Section 70 ILCS 3455/30 - Formation ordinance; management of funds(a) The formation ordinance shall contain: (1) the date the district is established;(2) a reference to the district plan, which shall be on file and available for inspection with the clerk;(3) a statement that the clerk determined that the total amount of written objections received from hotels that will be subjected to a transaction charge did not represent hotels that would pay 50% or more of the proposed transaction charges, as determined by the last 12 months of State hotel operators' occupation taxes paid preceding the date of the petition;(4) the name of the district;(5) the effective date of the transaction charge;(6) the term of the district, not to exceed 5 years upon formation or up to 10 additional years upon each renewal;(7) a description of the boundaries of the district, which need not be contiguous but shall not encompass more than 6 counties;(8) the name of the local tourism and convention bureau and authorization for the governmental unit to remit the collected transaction charges to the local tourism and convention bureau in exchange for the local tourism and convention bureau providing services and improvements; and(9) the amount, if any, that the governmental unit will retain of the total amount of transaction charges collected to defray (in whole or in part) the governmental unit's administrative costs related to the district, in an amount not more than 2% of the collected transaction charges.(b) Before a tourism and convention bureau may receive transaction charges under this Act, the tourism and convention bureau must be organized as follows: (1) for a local tourism and convention bureau that is a unit of local government that does not have a nonprofit corporation existing on the date the formation ordinance is adopted, the local tourism and convention bureau must create a nonprofit corporation solely for purposes of this Act and that corporation's certificate of incorporation or bylaws must provide that the Board of Directors of the nonprofit corporation must be composed of the business owners subject to the transaction charge, or their designees, and the Board of Directors shall be responsible for managing funds raised by the district for the local tourism and convention bureau, which shall fulfill the obligations of the district plan; or(2) for a local tourism and convention bureau that is a nonprofit corporation, the local tourism and convention bureau must create a committee composed of the business owners subject to the transaction charge, or their designees, and the committee shall be responsible for managing funds raised by the district and fulfilling the obligations of the district plan.Added by P.A. 102-1127,§ 30, eff. 2/10/2023.