Metropolitan Pier authority misses July project bond service payment

By Caroline Salls

Pittsburgh, Aug. 3 – The Metropolitan Pier and Exposition Authority’s $20.81 million monthly project bonds debt service deposit for July was not paid, according to a notice released Monday.

The authority said there are enough funds in the authority tax fund and the McCormick Place expansion project fund to make the payment, but those funds cannot be paid to trustee Amalgamated Bank of Chicago until a lawful appropriation for debt service is enacted.

As of July 31, the authority tax fund had a balance of $44.21 million, consisting of an initial reserve balance of $30 million and authority taxes received of $14.21 million; and the expansion project fund had a balance of $20.81 million, consisting, as a result of the lack of an appropriation, of state sales taxes deposited into the fund.

According to the notice, the 2016 fiscal year of the State of Illinois began on July 1. To date, no state budget has been approved for the 2016 fiscal year. As a result, no appropriation of the authority taxes or state sales taxes has been enacted into law.

The authority owns and manages McCormick Place and Navy Pier in Chicago.

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