Rep. Jay C. Hoffman
Filed: 5/29/2008
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1 | AMENDMENT TO HOUSE BILL 2388
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2 | AMENDMENT NO. ______. Amend House Bill 2388 by replacing | ||||||
3 | everything after the enacting clause with the following: | ||||||
4 | "ARTICLE 1. | ||||||
5 | Section 3. Short title. This new Article (herein the "Act") | ||||||
6 | shall be known and may be cited as the Road Fund Bond Act. | ||||||
7 | Section 5. Authorization for Bonds. The State of Illinois | ||||||
8 | is authorized to issue, sell and provide for the retirement of | ||||||
9 | limited obligation bonds, notes and other evidences of | ||||||
10 | indebtedness of the State of Illinois for the purposes set | ||||||
11 | forth in Section 15 of this Act in the total principal amount | ||||||
12 | of $1,600,000,000, not including Refunding Bonds authorized by | ||||||
13 | Section 80 of this Act. The Bonds authorized in Section 15 and | ||||||
14 | Section 80 of this Act are herein called "Bonds". |
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1 | Section 15. Purposes of Bonds. Bonds shall be issued from | ||||||
2 | time to time in one or more series in an aggregate principal | ||||||
3 | amount of up to $1,600,000,000 (not including Refunding Bonds | ||||||
4 | authorized by Section 80 of this Act) for use statewide by the | ||||||
5 | Department of Transportation to pay the costs of planning, | ||||||
6 | engineering, acquisition, construction, reconstruction, | ||||||
7 | development, improvement and extension of State highways, and | ||||||
8 | for arterial highways, freeways, roads, bridges, structures | ||||||
9 | separating highways and railroads and roads, and bridges on | ||||||
10 | roads, maintained by the state, counties, municipalities, | ||||||
11 | townships, or road districts. | ||||||
12 | The bonds authorized by this Act shall be sold and the | ||||||
13 | proceeds used solely for the purposes specified in this Section | ||||||
14 | 15. | ||||||
15 | Subject to the limitation contained in Section 25(a) | ||||||
16 | hereof, the amount of any series of Bonds may include an amount | ||||||
17 | necessary to pay reasonable expenses of each issuance and sale | ||||||
18 | of the Bonds, to pay capitalized interest on the Bonds, to fund | ||||||
19 | a debt service reserve fund for the Bonds, to pay the costs or | ||||||
20 | any credit enhancement of liquidity facilities for the Bonds | ||||||
21 | and to pay the costs or any interest rate hedges for the Bonds, | ||||||
22 | all as specified in the related Bond Sale Order (hereinafter | ||||||
23 | defined). | ||||||
24 | Any unexpended proceeds from any sale of Bonds which are | ||||||
25 | held in the Illinois Works Fund may be used to redeem, | ||||||
26 | purchase, advance refund, or defease any Bonds outstanding. |
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1 | Section 20. Bond Sale Expenses. | ||||||
2 | (a) An amount not to exceed 0.5% of the principal amount of | ||||||
3 | the proceeds of the sale of each Series of Bonds is authorized | ||||||
4 | to be used to pay reasonable costs of each issuance and sale of | ||||||
5 | such series of Bonds authorized and sold pursuant to this Act, | ||||||
6 | including, without limitation, underwriter's discounts and | ||||||
7 | fees, but excluding bond insurance, initial costs of credit | ||||||
8 | enhancement and liquidity facilities, initial fees of indexing | ||||||
9 | and remarketing agents, and initial costs of interest rate | ||||||
10 | hedges, all as determined in the related Bond Sale Order, | ||||||
11 | provided that no salaries of State employees or other State | ||||||
12 | office operating expenses shall be paid out of non-appropriated | ||||||
13 | proceeds. For purposes of this Act, the term "interest rate | ||||||
14 | hedge" means any interest rate exchange agreement, interest | ||||||
15 | rate cap, interest rate collar, forward purchase contract or | ||||||
16 | any other similar agreement the purpose of which is to reduce | ||||||
17 | or hedge the State's interest cost with respect to a series of | ||||||
18 | Bonds or reduce the State's exposure to fluctuations in the | ||||||
19 | interest payable on a series of Bonds. | ||||||
20 | (b) The Governor's Office of Management and Budget shall | ||||||
21 | compile a summary of all costs of issuance on each sale | ||||||
22 | (including both costs paid out of proceeds and those paid out | ||||||
23 | of appropriated funds) and post that summary on its web site | ||||||
24 | within 20 business days after the issuance of the Bonds. That | ||||||
25 | posting shall be maintained on the web site for a period of at |
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1 | least 30 days. In addition, the Governor's Office of Management | ||||||
2 | and Budget shall provide a written copy of each summary of | ||||||
3 | costs to the Speaker and Minority Leader of the House of | ||||||
4 | Representatives, the President and Minority Leader of the | ||||||
5 | Senate, and the Commission on Government Forecasting and | ||||||
6 | Accountability within 20 business days after each issuance of | ||||||
7 | the Bonds. This summary shall include, as applicable, the | ||||||
8 | respective percentage of participation and compensation of | ||||||
9 | each underwriter that is a member of the underwriting | ||||||
10 | syndicate, legal counsel, financial advisors, and other | ||||||
11 | professionals for the Bond issue, and an identification of all | ||||||
12 | costs of issuance paid to minority owned businesses, female | ||||||
13 | owned businesses, and businesses owned by persons with | ||||||
14 | disabilities. The terms "minority owned businesses", "female | ||||||
15 | owned businesses", and "business owned by a person with a | ||||||
16 | disability" have the meanings given to those terms in the | ||||||
17 | Business Enterprise for Minorities, Females, and Persons with | ||||||
18 | Disabilities Act. In addition, the Governor's Office of | ||||||
19 | Management and Budget shall provide copies of all contracts | ||||||
20 | under which any costs of issuance are paid or to be paid to the | ||||||
21 | Commission on Government Forecasting and Accountability within | ||||||
22 | 20 business days after the issuance of Bonds for which those | ||||||
23 | costs are paid or to be paid. Instead of filing a second or | ||||||
24 | subsequent copy of the same contract, the Governor's Office of | ||||||
25 | Management and Budget may file a statement that specified costs | ||||||
26 | are paid under specified contracts filed earlier with the |
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1 | Commission. | ||||||
2 | (c) The Director of the Governor's Office of Management and | ||||||
3 | Budget shall not, in connection with the issuance of Bonds, | ||||||
4 | contract with any underwriter, financial advisor, or attorney | ||||||
5 | unless that underwriter, financial advisor, or attorney | ||||||
6 | certifies that the underwriter, financial advisor, or attorney | ||||||
7 | has not and will not pay a contingent fee, whether directly or | ||||||
8 | indirectly, to any third party for having promoted the | ||||||
9 | selection of the underwriter, financial advisor, or attorney | ||||||
10 | for that contract. In the event that the Governor's Office of | ||||||
11 | Management and Budget determines that an underwriter, | ||||||
12 | financial advisor, or attorney has filed a false certification | ||||||
13 | with respect to the payment of contingent fees, the Governor's | ||||||
14 | Office of Management and Budget shall not contract with that | ||||||
15 | underwriter, financial advisor, or attorney, or with any firm | ||||||
16 | employing any person who signed false certifications, for a | ||||||
17 | period of 2 calendar years, beginning with the date the | ||||||
18 | determination is made. The validity of Bonds issued under such | ||||||
19 | circumstances of violation pursuant to this Section shall not | ||||||
20 | be affected. | ||||||
21 | Section 25. Conditions for Issuance and Sale of Bonds | ||||||
22 | Requirements for Bonds Master and Supplemental Indentures | ||||||
23 | Credit and Liquidity Enhancement.
