Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2274 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2274 Introduced 2/7/2025, by Sen. Celina Villanueva SYNOPSIS AS INTRODUCED: 70 ILCS 3205/2 from Ch. 85, par. 600270 ILCS 3205/3 from Ch. 85, par. 600370 ILCS 3205/9.5 new70 ILCS 3205/13 from Ch. 85, par. 601370 ILCS 3205/7.8 rep. Amends the Illinois Sports Facilities Authority Act. Modifies legislative findings. Provides that "facility" includes stadiums, arenas, or other structures for the holding of athletic contests and other events and gatherings, including, without limitation, professional women's sports. Provides that a person may not, on the basis of sex, be prohibited from participating in or receiving any of the benefits of programs or activities at facilities funded under the Act, including facilities established or supported by bonds issued under the Act. Requires the Illinois Sports Facilities Authority to report to the Governor and the General Assembly on any male or female professional sports projects brought to the Authority by a professional sports team in the State. Provides that the Authority shall notify the Governor, Speaker of the House of Representatives, Minority Leader of the House of Representatives, President of the Senate, and Minority Leader of the Senate of the proposal within 2 weeks of receiving a formal request or inquiry. Provides that, before the General Assembly authorizes the issuance of additional bonds under the Act to fund facilities for professional men's sports teams, each chamber of the General Assembly may hold a hearing to publicly review any proposal submitted to the Authority. Repeals provisions relating to a dissolved advisory board. Effective immediately. LRB104 10782 RTM 20862 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2274 Introduced 2/7/2025, by Sen. Celina Villanueva SYNOPSIS AS INTRODUCED: 70 ILCS 3205/2 from Ch. 85, par. 600270 ILCS 3205/3 from Ch. 85, par. 600370 ILCS 3205/9.5 new70 ILCS 3205/13 from Ch. 85, par. 601370 ILCS 3205/7.8 rep. 70 ILCS 3205/2 from Ch. 85, par. 6002 70 ILCS 3205/3 from Ch. 85, par. 6003 70 ILCS 3205/9.5 new 70 ILCS 3205/13 from Ch. 85, par. 6013 70 ILCS 3205/7.8 rep. Amends the Illinois Sports Facilities Authority Act. Modifies legislative findings. Provides that "facility" includes stadiums, arenas, or other structures for the holding of athletic contests and other events and gatherings, including, without limitation, professional women's sports. Provides that a person may not, on the basis of sex, be prohibited from participating in or receiving any of the benefits of programs or activities at facilities funded under the Act, including facilities established or supported by bonds issued under the Act. Requires the Illinois Sports Facilities Authority to report to the Governor and the General Assembly on any male or female professional sports projects brought to the Authority by a professional sports team in the State. Provides that the Authority shall notify the Governor, Speaker of the House of Representatives, Minority Leader of the House of Representatives, President of the Senate, and Minority Leader of the Senate of the proposal within 2 weeks of receiving a formal request or inquiry. Provides that, before the General Assembly authorizes the issuance of additional bonds under the Act to fund facilities for professional men's sports teams, each chamber of the General Assembly may hold a hearing to publicly review any proposal submitted to the Authority. Repeals provisions relating to a dissolved advisory board. Effective immediately. LRB104 10782 RTM 20862 b LRB104 10782 RTM 20862 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2274 Introduced 2/7/2025, by Sen. Celina Villanueva SYNOPSIS AS INTRODUCED:
3	3	70 ILCS 3205/2 from Ch. 85, par. 600270 ILCS 3205/3 from Ch. 85, par. 600370 ILCS 3205/9.5 new70 ILCS 3205/13 from Ch. 85, par. 601370 ILCS 3205/7.8 rep. 70 ILCS 3205/2 from Ch. 85, par. 6002 70 ILCS 3205/3 from Ch. 85, par. 6003 70 ILCS 3205/9.5 new 70 ILCS 3205/13 from Ch. 85, par. 6013 70 ILCS 3205/7.8 rep.
4	4	70 ILCS 3205/2 from Ch. 85, par. 6002
5	5	70 ILCS 3205/3 from Ch. 85, par. 6003
6	6	70 ILCS 3205/9.5 new
7	7	70 ILCS 3205/13 from Ch. 85, par. 6013
8	8	70 ILCS 3205/7.8 rep.
