2023 Illinois Compiled Statutes › Chapter 70 - SPECIAL DISTRICTS › 70 ILCS 215/ - Fair and Exposition Authority Reconstruction Act.

(70 ILCS 215/1) (from Ch. 85, par. 1250.1)
Sec. 1. 
		
		This Act shall be known and may be cited as the "Fair and
Exposition Authority Reconstruction Act".
(Source: Laws 1967, p. 2350.)
(70 ILCS 215/2) (from Ch. 85, par. 1250.2)
Sec. 2. 
		As used in this Act:
"Authority" means the Metropolitan Pier and Exposition Authority created
by the Metropolitan Pier and Exposition Authority Act.
"Board" means the governing and administrative body of the Metropolitan
Pier and Exposition Authority.
(Source: P.A. 87-895.)
(70 ILCS 215/3) (from Ch. 85, par. 1250.3)
Sec. 3. The Metropolitan Pier and Exposition
Authority is authorized to borrow money and issue bonds in a
total amount not to exceed $40,000,000 for the purpose of
reconstructing the convention hall and exposition building
known as McCormick Place. Such bonds shall be payable solely
from funds received by the Authority from appropriations, if
any, to be made to said Authority from time to time by future
General Assemblies of the State of Illinois.
(Source: P.A. 94-91, eff. 7-1-05.)
(70 ILCS 215/4) (from Ch. 85, par. 1250.4)
Sec. 4. 
		
		The bonds shall mature not more than 10 years from the date of
issuance, but shall be callable sooner at the option of the Authority, and
shall bear interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable
semiannually.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
(70 ILCS 215/5) (from Ch. 85, par. 1250.5)
Sec. 5. 
		
		The bonds shall be dated, issued and sold from time to time in such
amounts as may be necessary to provide sufficient money for the purpose
provided for in Section 3 and for the funding of the interest on such bonds
for the period between the date of issuance and November 1, 1972.
(Source: Laws 1967, p. 2350.)
(70 ILCS 215/6) (from Ch. 85, par. 1250.6)
Sec. 6. 
		
		The bonds shall be sold by the Authority in such manner as the
Board may determine at not less than 95% of par.
(Source: Laws 1967, p. 2350.)
(70 ILCS 215/7) (from Ch. 85, par. 1250.7)
Sec. 7. 
		
		Such bonds may be in such form, may have such interest coupons, may
carry such registration privileges, may be executed in such manner, may be
payable at such place or places, may be subject to redemption in such
manner and upon such terms, with or without premium as is stated on the
face thereof, and may contain such terms and covenants as may be provided
in the ordinance of the Authority providing for the issuance of bonds.
(Source: Laws 1967, p. 2350.)
(70 ILCS 215/8) (from Ch. 85, par. 1250.8)
Sec. 8. Appropriations may be made
from time to time by the General Assembly to the Metropolitan Pier and
Exposition Authority for the payment of principal and interest of bonds of
the Authority issued under the provisions of this Act and for any other
lawful purpose of the Authority. Any and all of the funds so received shall
be kept separate and apart from any and all other funds of the Authority.
(Source: P.A. 102-16, eff. 6-17-21; 102-1071, eff. 6-10-22.)
(70 ILCS 215/9) (from Ch. 85, par. 1250.9)
Sec. 9. 
		
		Under no circumstances shall any bonds issued by the Authority
pursuant to this Act be or become an indebtedness or obligation of the
State of Illinois or of any other political subdivision of or municipality
within the State, nor shall any such bond be or become an indebtedness of
the Authority within the purview of any constitutional limitation or
provision, and it shall be plainly stated on the face of each bond that it
does not constitute such an indebtedness or obligation but is payable
solely from the revenues or income as aforesaid.
(Source: Laws 1967, p. 2350.)
(70 ILCS 215/10) (from Ch. 85, par. 1250.10)
Sec. 10. 
		
		The State and all counties, cities, villages, incorporated towns
and other municipal corporations, political subdivisions and public bodies,
and public officers of any thereof, all banks, bankers, trust companies,
savings banks and institutions, building and loan associations, savings and
loan associations, investment companies and other persons carrying on an
insurance business and all executors, administrators, guardians, trustees
and other fiduciaries may legally invest any sinking funds, moneys or other
funds belonging to them or within their control in any bonds issued
pursuant to this Act, it being the purpose of this Section to authorize the
investment in such bonds of all sinking, insurance, retirement,
compensation, pension and trust funds, whether owned or controlled by
private or public persons or officers, provided, however, that nothing
contained in this Section may be construed as relieving any person from any
duty of exercising reasonable care in selecting securities for purchase or
investment.
(Source: Laws 1967, p. 2350.)