(70 ILCS 200/Art. 250 heading)

(70 ILCS 200/250-1) Sec. 250-1. Short title. This Article may be cited as the Sheldon Civic Center Law of 1997. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-5) Sec. 250-5. Definitions. As used in this Article, unless the context otherwise requires: "Authority" means the Sheldon Metropolitan Exposition, Auditorium and Office Building Authority. "Board" means the governing and administrative body of the Sheldon Metropolitan Exposition, Auditorium and Office Building Authority. "Metropolitan area" means all that territory which lies within the corporate boundaries of the Village of Sheldon. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-10) Sec. 250-10. Authority created; principal office. There is hereby created a unit of local government known as the Sheldon Metropolitan Exposition, Auditorium and Office Building Authority in the metropolitan area. The principal office of the Authority shall be in the Village of Sheldon. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-15) Sec. 250-15. Bonds; nature of indebtedness. Under no circumstances shall any bonds issued by the Authority be or become an indebtedness or obligation of the State of Illinois or any unit of local government or school district within the State, nor shall any such bond or obligation 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 revenues or income. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-20) Sec. 250-20. Investment in bonds. The State and all counties, cities, villages, incorporated towns and other units of local government 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 Article, 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 investment. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-25) Sec. 250-25. Board created. The governing and administrative body of the Authority shall be a board consisting of 7 members and shall be known as the Sheldon Metropolitan Exposition Auditorium and Office Building Board. The members of the board shall be individuals of generally recognized ability and integrity. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-30) Sec. 250-30. Board members appointed. Within 60 days after September 3, 1985 (the effective date of Article 8 of Public Act 84-245), the Village President of Sheldon, with the advice and consent of the Sheldon Village Board of Trustees, shall appoint 7 members of the Board, 2 members to be appointed for terms expiring July 1, 1988, 2 members to be appointed for terms expiring July 1, 1987, and 3 members to be appointed for terms expiring July 1, 1986, such terms commencing on the date each is appointed. At the expiration of the term of any member, his successor shall be appointed by the Village President of Sheldon in a like manner. All successors shall hold office for a term of 3 years from the date of appointment, except in case of an appointment to fill a vacancy. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-35) Sec. 250-35. Report and financial statement. As soon after the end of each fiscal year as may be expedient, the Board shall cause to be prepared and printed a complete and detailed report and financial statement of its operations and of its assets and liabilities. A reasonably sufficient number of copies of such report shall be printed for distribution to persons interested upon request, and a copy thereof shall be filed with the county clerk and the Village President of Sheldon. (Source: P.A. 90-328, eff. 1-1-98.)

(70 ILCS 200/250-40) Sec. 250-40. Standard civic center provisions incorporated by reference. The following Sections of this Code are incorporated by reference into this Article: Section 2-5. Definitions. Section 2-10. Lawsuits; common seal. Section 2-17. Duties; auditorium and other buildings. Section 2-21. Rights and powers. Section 2-25. Incurring obligations. Section 2-36. Acquisition of property from person or governmental agency. Section 2-40. Federal money. Section 2-45. Insurance. Section 2-51. Borrowing; revenue bonds; mandamus or other actions to compel performance. Section 2-75. Board members; financial matters; conflict of interest. Section 2-80. Board members' oath. Section 2-83. Removal of Board member from office. Section 2-85. Board members; vacancy in office. Section 2-90. Organization of the Board. Section 2-96. Meetings; action by 4 Board members. Section 2-101. Secretary; treasurer; funds deposited in bank or savings and loan association. Section 2-106. Funds; compliance with Public Funds Investment Act. Section 2-110. Signatures on checks or drafts. Section 2-115. General manager; other appointments. Section 2-120. Ordinances, rules, and regulations; fines and penalties. Section 2-127. Contracts; award to other than highest or lowest bidder by four-fifths vote. Section 2-130. Bids and advertisements. Section 2-140. State financial support. Section 2-145. Anti-trust laws. Section 2-150. Tax exemption. (Source: P.A. 90-328, eff. 1-1-98.)