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Revenue Committee
Adopted in House Comm. on May 13, 2004
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09300SB2205ham002 |
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LRB093 15833 BDD 50869 a |
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| AMENDMENT TO SENATE BILL 2205
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| AMENDMENT NO. ______. Amend Senate Bill 2205, AS AMENDED, |
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| by inserting the following immmediately below the enacting |
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| clause:
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| "Section 3. The State Finance Act is amended by changing |
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| Section 6z-45 as follows:
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| (30 ILCS 105/6z-45)
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| Sec. 6z-45. The School Infrastructure Fund.
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| (a) The School Infrastructure Fund is created as a special |
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| fund
in the State Treasury.
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| In addition to any other deposits authorized by law, |
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| beginning January
1, 2000, on the first day of each month, or |
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| as soon thereafter as may be
practical, the State Treasurer and |
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| State Comptroller shall transfer the sum of
$5,000,000 from the |
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| General Revenue Fund to the School Infrastructure Fund;
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| provided, however, that no such transfers shall be made from |
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| July 1, 2001
through June 30, 2003. |
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| In addition to any other deposits authorized by this |
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| Section or by any other law, beginning July
1, 2004, on the |
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| first day of each month, or as soon thereafter as may be
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| practical, the State Treasurer and State Comptroller shall |
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| transfer the sum of
$5,000,000 from the General Revenue Fund to |
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| the School Infrastructure Fund.
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| (b) Subject to the transfer provisions set forth below, |
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09300SB2205ham002 |
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LRB093 15833 BDD 50869 a |
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| money in the
School Infrastructure Fund shall, if and when the |
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| State of Illinois incurs
any bonded indebtedness for the |
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| construction of school improvements under
the School |
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| Construction Law, be set aside and used for the purpose of
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| paying and discharging annually the principal and interest on |
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| that bonded
indebtedness then due and payable, and for no other |
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| purpose.
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| In addition to other transfers to the General Obligation |
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| Bond Retirement and
Interest Fund made pursuant to Section 15 |
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| of the General Obligation Bond Act,
upon each delivery of bonds |
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| issued for construction of school improvements
under the School |
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| Construction Law, the State Comptroller shall
compute and |
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| certify to the State Treasurer the total amount of principal |
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| of,
interest on, and premium, if any, on such bonds during the |
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| then current and
each succeeding fiscal year.
With respect to |
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| the interest payable on variable rate bonds, such
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| certifications shall be calculated at the maximum rate of |
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| interest that
may be payable during the fiscal year, after |
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| taking into account any credits
permitted in the related |
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| indenture or other instrument against the amount of
such |
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| interest required to be appropriated for that period.
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| On or before the last day of each month, the State |
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| Treasurer and State
Comptroller shall transfer from the School |
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| Infrastructure Fund to the General
Obligation Bond Retirement |
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| and Interest Fund an amount sufficient to pay the
aggregate of |
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| the principal of, interest on, and premium, if any, on the |
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| bonds
payable on their next payment date, divided by the number |
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| of monthly transfers
occurring between the last previous |
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| payment date (or the delivery date if no
payment date has yet |
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| occurred) and the next succeeding payment date.
Interest |
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| payable on variable rate bonds shall be calculated at the |
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| maximum
rate of interest that may be payable for the relevant |
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| period, after taking into
account any credits permitted in the |
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| related indenture or other instrument
against the amount of |
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LRB093 15833 BDD 50869 a |
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| such interest required to be appropriated for that
period.
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| Interest for which moneys have already been deposited into the |
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| capitalized
interest account within the General Obligation |
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| Bond Retirement and Interest
Fund shall not be included in the |
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| calculation of the amounts to be transferred
under this |
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| subsection.
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| (c) The surplus, if any, in the School Infrastructure Fund |
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| after the
payment of principal and interest on that bonded |
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| indebtedness then annually
due shall, subject to |
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| appropriation, be used as follows:
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| First - to make 3 payments to the School Technology |
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| Revolving Loan Fund as
follows:
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| Transfer of $30,000,000 in fiscal year 1999;
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| Transfer of $20,000,000 in fiscal year 2000; and
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| Transfer of $10,000,000 in fiscal year 2001.
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| Second - to pay the expenses of the State Board of |
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| Education and the Capital
Development Board in administering |
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| programs under the School Construction
Law, the total expenses |
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| not to exceed $1,200,000 in any
fiscal year.
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| Third - to pay any amounts due for grants for school |
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| construction projects
and debt service under the School |
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| Construction Law.
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| Fourth - to pay any amounts due for grants for school |
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| maintenance projects
under the School Construction Law.
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| (Source: P.A. 92-11, eff.
6-11-01; 92-600, eff. 6-28-02; 93-9, |
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| eff. 6-3-03.)".
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