100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5646

 

Introduced , by Rep. Brad Halbrook

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/15  from Ch. 127, par. 665
70 ILCS 3615/4.09  from Ch. 111 2/3, par. 704.09

    Amends the General Obligation Bond Act. Removes provision requiring the State Treasurer and Comptroller to transfer from the Road Fund moneys with respect to bonds issued under authorization in a specified Public Act. Amends the Regional Transportation Authority Act. Removes provision requiring the transfer of $100,000,000 from the Road Fund that would have otherwise been transferred from the General Revenue Fund under specified provisions. Makes conforming changes.


LRB100 19110 RJF 34370 b

 

 

A BILL FOR

 

HB5646LRB100 19110 RJF 34370 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The General Obligation Bond Act is amended by
5changing Section 15 as follows:
 
6    (30 ILCS 330/15)  (from Ch. 127, par. 665)
7    Sec. 15. Computation of Principal and Interest; transfers.
8    (a) Upon each delivery of Bonds authorized to be issued
9under this Act, the Comptroller shall compute and certify to
10the Treasurer the total amount of principal of, interest on,
11and premium, if any, on Bonds issued that will be payable in
12order to retire such Bonds, the amount of principal of,
13interest on and premium, if any, on such Bonds that will be
14payable on each payment date according to the tenor of such
15Bonds during the then current and each succeeding fiscal year,
16and the amount of sinking fund payments needed to be deposited
17in connection with Qualified School Construction Bonds
18authorized by subsection (e) of Section 9. With respect to the
19interest payable on variable rate bonds, such certifications
20shall be calculated at the maximum rate of interest that may be
21payable during the fiscal year, after taking into account any
22credits permitted in the related indenture or other instrument
23against the amount of such interest required to be appropriated

 

 

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1for such period pursuant to subsection (c) of Section 14 of
2this Act. With respect to the interest payable, such
3certifications shall include the amounts certified by the
4Director of the Governor's Office of Management and Budget
5under subsection (b) of Section 9 of this Act.
6    On or before the last day of each month the State Treasurer
7and Comptroller shall transfer from (1) the Road Fund with
8respect to Bonds issued under paragraph (a) of Section 4 of
9this Act, or Bonds issued under authorization in Public Act
1098-781, or Bonds issued for the purpose of refunding such
11bonds, and from (2) the General Revenue Fund, with respect to
12all other Bonds issued under this Act, to the General
13Obligation Bond Retirement and Interest Fund an amount
14sufficient to pay the aggregate of the principal of, interest
15on, and premium, if any, on Bonds payable, by their terms on
16the next payment date divided by the number of full calendar
17months between the date of such Bonds and the first such
18payment date, and thereafter, divided by the number of months
19between each succeeding payment date after the first. Such
20computations and transfers shall be made for each series of
21Bonds issued and delivered. Interest payable on variable rate
22bonds shall be calculated at the maximum rate of interest that
23may be payable for the relevant period, after taking into
24account any credits permitted in the related indenture or other
25instrument against the amount of such interest required to be
26appropriated for such period pursuant to subsection (c) of

 

 

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1Section 14 of this Act. Computations of interest shall include
2the amounts certified by the Director of the Governor's Office
3of Management and Budget under subsection (b) of Section 9 of
4this Act. Interest for which moneys have already been deposited
5into the capitalized interest account within the General
6Obligation Bond Retirement and Interest Fund shall not be
7included in the calculation of the amounts to be transferred
8under this subsection. Notwithstanding any other provision in
9this Section, the transfer provisions provided in this
10paragraph shall not apply to transfers made in fiscal year 2010
11or fiscal year 2011 with respect to Bonds issued in fiscal year
122010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
13In the case of transfers made in fiscal year 2010 or fiscal
14year 2011 with respect to the Bonds issued in fiscal year 2010
15or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
16before the 15th day of the month prior to the required debt
17service payment, the State Treasurer and Comptroller shall
18transfer from the General Revenue Fund to the General
19Obligation Bond Retirement and Interest Fund an amount
20sufficient to pay the aggregate of the principal of, interest
21on, and premium, if any, on the Bonds payable in that next
22month.
23    The transfer of monies herein and above directed is not
24required if monies in the General Obligation Bond Retirement
25and Interest Fund are more than the amount otherwise to be
26transferred as herein above provided, and if the Governor or