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24 | (a) Bonds shall be issued and sold from time to time, in | ||||||
25 | one or more series, in such amounts and at such prices as |
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1 | directed by the Governor, upon recommendation by the Director | ||||||
2 | of the Governor's Office of Management and Budget. Bonds shall | ||||||
3 | be payable only from the specific sources and secured in the | ||||||
4 | manner provided in this Act. Bonds shall be in such form, in | ||||||
5 | such denominations, mature on such dates within 25 years from | ||||||
6 | their date of issuance, be subject to optional or mandatory | ||||||
7 | redemption, bear interest payable at such times and at such | ||||||
8 | rate or rates, fixed or variable, and be dated as shall be | ||||||
9 | fixed and determined by the Director of the Governor's Office | ||||||
10 | of Management and Budget in an order authorizing the issuance | ||||||
11 | and sale of any series of Bonds, which order shall be approved | ||||||
12 | by the Governor and is herein called a "Bond Sale Order"; | ||||||
13 | provided, however, that interest payable at fixed rates shall | ||||||
14 | not exceed that permitted in "An Act to authorize public | ||||||
15 | corporations to issue bonds, other evidences of indebtedness | ||||||
16 | and tax anticipation warrants subject to interest rate | ||||||
17 | limitations set forth therein", approved May 26, 1970, as now | ||||||
18 | or hereafter amended, and interest payable at variable rates | ||||||
19 | shall not exceed the maximum rate permitted in the Bond Sale | ||||||
20 | Order. Said Bonds shall be payable at such place or places, | ||||||
21 | within or without the State of Illinois, and may be made | ||||||
22 | registrable as to either principal only or as to both principal | ||||||
23 | and interest, as shall be specified in the Bond Sale Order. | ||||||
24 | Bonds may be callable or subject to purchase and retirement or | ||||||
25 | remarketing as fixed and determined in the Bond Sale Order. | ||||||
26 | Bonds, other than Refunding Bonds issued pursuant to Section 80 |
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1 | of this Act, must be issued with principal or mandatory | ||||||
2 | redemption amounts in equal amounts, with the first maturity | ||||||
3 | issued occurring within the fiscal year in which the Bonds are | ||||||
4 | issued or within the next succeeding fiscal year, with Bonds | ||||||
5 | issued maturing or subject to mandatory redemption each fiscal | ||||||
6 | year thereafter up to 25 years. | ||||||
7 | All Bonds authorized under this Act shall be issued | ||||||
8 | pursuant to a master trust indenture (as amended and | ||||||
9 | supplemented from time to time, a "Master Indenture") executed | ||||||
10 | and delivered on behalf of the State by the Director of the | ||||||
11 | Governor's Office of Management and Budget, such Master | ||||||
12 | Indenture initially to be in substantially the form approved in | ||||||
13 | the Bond Sale Order authorizing the issuance and sale of the | ||||||
14 | initial series of Bonds issued under this Act. Such initial | ||||||
15 | series of Bonds may, and each subsequent series of Bonds shall, | ||||||
16 | also be issued pursuant to a supplemental trust indenture | ||||||
17 | ("Supplemental Indenture") executed and delivered on behalf of | ||||||
18 | the State by the Director of the Governor's Office of | ||||||
19 | Management and Budget, each such Supplemental Indenture to be | ||||||
20 | in substantially the form approved in the Bond Sale Order | ||||||
21 | relating to such series with such changes as are necessary to | ||||||
22 | reflect the terms of such series. The Master Indenture and any | ||||||
23 | Supplemental Indenture shall be entered into with a bank or | ||||||
24 | trust company having an office in the State of Illinois having | ||||||
25 | trust powers and possessing capital and surplus of not less | ||||||
26 | than $50,000,000. Such Master Indenture and Supplemental |
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1 | Indentures, as appropriate, shall set forth the terms and | ||||||
2 | conditions of the Bonds and provide for payment of and security | ||||||
3 | for the Bonds, including the establishment and maintenance of | ||||||
4 | debt service and reserve funds, and for other protections for | ||||||
5 | holders of the Bonds. The term "reserve funds" as used in this | ||||||
6 | Act shall include funds and accounts established under | ||||||
7 | indentures to provide for the payment of principal of and | ||||||
8 | interest on Bonds, to provide for the purchase, retirement or | ||||||
9 | defeasance of Bonds, to provide for fees of trustees, | ||||||
10 | registrars, paying agents and other fiduciaries and to provide | ||||||
11 | for payment of costs of and debt service payable in respect of | ||||||
12 | credit or liquidity enhancement arrangements, interest rate | ||||||
13 | swaps or guarantees or financial futures contracts and indexing | ||||||
14 | and remarketing agents' services. | ||||||
15 | In the case of any series of Bonds bearing interest at a | ||||||
16 | variable interest rate ("Variable Rate Bonds"), in lieu of | ||||||
17 | determining the rate or rates at which such series of Variable | ||||||
18 | Rate Bonds shall bear interest and the price or prices at which | ||||||
19 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
20 | (in the event of purchase and subsequent resale), the Bond Sale | ||||||
21 | Order may provide that such interest rates and prices may vary | ||||||
22 | from time to time depending on criteria established in such | ||||||
23 | Bond Sale Order, which criteria may include, without | ||||||
24 | limitation, references to indices or variations in interest | ||||||
25 | rates as may, in the judgment of a remarketing agent, be | ||||||
26 | necessary to cause Bonds of such series to be remarketable from |
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1 | time to time at a price equal to their principal amount (or | ||||||
2 | compound accreted value in the case of original issue discount | ||||||
3 | Bonds), and may provide for appointment of indexing agents and | ||||||
4 | a bank, trust company, investment bank or other financial | ||||||
5 | institution to serve as remarketing agent in that connection. | ||||||
6 | The Bond Sale Order may provide that alternative interest rates | ||||||
7 | or provisions for establishing alternative interest rates, | ||||||
8 | different security or claim priorities or different call or | ||||||
9 | amortization provisions will apply during such times as Bonds | ||||||
10 | of any series are held by a person providing credit or | ||||||
11 | liquidity enhancement arrangements for such Bonds as | ||||||
12 | authorized in subsection (b) of Section 25 of this Act. | ||||||
13 | (b) In connection with the issuance of any series of Bonds, | ||||||
14 | the State may enter into arrangements to provide additional | ||||||
15 | security and liquidity for such Bonds, including, without | ||||||
16 | limitation, bond or interest rate insurance or letters of | ||||||
17 | credit, lines of credit, bond purchase contracts, or other | ||||||
18 | arrangements whereby funds are made available to retire or | ||||||
19 | purchase Bonds in order to assure the ability of owners of the | ||||||
20 | Bonds to sell or redeem their Bonds. The State may enter into | ||||||
21 | contracts and may agree to pay fees to persons providing such | ||||||
22 | arrangements, but only under circumstances where the Director | ||||||
23 | of the Governor's Office of Management and Budget certifies | ||||||
24 | that he or she reasonably expects the total interest paid or to | ||||||
25 | be paid on the Bonds, together with the fees for the | ||||||
26 | arrangements (being treated as if interest), would not, taken |
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1 | together, cause the Bonds to bear interest, calculated to their | ||||||
2 | stated maturity, at a rate in excess of the rate which the | ||||||
3 | Bonds would bear in the absence of such arrangements. Any | ||||||
4 | bonds, notes or other evidences of indebtedness issued pursuant | ||||||
5 | to any such arrangements for the purpose of retiring and | ||||||
6 | discharging outstanding Bonds shall constitute refunding Bonds | ||||||
7 | under Section 80 of this Act. The State may participate in and | ||||||
8 | enter into interest rate hedges or guarantees or forward | ||||||
9 | purchase contracts for the purpose of hedging or reducing the | ||||||
10 | state's interest cost with respect to one or more series of the | ||||||
11 | Bonds, or to reduce the State's exposure to fluctuations in the | ||||||
12 | interest rate or rates payable on one or more series of the | ||||||
13 | Bonds; provided that such arrangements shall be made with or | ||||||
14 | executed through banks having, at the time the applicable | ||||||
15 | agreement is entered into, capital and surplus of not less than | ||||||
16 | $100,000,000 or insurance companies holding the highest | ||||||
17 | policyholder rating accorded insurers by A.M. Best & Co. or any | ||||||
18 | comparable rating service or government bond dealers reporting | ||||||
19 | to, trading with, and recognized as primary dealers by a | ||||||
20 | Federal Reserve Bank and having capital and surplus of not less | ||||||
21 | than $100,000,000, or other persons whose debt securities are | ||||||
22 | rated in the highest long term categories by both Moody's | ||||||
23 | Investors' Services, Inc. and Standard & Poor's Ratings. | ||||||
24 | Agreements incorporating any of the foregoing arrangements may | ||||||
25 | be executed and delivered by the Director of the Governor's | ||||||
26 | Office of Management and Budget on behalf of the State in |
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1 | substantially the form approved in the Bond Sale Order relating | ||||||
2 | to such Bonds. | ||||||
3 | Section 30. Execution of Bonds. Bonds shall be signed by | ||||||
4 | the Governor and attested by the Secretary of State under the | ||||||
5 | printed facsimile seal of the State and countersigned by the | ||||||
6 | State Treasurer by his manual signature or by his duly | ||||||
7 | authorized deputy. If Bonds are issued in registered form | ||||||
8 | pursuant to the Registered Bond Act, the signatures of the | ||||||
9 | Governor, the Secretary of State and the State Treasurer may be | ||||||
10 | printed facsimile signatures. The Master Indenture or any | ||||||
11 | Supplemental Indenture may also require that each Bond be | ||||||
12 | authenticated by the manual signature of the trustee thereunder | ||||||
13 | or of a registrar or paying agent. Unless Bonds are issued in | ||||||
14 | fully registered form, interest coupons with facsimile | ||||||
15 | signatures of the Governor, Secretary of State and State | ||||||
16 | Treasurer may be attached to the Bonds. The fact that an | ||||||
17 | officer whose signature or facsimile thereof appears on a Bond, | ||||||
18 | interest coupon, indenture or agreement authorized under this | ||||||
19 | Act no longer holds such office at the time the Bond, coupon, | ||||||
20 | indenture or agreement is delivered shall not invalidate such | ||||||
21 | Bond, coupon, indenture or agreement. | ||||||
22 | Section 35. Sale of Bonds. Bonds, except as otherwise | ||||||
23 | provided in this Section, shall be sold from time to time | ||||||
24 | pursuant to notice of sale and public bid or by negotiated sale |
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1 | in such amounts and at such times as are directed by the | ||||||
2 | Governor, upon recommendation by the Director of the Governor's | ||||||
3 | Office of Management and Budget. At least 25%, based on total | ||||||
4 | principal amount, of all Bonds issued each fiscal year shall be | ||||||
5 | sold pursuant to notice of sale and public bid. During each | ||||||
6 | fiscal year, no more than 75%, based on total principal amount, | ||||||
7 | of the Bonds issued each fiscal year shall have been sold by | ||||||
8 | negotiated sale. Failure to satisfy the requirements in the | ||||||
9 | preceding 2 sentences shall not affect the validity of any | ||||||
10 | previously issued Bonds. | ||||||
11 | If any Bonds, including Refunding Bonds, are to be sold | ||||||
12 | pursuant to notice of sale and public bid, the Director of the | ||||||
13 | Governor's Office of Management and Budget shall comply with | ||||||
14 | the competitive request for proposal process set forth in the | ||||||
15 | Illinois Procurement Code.