9	9	Amends the Illinois Sports Facilities Authority Act. Modifies legislative findings. Provides that "facility" includes stadiums, arenas, or other structures for the holding of athletic contests and other events and gatherings, including, without limitation, professional women's sports. Provides that a person may not, on the basis of sex, be prohibited from participating in or receiving any of the benefits of programs or activities at facilities funded under the Act, including facilities established or supported by bonds issued under the Act. Requires the Illinois Sports Facilities Authority to report to the Governor and the General Assembly on any male or female professional sports projects brought to the Authority by a professional sports team in the State. Provides that the Authority shall notify the Governor, Speaker of the House of Representatives, Minority Leader of the House of Representatives, President of the Senate, and Minority Leader of the Senate of the proposal within 2 weeks of receiving a formal request or inquiry. Provides that, before the General Assembly authorizes the issuance of additional bonds under the Act to fund facilities for professional men's sports teams, each chamber of the General Assembly may hold a hearing to publicly review any proposal submitted to the Authority. Repeals provisions relating to a dissolved advisory board. Effective immediately.
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15	15	1 AN ACT concerning local government.
16	16	2 Be it enacted by the People of the State of Illinois,
17	17	3 represented in the General Assembly:
18	18	4 Section 5. The Illinois Sports Facilities Authority Act is
19	19	5 amended by changing Sections 2, 3, and 13 and by adding Section
20	20	6 9.5 as follows:
21	21	7 (70 ILCS 3205/2) (from Ch. 85, par. 6002)
22	22	8 Sec. 2. Definitions; general provisions. In this Act the
23	23	9 following words have the meanings indicated:
24	24	10 (A) "Authority" means the Illinois Sports Facilities
25	25	11 Authority.
26	26	12 (B) "Facility" means:
27	27	13 (1) Stadiums, arenas or other structures for the
28	28	14 holding of athletic contests and other events and
29	29	15 gatherings, including, without limitation, baseball,
30	30	16 football, professional women's sports, and automobile
31	31	17 racing; musical, dramatic and other artistic, cultural or
32	32	18 social events; public meetings; and other public events;
33	33	19 and
34	34	20 (2) Practice fields, or other areas where professional
35	35	21 sports teams and other sports teams may practice or
36	36	22 perform.
37	37	23 (3) "Facility" also means the following types of
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41	41	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2274 Introduced 2/7/2025, by Sen. Celina Villanueva SYNOPSIS AS INTRODUCED:
42	42	70 ILCS 3205/2 from Ch. 85, par. 600270 ILCS 3205/3 from Ch. 85, par. 600370 ILCS 3205/9.5 new70 ILCS 3205/13 from Ch. 85, par. 601370 ILCS 3205/7.8 rep. 70 ILCS 3205/2 from Ch. 85, par. 6002 70 ILCS 3205/3 from Ch. 85, par. 6003 70 ILCS 3205/9.5 new 70 ILCS 3205/13 from Ch. 85, par. 6013 70 ILCS 3205/7.8 rep.
43	43	70 ILCS 3205/2 from Ch. 85, par. 6002
44	44	70 ILCS 3205/3 from Ch. 85, par. 6003
45	45	70 ILCS 3205/9.5 new
46	46	70 ILCS 3205/13 from Ch. 85, par. 6013
47	47	70 ILCS 3205/7.8 rep.
48	48	Amends the Illinois Sports Facilities Authority Act. Modifies legislative findings. Provides that "facility" includes stadiums, arenas, or other structures for the holding of athletic contests and other events and gatherings, including, without limitation, professional women's sports. Provides that a person may not, on the basis of sex, be prohibited from participating in or receiving any of the benefits of programs or activities at facilities funded under the Act, including facilities established or supported by bonds issued under the Act. Requires the Illinois Sports Facilities Authority to report to the Governor and the General Assembly on any male or female professional sports projects brought to the Authority by a professional sports team in the State. Provides that the Authority shall notify the Governor, Speaker of the House of Representatives, Minority Leader of the House of Representatives, President of the Senate, and Minority Leader of the Senate of the proposal within 2 weeks of receiving a formal request or inquiry. Provides that, before the General Assembly authorizes the issuance of additional bonds under the Act to fund facilities for professional men's sports teams, each chamber of the General Assembly may hold a hearing to publicly review any proposal submitted to the Authority. Repeals provisions relating to a dissolved advisory board. Effective immediately.
