Illinois General Assembly - Bill Status for HB5206

Amends the Department of Transportation Law of the Civil Administrative Code of Illinois. Provides that the Department of Transportation is authorized to enter into agreements with any state, state agency, or units of local government or political subdivisions (along with other entities). Provides that the Department shall have the power to freely lease or otherwise contract for any purpose any of the locomotives, passenger railcars, and other rolling stock equipment or accessions to any state or state agency, public or private entity, or quasi-public entity. Provides that the Department shall have the power to otherwise enter any contracts or agreements necessary or convenient to provide rail services, operate or maintain locomotives, passenger railcars, and other rolling stock equipment or accessions. Provides that when the Department enters into an agreement for either the payment of railroad requirement maintenance expenses necessary for intercity passenger service or for the lease or use of locomotives, passenger railcars, and other rolling stock equipment or accessions, the Department may deposit funds, use fees, or rental payments into any escrow account. Provides that the funds in any required maintenance escrow account may be withdrawn by the carrier or entity in control of the railroad being maintained. Provides that funds in an escrow account holding lease, use fees, or rental payments may be withdrawn by the Department to be used for various purposes. Creates the High-Speed Rail Rolling Stock Fund to deposit the remaining balance of an escrow account at the end of the account's term. Provides that the High-Speed Rail Rolling Stock Fund may be used for any purpose related to locomotives, passenger railcars, and other rolling stock equipment. Makes a corresponding change in the State Finance Act.

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