If Bonds are to be sold pursuant to | ||||||
16 | notice of sale and public bid, the Director of the Governor's | ||||||
17 | Office of Management and Budget shall, from time to time, as | ||||||
18 | Bonds are to be sold, advertise the sale of the Bonds in at | ||||||
19 | least 2 daily newspapers, one of which is published in the City | ||||||
20 | of Springfield and one in the City of Chicago. The sale of the | ||||||
21 | Bonds shall also be advertised in the volume of the Illinois | ||||||
22 | Procurement Bulletin that is published by the Department of | ||||||
23 | Central Management Services. Each of the advertisements for | ||||||
24 | proposals shall be published once at least 10 days prior to the | ||||||
25 | date fixed for the opening of the bids. The Director of the | ||||||
26 | Governor's Office of Management and Budget may reschedule the |
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1 | date of sale upon the giving of such additional notice as the | ||||||
2 | Director deems adequate to inform prospective bidders of the | ||||||
3 | change; provided, however, that all other conditions of the | ||||||
4 | sale shall continue as originally advertised. Executed Bonds | ||||||
5 | shall, upon payment therefor, be delivered to the purchaser, | ||||||
6 | and the proceeds of Bonds shall be paid into the State Treasury | ||||||
7 | as directed by Section 50 of this Act. The Governor or the | ||||||
8 | Director of the Governor's Office of Management and Budget is | ||||||
9 | hereby authorized and directed to execute and deliver contracts | ||||||
10 | of sale with underwriters and to execute and deliver such | ||||||
11 | certificates, indentures, agreements and documents, including | ||||||
12 | any supplements or amendments thereto, and to take such actions | ||||||
13 | and do such things as shall be necessary or desirable to carry | ||||||
14 | out the purposes of this Act. Any action authorized or | ||||||
15 | permitted to be taken by the Director of the Governor's Office | ||||||
16 | of Management and Budget pursuant to this Act is hereby | ||||||
17 | authorized to be taken by any person specifically designated by | ||||||
18 | the Governor to take such action in a certificate signed by the | ||||||
19 | Governor and filed with the Secretary of State. | ||||||
20 | Section 40. Compliance with the Business Enterprise for | ||||||
21 | Minorities, Females, and Persons with Disabilities Act. | ||||||
22 | Notwithstanding any other provision of law, the Governor's | ||||||
23 | Office of Management and Budget shall comply with the Business | ||||||
24 | Enterprise for Minorities, Females, and Persons with | ||||||
25 | Disabilities Act. |
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1 | Section 45. Truth in borrowing disclosures.
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2 | (a) Within 20 business days after the issuance of any Bonds | ||||||
3 | under this Act, the Director of the Governor's Office of | ||||||
4 | Management and Budget shall publish a truth in borrowing | ||||||
5 | disclosure that discloses the total principal and interest | ||||||
6 | payments to be paid on the Bonds over the full stated term of | ||||||
7 | the Bonds. The disclosure also shall include principal and | ||||||
8 | interest payments to be made by each fiscal year over the full | ||||||
9 | stated term of the Bonds and total principal and interest | ||||||
10 | payments to be made by each fiscal year on all other | ||||||
11 | outstanding Bonds issued under this Act over the full stated | ||||||
12 | terms of those Bonds. | ||||||
13 | (b) Within 20 business days after the issuance of any | ||||||
14 | refunding bonds under Section 80 of this Act, the Director of | ||||||
15 | the Governor's Office of Management and Budget shall publish a | ||||||
16 | truth in borrowing disclosure that discloses the estimated | ||||||
17 | present valued savings to be obtained through the refunding, in | ||||||
18 | total and by each fiscal year that the refunding Bonds may be | ||||||
19 | outstanding. | ||||||
20 | (c) The disclosures required in subsections (a) and (b) | ||||||
21 | shall be published by posting the disclosures for no less than | ||||||
22 | 30 days on the web site of the Governor's Office of Management | ||||||
23 | and Budget and by providing the disclosures in written form to | ||||||
24 | the Commission on Government Forecasting and Accountability. | ||||||
25 | These disclosures shall be calculated assuming Bonds are not |
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1 | redeemed or refunded prior to their stated maturities. Amounts | ||||||
2 | included in these disclosures as payment of interest on | ||||||
3 | variable rate Bonds shall be computed at an interest rate equal | ||||||
4 | to the rate at which the variable rate Bonds are first set upon | ||||||
5 | issuance, plus 2.5%, after taking into account any credits | ||||||
6 | permitted in the related indenture or other instrument against | ||||||
7 | the amount of such interest for each fiscal year. Amounts | ||||||
8 | included in these disclosures as payments of interest shall | ||||||
9 | include those amounts paid pursuant to arrangements authorized | ||||||
10 | pursuant to subsection (b) of Section 25 of this Act. | ||||||
11 | Section 50. Allocation of Proceeds from Sale of Bonds. | ||||||
12 | Proceeds from the sale of Bonds (other than refunding Bonds) | ||||||
13 | shall be deposited in the separate fund in the State Treasury | ||||||
14 | known as the Illinois Works Fund and shall be expended only | ||||||
15 | pursuant to appropriation by the General Assembly. Proceeds to | ||||||
16 | be deposited into any debt service or reserve funds as may be | ||||||
17 | required under any trust indenture shall be paid from the | ||||||
18 | Illinois Works Fund to the trustee under the trust indenture | ||||||
19 | specified in the Bond Sale Order at the time of the delivery of | ||||||
20 | the Bonds as directed in the Bond Sale Order. Accrued interest | ||||||
21 | paid to the State at the time of the delivery of any series of | ||||||
22 | Bonds shall be deposited into the Road Fund Bond Retirement and | ||||||
23 | Interest Fund in the State Treasury created in Section 60(b) of | ||||||
24 | this Act and shall be paid immediately from that Fund to the | ||||||
25 | trustee under the trust indenture specified in the Bond Sale |
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1 | Order. | ||||||
2 | Section 55. Appropriation of Proceeds from Sale of Bonds. | ||||||
3 | Accrued interest paid to the State at the time of the delivery | ||||||
4 | of any series of Bonds and any other proceeds from the sale of | ||||||
5 | Bonds issued pursuant to this Act to make deposits into debt | ||||||
6 | service or debt service reserve funds as may be required under | ||||||
7 | any indentures are hereby appropriated and authorized to be | ||||||
8 | expended as provided in this Act and in any indentures | ||||||
9 | delivered pursuant to this Act. This Act shall constitute an | ||||||
10 | irrevocable and continuing appropriation of all amounts | ||||||
11 | necessary for such purposes and the irrevocable and continuing | ||||||
12 | authority for and direction to the State Treasurer and | ||||||
13 | Comptroller to make the necessary transfers and deposits, as | ||||||
14 | directed in the Bond Sale Order. All other proceeds are, at all | ||||||
15 | times, subject to appropriation by the General Assembly and may | ||||||
16 | be obligated or expended only with the written approval of the | ||||||
17 | Governor in such amounts, at such times, and for such purposes | ||||||
18 | as contemplated in such appropriations and in Section 15 of | ||||||
19 | this Act. | ||||||
20 | Section 60. Repayment. | ||||||
21 | (a) To provide for the repayment of Bonds and deposits into | ||||||
22 | reserve funds required to be maintained as security for the | ||||||
23 | Bonds, the Governor shall include an appropriation in each | ||||||
24 | annual State Budget of moneys in such amount as shall be |
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1 | necessary and sufficient, for the period covered by such | ||||||
2 | Budget, to pay the interest, as it shall accrue, on all Bonds | ||||||
3 | issued under this Act, to pay and discharge the principal of | ||||||
4 | such Bonds, including any sinking fund redemptions, as shall | ||||||
5 | fall due during such period on Bonds to be redeemed prior to | ||||||
6 | maturity, and to make required deposits to any reserve funds | ||||||
7 | required to be maintained as security for Bonds or for the | ||||||
8 | purpose of retiring or defeasing Bonds, including any | ||||||
