the Treasurer shall calculate for the previous fiscal year the surplus revenues in the trust fund and pay all of such surplus revenues to the State Treasurer for deposit into the General Revenue Fund until the 2010 deficiency amount has been paid. After the 2010 deficiency amount has been paid, the Treasurer shall pay the balance of the surplus revenues to the Authority. "Surplus revenues" means the amounts remaining in the trust fund on June 30 of the previous fiscal year (A) after the State Treasurer has set aside in the trust fund (i) amounts retained for refunds under subparagraph (1) and (ii) any amounts necessary to meet the reserve account amount and (B) after the State Treasurer has transferred from the trust fund to the General Revenue Fund 100% of any post-2010 deficiency amount. "Reserve account amount" means $15 million in fiscal year 2011 and $30 million in each fiscal year thereafter. The reserve account amount shall be set aside in the trust fund and used as a reserve to be transferred to the McCormick Place Expansion Project Fund in the event the proceeds of taxes imposed under this Section 13 are not sufficient to fund the transfer required in subparagraph (2). "Post-2010 deficiency amount" means any deficiency in transfers from the trust fund to the McCormick Place Expansion Project Fund with respect to fiscal years 2011 and thereafter. It is the intention of this subparagraph (3) that no surplus revenues shall be paid to the Authority with respect to any year in which a post-2010 deficiency amount has not been satisfied by the Authority.
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| Moneys received by the Authority as surplus revenues may be used (i) for the purposes of paying debt service on the bonds and notes issued by the Authority, including early redemption of those bonds or notes, (ii) for the purposes of repair, replacement, and improvement of the grounds, buildings, and facilities of the Authority, and (iii) for the corporate purposes of the Authority in fiscal years 2011 through 2015 in an amount not to exceed $20,000,000 annually or $80,000,000 total, which amount shall be reduced $0.75 for each dollar of the receipts of the Authority in that year from any contract entered into with respect to naming rights at McCormick Place under Section 5(m) of this Act. When bonds and notes issued under Section 13.2, or bonds or notes issued to refund those bonds and notes, are no longer outstanding, the balance in the trust fund shall be paid to the Authority.
(h) The ordinances imposing the taxes authorized by this Section shall
be repealed when bonds and notes issued under Section 13.2 or bonds and
notes issued to refund those bonds and notes are no longer outstanding.
(Source: P.A. 100-23, Article 5, Section 5-35, eff. 7-6-17; 100-23, Article 35, Section 35-25, eff. 7-6-17; 100-587, eff. 6-4-18; 100-863, eff. 8-14-18; 101-636, eff. 6-10-20.)
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