 

 

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1his authorized representative notifies the State Treasurer and
2Comptroller of such fact in writing.
3    (b) After the effective date of this Act, the balance of,
4and monies directed to be included in the Capital Development
5Bond Retirement and Interest Fund, Anti-Pollution Bond
6Retirement and Interest Fund, Transportation Bond, Series A
7Retirement and Interest Fund, Transportation Bond, Series B
8Retirement and Interest Fund, and Coal Development Bond
9Retirement and Interest Fund shall be transferred to and
10deposited in the General Obligation Bond Retirement and
11Interest Fund. This Fund shall be used to make debt service
12payments on the State's general obligation Bonds heretofore
13issued which are now outstanding and payable from the Funds
14herein listed as well as on Bonds issued under this Act.
15    (c) The unused portion of federal funds received for a
16capital facilities project, as authorized by Section 3 of this
17Act, for which monies from the Capital Development Fund have
18been expended shall remain in the Capital Development Board
19Contributory Trust Fund and shall be used for capital projects
20and for no other purpose, subject to appropriation and as
21directed by the Capital Development Board. Any federal funds
22received as reimbursement for the completed construction of a
23capital facilities project, as authorized by Section 3 of this
24Act, for which monies from the Capital Development Fund have
25been expended shall be deposited in the General Obligation Bond
26Retirement and Interest Fund.

 

 

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1(Source: P.A. 100-23, eff. 7-6-17.)
 
2    Section 10. The Regional Transportation Authority Act is
3amended by changing Section 4.09 as follows:
 
4    (70 ILCS 3615/4.09)  (from Ch. 111 2/3, par. 704.09)
5    Sec. 4.09. Public Transportation Fund and the Regional
6Transportation Authority Occupation and Use Tax Replacement
7Fund.
8    (a)(1) As Except as otherwise provided in paragraph (4), as
9soon as possible after the first day of each month, beginning
10July 1, 1984, upon certification of the Department of Revenue,
11the Comptroller shall order transferred and the Treasurer shall
12transfer from the General Revenue Fund to a special fund in the
13State Treasury to be known as the Public Transportation Fund an
14amount equal to 25% of the net revenue, before the deduction of
15the serviceman and retailer discounts pursuant to Section 9 of
16the Service Occupation Tax Act and Section 3 of the Retailers'
17Occupation Tax Act, realized from any tax imposed by the
18Authority pursuant to Sections 4.03 and 4.03.1 and 25% of the
19amounts deposited into the Regional Transportation Authority
20tax fund created by Section 4.03 of this Act, from the County
21and Mass Transit District Fund as provided in Section 6z-20 of
22the State Finance Act and 25% of the amounts deposited into the
23Regional Transportation Authority Occupation and Use Tax
24Replacement Fund from the State and Local Sales Tax Reform Fund

 

 

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1as provided in Section 6z-17 of the State Finance Act. On the
2first day of the month following the date that the Department
3receives revenues from increased taxes under Section 4.03(m) as
4authorized by this amendatory Act of the 95th General Assembly,
5in lieu of the transfers authorized in the preceding sentence,
6upon certification of the Department of Revenue, the
7Comptroller shall order transferred and the Treasurer shall
8transfer from the General Revenue Fund to the Public
9Transportation Fund an amount equal to 25% of the net revenue,
10before the deduction of the serviceman and retailer discounts
11pursuant to Section 9 of the Service Occupation Tax Act and
12Section 3 of the Retailers' Occupation Tax Act, realized from
13(i) 80% of the proceeds of any tax imposed by the Authority at
14a rate of 1.25% in Cook County, (ii) 75% of the proceeds of any
15tax imposed by the Authority at the rate of 1% in Cook County,
16and (iii) one-third of the proceeds of any tax imposed by the
17Authority at the rate of 0.75% in the Counties of DuPage, Kane,
18Lake, McHenry, and Will, all pursuant to Section 4.03, and 25%
19of the net revenue realized from any tax imposed by the
20Authority pursuant to Section 4.03.1, and 25% of the amounts
21deposited into the Regional Transportation Authority tax fund
22created by Section 4.03 of this Act from the County and Mass
23Transit District Fund as provided in Section 6z-20 of the State
24Finance Act, and 25% of the amounts deposited into the Regional
25Transportation Authority Occupation and Use Tax Replacement
26Fund from the State and Local Sales Tax Reform Fund as provided