9 | replenishments in the event of deficiencies in any reserve | ||||||
10 | funds; provided, however, that amounts included in such | ||||||
11 | appropriations for payment of interest on Variable Rate Bonds | ||||||
12 | shall be the maximum amounts of interest which may be payable | ||||||
13 | for the period covered by such Budget after taking into account | ||||||
14 | any credits permitted in the related indenture against the | ||||||
15 | amount of such interest required to be appropriated for such | ||||||
16 | period; and, further provided that such appropriated amount | ||||||
17 | shall not be less than the Certified Annual Debt Service | ||||||
18 | Requirement (as defined in Section 70 of this Act) for any such | ||||||
19 | fiscal year. | ||||||
20 | (b) A separate fund in the State Treasury called the "Road | ||||||
21 | Fund Bond Retirement and Interest Fund" is hereby created. | ||||||
22 | To provide for the repayment of the Bonds and required | ||||||
23 | reserve fund deposits the General Assembly shall annually make | ||||||
24 | appropriations from the Road Fund Bond Retirement and Interest | ||||||
25 | Fund in such amounts as shall be necessary and sufficient to | ||||||
26 | pay the principal of and interest on the Bonds coming due in |
| |||||||
| |||||||
1 | each such fiscal year, including any sinking fund redemptions, | ||||||
2 | and to make required deposits to reserve funds for the purpose | ||||||
3 | of securing Bonds or retiring or defeasing Bonds, including | ||||||
4 | replenishment of any deficiencies therein; provided, however, | ||||||
5 | that amounts included in such appropriations for payment of | ||||||
6 | interest on Variable Rate Bonds shall be the maximum amounts of | ||||||
7 | interest which may be payable during such fiscal year after | ||||||
8 | taking into account any credits permitted in the related | ||||||
9 | indenture against the amount of such interest required to be | ||||||
10 | appropriated for such period; and, further provided, that such | ||||||
11 | appropriated amount shall not be less than the Annual Specified | ||||||
12 | Amount for any such fiscal year. If for any reason the State | ||||||
13 | Treasurer and Comptroller fail to (i) make transfers to the | ||||||
14 | Road Fund Bond Retirement and Interest Fund from the Road Fund, | ||||||
15 | or (ii) make payments from the Road Fund Bond Retirement and | ||||||
16 | Interest Fund to the trustee under the Master Indenture as | ||||||
17 | required by Section 70 of this Act, or if for any reason the | ||||||
18 | General Assembly fails to make appropriations from the Road | ||||||
19 | Fund Bond Retirement and Interest Fund sufficient to pay the | ||||||
20 | principal of and interest on the Bonds, as the same by their | ||||||
21 | terms shall become due, and to make required deposits into | ||||||
22 | reserve funds required to be maintained as security for the | ||||||
23 | Bonds or to retire or defease Bonds, including replenishment of | ||||||
24 | any deficiencies, this Act shall constitute an irrevocable and | ||||||
25 | continuing appropriation of all amounts necessary for all of | ||||||
26 | the above purposes, and the irrevocable and continuing |
| |||||||
| |||||||
1 | authority for and direction to the State Treasurer and the | ||||||
2 | Comptroller to make the necessary transfers and deposits, as | ||||||
3 | directed by the Governor, from the Road Fund pursuant to | ||||||
4 | Section 8.3 of the State Finance Act to the Road Fund Bond | ||||||
5 | Retirement and Interest Fund and to make the necessary payments | ||||||
6 | from the Road Fund Bond Retirement and Interest Fund to the | ||||||
7 | trustee under the Master Indenture. Bonds issued under this Act | ||||||
8 | for the purposes specified in Section 15 of this Act shall be | ||||||
9 | deemed to be issued "for the construction of permanent | ||||||
10 | highways" as that phrase is used in Section 8.3 of the State | ||||||
11 | Finance Act. | ||||||
12 | Section 65. Bonds as Limited Obligations of the State. All | ||||||
13 | Bonds issued in accordance with this Act shall be direct, | ||||||
14 | limited obligations of the State of Illinois payable solely | ||||||
15 | from and secured by an irrevocable, first priority pledge of | ||||||
16 | and lien on moneys on deposit in (a) the Road Fund Bond | ||||||
17 | Retirement and Interest Fund and (b) any fund or account | ||||||
18 | maintained pursuant to any trust indenture securing any Bonds | ||||||
19 | to the extent so provided in such indenture; provided, however, | ||||||
20 | that Bonds of any series may be secured on a parity basis with, | ||||||
21 | or on a senior or junior basis with respect to, any other | ||||||
22 | series of Bonds as provided in the Bond Sale Order and | ||||||
23 | indentures relating to such series. The State of Illinois | ||||||
24 | hereby pledges the tax revenues and other moneys from whatever | ||||||
25 | source which by law are required to be deposited into the Road |
| |||||||
| |||||||
1 | Fund for the purposes of making transfers to and payments from | ||||||
2 | the Road Fund Bond Retirement and Interest Fund, such pledge | ||||||
3 | constituting a first and prior claim against any charge on such | ||||||
4 | motor fuel tax revenues and other moneys. The Bonds are not | ||||||
5 | general obligations of the State and are not secured by a | ||||||
6 | pledge of the full faith and credit of the State and the | ||||||
7 | holders of Bonds may not require the levy or imposition of any | ||||||
8 | taxes or the application of other State revenues or funds to | ||||||
9 | the payment of Bonds. Each Bond shall describe the limited | ||||||
10 | nature of the State's obligation on the face thereof. The Bonds | ||||||
11 | shall be securities appropriate and acceptable for collateral | ||||||
12 | as described in Section 6 of "An Act relating to certain | ||||||
13 | investments of public funds by public agencies", approved July | ||||||
14 | 23, 1943, as amended, or in any similar act providing for the | ||||||
15 | collateralization of public funds. | ||||||
16 | The Bonds are hereby made securities in which all public | ||||||
17 | officers and bodies of the State and all political subdivisions | ||||||
18 | of the State and other persons carrying on an insurance | ||||||
19 | business, all banks, bankers, trust companies, saving banks and | ||||||
20 | savings associations, including savings and loan associations, | ||||||
21 | building and loan associations, investment companies and other | ||||||
22 | persons carrying on a banking business, all credit unions, | ||||||
23 | pension funds, administrators, and guardians who are now or may | ||||||
24 | hereafter be authorized to invest in bonds or in other | ||||||
25 | obligations of the State, may properly and legally invest | ||||||
26 | funds, including capital, in their control or belonging to |
| |||||||
| |||||||
1 | them. The Bonds are also hereby made securities which may be | ||||||
2 | deposited with and may be received by all public officers and | ||||||
3 | bodies of the State and all political subdivisions of the State | ||||||
4 | and public corporations for any purpose for which the deposit | ||||||
5 | of bonds or other obligations of the State is now or may | ||||||
6 | hereafter be authorized. | ||||||
7 | Section 70. Computation of Principal and Interest; | ||||||
8 | Transfer from Road Fund; Payment from Road Fund Bond Retirement | ||||||
9 | and Interest Fund. Upon each delivery of Bonds authorized to | ||||||
10 | be issued under this Act, the trustee under the Master | ||||||
11 | Indenture shall compute and certify to the Director of the | ||||||
12 | Governor's Office of Management and Budget, the Comptroller and | ||||||
13 | the Treasurer (a) the total amount of the principal of and the | ||||||
14 | interest on the Bonds then being issued and on Bonds previously | ||||||
15 | issued and outstanding that will be payable in order to retire | ||||||
16 | such Bonds at their stated maturities or mandatory sinking fund | ||||||
17 | payment dates and (b) the amount of principal of and interest | ||||||
18 | on such Bonds that will be payable on each principal, interest | ||||||
19 | and mandatory sinking fund payment date according to the tenor | ||||||
20 | of such Bonds during the then current and each succeeding | ||||||
21 | fiscal year. Such certifications shall include with respect to | ||||||
22 | interest payable on Variable Rate Bonds the maximum amount of | ||||||
23 | interest which may be payable for the relevant period after | ||||||
24 | taking into account any credits permitted in the related | ||||||
25 | indenture against the amount of such interest required to be |
| |||||||
| |||||||