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51	51	A BILL FOR
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57	57	70 ILCS 3205/2 from Ch. 85, par. 6002
58	58	70 ILCS 3205/3 from Ch. 85, par. 6003
59	59	70 ILCS 3205/9.5 new
60	60	70 ILCS 3205/13 from Ch. 85, par. 6013
61	61	70 ILCS 3205/7.8 rep.
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80	80	1 property if that property is related to or located near an
81	81	2 item listed in paragraphs (1) and (2) of subsection (B) of
82	82	3 this Section:
83	83	4 (i) Offices, parking lots and garages, access
84	84	5 roads, streets, intersections, highway interchanges,
85	85	6 pedestrian walkways, tunnels, and bridges,
86	86	7 transportation facilities, monuments, restaurants,
87	87	8 stores, and other facilities providing goods and
88	88	9 services to persons attending meetings, contests,
89	89	10 gatherings or events at the facility;
90	90	11 (ii) Other recreation areas and recreational
91	91	12 facilities;
92	92	13 (iii) Other property or structures including all
93	93	14 fixtures, furnishings, and appurtenances normally
94	94	15 associated with such facilities; and
95	95	16 (iv) Landscaping, parks, and open spaces.
96	96	17 (C) "Governmental Owner" means a body politic, public
97	97	18 corporation, political subdivision, unit of local government,
98	98	19 or municipality formed under the laws of the State of
99	99	20 Illinois, including, without limitation, the Chicago Park
100	100	21 District, that owns or is to own a facility located within the
101	101	22 corporate limits of the Authority described in Section 11 of
102	102	23 this Act and to which the Authority provides financial
103	103	24 assistance. Where the title to all or any part of a facility is
104	104	25 held by a public building commission because the public
105	105	26 building commission has financed, under the authority of the
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116	116	1 Public Building Commission Act, the acquisition of real estate
117	117	2 or the construction, acquisition, or enlargement of
118	118	3 improvements to real estate, or both, for any body politic,
119	119	4 public corporation, political subdivision, unit of local
120	120	5 government, or municipality formed under the laws of the State
121	121	6 of Illinois, the term "governmental owner" when used with
122	122	7 respect to that facility means the body politic, public
123	123	8 corporation, political subdivision, unit of local government,
124	124	9 or municipality rather than the public building commission.
125	125	10 (D) "Management Agreement" means a legally binding
126	126	11 contract between the Authority and a tenant of a facility
127	127	12 owned by the Authority, which contains at least the following
128	128	13 provisions:
129	129	14 (1) a provision requiring the tenant to conduct its
130	130	15 complete regular home season schedule and any home playoff
131	131	16 events in the facility;
132	132	17 (2) a provision requiring the tenant to provide
133	133	18 routine maintenance of and to operate the facility with
134	134	19 its personnel or contractors;
135	135	20 (3) a provision requiring the tenant to advertise and
136	136	21 promote events it conducts at the facility;
137	137	22 (4) a provision requiring the tenant to operate or
138	138	23 contract for concessions for the patrons of the facility,
139	139	24 including a stadium club and restaurant where food and
140	140	25 beverages will be served; and
141	141	26 (5) a provision permitting the Authority or its
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152	152	1 designee to hold other events in any such facility owned
153	153	2 by the Authority at such times as shall not unreasonably
154	154	3 interfere with the use of that facility by the tenant.
155	155	4 (E) "Assistance Agreement" means one or more legally
156	156	5 binding contracts, with respect to a facility for which the
157	157	6 Authority is to provide financial assistance as provided in
158	158	7 this Act, to which the Authority and a governmental owner of a
159	159	8 facility or its tenant, or both, and any other appropriate
160	160	9 persons are parties, which may be in the form of an
161	161	10 intergovernmental agreement.
162	162	11 (F) "Financial Assistance" means the use by the Authority,
163	163	12 pursuant to an assistance agreement, of its powers under this
164	164	13 Act, including, without limitation, the power to borrow money,
165	165	14 to issue bonds and notes, to impose an occupation tax as
166	166	15 provided in Section 19 of this Act and to receive and expend
167	167	16 the proceeds of that tax, to assist a governmental owner or its
168	168	17 tenant, or both, with one or more of the following: designing,
169	169	18 developing, establishing, constructing, erecting, acquiring,
170	170	19 repairing, reconstructing, renovating, remodeling, adding to,
171	171	20 extending, improving, equipping, operating, and maintaining a
172	172	21 facility owned or to be owned by the governmental owner.
