Public Act 097-0771
 
HB4568 EnrolledLRB097 16852 PJG 62035 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The State Finance Act is amended by changing
Section 6z-78 as follows:
 
    (30 ILCS 105/6z-78)
    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
transfers. Money in the Capital Projects Fund shall, if and
when the State of Illinois incurs any bonded indebtedness using
the bond authorizations enacted in Public Act 96-36, and Public
Act 96-1554 this amendatory Act of the 96th General Assembly,
and this amendatory Act of the 97th General Assembly, be set
aside and used for the purpose of paying and discharging
annually the principal and interest on that bonded indebtedness
then due and payable.
    In addition to other transfers to the General Obligation
Bond Retirement and Interest Fund made pursuant to Section 15
of the General Obligation Bond Act, upon each delivery of
general obligation bonds using bond authorizations enacted in
Public Act 96-36, and Public Act 96-1554 this amendatory Act of
the 96th General Assembly , and this amendatory Act of the 97th
General Assembly the State Comptroller shall compute and
certify to the State Treasurer the total amount of principal
of, interest on, and premium, if any, on such bonds during the
then current and each succeeding fiscal year. With respect to
the interest payable on variable rate bonds, such
certifications shall be calculated at the maximum rate of
interest that may be payable during the fiscal year, after
taking into account any credits permitted in the related
indenture or other instrument against the amount of such
interest required to be appropriated for the period.
    (a) Except as provided for in subsection (b), on or before
the last day of each month, the State Treasurer and State
Comptroller shall transfer from the Capital Projects Fund to
the General Obligation Bond Retirement and Interest Fund an
amount sufficient to pay the aggregate of the principal of,
interest on, and premium, if any, on the bonds payable on their
next payment date, divided by the number of monthly transfers
occurring between the last previous payment date (or the
delivery date if no payment date has yet occurred) and the next
succeeding payment date. Interest payable on variable rate
bonds shall be calculated at the maximum rate of interest that
may be payable for the relevant period, after taking into
account any credits permitted in the related indenture or other
instrument against the amount of such interest required to be
appropriated for that period. Interest for which moneys have
already been deposited into the capitalized interest account
within the General Obligation Bond Retirement and Interest Fund
shall not be included in the calculation of the amounts to be
transferred under this subsection.
    (b) On or before the last day of each month, the State
Treasurer and State Comptroller shall transfer from the Capital
Projects Fund to the General Obligation Bond Retirement and
Interest Fund an amount sufficient to pay the aggregate of the
principal of, interest on, and premium, if any, on the bonds
issued prior to January 1, 2012 pursuant to Section 4(d) of the
General Obligation Bond Act payable on their next payment date,
divided by the number of monthly transfers occurring between
the last previous payment date (or the delivery date if no
payment date has yet occurred) and the next succeeding payment
date. If the available balance in the Capital Projects Fund is
not sufficient for the transfer required in this subsection,
the State Treasurer and State Comptroller shall transfer the
difference from the Road Fund to the General Obligation Bond
Retirement and Interest Fund; except that such Road Fund
transfers shall constitute a debt of the Capital Projects Fund
which shall be repaid according to subsection (c). Interest
payable on variable rate bonds shall be calculated at the
maximum rate of interest that may be payable for the relevant
period, after taking into account any credits permitted in the
related indenture or other instrument against the amount of
such interest required to be appropriated for that period.
Interest for which moneys have already been deposited into the
capitalized interest account within the General Obligation
Bond Retirement and Interest Fund shall not be included in the
calculation of the amounts to be transferred under this
subsection.
    (c) On the first day of any month when the Capital Projects
Fund is carrying a debt to the Road Fund due to the provisions
of subsection (b), the State Treasurer and State Comptroller
shall transfer from the Capital Projects Fund to the Road Fund
an amount sufficient to discharge that debt. These transfers to
the Road Fund shall continue until the Capital Projects Fund
has repaid to the Road Fund all transfers made from the Road
Fund pursuant to subsection (b). Notwithstanding any other law
to the contrary, transfers to the Road Fund from the Capital
Projects Fund shall be made prior to any other expenditures or
transfers out of the Capital Projects Fund.
(Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09;
96-1554, eff. 3-18-11.)
 