 

 

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1in Section 6z-17 of the State Finance Act. As used in this
2Section, net revenue realized for a month shall be the revenue
3collected by the State pursuant to Sections 4.03 and 4.03.1
4during the previous month from within the metropolitan region,
5less the amount paid out during that same month as refunds to
6taxpayers for overpayment of liability in the metropolitan
7region under Sections 4.03 and 4.03.1.
8    Notwithstanding any provision of law to the contrary,
9beginning on the effective date of this amendatory Act of the
10100th General Assembly, those amounts required under this
11paragraph (1) of subsection (a) to be transferred by the
12Treasurer into the Public Transportation Fund from the General
13Revenue Fund shall be directly deposited into the Public
14Transportation Fund as the revenues are realized from the taxes
15indicated.
16    (2) On Except as otherwise provided in paragraph (4), on
17the first day of the month following the effective date of this
18amendatory Act of the 95th General Assembly and each month
19thereafter, upon certification by the Department of Revenue,
20the Comptroller shall order transferred and the Treasurer shall
21transfer from the General Revenue Fund to the Public
22Transportation Fund an amount equal to 5% of the net revenue,
23before the deduction of the serviceman and retailer discounts
24pursuant to Section 9 of the Service Occupation Tax Act and
25Section 3 of the Retailers' Occupation Tax Act, realized from
26any tax imposed by the Authority pursuant to Sections 4.03 and

 

 

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14.03.1 and certified by the Department of Revenue under Section
24.03(n) of this Act to be paid to the Authority and 5% of the
3amounts deposited into the Regional Transportation Authority
4tax fund created by Section 4.03 of this Act from the County
5and Mass Transit District Fund as provided in Section 6z-20 of
6the State Finance Act, and 5% of the amounts deposited into the
7Regional Transportation Authority Occupation and Use Tax
8Replacement Fund from the State and Local Sales Tax Reform Fund
9as provided in Section 6z-17 of the State Finance Act, and 5%
10of the revenue realized by the Chicago Transit Authority as
11financial assistance from the City of Chicago from the proceeds
12of any tax imposed by the City of Chicago under Section 8-3-19
13of the Illinois Municipal Code.
14    Notwithstanding any provision of law to the contrary,
15beginning on the effective date of this amendatory Act of the
16100th General Assembly, those amounts required under this
17paragraph (2) of subsection (a) to be transferred by the
18Treasurer into the Public Transportation Fund from the General
19Revenue Fund shall be directly deposited into the Public
20Transportation Fund as the revenues are realized from the taxes
21indicated.
22    (3) As Except as otherwise provided in paragraph (4), as
23soon as possible after the first day of January, 2009 and each
24month thereafter, upon certification of the Department of
25Revenue with respect to the taxes collected under Section 4.03,
26the Comptroller shall order transferred and the Treasurer shall

 

 

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1transfer from the General Revenue Fund to the Public
2Transportation Fund an amount equal to 25% of the net revenue,
3before the deduction of the serviceman and retailer discounts
4pursuant to Section 9 of the Service Occupation Tax Act and
5Section 3 of the Retailers' Occupation Tax Act, realized from
6(i) 20% of the proceeds of any tax imposed by the Authority at
7a rate of 1.25% in Cook County, (ii) 25% of the proceeds of any
8tax imposed by the Authority at the rate of 1% in Cook County,
9and (iii) one-third of the proceeds of any tax imposed by the
10Authority at the rate of 0.75% in the Counties of DuPage, Kane,
11Lake, McHenry, and Will, all pursuant to Section 4.03, and the
12Comptroller shall order transferred and the Treasurer shall
13transfer from the General Revenue Fund to the Public
14Transportation Fund (iv) an amount equal to 25% of the revenue
15realized by the Chicago Transit Authority as financial
16assistance from the City of Chicago from the proceeds of any
17tax imposed by the City of Chicago under Section 8-3-19 of the
18Illinois Municipal Code.
19    Notwithstanding any provision of law to the contrary,
20beginning on the effective date of this amendatory Act of the
21100th General Assembly, those amounts required under this
22paragraph (3) of subsection (a) to be transferred by the
23Treasurer into the Public Transportation Fund from the General
24Revenue Fund shall be directly deposited into the Public
25Transportation Fund as the revenues are realized from the taxes
26indicated.