173	173	22 (G) "Tenant" means any person with which a governmental
174	174	23 owner or the Authority has entered into an agreement for the
175	175	24 use by a professional sports team or other sports team of any
176	176	25 facility. Such an agreement may be a management agreement or
177	177	26 an assistance agreement or may be a lease of or a license,
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188	188	1 permit, or similar agreement with respect to the use of a
189	189	2 facility by such team for such period as shall be agreed upon
190	190	3 by the person and the governmental owner or the Authority, as
191	191	4 the case may be.
192	192	5 (Source: P.A. 91-935, eff. 6-1-01.)
193	193	6 (70 ILCS 3205/3) (from Ch. 85, par. 6003)
194	194	7 Sec. 3. Legislative Finding and Declaration. It is hereby
195	195	8 found that as a result of deteriorating infrastructure and
196	196	9 sports facilities in the metropolitan area of Chicago, there
197	197	10 is a shortage of facilities suitable for use by professional
198	198	11 and other sports teams and musical, theatrical, cultural, and
199	199	12 other social organizations.
200	200	13 It is further found that as a result of the costs to
201	201	14 maintain, repair or replace such infrastructure and
202	202	15 facilities, and as a result of current high financing costs,
203	203	16 the private sector, without the assistance contemplated in
204	204	17 this Act, is unable to construct feasibly adequate sports
205	205	18 facilities.
206	206	19 It is further found that the creation of modern sports
207	207	20 facilities and the other results contemplated by this Act
208	208	21 would stimulate economic activity in the State of Illinois,
209	209	22 including the creation and maintenance of jobs, the creation
210	210	23 of new and lasting infrastructure and other improvements, and
211	211	24 the attraction and retention of sports and entertainment
212	212	25 events which generate economic activity.
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223	223	1 It is further found that participation in sports promotes
224	224	2 physical and mental health and provides opportunities for
225	225	3 personal growth and character development and that these
226	226	4 benefits are best advanced and enjoyed when available to all
227	227	5 people on an equitable basis, including when provision is made
228	228	6 for equitable development of sports facilities for men and
229	229	7 women alike.
230	230	8 It is further found that professional sports facilities
231	231	9 can be magnets for substantial interstate tourism resulting in
232	232	10 increased retail sales, hotel and restaurant sales, and
233	233	11 entertainment industry sales, all of which increase jobs and
234	234	12 economic growth.
235	235	13 It is further found that only three major league
236	236	14 professional baseball franchises play in stadium facilities
237	237	15 the construction of which has not been government-assisted and
238	238	16 of those three the most recently constructed facility was
239	239	17 completed in 1914.
240	240	18 It is further found that government assistance was or is
241	241	19 an essential component in the financing of the construction of
242	242	20 most recently built or planned National Football League
243	243	21 stadiums.
244	244	22 It is further found that the exercise by the Authority and
245	245	23 governmental owners of the additional powers conferred by this
246	246	24 amendatory Act of the 91st General Assembly (i) will
247	247	25 materially assist the development and redevelopment of
248	248	26 government owned sports facilities and thereby alleviate in
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259	259	1 part the deleterious conditions and confer the public benefits
260	260	2 described in this Section and (ii) is in the public interest
261	261	3 and is declared to be for public purposes.
262	262	4 (Source: P.A. 91-935, eff. 6-1-01.)
263	263	5 (70 ILCS 3205/9.5 new)
264	264	6 Sec. 9.5. Unlawful discrimination. A person may not be
265	265	7 prohibited, on the basis of sex, from participation in, or any
266	266	8 of the benefits of, programs or activities at facilities
267	267	9 funded under this Act, including facilities established or
268	268	10 supported by bonds issued under this Act.
269	269	11 (70 ILCS 3205/13) (from Ch. 85, par. 6013)
270	270	12 Sec. 13. Bonds and notes.
271	271	13 (A) (1) The Authority may at any time and from time to time
272	272	14 issue bonds and notes for any corporate purpose, including the
273	273	15 establishment of reserves and the payment of interest and
274	274	16 costs of issuance. The Authority shall report to the Governor
275	275	17 and the General Assembly on any male or female professional
276	276	18 sports projects brought to the Authority by a professional
277	277	19 sports team in the State. The Authority shall notify the
278	278	20 Governor, Speaker of the House of Representatives, Minority
279	279	21 Leader of the House of Representatives, President of the
280	280	22 Senate, and Minority Leader of the Senate of the proposal
281	281	23 within 2 weeks of receiving a formal request or inquiry.
