100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3144

 

Introduced 2/15/2018, by Sen. Dale A. Righter

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/5.857
30 ILCS 105/6z-100
30 ILCS 330/15  from Ch. 127, par. 665
30 ILCS 420/9a  from Ch. 127, par. 759a
105 ILCS 230/5-10

    Amends the State Finance Act. Provides that provisions concerning the Capital Development Board Revolving Fund are repealed on July 1, 2022 (currently, July 1, 2018). Amends the General Obligation Bond Act. Provides that federal funds received as a reimbursement for a capital facilities project for which moneys from the Capital Development Fund have been expended shall remain in the Capital Development Board Contributory Trust Fund (currently, those moneys are deposited into the General Obligation Bond Retirement and Interest Fund). Amends the Capital Development Bond Act of 1972. Provides that federal funds received as a reimbursement for a capital improvement project for which moneys from the Capital Development Fund have been expended shall remain in the Capital Development Board Contributory Trust Fund (currently, those moneys are deposited into the Capital Development Bond Retirement and Interest Fund). Amends the School Construction Law. Provides that the Capital Development Board is authorized to make grants to school districts for school construction projects with funds appropriated from the School Construction Fund. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3144LRB100 15915 HLH 31030 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 State Finance Act is amended by changing
5Sections 5.857 and 6z-100 as follows:
 
6    (30 ILCS 105/5.857)
7    (Section scheduled to be repealed on July 1, 2018)
8    Sec. 5.857. The Capital Development Board Revolving Fund.
9This Section is repealed July 1, 2022 July 1, 2018.
10(Source: P.A. 99-78, eff. 7-20-15; 99-523, eff. 6-30-16;
11100-23, eff. 7-6-17.)
 
12    (30 ILCS 105/6z-100)
13    (Section scheduled to be repealed on July 1, 2018)
14    Sec. 6z-100. Capital Development Board Revolving Fund;
15payments into and use. All monies received by the Capital
16Development Board for publications or copies issued by the
17Board, and all monies received for contract administration
18fees, charges, or reimbursements owing to the Board shall be
19deposited into a special fund known as the Capital Development
20Board Revolving Fund, which is hereby created in the State
21treasury. The monies in this Fund shall be used by the Capital
22Development Board, as appropriated, for expenditures for

 

 

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1personal services, retirement, social security, contractual
2services, legal services, travel, commodities, printing,
3equipment, electronic data processing, or telecommunications.
4Unexpended moneys in the Fund shall not be transferred or
5allocated by the Comptroller or Treasurer to any other fund,
6nor shall the Governor authorize the transfer or allocation of
7those moneys to any other fund. This Section is repealed July
81, 2022 July 1, 2018.
9(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17.)
 
10    Section 10. The General Obligation Bond Act is amended by
11changing Section 15 as follows:
 
12    (30 ILCS 330/15)  (from Ch. 127, par. 665)
13    Sec. 15. Computation of Principal and Interest; transfers.
14    (a) Upon each delivery of Bonds authorized to be issued
15under this Act, the Comptroller shall compute and certify to
16the Treasurer the total amount of principal of, interest on,
17and premium, if any, on Bonds issued that will be payable in
18order to retire such Bonds, the amount of principal of,
19interest on and premium, if any, on such Bonds that will be
20payable on each payment date according to the tenor of such
21Bonds during the then current and each succeeding fiscal year,
22and the amount of sinking fund payments needed to be deposited
23in connection with Qualified School Construction Bonds
24authorized by subsection (e) of Section 9. With respect to the

 

 

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1interest payable on variable rate bonds, such certifications
2shall be calculated at the maximum rate of interest that may be
3payable during the fiscal year, after taking into account any
4credits permitted in the related indenture or other instrument
5against the amount of such interest required to be appropriated
6for such period pursuant to subsection (c) of Section 14 of
7this Act. With respect to the interest payable, such
8certifications shall include the amounts certified by the
9Director of the Governor's Office of Management and Budget
10under subsection (b) of Section 9 of this Act.
11    On or before the last day of each month the State Treasurer
12and Comptroller shall transfer from (1) the Road Fund with
13respect to Bonds issued under paragraph (a) of Section 4 of
14this Act, or Bonds issued under authorization in Public Act
1598-781, or Bonds issued for the purpose of refunding such
16bonds, and from (2) the General Revenue Fund, with respect to
17all other Bonds issued under this Act, to the General
18Obligation Bond Retirement and Interest Fund an amount
19sufficient to pay the aggregate of the principal of, interest
20on, and premium, if any, on Bonds payable, by their terms on
21the next payment date divided by the number of full calendar
22months between the date of such Bonds and the first such
23payment date, and thereafter, divided by the number of months
24between each succeeding payment date after the first. Such
25computations and transfers shall be made for each series of
26Bonds issued and delivered. Interest payable on variable rate

