Sec. 25-55. The Civic and Transit Infrastructure Fund.
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/il/chapter-30/act-558/25-55A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 25-55. The Civic and Transit Infrastructure Fund. The Civic and Transit Infrastructure Fund is created as a special fund in the State Treasury. All moneys transferred to the Civic and Transit Infrastructure Fund pursuant to Section 8.25g of the State Finance Act, Section 3 of the Retailers' Occupation Act, and this Act shall be used only for the purposes authorized by and subject to the limitations and conditions of this Act and the public-private agreement entered into by private entity and the public agency on behalf of the State.
All payments required under such Acts shall be direct, limited obligations of the State of Illinois payable solely from and secured by an irrevocable, first priority pledge of and lien on moneys on deposit in the Civic and Transit Infrastructure Fund. The State of Illinois hereby pledges the applicable sales tax revenues consistent with the State Finance Act and this Act for the time period provided in the public-private agreement between the private entity and the Authority, on behalf of the State.
Moneys in the Civic and Transit Infrastructure Fund shall be utilized by the public agency on behalf of the State to pay the private entity for the development, financing, construction, operation and management of the civic and transit infrastructure project consistent with this Act and the public-private agreement. Investment income, if any, which is attributable to the investment of moneys in the Civic and Transit Infrastructure Fund shall be retained in the Fund for any required payment to the private entity under this Act and the public-private agreement.