    Section 10. The General Obligation Bond Act is amended by
changing Sections 2 and 4 as follows:
 
    (30 ILCS 330/2)  (from Ch. 127, par. 652)
    Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $47,092,925,743
$41,314,125,743 $41,379,777,443.
    The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
    Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
    Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
    Of the total amount of Bonds authorized in this Act, the
additional $10,000,000,000 authorized by Public Act 93-2, the
$3,466,000,000 authorized by Public Act 96-43, and the
$4,096,348,300 authorized by Public Act 96-1497 this
amendatory Act of the 96th General Assembly shall be used
solely as provided in Section 7.2.
    The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;
96-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff.
3-18-11; 97-333, eff. 8-12-11; revised 10-31-11.)
 
    (30 ILCS 330/4)  (from Ch. 127, par. 654)
    Sec. 4. Transportation. The amount of $14,060,599,000
$12,443,799,000 is authorized for use by the Department of
Transportation for the specific purpose of promoting and
assuring rapid, efficient, and safe highway, air and mass
transportation for the inhabitants of the State by providing
monies, including the making of grants and loans, for the
acquisition, construction, reconstruction, extension and
improvement of the following transportation facilities and
equipment, and for the acquisition of real property and
interests in real property required or expected to be required
in connection therewith as follows:
    (a) $5,432,129,000 for State highways, arterial highways,
freeways, roads, bridges, structures separating highways and
railroads and roads, and bridges on roads maintained by
counties, municipalities, townships or road districts for the
following specific purposes:
        (1) $3,330,000,000 for use statewide,
        (2) $3,677,000 for use outside the Chicago urbanized
    area,
        (3) $7,543,000 for use within the Chicago urbanized
    area,
        (4) $13,060,600 for use within the City of Chicago,
        (5) $58,987,500 for use within the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will,
        (6) $18,860,900 for use outside the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will, and
        (7) $2,000,000,000 for use on projects included in
    either (i) the FY09-14 Proposed Highway Improvement
    Program as published by the Illinois Department of
    Transportation in May 2008 or (ii) the FY10-15 Proposed
    Highway Improvement Program to be published by the Illinois
    Department of Transportation in the spring of 2009; except
    that all projects must be maintenance projects for the
    existing State system with the goal of reaching 90%
    acceptable condition in the system statewide and further
    except that all projects must reflect the generally
    accepted historical distribution of projects throughout
    the State.
    (b) $5,079,570,000 $4,280,070,000 for rail facilities and
for mass transit facilities, as defined in Section 2705-305 of
the Department of Transportation Law (20 ILCS 2705/2705-305),
including rapid transit, rail, bus and other equipment used in
connection therewith by the State or any unit of local
government, special transportation district, municipal
corporation or other corporation or public authority
authorized to provide and promote public transportation within
the State or two or more of the foregoing jointly, for the
following specific purposes:
        (1) $3,983,770,000 $3,184,270,000 statewide,
        (2) $83,350,000 for use within the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will,
        (3) $12,450,000 for use outside the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will, and
        (4) $1,000,000,000 for use on projects that shall
    reflect the generally accepted historical distribution of
    projects throughout the State.
    (c) $482,600,000 for airport or aviation facilities and any
equipment used in connection therewith, including engineering
and land acquisition costs, by the State or any unit of local
government, special transportation district, municipal
corporation or other corporation or public authority
authorized to provide public transportation within the State,
or two or more of the foregoing acting jointly, and for the
making of deposits into the Airport Land Loan Revolving Fund
for loans to public airport owners pursuant to the Illinois
Aeronautics Act.
    (d) $3,066,300,000 $2,249,000,000 for use statewide for
State or local highways, arterial highways, freeways, roads,
bridges, and structures separating highways and railroads and
roads, and for grants to counties, municipalities, townships,
or road districts for planning, engineering, acquisition,
construction, reconstruction, development, improvement,
extension, and all construction-related expenses of the public
infrastructure and other transportation improvement projects
which are related to economic development in the State of
Illinois.
(Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-37,
eff. 7-13-09; 96-1554, eff. 3-18-11.)
 
    Section 99. Effective date. This Act takes effect July 1,
2012.