 

 

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1    (4) (Blank). Notwithstanding any provision of law to the
2contrary, of the transfers to be made under paragraphs (1),
3(2), and (3) of this subsection (a) from the General Revenue
4Fund to the Public Transportation Fund, the first $100,000,000
5that would have otherwise been transferred from the General
6Revenue Fund shall be transferred from the Road Fund. The
7remaining balance of such transfers shall be made from the
8General Revenue Fund.
9    (5) For State fiscal year 2018 only, notwithstanding any
10provision of law to the contrary, the total amount of revenue
11and deposits under this subsection (a) attributable to revenues
12realized during State fiscal year 2018 shall be reduced by 10%.
13    (b)(1) All moneys deposited in the Public Transportation
14Fund and the Regional Transportation Authority Occupation and
15Use Tax Replacement Fund, whether deposited pursuant to this
16Section or otherwise, are allocated to the Authority. The
17Comptroller, as soon as possible after each monthly transfer
18provided in this Section and after each deposit into the Public
19Transportation Fund, shall order the Treasurer to pay to the
20Authority out of the Public Transportation Fund the amount so
21transferred or deposited. Any Additional State Assistance and
22Additional Financial Assistance paid to the Authority under
23this Section shall be expended by the Authority for its
24purposes as provided in this Act. The balance of the amounts
25paid to the Authority from the Public Transportation Fund shall
26be expended by the Authority as provided in Section 4.03.3. The

 

 

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1Comptroller, as soon as possible after each deposit into the
2Regional Transportation Authority Occupation and Use Tax
3Replacement Fund provided in this Section and Section 6z-17 of
4the State Finance Act, shall order the Treasurer to pay to the
5Authority out of the Regional Transportation Authority
6Occupation and Use Tax Replacement Fund the amount so
7deposited. Such amounts paid to the Authority may be expended
8by it for its purposes as provided in this Act. The provisions
9directing the distributions from the Public Transportation
10Fund and the Regional Transportation Authority Occupation and
11Use Tax Replacement Fund provided for in this Section shall
12constitute an irrevocable and continuing appropriation of all
13amounts as provided herein. The State Treasurer and State
14Comptroller are hereby authorized and directed to make
15distributions as provided in this Section. (2) Provided,
16however, no moneys deposited under subsection (a) of this
17Section shall be paid from the Public Transportation Fund to
18the Authority or its assignee for any fiscal year until the
19Authority has certified to the Governor, the Comptroller, and
20the Mayor of the City of Chicago that it has adopted for that
21fiscal year an Annual Budget and Two-Year Financial Plan
22meeting the requirements in Section 4.01(b).
23    (c) In recognition of the efforts of the Authority to
24enhance the mass transportation facilities under its control,
25the State shall provide financial assistance ("Additional
26State Assistance") in excess of the amounts transferred to the

 

 

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1Authority from the General Revenue Fund under subsection (a) of
2this Section. Additional State Assistance shall be calculated
3as provided in subsection (d), but shall in no event exceed the
4following specified amounts with respect to the following State
5fiscal years:
6        1990$5,000,000;
7        1991$5,000,000;
8        1992$10,000,000;
9        1993$10,000,000;
10        1994$20,000,000;
11        1995$30,000,000;
12        1996$40,000,000;
13        1997$50,000,000;
14        1998$55,000,000; and
15        each year thereafter$55,000,000.
16    (c-5) The State shall provide financial assistance
17("Additional Financial Assistance") in addition to the
18Additional State Assistance provided by subsection (c) and the
19amounts transferred to the Authority from the General Revenue
20Fund under subsection (a) of this Section. Additional Financial
21Assistance provided by this subsection shall be calculated as
22provided in subsection (d), but shall in no event exceed the
23following specified amounts with respect to the following State
24fiscal years:
25        2000$0;
26        2001$16,000,000;

 

 

