HB5226 97TH GENERAL ASSEMBLY

LRB097 16791 HEP 65096 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5226

Introduced 2/8/2012, by Rep. Thaddeus Jones

SYNOPSIS AS INTRODUCED:

See Index

Amends the State Finance Act to create the Illiana Expressway Project Fund and the SouthEast Service Line Project Fund. Amends the Toll Highway Act. Provides that beginning with the fiscal year beginning July 1, 2013, $2,000,000 of all toll revenue generated each year by toll booths located in the 29th, 30th, 33rd, and 38th representative districts and in the 15th and 30th senatorial districts as they exist on the effective date of the amendatory Act shall be used in the following manner: (i) $1,000,000 shall be deposited into the Illiana Expressway Project Fund; and (ii) $1,000,000 shall be deposited into the SouthEast Service Line Project Fund. Provides that moneys in the Illiana Expressway Project Fund shall be used, subject to appropriation by the General Assembly and distribution by the Department of Transportation, to fund the debt service portion of the bond funding of the Illiana Expressway project, and that in the event that the Illiana Expressway project advances by means of exclusively private funding, moneys in the Illiana Expressway Project Fund shall be deposited into the SouthEast Service Line Project Fund. Provides that moneys in the SouthEast Service Line Project Fund shall be used, subject to appropriation by the General Assembly and distribution by the Regional Transportation Authority, to fund the debt service portion of the bond funding of the SouthEast Service line project, and that in the event that the SouthEast Service line project advances by means of exclusively private funding, moneys in the SouthEast Service Line Project Fund shall be deposited into the Illiana Expressway Project Fund. Provides that the new provisions may not be applied in a manner that impairs the rights of bondholders pursuant to any resolution or trust indentures authorizing the issuance of bonds of the Authority. Repeals the new provisions on July 1, 2047.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning transportation.

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 adding Sections 5.811 and 5.812 as follows:

(30 ILCS 105/5.811 new)

Sec. 5.811. The Illiana Expressway Project Fund.

(30 ILCS 105/5.812 new)

Sec. 5.812. The SouthEast Service Line Project Fund.

Section 10. The Toll Highway Act is amended by adding Section 40 as follows:

(605 ILCS 10/40 new)

Sec. 40. Use of toll revenue.

(a) Beginning with the fiscal year beginning July 1, 2013, $2,000,000 of all toll revenue subject to this Section that is collected each fiscal year shall be used in the following manner:

(i) $1,000,000 shall be deposited into the Illiana Expressway Project Fund; and

(ii) $1,000,000 shall be deposited into the SouthEast Service Line Project Fund.

(b) This Section applies only to toll booths located in the geographic region comprised by the 29th, 30th, 33rd, and 38th representative districts as they exist on the effective date of this amendatory Act of the 97th General Assembly and in the 15th and 30th senatorial districts as they exist on the effective date of this amendatory Act of the 97th General Assembly.

(c) This Section may not be applied in a manner that impairs the rights of bondholders pursuant to any resolution or trust indentures authorizing the issuance of bonds of the Authority.

(d) The Illiana Expressway Project Fund is created as a special fund in the State Treasury. Moneys in the Illiana Expressway Project Fund shall be used, subject to appropriation by the General Assembly and distribution by the Department of Transportation, to fund the debt service portion of the bond funding of the Illiana Expressway project. In the event that the Illiana Expressway project advances by means of exclusively private funding, moneys in the Illiana Expressway Project Fund shall be deposited into the SouthEast Service Line Project Fund.

(e) The SouthEast Service Line Project Fund is created as a special fund in the State Treasury. Moneys in the SouthEast Service Line Project Fund shall be used, subject to appropriation by the General Assembly and distribution by the Regional Transportation Authority, to fund the debt service portion of the bond funding of the SouthEast Service line project. In the event that the SouthEast Service line project advances by means of exclusively private funding, moneys in the SouthEast Service Line Project Fund shall be deposited into the Illiana Expressway Project Fund.

(f) This Section is repealed on July 1, 2047.