1 | appropriated for such period pursuant to Section 60 of this | ||||||
2 | Act. | ||||||
3 | On or before April 1, 2009 and on or before each April 1 | ||||||
4 | thereafter so long as Bonds remain outstanding, the trustee | ||||||
5 | under the Master Indenture shall deliver to the Director of the | ||||||
6 | Governor's Office of Management and Budget, the Comptroller and | ||||||
7 | the Treasurer a certificate setting forth the "Certified Annual | ||||||
8 | Debt Service Requirement" (hereinafter defined) for the next | ||||||
9 | succeeding fiscal year. If Bonds are issued subsequent to the | ||||||
10 | delivery of any such certificate, upon the issuance of such | ||||||
11 | Bonds the trustee under the Master Indenture shall deliver a | ||||||
12 | supplemental certificate setting forth the revisions, if any, | ||||||
13 | in the Certified Annual Debt Service Requirement resulting from | ||||||
14 | the issuance of such Bonds. The "Certified Annual Debt Service | ||||||
15 | Requirement" for any fiscal year shall be an amount equal to | ||||||
16 | (a) the aggregate amount of principal and interest payable on | ||||||
17 | outstanding Bonds during such fiscal year, plus (b) the amount | ||||||
18 | required to be deposited into any reserve fund securing such | ||||||
19 | Bonds or for the purpose of retiring or defeasing such Bonds, | ||||||
20 | plus (c) the amount of any deficiencies in required transfers | ||||||
21 | of amounts described in clauses (a) and (b) for any prior | ||||||
22 | fiscal year, minus (d) the amount, if any, of such interest to | ||||||
23 | be paid from Bond proceeds on deposit under any indenture; | ||||||
24 | provided, however, that interest payable on Variable Rate Bonds | ||||||
25 | shall be calculated at the maximum rate of interest which may | ||||||
26 | be payable during such fiscal year after taking into account |
| |||||||
| |||||||
1 | any credits permitted in the related indenture against the | ||||||
2 | amount of such interest required to be appropriated for such | ||||||
3 | period pursuant to Section 60 of this Act. | ||||||
4 | In each month in which Bonds are outstanding during fiscal | ||||||
5 | year 2008 and each fiscal year thereafter, the State Treasurer | ||||||
6 | and Comptroller shall (i) transfer, on the last day of such | ||||||
7 | month, from the Road Fund to the Road Fund Bond Retirement and | ||||||
8 | Interest Fund, and (ii) the State Treasurer shall make payment | ||||||
9 | from the Road Fund Bond Retirement and Interest Fund to the | ||||||
10 | trustee under the Master Indenture, of an amount equal to 1/12 | ||||||
11 | of the Certified Annual Debt Service Requirement; provided that | ||||||
12 | payments of such amounts from the Road Fund Bond Retirement and | ||||||
13 | Interest Fund to the trustee under the Master Indenture shall | ||||||
14 | commence on the last day of the month in which Bonds are | ||||||
15 | initially issued under this Act; and, further provided, that | ||||||
16 | the first such payment to said trustee shall equal the entire | ||||||
17 | amount then on deposit in the Road Fund Bond Retirement and | ||||||
18 | Interest Fund; and, further provided, that the aggregate amount | ||||||
19 | of transfers and payments for any such fiscal year shall not | ||||||
20 | exceed the amount set forth above for such fiscal year. | ||||||
21 | Section 75. State Covenant. The State of Illinois | ||||||
22 | irrevocably covenants and agrees with the holders of Bonds | ||||||
23 | issued pursuant to this Act that the State will not limit or | ||||||
24 | alter (a) the basis on which the taxes and revenues of the | ||||||
25 | State are required to be collected and deposited in the Road |
| |||||||
| |||||||
1 | Fund; (b) the basis on which transfers of amounts credited to | ||||||
2 | the Road Fund are required to be made to the Road Fund Bond | ||||||
3 | Retirement and Interest Fund; (c) the purposes of the Road Fund | ||||||
4 | Bond Retirement and Interest Fund; or (d) the provisions of | ||||||
5 | this Section 75, or of Sections 60, 65 and 70 of this Act, so as | ||||||
6 | to impair, in any of the foregoing respects, the obligations of | ||||||
7 | contract incurred by the State in favor of the holders of Bonds | ||||||
8 | issued under this Act. The covenant and agreement set forth in | ||||||
9 | this Section may be included in any Bond Sale Order, trust | ||||||
10 | indenture, agreement or Bond authorized under this Act. | ||||||
11 | Section 80. Refunding Bonds. Refunding Bonds are hereby | ||||||
12 | authorized for the purpose of refunding any outstanding Bonds, | ||||||
13 | any reasonable expenses of such refunding, and any interest | ||||||
14 | accrued or to accrue to the earliest or any subsequent date of | ||||||
15 | redemption or maturity of outstanding Refunding Bonds; | ||||||
16 | provided that no Refunding Bonds shall be offered for sale | ||||||
17 | unless the net present value of debt service savings to be | ||||||
18 | achieved by the issuance of the Refunding Bonds is 3% or more | ||||||
19 | of the principal amount of the Refunding Bonds to be issued; | ||||||
20 | and further provided that the refunding bonds do not extend the | ||||||
21 | maturity date of the refunded bonds on a maturity by maturity | ||||||
22 | basis, and further provided that in any fiscal year following | ||||||
23 | issuance in which the Refunding Bonds are outstanding, the sum | ||||||
24 | of principal and interest payments due on the refunding Bonds | ||||||
25 | shall not exceed the sum of principal and interest payments due |
| |||||||
| |||||||
1 | on the Bonds they refund. | ||||||
2 | Refunding Bonds may be sold in such amounts and at such | ||||||
3 | times as directed by the Governor upon recommendation by the | ||||||
4 | Director of the Governor's Office of Management and Budget. The | ||||||
5 | Governor shall notify the State Treasurer and Comptroller of | ||||||
6 | such refunding. The proceeds received from the sale of | ||||||
7 | Refunding Bonds shall be used for the retirement at maturity or | ||||||
8 | redemption of such outstanding Bonds on any maturity or | ||||||
9 | redemption date and, pending such use, shall be placed in | ||||||
10 | escrow, subject to such terms and conditions as shall be | ||||||
11 | provided for in the Bond Sale Order relating to the Refunding | ||||||
12 | Bonds. This Act shall constitute an irrevocable and continuing | ||||||
13 | appropriation of all amounts necessary to establish an escrow | ||||||
14 | account for the purpose of refunding outstanding Bonds and to | ||||||
15 | pay the reasonable expenses of such refunding and of the | ||||||
16 | issuance and sale of the Refunding Bonds. Any such escrowed | ||||||
17 | proceeds may be invested and reinvested in direct obligations | ||||||
18 | of the United States of America, maturing at such time or times | ||||||
19 | as shall be appropriate to assure the prompt payment, when due, | ||||||
20 | of the principal of and interest on the Refunded Bonds. After | ||||||
21 | the terms of the escrow have been fully satisfied, any | ||||||
22 | remaining balance of such proceeds and interest, income and | ||||||
23 | profits earned or realized on the investments thereof shall be | ||||||
24 | paid into the Road Fund. The liability of the State upon the | ||||||
25 | Refunded Bonds shall continue, provided that the holders | ||||||
26 | thereof shall thereafter be entitled to payment only out of the |
| |||||||
| |||||||
1 | moneys deposited in the escrow account and the Refunded Bonds | ||||||
2 | shall be deemed paid, discharged and no longer to be | ||||||
3 | outstanding. | ||||||
4 | Except as otherwise herein provided in this Section, such | ||||||
5 | Refunding Bonds shall in all other respects be issued pursuant | ||||||
6 | to and subject to the terms and conditions of this Act and | ||||||
7 | shall be secured by and payable from only the funds and sources | ||||||
8 | which are provided under this Act. | ||||||
9 | Section 85. Compel Payment Remedies of Bondholders. If the | ||||||
10 | State fails to pay the principal of or interest on any of the | ||||||
11 | Bonds as the same become due, a civil action to compel payment | ||||||
12 | may be instituted in the Supreme Court of Illinois as a court | ||||||
13 | of original jurisdiction by the holder or holders of the Bonds | ||||||
14 | on which such default of payment exists or by an indenture | ||||||
15 | trustee acting on behalf of such holders. Delivery of a summons | ||||||
16 | and a copy of the complaint to the Attorney General shall | ||||||
17 | constitute sufficient service to give the Supreme Court of | ||||||
18 | Illinois jurisdiction of the subject matter of such a suit and | ||||||