282	282	24 Before the General Assembly authorizes the issuance of
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293	293	1 additional bonds under this Act to fund facilities for
294	294	2 professional men's sports teams, each chamber of the General
295	295	3 Assembly may hold a hearing to publicly review any proposal
296	296	4 submitted to the Authority. If there are proposals submitted
297	297	5 by both professional men's and women's sports teams and
298	298	6 recognizing the historical lack of public funding for women's
299	299	7 sports, then the General Assembly shall encourage any future
300	300	8 bonding authority is granted in an equitable manner to assist
301	301	9 in the remediation of past inequity in funding between men's
302	302	10 and women's sports teams. In this Act the term "bonds"
303	303	11 includes notes of any kind, interim certificates, refunding
304	304	12 bonds, or any other evidence of obligation for borrowed money
305	305	13 issued under this Section 13. Bonds may be issued in one or
306	306	14 more series and may be payable and secured either on a parity
307	307	15 with or separately from other bonds.
308	308	16 (2) The bonds of any issue shall be payable solely from all
309	309	17 or any part of the property or revenues of the Authority,
310	310	18 including, without limitation:
311	311	19 (i) Rents, rates, fees, charges, or other revenues
312	312	20 payable to or any receipts of the Authority, including
313	313	21 amounts which are deposited pursuant to the Act with a
314	314	22 trustee for bondholders;
315	315	23 (ii) Payments by financial institutions, insurance
316	316	24 companies, or others pursuant to letters or lines of
317	317	25 credit, policies of insurance, or purchase agreements;
318	318	26 (iii) Investment earnings from funds or accounts
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329	329	1 maintained pursuant to a bond resolution or trust
330	330	2 agreement; and
331	331	3 (iv) Proceeds of refunding bonds.
332	332	4 (3) Bonds may be authorized by a resolution of the
333	333	5 Authority and may be secured by a trust agreement by and
334	334	6 between the Authority and a corporate trustee or trustees,
335	335	7 which may be any trust company or bank having the powers of a
336	336	8 trust company within or without the State. Bonds may:
337	337	9 (i) Mature at a time or times, whether as serial bonds
338	338	10 or as term bonds or both, not exceeding 40 years from their
339	339	11 respective dates of issue;
340	340	12 (ii) Notwithstanding the provisions provision of the
341	341	13 Bond Authorization Act "An Act to authorize public
342	342	14 corporations to issue bonds, other evidences of
343	343	15 indebtedness and tax anticipation warrants subject to
344	344	16 interest rate limitations set forth therein", approved May
345	345	17 26, 1970, as now or hereafter amended, or any other
346	346	18 provision of law, bear interest at any fixed or variable
347	347	19 rate or rates determined by the method provided in the
348	348	20 resolution or trust agreement;
349	349	21 (iii) Be payable at a time or times, in the
350	350	22 denominations and form, either coupon or registered or
351	351	23 both, and carry the registration and privileges as to
352	352	24 exchange, transfer, or conversion and for the replacement
353	353	25 of mutilated, lost, or destroyed bonds as the resolution
354	354	26 or trust agreement may provide;
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365	365	1 (iv) Be payable in lawful money of the United States
366	366	2 at a designated place;
367	367	3 (v) Be subject to the terms of purchase, payment,
368	368	4 redemption, refunding, or refinancing that the resolution
369	369	5 or trust agreement provides;
370	370	6 (vi) Be executed by the manual or facsimile signatures
371	371	7 of the officers of the Authority designated by the
372	372	8 Authority which signatures shall be valid at delivery even
373	373	9 for one who has ceased to hold office; and
374	374	10 (vii) Be sold in the manner and upon the terms
375	375	11 determined by the Authority.