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1        2002$35,000,000;
2        2003$54,000,000;
3        2004$73,000,000;
4        2005$93,000,000; and
5        each year thereafter$100,000,000.
6    (d) Beginning with State fiscal year 1990 and continuing
7for each State fiscal year thereafter, the Authority shall
8annually certify to the State Comptroller and State Treasurer,
9separately with respect to each of subdivisions (g)(2) and
10(g)(3) of Section 4.04 of this Act, the following amounts:
11        (1) The amount necessary and required, during the State
12    fiscal year with respect to which the certification is
13    made, to pay its obligations for debt service on all
14    outstanding bonds or notes issued by the Authority under
15    subdivisions (g)(2) and (g)(3) of Section 4.04 of this Act.
16        (2) An estimate of the amount necessary and required to
17    pay its obligations for debt service for any bonds or notes
18    which the Authority anticipates it will issue under
19    subdivisions (g)(2) and (g)(3) of Section 4.04 during that
20    State fiscal year.
21        (3) Its debt service savings during the preceding State
22    fiscal year from refunding or advance refunding of bonds or
23    notes issued under subdivisions (g)(2) and (g)(3) of
24    Section 4.04.
25        (4) The amount of interest, if any, earned by the
26    Authority during the previous State fiscal year on the

 

 

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1    proceeds of bonds or notes issued pursuant to subdivisions
2    (g)(2) and (g)(3) of Section 4.04, other than refunding or
3    advance refunding bonds or notes.
4    The certification shall include a specific schedule of debt
5service payments, including the date and amount of each payment
6for all outstanding bonds or notes and an estimated schedule of
7anticipated debt service for all bonds and notes it intends to
8issue, if any, during that State fiscal year, including the
9estimated date and estimated amount of each payment.
10    Immediately upon the issuance of bonds for which an
11estimated schedule of debt service payments was prepared, the
12Authority shall file an amended certification with respect to
13item (2) above, to specify the actual schedule of debt service
14payments, including the date and amount of each payment, for
15the remainder of the State fiscal year.
16    On the first day of each month of the State fiscal year in
17which there are bonds outstanding with respect to which the
18certification is made, the State Comptroller shall order
19transferred and the State Treasurer shall transfer from the
20General Revenue Road Fund to the Public Transportation Fund the
21Additional State Assistance and Additional Financial
22Assistance in an amount equal to the aggregate of (i)
23one-twelfth of the sum of the amounts certified under items (1)
24and (3) above less the amount certified under item (4) above,
25plus (ii) the amount required to pay debt service on bonds and
26notes issued during the fiscal year, if any, divided by the

 

 

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1number of months remaining in the fiscal year after the date of
2issuance, or some smaller portion as may be necessary under
3subsection (c) or (c-5) of this Section for the relevant State
4fiscal year, plus (iii) any cumulative deficiencies in
5transfers for prior months, until an amount equal to the sum of
6the amounts certified under items (1) and (3) above, plus the
7actual debt service certified under item (2) above, less the
8amount certified under item (4) above, has been transferred;
9except that these transfers are subject to the following
10limits:
11        (A) In no event shall the total transfers in any State
12    fiscal year relating to outstanding bonds and notes issued
13    by the Authority under subdivision (g)(2) of Section 4.04
14    exceed the lesser of the annual maximum amount specified in
15    subsection (c) or the sum of the amounts certified under
16    items (1) and (3) above, plus the actual debt service
17    certified under item (2) above, less the amount certified
18    under item (4) above, with respect to those bonds and
19    notes.
20        (B) In no event shall the total transfers in any State
21    fiscal year relating to outstanding bonds and notes issued
22    by the Authority under subdivision (g)(3) of Section 4.04
23    exceed the lesser of the annual maximum amount specified in
24    subsection (c-5) or the sum of the amounts certified under
25    items (1) and (3) above, plus the actual debt service
26    certified under item (2) above, less the amount certified

 

 

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1    under item (4) above, with respect to those bonds and
2    notes.
3    The term "outstanding" does not include bonds or notes for
4which refunding or advance refunding bonds or notes have been
5issued.
6    (e) Neither Additional State Assistance nor Additional
7Financial Assistance may be pledged, either directly or
8indirectly as general revenues of the Authority, as security
9for any bonds issued by the Authority. The Authority may not
10assign its right to receive Additional State Assistance or
11Additional Financial Assistance, or direct payment of
12Additional State Assistance or Additional Financial
13Assistance, to a trustee or any other entity for the payment of
14debt service on its bonds.
15    (f) The certification required under subsection (d) with
16respect to outstanding bonds and notes of the Authority shall
17be filed as early as practicable before the beginning of the
18State fiscal year to which it relates. The certification shall
19be revised as may be necessary to accurately state the debt
20service requirements of the Authority.
21    (g) Within 6 months of the end of each fiscal year, the
22Authority shall determine:
23        (i) whether the aggregate of all system generated
24    revenues for public transportation in the metropolitan
25    region which is provided by, or under grant or purchase of
26    service contracts with, the Service Boards equals 50% of

