(65 ILCS 5/11-67-4) (from Ch. 24, par. 11-67-4)
Sec. 11-67-4.
Every such municipality has the power to levy and collect taxes for
the purpose of establishing and maintaining a municipal coliseum.
However, any tax levied to establish and maintain such a coliseum shall
not exceed .025% of the value, as equalized or assessed by the
Department of Revenue, of all taxable property within
that municipality.
These taxes shall be in addition to the amount authorized to be
levied for general purposes under Section 8-3-1.
The foregoing limitation upon tax rate may be increased or decreased
according to the referendum provisions of the General Revenue Law of
Illinois.
(Source: P.A. 81-1509.)
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(65 ILCS 5/11-67-5) (from Ch. 24, par. 11-67-5)
Sec. 11-67-5.
Every such municipality has the power to borrow money
on the credit of the municipality and to issue bonds, in the manner
provided by law, for the purpose of establishing and maintaining a
municipal coliseum. But no issue of bonds shall be valid unless the
proposition of issuing the bonds is first certified by the municipal clerk
and submitted to the electors of
the municipality and is approved by a majority of those voting on the
proposition. The proposition shall be substantially in the following form:
Shall bonds for the purpose of establishing and maintaining a YES municipal coliseum, in the amount
of $....(insert amount), be issued NO by the ....(insert name of municipality)?
Each year after bonds are issued under this Division 67 and until all
bonds so issued are retired, there shall be included in and added to the
taxes levied for municipal purposes, a direct annual tax for an amount
sufficient to pay the interest as it accrues on each bond so issued, and
also to pay the principal of these bonds at par value, as the bonds
respectively fall due. Any tax levied to pay off any bond issue
hereafter approved shall not exceed .05% of the value, as equalized or
assessed by the Department of Revenue, upon the taxable
property within the municipality.
(Source: P.A. 81-1489; 81-1509 .)
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(65 ILCS 5/11-67-6) (from Ch. 24, par. 11-67-6)
Sec. 11-67-6.
Every such municipality which establishes and owns a
municipal coliseum has the power to license or lease all or any part of the
coliseum to assemblages for definite short periods of time, upon such terms
and compensation as may be prescribed by the corporate authorities or as
may be determined by ordinances, rules, or regulations passed or prescribed
by the corporate authorities.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/11-67-7) (from Ch. 24, par. 11-67-7)
Sec. 11-67-7.
The corporate authorities may provide for granting the free
use of such a municipal coliseum to the inhabitants of the municipality, or
to local bodies or organizations existing within the municipality, for
civic, patriotic, educational, charitable, or political purposes and also
for historic celebrations, free amusements, concerts, entertainments,
lectures, and discussions.
(Source: Laws 1961, p. 576.)
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