State of Illinois
91st General Assembly
Legislation

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]



91_HB3994

 
                                               LRB9111604SMdv

 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-                LRB9111604SMdv
 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-                LRB9111604SMdv
 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-                LRB9111604SMdv
 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-                LRB9111604SMdv
 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-                LRB9111604SMdv
 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-                LRB9111604SMdv
 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.

[ Top ]