376	376	12 (B) Any resolution or trust agreement may contain
377	377	13 provisions which shall be a part of the contract with the
378	378	14 holders of the bonds as to:
379	379	15 (1) Pledging, assigning, or directing the use,
380	380	16 investment, or disposition of all or any part of the
381	381	17 revenues of the Authority or proceeds or benefits of any
382	382	18 contract, including, without limit, any management
383	383	19 agreement or assistance agreement and conveying or
384	384	20 otherwise securing any property or property rights;
385	385	21 (2) The setting aside of loan funding deposits, debt
386	386	22 service reserves, capitalized interest accounts,
387	387	23 replacement or operating reserves, cost of issuance
388	388	24 accounts and sinking funds, and the regulation,
389	389	25 investment, and disposition thereof;
390	390	26 (3) Limitations on the purposes to which or the
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401	401	1 investments in which the proceeds of sale of any issue of
402	402	2 bonds or the Authority's revenues and receipts may be
403	403	3 applied or made;
404	404	4 (4) Limitations on the issue of additional bonds, the
405	405	5 terms upon which additional bonds may be issued and
406	406	6 secured, the terms upon which additional bonds may rank on
407	407	7 a parity with, or be subordinate or superior to, other
408	408	8 bonds;
409	409	9 (5) The refunding, advance refunding, or refinancing
410	410	10 of outstanding bonds;
411	411	11 (6) The procedure, if any, by which the terms of any
412	412	12 contract with bondholders may be altered or amended and
413	413	13 the amount of bonds and holders of which must consent
414	414	14 thereto, and the manner in which consent shall be given;
415	415	15 (7) Defining the acts or omissions which shall
416	416	16 constitute a default in the duties of the Authority to
417	417	17 holders of bonds and providing the rights or remedies of
418	418	18 such holders in the event of a default which may include
419	419	19 provisions restricting individual right of action by
420	420	20 bondholders;
421	421	21 (8) Providing for guarantees, pledges of property,
422	422	22 letters of credit, or other security, or insurance for the
423	423	23 benefit of bondholders; and
424	424	24 (9) Any other matter relating to the bonds which the
425	425	25 Authority determines appropriate.
426	426	26 (C) No member of the Authority nor any person executing
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437	437	1 the bonds shall be liable personally on the bonds or subject to
438	438	2 any personal liability by reason of the issuance of the bonds.
439	439	3 (D) The Authority may enter into agreements with agents,
440	440	4 banks, insurers, or others for the purpose of enhancing the
441	441	5 marketability of or security for its bonds.
442	442	6 (E)(1) A pledge by the Authority of revenues and receipts
443	443	7 as security for an issue of bonds or for the performance of its
444	444	8 obligations under any management agreement or assistance
445	445	9 agreement shall be valid and binding from the time when the
446	446	10 pledge is made.
447	447	11 (2) The revenues and receipts pledged shall immediately be
448	448	12 subject to the lien of the pledge without any physical
449	449	13 delivery or further act, and the lien of any pledge shall be
450	450	14 valid and binding against any person having any claim of any
451	451	15 kind in tort, contract, or otherwise against the Authority,
452	452	16 irrespective of whether the person has notice.
453	453	17 (3) No resolution, trust agreement, management agreement,
454	454	18 or assistance agreement or any financing statement,
455	455	19 continuation statement, or other instrument adopted or entered
456	456	20 into by the Authority need be filed or recorded in any public
457	457	21 record other than the records of the Authority in order to
458	458	22 perfect the lien against third persons, regardless of any
459	459	23 contrary provision of law.
460	460	24 (F) The Authority may issue bonds to refund, advance
461	461	25 refund, or refinance any of its bonds then outstanding,
462	462	26 including the payment of any redemption premium and any
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473	473	1 interest accrued or to accrue to the earliest or any
474	474	2 subsequent date of redemption, purchase, or maturity of the
475	475	3 bonds. Refunding or advance refunding bonds may be issued for
476	476	4 the public purposes of realizing savings in the effective
477	477	5 costs of debt service, directly or through a debt
478	478	6 restructuring, for alleviating impending or actual default, or
479	479	7 for paying principal of, redemption premium, if any, and
480	480	8 interest on bonds as they mature or are subject to redemption,
481	481	9 and may be issued in one or more series in an amount in excess
482	482	10 of that of the bonds to be refunded.