 

 

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1    the aggregate of all costs of providing such public
2    transportation. "System generated revenues" include all
3    the proceeds of fares and charges for services provided,
4    contributions received in connection with public
5    transportation from units of local government other than
6    the Authority, except for contributions received by the
7    Chicago Transit Authority from a real estate transfer tax
8    imposed under subsection (i) of Section 8-3-19 of the
9    Illinois Municipal Code, and from the State pursuant to
10    subsection (i) of Section 2705-305 of the Department of
11    Transportation Law (20 ILCS 2705/2705-305), and all other
12    revenues properly included consistent with generally
13    accepted accounting principles but may not include: the
14    proceeds from any borrowing, and, beginning with the 2007
15    fiscal year, all revenues and receipts, including but not
16    limited to fares and grants received from the federal,
17    State or any unit of local government or other entity,
18    derived from providing ADA paratransit service pursuant to
19    Section 2.30 of the Regional Transportation Authority Act.
20    "Costs" include all items properly included as operating
21    costs consistent with generally accepted accounting
22    principles, including administrative costs, but do not
23    include: depreciation; payment of principal and interest
24    on bonds, notes or other evidences of obligations for
25    borrowed money of the Authority; payments with respect to
26    public transportation facilities made pursuant to

 

 

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1    subsection (b) of Section 2.20; any payments with respect
2    to rate protection contracts, credit enhancements or
3    liquidity agreements made under Section 4.14; any other
4    cost as to which it is reasonably expected that a cash
5    expenditure will not be made; costs for passenger security
6    including grants, contracts, personnel, equipment and
7    administrative expenses, except in the case of the Chicago
8    Transit Authority, in which case the term does not include
9    costs spent annually by that entity for protection against
10    crime as required by Section 27a of the Metropolitan
11    Transit Authority Act; the costs of Debt Service paid by
12    the Chicago Transit Authority, as defined in Section 12c of
13    the Metropolitan Transit Authority Act, or bonds or notes
14    issued pursuant to that Section; the payment by the
15    Commuter Rail Division of debt service on bonds issued
16    pursuant to Section 3B.09; expenses incurred by the
17    Suburban Bus Division for the cost of new public
18    transportation services funded from grants pursuant to
19    Section 2.01e of this amendatory Act of the 95th General
20    Assembly for a period of 2 years from the date of
21    initiation of each such service; costs as exempted by the
22    Board for projects pursuant to Section 2.09 of this Act;
23    or, beginning with the 2007 fiscal year, expenses related
24    to providing ADA paratransit service pursuant to Section
25    2.30 of the Regional Transportation Authority Act; or in
26    fiscal years 2008 through 2012 inclusive, costs in the

 

 

HB5646- 19 -LRB100 19110 RJF 34370 b

1    amount of $200,000,000 in fiscal year 2008, reducing by
2    $40,000,000 in each fiscal year thereafter until this
3    exemption is eliminated. If said system generated revenues
4    are less than 50% of said costs, the Board shall remit an
5    amount equal to the amount of the deficit to the State. The
6    Treasurer shall deposit any such payment in the General
7    Revenue Road Fund; and
8        (ii) whether, beginning with the 2007 fiscal year, the
9    aggregate of all fares charged and received for ADA
10    paratransit services equals the system generated ADA
11    paratransit services revenue recovery ratio percentage of
12    the aggregate of all costs of providing such ADA
13    paratransit services.
14    (h) If the Authority makes any payment to the State under
15paragraph (g), the Authority shall reduce the amount provided
16to a Service Board from funds transferred under paragraph (a)
17in proportion to the amount by which that Service Board failed
18to meet its required system generated revenues recovery ratio.
19A Service Board which is affected by a reduction in funds under
20this paragraph shall submit to the Authority concurrently with
21its next due quarterly report a revised budget incorporating
22the reduction in funds. The revised budget must meet the
23criteria specified in clauses (i) through (vi) of Section
244.11(b)(2). The Board shall review and act on the revised
25budget as provided in Section 4.11(b)(3).
26(Source: P.A. 100-23, eff. 7-6-17.)