19 | jurisdiction over the State and its officers named as | ||||||
20 | defendants for the purpose of compelling such payment. Any | ||||||
21 | case, controversy or cause of action concerning the validity of | ||||||
22 | this Act relates to the revenue of the State of Illinois. | ||||||
23 | If the Supreme Court of Illinois denies the holder or | ||||||
24 | holders of Bonds or an indenture trustee acting on their behalf | ||||||
25 | leave to file an original action in the Supreme Court, the Bond |
| |||||||
| |||||||
1 | holder or holders or such indenture trustee may bring the | ||||||
2 | action in the Circuit Court of Sangamon County. | ||||||
3 | Section 90. Investment of Money Not Needed for Current | ||||||
4 | Expenditures Application of Earnings. | ||||||
5 | (a) The State Treasurer may, with the Governor's approval, | ||||||
6 | invest and reinvest any moneys on deposit in the Illinois Works | ||||||
7 | Fund and the Road Fund Bond Retirement and Interest Fund in the | ||||||
8 | State Treasury which are not needed for current expenditures | ||||||
9 | due or about to become due from such funds. Earnings or | ||||||
10 | interest income from investments in the Illinois Works Fund | ||||||
11 | shall be deposited by the State Treasurer in the Road Fund. | ||||||
12 | Earnings or interest income from investments in the Road Fund | ||||||
13 | Bond Retirement and Interest Fund shall be deposited in the | ||||||
14 | Road Fund Bond Retirement and Interest Fund. | ||||||
15 | (b) Moneys in the Illinois Works Fund may be invested as | ||||||
16 | permitted in "An Act in relation to State moneys", approved | ||||||
17 | June 28, 1919, as amended, and in "An Act relating to certain | ||||||
18 | investments of public funds by public agencies", approved July | ||||||
19 | 23, 1943, as amended. Moneys on deposit in the Road Fund Bond | ||||||
20 | Retirement and Interest Fund may be invested in securities | ||||||
21 | constituting direct obligations of the United States | ||||||
22 | Government, or in obligations the principal of and interest on | ||||||
23 | which are guaranteed by the United States Government, or in | ||||||
24 | certificates of deposit of any state or national bank which are | ||||||
25 | fully secured by obligations of, or guaranteed as to principal |
| |||||||
| |||||||
1 | and interest by, the United States Government. Moneys on | ||||||
2 | deposit with indenture trustees shall be invested in accordance | ||||||
3 | with the above laws and the provisions of the respective | ||||||
4 | indentures. | ||||||
5 | ARTICLE 90. | ||||||
6 | Section 90-1. The General Obligation Bond Act is amended by | ||||||
7 | changing Sections 2, 3, 4, 5, 6, 7 and 12, as follows:
| ||||||
8 | (30 ILCS 330/2) (from Ch. 127, par. 652)
| ||||||
9 | Sec. 2. Authorization for Bonds. The State of Illinois is | ||||||
10 | authorized to
issue, sell and provide for the retirement of | ||||||
11 | General Obligation Bonds of
the State of Illinois for the | ||||||
12 | categories and specific purposes expressed in
Sections 2 | ||||||
13 | through 8 of this Act, in the total amount of $33,746,149,369
| ||||||
14 | $27,658,149,369 .
| ||||||
15 | The bonds authorized as to principal amount in this Section | ||||||
16 | 2 Act are herein called "Bonds" and those Bonds authorized in | ||||||
17 | Section 16 of this Act are
herein called " Refunding Bonds".
| ||||||
18 | Of the total amount of Bonds authorized in this Act, up to | ||||||
19 | $2,200,000,000
in aggregate original principal amount may be | ||||||
20 | issued and sold in accordance
with the Baccalaureate Savings | ||||||
21 | Act in the form of General Obligation
College Savings Bonds.
| ||||||
22 | Of the total amount of Bonds authorized in this Act, up to | ||||||
23 | $300,000,000 in
aggregate original principal amount may be |
| |||||||
| |||||||
1 | issued and sold in accordance
with the Retirement Savings Act | ||||||
2 | in the form of General Obligation
Retirement Savings Bonds.
| ||||||
3 | Of the total amount of Bonds authorized in this Act, the | ||||||
4 | additional
$10,000,000,000 authorized by this amendatory Act | ||||||
5 | of the 93rd General
Assembly shall be used solely as provided | ||||||
6 | in Section 7.2.
| ||||||
7 | The issuance and sale of Bonds pursuant to the General | ||||||
8 | Obligation Bond
Act is an economical and efficient method of | ||||||
9 | financing the long-term capital needs of
the State. This Act | ||||||
10 | will permit the issuance of a multi-purpose General
Obligation | ||||||
11 | Bond with uniform terms and features. This will not only lower
| ||||||
12 | the cost of registration but also reduce the overall cost of | ||||||
13 | issuing debt
by improving the marketability of Illinois General | ||||||
14 | Obligation Bonds.
| ||||||
15 | (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | ||||||
16 | 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
| ||||||
17 | (30 ILCS 330/3) (from Ch. 127, par. 653)
| ||||||
18 | Sec. 3. Capital Facilities. The amount of $8,261,235,369
| ||||||
19 | $7,320,235,369 is authorized
to be used for the acquisition, | ||||||
20 | development, construction, reconstruction,
improvement, | ||||||
21 | financing, architectural planning and installation of capital
| ||||||
22 | facilities within the State, consisting of buildings, | ||||||
23 | structures, durable
equipment, land, and interests in land for | ||||||
24 | the following specific purposes:
| ||||||
25 | (a) $2,623,228,000
$2,211,228,000 for educational |
| |||||||
| |||||||
1 | purposes by
State universities and
colleges, the Illinois | ||||||
2 | Community College Board created by the Public
Community | ||||||
3 | College Act and for grants to public community colleges as
| ||||||
4 | authorized by Sections 5-11 and 5-12 of the Public | ||||||
5 | Community College Act;
| ||||||
6 | (b) $1,607,420,000 for correctional purposes at
State
| ||||||
7 | prison and correctional centers;
| ||||||
8 | (c)
$531,175,000 for open spaces, recreational and
| ||||||
9 | conservation purposes and the protection of land;
| ||||||
10 | (d) $669,917,000 $589,917,000 for child care | ||||||
11 | facilities, mental
and public health facilities, and | ||||||
12 | facilities for the care of disabled
veterans and their | ||||||
13 | spouses;
| ||||||
14 | (e)
$1,759,990,000 $1,455,990,000 for use by the | ||||||
15 | State, its
departments, authorities, public corporations, | ||||||
16 | commissions and agencies;
| ||||||
17 | (f) $818,100 for cargo handling facilities at port | ||||||
18 | districts and for
breakwaters, including harbor entrances, | ||||||
19 | at port districts in conjunction
with facilities for small | ||||||
20 | boats and pleasure crafts;
| ||||||
21 | (g)
$263,657,000 $204,657,000 for water resource | ||||||
22 | management
projects;
| ||||||
23 | (h) $16,940,269 for the provision of facilities for | ||||||
24 | food production
research and related instructional and | ||||||
25 | public service activities at the
State universities and | ||||||
26 | public community colleges;
|
| |||||||
| |||||||
1 | (i) $36,000,000 for grants by the Secretary of State, | ||||||
2 | as
State
Librarian, for central library facilities | ||||||
3 | authorized by Section 8
of the Illinois Library System Act | ||||||
4 | and for grants by the Capital
Development Board to units of | ||||||
5 | local government for public library
facilities;
| ||||||
6 | (j) $25,000,000 for the acquisition, development, | ||||||
7 | construction,
reconstruction, improvement, financing, | ||||||
8 | architectural planning and
installation of capital | ||||||
9 | facilities consisting of buildings, structures,
durable | ||||||
10 | equipment and land for grants to counties, municipalities | ||||||
11 | or public
building commissions with correctional | ||||||
12 | facilities that do not comply with
the minimum standards of | ||||||
13 | the Department of Corrections under Section 3-15-2
of the | ||||||
14 | Unified Code of Corrections;
| ||||||
15 | (k) $5,000,000 for grants in fiscal year 1988 by the | ||||||
16 | Department of
Conservation for improvement or expansion of | ||||||
17 | aquarium facilities located on
property owned by a park | ||||||
18 | district;
| ||||||
19 | (l) $518,590,000
$432,590,000 to State agencies for | ||||||
20 | grants to
local governments for
the acquisition, | ||||||
21 | financing, architectural planning, development, | ||||||
22 | alteration,
installation, and construction of capital | ||||||
23 | facilities consisting of buildings,
structures, durable | ||||||
24 | equipment, and land; and
| ||||||
25 | (m) $203,500,000 for the Illinois Open Land Trust
| ||||||
26 | Program
as defined by the
Illinois Open Land Trust Act.