483	483	11 (G) At no time shall the total outstanding bonds and notes
484	484	12 of the Authority issued under this Section 13 exceed (i)
485	485	13 $150,000,000 in connection with facilities owned by the
486	486	14 Authority or in connection with other authorized corporate
487	487	15 purposes of the Authority and (ii) $399,000,000 in connection
488	488	16 with facilities owned by a governmental owner other than the
489	489	17 Authority; however, the limit on the total outstanding bond
490	490	18 and notes set forth in this sentence shall not apply to any
491	491	19 refunding or restructuring bonds issued by the Authority on
492	492	20 and after June 17, 2021 (the effective date of Public Act
493	493	21 102-16) this amendatory Act of the 102nd General Assembly but
494	494	22 prior to December 31, 2024. Bonds which are being paid or
495	495	23 retired by issuance, sale, or delivery of bonds or notes, and
496	496	24 bonds or notes for which sufficient funds have been deposited
497	497	25 with the paying agent or trustee to provide for payment of
498	498	26 principal and interest thereon, and any redemption premium, as
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509	509	1 provided in the authorizing resolution, shall not be
510	510	2 considered outstanding for the purposes of this paragraph.
511	511	3 (H) The bonds and notes of the Authority shall not be
512	512	4 indebtedness of the City of Chicago, of the State, or of any
513	513	5 political subdivision of the State other than the Authority.
514	514	6 The bonds and notes of the Authority are not general
515	515	7 obligations of the State of Illinois or the City of Chicago, or
516	516	8 of any other political subdivision of the State other than the
517	517	9 Authority, and are not secured by a pledge of the full faith
518	518	10 and credit of the State of Illinois or the City of Chicago, or
519	519	11 of any other political subdivision of the State other than the
520	520	12 Authority, and the holders of bonds and notes of the Authority
521	521	13 may not require the levy or imposition by the State or the City
522	522	14 of Chicago, or any other political subdivision of the State
523	523	15 other than the Authority, of any taxes or, except as provided
524	524	16 in this Act, the application of revenues or funds of the State
525	525	17 of Illinois or the City of Chicago or any other political
526	526	18 subdivision of the State other than the Authority to the
527	527	19 payment of bonds and notes of the Authority.
528	528	20 (I) In order to provide for the payment of debt service
529	529	21 requirements (including amounts for reserve funds and to pay
530	530	22 the costs of credit enhancements) on bonds issued pursuant to
531	531	23 this Act, the Authority may provide in any trust agreement
532	532	24 securing such bonds for a pledge and assignment of its right to
533	533	25 all amounts to be received from the Illinois Sports Facilities
534	534	26 Fund and for a pledge and assignment (subject to the terms of
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545	545	1 any management agreement or assistance agreement) of all taxes
546	546	2 and other amounts to be received under Section 19 of this Act
547	547	3 and may further provide by written notice to the State
548	548	4 Treasurer and State Comptroller (which notice shall constitute
549	549	5 a direction to those officers) for a direct payment of these
550	550	6 amounts to the trustee for its bondholders.
551	551	7 (J) The State of Illinois pledges to and agrees with the
552	552	8 holders of the bonds and notes of the Authority issued
553	553	9 pursuant to this Act that the State will not limit or alter the
554	554	10 rights and powers vested in the Authority by this Act so as to
555	555	11 impair the terms of any contract made by the Authority with
556	556	12 such holders or in any way impair the rights and remedies of
557	557	13 such holders until such bonds and notes, together with
558	558	14 interest thereon, with interest on any unpaid installments of
559	559	15 interest, and all costs and expenses in connection with any
560	560	16 action or proceedings by or on behalf of such holders, are
561	561	17 fully met and discharged. In addition, the State pledges to
562	562	18 and agrees with the holders of the bonds and notes of the
563	563	19 Authority issued pursuant to this Act that the State will not
564	564	20 limit or alter the basis on which State funds are to be
565	565	21 allocated, deposited and paid to the Authority as provided in
566	566	22 this Act, or the use of such funds, so as to impair the terms
567	567	23 of any such contract. The Authority is authorized to include
568	568	24 these pledges and agreements of the State in any contract with
569	569	25 the holders of bonds or notes issued pursuant to this Section.
570	570	26 Nothing in Public Act 102-16 this amendatory Act of the 102nd
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581	581	1 General Assembly is intended to limit or alter the rights and
582	582	2 powers of the Authority so as to impair the terms of any
583	583	3 contract made by the Authority with the holders of the bonds
584	584	4 and notes of the Authority issued pursuant to this Act.
585	585	5 (Source: P.A. 102-16, eff. 6-17-21; revised 7-25-24.)
586	586	6 (70 ILCS 3205/7.8 rep.)
587	587	7 Section 10. The Illinois Sports Facilities Authority Act
588	588	8 is amended by repealing Section 7.8.
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