 

 

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1bonds shall be calculated at the maximum rate of interest that
2may be payable for the relevant period, after taking into
3account any credits permitted in the related indenture or other
4instrument against the amount of such interest required to be
5appropriated for such period pursuant to subsection (c) of
6Section 14 of this Act. Computations of interest shall include
7the amounts certified by the Director of the Governor's Office
8of Management and Budget under subsection (b) of Section 9 of
9this Act. Interest for which moneys have already been deposited
10into the capitalized interest account within the General
11Obligation Bond Retirement and Interest Fund shall not be
12included in the calculation of the amounts to be transferred
13under this subsection. Notwithstanding any other provision in
14this Section, the transfer provisions provided in this
15paragraph shall not apply to transfers made in fiscal year 2010
16or fiscal year 2011 with respect to Bonds issued in fiscal year
172010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
18In the case of transfers made in fiscal year 2010 or fiscal
19year 2011 with respect to the Bonds issued in fiscal year 2010
20or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
21before the 15th day of the month prior to the required debt
22service payment, the State Treasurer and Comptroller shall
23transfer from the General Revenue Fund to the General
24Obligation Bond Retirement and Interest Fund an amount
25sufficient to pay the aggregate of the principal of, interest
26on, and premium, if any, on the Bonds payable in that next

 

 

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1month.
2    The transfer of monies herein and above directed is not
3required if monies in the General Obligation Bond Retirement
4and Interest Fund are more than the amount otherwise to be
5transferred as herein above provided, and if the Governor or
6his authorized representative notifies the State Treasurer and
7Comptroller of such fact in writing.
8    (b) After the effective date of this Act, the balance of,
9and monies directed to be included in the Capital Development
10Bond Retirement and Interest Fund, Anti-Pollution Bond
11Retirement and Interest Fund, Transportation Bond, Series A
12Retirement and Interest Fund, Transportation Bond, Series B
13Retirement and Interest Fund, and Coal Development Bond
14Retirement and Interest Fund shall be transferred to and
15deposited in the General Obligation Bond Retirement and
16Interest Fund. This Fund shall be used to make debt service
17payments on the State's general obligation Bonds heretofore
18issued which are now outstanding and payable from the Funds
19herein listed as well as on Bonds issued under this Act.
20    (c) The unused portion of federal funds received for or as
21a reimbursement for a capital facilities project, as authorized
22by Section 3 of this Act, for which monies from the Capital
23Development Fund have been expended shall remain in the Capital
24Development Board Contributory Trust Fund and shall be used for
25capital projects and for no other purpose, subject to
26appropriation and as directed by the Capital Development Board.

 

 

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1Any federal funds received as reimbursement for the completed
2construction of a capital facilities project, as authorized by
3Section 3 of this Act, for which monies from the Capital
4Development Fund have been expended shall be deposited in the
5General Obligation Bond Retirement and Interest Fund.
6(Source: P.A. 100-23, eff. 7-6-17.)
 
7    Section 15. The Capital Development Bond Act of 1972 is
8amended by changing Section 9a as follows:
 
9    (30 ILCS 420/9a)  (from Ch. 127, par. 759a)
10    Sec. 9a. The unused portion of federal funds received for
11or as a reimbursement for a capital improvement project for
12which moneys from the Capital Development Fund have been
13expended shall remain in the Capital Development Board
14Contributory Trust Fund and shall be used for capital projects
15and for no other purpose, subject to appropriation and as
16directed by the Capital Development Board. Any federal funds
17received as reimbursement for the completed construction of a
18capital improvement project for which moneys from the Capital
19Development Fund have been expended shall be deposited in the
20Capital Development Bond Retirement and Interest Fund.
21(Source: P.A. 98-245, eff. 1-1-14.)
 
22    Section 20. The School Construction Law is amended by
23changing Section 5-10 as follows:
 

 

 

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1    (105 ILCS 230/5-10)
2    Sec. 5-10. Grant awards. The Capital Development Board is
3authorized to make grants to school districts for school
4construction projects with funds appropriated by the General
5Assembly from the School Infrastructure Fund or the School
6Construction Fund pursuant to the provisions of this Article.
7The State Board of Education is authorized to make grants to
8school districts for debt service with funds appropriated by
9the General Assembly from the School Infrastructure Fund
10pursuant to the provisions of this Article.
11(Source: P.A. 90-548, eff. 1-1-98.)
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.