Bill Title: Amends the Metropolitan Civic Center Support Act. Provides that, if the State has issued its bonds on behalf of a local Civic Center Authority to help fund the construction of the Authority's facilities, if those bonds have been outstanding for at least 10 years, and if the board of trustees or the city council of the village or city where the Civic Center Authority is located makes a finding in a duly adopted ordinance that it is no longer feasible to operate or cause the facilities of the Authority to be operated in such a manner that, collectively, they will earn sufficient revenues for the Authority to pay all of its operating costs, then the board of trustees or city council may, at its option, apply to the State for relief from the terms of Support Agreements between the State and the Authority. Sets forth procedures for application, payment of principal and interest, deposits for payments, and dissolution of the Civic Center Authority. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2010-07-22 - Public Act . . . . . . . . . 96-1209
[SB3505 Detail]
Bill Drafts
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| Enrolled | Not Avail | HTML/Text | Link | View |
| Engrossed | Not Avail | HTML/Text | Link | View |
| Introduced | Not Avail | HTML/Text | Link | View |
Amendments
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| No bill amendments currently on file for Illinois SB3505 |
Supplemental Documents
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| No supplemental documents for Illinois SB3505 currently on file. |
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