|
| |||||||
| |||||||
1 | The amounts authorized above for capital facilities may be | ||||||
2 | used
for the acquisition, installation, alteration, | ||||||
3 | construction, or
reconstruction of capital facilities and for | ||||||
4 | the purchase of equipment
for the purpose of major capital | ||||||
5 | improvements which will reduce energy
consumption in State | ||||||
6 | buildings or facilities.
| ||||||
7 | (Source: P.A. 91-39, 6-15-99; 91-53, eff. 6-30-99; 91-710, eff. | ||||||
8 | 5-17-00;
92-13, eff. 6-22-01; 92-598, eff. 6-28-02.)
| ||||||
9 | (30 ILCS 330/4) (from Ch. 127, par. 654)
| ||||||
10 | Sec. 4. Transportation. The amount of $9,752,399,000
| ||||||
11 | $5,313,399,000
is authorized for use by the Department of | ||||||
12 | Transportation for the specific
purpose of promoting and | ||||||
13 | assuring rapid, efficient, and safe highway, air and
mass | ||||||
14 | transportation for the inhabitants of the State by providing | ||||||
15 | monies,
including the making of grants and loans, for the | ||||||
16 | acquisition, construction,
reconstruction, extension and | ||||||
17 | improvement of the following transportation
facilities and | ||||||
18 | equipment, and for the acquisition of real property and
| ||||||
19 | interests in real property required or expected to be required | ||||||
20 | in connection
therewith as follows:
| ||||||
21 | (a)
$3,432,129,000 for State highways, arterial
highways, | ||||||
22 | freeways,
roads, bridges, structures separating highways and | ||||||
23 | railroads and roads, and
bridges on roads maintained by | ||||||
24 | counties, municipalities, townships or road
districts for the | ||||||
25 | following specific purposes:
|
| |||||||
| |||||||
1 | (1)
$3,330,000,000 for use statewide,
| ||||||
2 | (2) $3,677,000 for use outside the Chicago urbanized
| ||||||
3 | area,
| ||||||
4 | (3) $7,543,000 for use within the Chicago urbanized | ||||||
5 | area,
| ||||||
6 | (4) $13,060,600 for use within the City of Chicago,
| ||||||
7 | (5) $58,987,500 for use within the counties of Cook,
| ||||||
8 | DuPage, Kane, Lake, McHenry and Will, and
| ||||||
9 | (6) $18,860,900 for use outside the counties of Cook, | ||||||
10 | DuPage, Kane,
Lake, McHenry and Will.
| ||||||
11 | (b) $3,363,670,0000
$1,529,670,000 for rail facilities and | ||||||
12 | for
mass transit facilities, as defined in Section 2705-305 of | ||||||
13 | the Department of
Transportation Law (20 ILCS 2705/2705-305), | ||||||
14 | including rapid transit, rail, bus
and other equipment used in | ||||||
15 | connection therewith by the State or any unit of
local | ||||||
16 | government, special transportation district, municipal | ||||||
17 | corporation or
other corporation or public authority | ||||||
18 | authorized to provide and promote public
transportation within | ||||||
19 | the State or two or more of the foregoing jointly, for
the | ||||||
20 | following specific purposes:
| ||||||
21 | (1) $3,267,870,000
$1,433,870,000 statewide,
| ||||||
22 | (2) $83,350,000 for use within the counties of Cook,
| ||||||
23 | DuPage, Kane, Lake, McHenry and Will,
| ||||||
24 | (3) $12,450,000 for use outside the counties of Cook,
| ||||||
25 | DuPage, Kane, Lake, McHenry and Will.
| ||||||
26 | (c) $396,600,000
$351,600,000 for airport or aviation |
| |||||||
| |||||||
1 | facilities and any equipment used
in connection therewith, | ||||||
2 | including engineering and land acquisition costs,
by the State | ||||||
3 | or any unit of local government, special transportation | ||||||
4 | district,
municipal corporation or other corporation or public | ||||||
5 | authority authorized
to provide public transportation within | ||||||
6 | the State, or two or more of the
foregoing acting jointly, and | ||||||
7 | for the making of deposits into the Airport
Land Loan Revolving | ||||||
8 | Fund for loans to public airport owners pursuant to the
| ||||||
9 | Illinois Aeronautics Act.
| ||||||
10 | (d) $2,560,000,000 for use statewide for State highways, | ||||||
11 | arterial highways, freeways, roads, bridges, structures | ||||||
12 | separating highways and railroads and roads, and bridges on | ||||||
13 | roads maintained by counties, municipalities, townships or | ||||||
14 | road districts. | ||||||
15 | (Source: P.A. 91-39, eff. 6-15-99; 91-239, eff. 1-1-00; 91-712, | ||||||
16 | eff. 7-1-00;
92-13, eff. 6-22-01.)
| ||||||
17 | (30 ILCS 330/5) (from Ch. 127, par. 655)
| ||||||
18 | Sec. 5. School Construction.
| ||||||
19 | (a) The amount of $58,450,000 is authorized to
make grants | ||||||
20 | to local school
districts for the acquisition, development, | ||||||
21 | construction, reconstruction,
rehabilitation, improvement, | ||||||
22 | financing, architectural planning and
installation of capital | ||||||
23 | facilities, including but not limited to those
required for | ||||||
24 | special
education building projects provided for in Article 14 | ||||||
25 | of The School Code,
consisting of buildings, structures, and |
| |||||||
| |||||||
1 | durable equipment, and for the
acquisition and improvement of | ||||||
2 | real property and interests in real property
required, or | ||||||
3 | expected to be required, in connection therewith.
| ||||||
4 | (b) $22,550,000, or so much thereof as may be necessary, | ||||||
5 | for grants to
school districts for the making of principal and | ||||||
6 | interest payments, required
to be made, on bonds issued by such | ||||||
7 | school districts after January 1, 1969,
pursuant to any | ||||||
8 | indenture, ordinance, resolution, agreement or contract
to | ||||||
9 | provide funds for the acquisition, development, construction,
| ||||||
10 | reconstruction, rehabilitation, improvement, architectural | ||||||
11 | planning and installation of
capital facilities consisting of | ||||||
12 | buildings, structures, durable equipment
and land for | ||||||
13 | educational purposes or for lease payments required to be made
| ||||||
14 | by a school district for principal and interest payments on | ||||||
15 | bonds issued
by a Public Building Commission after January 1, | ||||||
16 | 1969.
| ||||||
17 | (c) $10,000,000 for grants to school districts for the | ||||||
18 | acquisition,
development, construction, reconstruction, | ||||||
19 | rehabilitation, improvement,
architectural
planning and | ||||||
20 | installation of capital facilities consisting of buildings
| ||||||
21 | structures, durable equipment and land for special education | ||||||
22 | building projects.
| ||||||
23 | (d) $9,000,000 for grants to school districts for the | ||||||
24 | reconstruction,
rehabilitation, improvement, financing and | ||||||
25 | architectural planning of capital
facilities, including | ||||||
26 | construction at another location to replace such capital
|
| |||||||
| |||||||
1 | facilities, consisting of those public school buildings and | ||||||
2 | temporary school
facilities which, prior to January 1, 1984, | ||||||
3 | were condemned by the regional
superintendent under Section | ||||||
4 | 3-14.22 of The School Code or by any State
official having | ||||||
5 | jurisdiction over building safety.
| ||||||
6 | (e) $3,449,000,000 $3,050,000,000 for grants to school | ||||||
7 | districts for
school improvement
projects authorized by the | ||||||
8 | School Construction Law. The bonds shall be sold in
amounts not | ||||||
9 | to exceed the following schedule, except any bonds not sold | ||||||
10 | during
one year shall be added to the bonds to be sold during | ||||||
11 | the remainder of the
schedule:
| ||||||
12 | First year ..................................$200,000,000
| ||||||
13 | Second year .................................$450,000,000
| ||||||
14 | Third year ..................................$500,000,000
| ||||||
15 | Fourth year .................................$500,000,000
| ||||||
16 | Fifth year ..................................$800,000,000
| ||||||
17 | Sixth year and thereafter $600,000,000
| ||||||
18 | Seventh year ................................$380,000,000 | ||||||
19 | Eighth year and thereafter ...................$19,000,000 | ||||||
20 | (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
| ||||||
21 | (30 ILCS 330/6) (from Ch. 127, par. 656) | ||||||
22 | Sec. 6. Anti-Pollution.
| ||||||
23 | (a) The amount of $319,815,000 is authorized for
allocation | ||||||
24 | by the
Environmental Protection Agency for grants or loans to | ||||||
25 | units of local
government in such amounts, at such times and |
| |||||||
| |||||||
1 | for such purpose as the Agency
deems necessary or desirable for | ||||||
2 | the planning, financing, and construction of
municipal sewage | ||||||
3 | treatment works and solid waste disposal facilities and for
| ||||||
4 | making of deposits into the Water Revolving Fund and
the U.S. | ||||||
5 | Environmental Protection Fund to provide assistance in | ||||||
6 | accordance
with the provisions of Title IV-A of the | ||||||
7 | Environmental Protection Act.
| ||||||
8 | (b) The amount of
$160,500,000 is authorized for allocation | ||||||
9 | by the
Environmental Protection Agency for payment of claims | ||||||
10 | submitted to the State
and approved for payment under the | ||||||
11 | Leaking Underground Storage Tank Program
established in Title | ||||||
12 | XVI of the Environmental Protection Act.
| ||||||
13 | (Source: P.A. 92-13, eff. 6-22-01; 92-598, eff. 6-28-02; | ||||||
14 | 93-650, eff. 1-8-04.)
| ||||||
15 | (30 ILCS 330/7) (from Ch. 127, par. 657)
| ||||||
16 | Sec. 7. Coal and Energy Development. The amount of | ||||||
17 | $953,200,000
$663,200,000 is
authorized to be used by the | ||||||
18 | Department of Commerce and Economic Opportunity (formerly | ||||||
19 | Department of Commerce and Community Affairs) for
coal and | ||||||
20 | energy development purposes, pursuant to Sections 2, 3 and 3.1 | ||||||
21 | of the
Illinois Coal and Energy Development Bond Act, for the | ||||||
22 | purposes
specified
in Section 8.1 of the Energy Conservation | ||||||
23 | and Coal Development Act, and for
the purposes specified in | ||||||
24 | Section 605-332 of the Department of Commerce and
Economic | ||||||
25 | Opportunity Law of the Civil Administrative Code of Illinois. |
| |||||||
| |||||||
1 | Of this
amount:
| ||||||
2 | (a) $285,000,000
$115,000,000 is
for the specific purposes | ||||||
3 | of acquisition,
development, construction, reconstruction, | ||||||
4 | improvement, financing,
architectural and technical planning | ||||||
5 | and installation of capital facilities
consisting of | ||||||
6 | buildings, structures, durable equipment, and land for the
| ||||||
7 | purpose of capital development of coal resources within the | ||||||
8 | State and for the
purposes specified in Section 8.1 of the | ||||||
9 | Energy Conservation and Coal
Development Act;
| ||||||
10 | (b) $35,000,000 is for the purposes specified in Section | ||||||
11 | 8.1 of the
Energy
Conservation and Coal Development Act and | ||||||
12 | making a grant to the owner of a
generating station
located in | ||||||
13 | Illinois and having at least three coal-fired generating units
| ||||||
14 | with accredited summer capability greater than 500 megawatts | ||||||
15 | each at such
generating station as provided in Section 6 of | ||||||
16 | that Bond Act;
| ||||||
17 | (c) $133,200,000 $13,200,000 is for research, development | ||||||
18 | and demonstration
of forms of energy
other than that derived | ||||||
19 | from coal, either on or off State property; and
| ||||||
20 | (d) $500,000,000 is for the purpose of providing financial | ||||||
21 | assistance to
new
electric generating facilities as provided in | ||||||
22 | Section 605-332 of the Department
of Commerce and Economic | ||||||
23 | Opportunity Law of the Civil Administrative Code of
Illinois.
| ||||||
24 | (Source: P.A. 94-793, eff. 5-19-06.)
| ||||||
25 | (30 ILCS 330/12) (from Ch. 127, par. 662)
|
| |||||||
| |||||||
1 | Sec. 12. Allocation of Proceeds from Sale of Bonds.
| ||||||
2 | With the exception of deposits into the Illinois Works | ||||||
3 | Fund, proceeds from the sale of Bonds shall be deposited in | ||||||
4 | accordance with paragraphs (a) through (g) of this Section. | ||||||
5 | Deposits into the Illinois Works Fund shall consist of proceeds | ||||||
6 | of Bonds sold under the increased authorization provided by | ||||||
7 | Sections 3, 4, 7 and 16 of this amendatory Act of the 95th | ||||||
8 | General Assembly. | ||||||
9 | (a) Proceeds from the sale of Bonds, authorized by Section | ||||||
10 | 3 of this Act,
shall be deposited in the separate fund known as | ||||||
11 | the Capital Development Fund.
| ||||||
12 | (b) Proceeds from the sale of Bonds, authorized by | ||||||
13 | paragraph (a) of Section
4 of this Act, shall be deposited in | ||||||
14 | the separate fund known as the
Transportation Bond, Series A | ||||||
15 | Fund.
| ||||||
16 | (c) Proceeds from the sale of Bonds, authorized by | ||||||
17 | paragraphs (b) and (c)
of Section 4 of this Act, shall be | ||||||
18 | deposited in the separate fund known
as the Transportation | ||||||
19 | Bond, Series B Fund.
| ||||||
20 | (c-1) Proceeds from the sale of Bonds, authorized by | ||||||
21 | paragraph (d) of Section 4 of this Act, shall be deposited in | ||||||
22 | the separate fund known as the Illinois Works Fund. | ||||||
23 | (d) Proceeds from the sale of Bonds, authorized by Section | ||||||
24 | 5 of this
Act, shall be deposited in the separate fund known as | ||||||
25 | the School Construction
Fund.
| ||||||
26 | (e) Proceeds from the sale of Bonds, authorized by Section |
| |||||||
| |||||||
1 | 6 of this Act,
shall be deposited in the separate fund known as | ||||||
2 | the Anti-Pollution Fund.
| ||||||
3 | (f) Proceeds from the sale of Bonds, authorized by Section | ||||||
4 | 7 of this Act,
shall be deposited in the separate fund known as | ||||||
5 | the Coal Development Fund.
| ||||||
6 | (f-2) Proceeds from the sale of Bonds, authorized by | ||||||
7 | Section 7.2 of this
Act, shall be deposited as set forth in | ||||||
8 | Section 7.2.
| ||||||
9 | (f-5) Proceeds from the sale of Bonds, authorized by | ||||||
10 | Section 7.5 of this
Act, shall be deposited as set forth in | ||||||
11 | Section 7.5.
| ||||||
12 | (g) Proceeds from the sale of Bonds, authorized by Section | ||||||
13 | 8 of this Act,
shall be deposited in
the Capital Development | ||||||
14 | Fund.
| ||||||
15 | (h) Subsequent to the issuance of any Bonds for the | ||||||
16 | purposes described
in Sections 2 through 8 of this Act, the | ||||||
17 | Governor and the Director of the
Governor's Office of | ||||||
18 | Management and Budget may provide for the reallocation of | ||||||
19 | unspent proceeds
of such Bonds to any other purposes authorized | ||||||
20 | under said Sections of this
Act, subject to the limitations on | ||||||
21 | aggregate principal amounts contained
therein. Upon any such | ||||||
22 | reallocation, such unspent proceeds shall be
transferred to the | ||||||
23 | appropriate funds as determined by reference to
paragraphs (a) | ||||||
24 | through (g) of this Section.
| ||||||
25 | (Source: P.A. 93-2, eff. 4-7-03; 94-793, eff. 5-19-06.)
|
| |||||||
| |||||||
1 | Section 90-30. The State Finance Act is amended by adding | ||||||
2 | Section 5.712 as follows: | ||||||
3 | (30 ILCS 105/5.712 new)
| ||||||
4 | Sec. 5.712. The Road Fund Bond Retirement and Interest | ||||||
5 | Fund. | ||||||
6 | ARTICLE 99. | ||||||
7 | Section 99-99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.".
|