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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| Section 15. Purposes of Bonds. Bonds shall be issued from |
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| time to time in one or more series in an aggregate principal |
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| amount of up to $1,600,000,000 (not including Refunding Bonds |
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| authorized by Section 80 of this Act) for use statewide by the |
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| Department of Transportation to pay the costs of planning, |
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| engineering, acquisition, construction, reconstruction, |
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| development, improvement and extension of State highways, and |
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| for arterial highways, freeways, roads, bridges, structures |
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| separating highways and railroads and roads, and bridges on |
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| roads, maintained by the state, counties, municipalities, |
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| townships, or road districts. |
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| The bonds authorized by this Act shall be sold and the |
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| proceeds used solely for the purposes specified in this Section |
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| 15. |
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| Subject to the limitation contained in Section 25(a) |
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| hereof, the amount of any series of Bonds may include an amount |
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| necessary to pay reasonable expenses of each issuance and sale |
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| of the Bonds, to pay capitalized interest on the Bonds, to fund |
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| a debt service reserve fund for the Bonds, to pay the costs or |
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| any credit enhancement of liquidity facilities for the Bonds |
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| and to pay the costs or any interest rate hedges for the Bonds, |
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| all as specified in the related Bond Sale Order (hereinafter |
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| defined). |
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| Any unexpended proceeds from any sale of Bonds which are |
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| held in the Illinois Works Fund may be used to redeem, |
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| purchase, advance refund, or defease any Bonds outstanding. |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| Section 20. Bond Sale Expenses. |
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| (a) An amount not to exceed 0.5% of the principal amount of |
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| the proceeds of the sale of each Series of Bonds is authorized |
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| to be used to pay reasonable costs of each issuance and sale of |
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| such series of Bonds authorized and sold pursuant to this Act, |
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| including, without limitation, underwriter's discounts and |
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| fees, but excluding bond insurance, initial costs of credit |
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| enhancement and liquidity facilities, initial fees of indexing |
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| and remarketing agents, and initial costs of interest rate |
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| hedges, all as determined in the related Bond Sale Order, |
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| provided that no salaries of State employees or other State |
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| office operating expenses shall be paid out of non-appropriated |
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| proceeds. For purposes of this Act, the term "interest rate |
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| hedge" means any interest rate exchange agreement, interest |
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| rate cap, interest rate collar, forward purchase contract or |
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| any other similar agreement the purpose of which is to reduce |
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| or hedge the State's interest cost with respect to a series of |
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| Bonds or reduce the State's exposure to fluctuations in the |
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| interest payable on a series of Bonds. |
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| (b) The Governor's Office of Management and Budget shall |
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| compile a summary of all costs of issuance on each sale |
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| (including both costs paid out of proceeds and those paid out |
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| of appropriated funds) and post that summary on its web site |
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| within 20 business days after the issuance of the Bonds. That |
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| posting shall be maintained on the web site for a period of at |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| least 30 days. In addition, the Governor's Office of Management |
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| and Budget shall provide a written copy of each summary of |
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| costs to the Speaker and Minority Leader of the House of |
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| Representatives, the President and Minority Leader of the |
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| Senate, and the Commission on Government Forecasting and |
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| Accountability within 20 business days after each issuance of |
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| the Bonds. This summary shall include, as applicable, the |
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| respective percentage of participation and compensation of |
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| each underwriter that is a member of the underwriting |
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| syndicate, legal counsel, financial advisors, and other |
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| professionals for the Bond issue, and an identification of all |
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| costs of issuance paid to minority owned businesses, female |
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| owned businesses, and businesses owned by persons with |
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| disabilities. The terms "minority owned businesses", "female |
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| owned businesses", and "business owned by a person with a |
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| disability" have the meanings given to those terms in the |
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| Business Enterprise for Minorities, Females, and Persons with |
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| Disabilities Act. In addition, the Governor's Office of |
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| Management and Budget shall provide copies of all contracts |
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| under which any costs of issuance are paid or to be paid to the |
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| Commission on Government Forecasting and Accountability within |
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| 20 business days after the issuance of Bonds for which those |
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| costs are paid or to be paid. Instead of filing a second or |
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| subsequent copy of the same contract, the Governor's Office of |
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| Management and Budget may file a statement that specified costs |
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| are paid under specified contracts filed earlier with the |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| Commission. |
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| (c) The Director of the Governor's Office of Management and |
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| Budget shall not, in connection with the issuance of Bonds, |
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| contract with any underwriter, financial advisor, or attorney |
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| unless that underwriter, financial advisor, or attorney |
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| certifies that the underwriter, financial advisor, or attorney |
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| has not and will not pay a contingent fee, whether directly or |
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| indirectly, to any third party for having promoted the |
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| selection of the underwriter, financial advisor, or attorney |
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| for that contract. In the event that the Governor's Office of |
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| Management and Budget determines that an underwriter, |
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| financial advisor, or attorney has filed a false certification |
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| with respect to the payment of contingent fees, the Governor's |
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| Office of Management and Budget shall not contract with that |
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| underwriter, financial advisor, or attorney, or with any firm |
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| employing any person who signed false certifications, for a |
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| period of 2 calendar years, beginning with the date the |
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| determination is made. The validity of Bonds issued under such |
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| circumstances of violation pursuant to this Section shall not |
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| be affected. |
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| Section 25. Conditions for Issuance and Sale of Bonds |
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| Requirements for Bonds Master and Supplemental Indentures |
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| Credit and Liquidity Enhancement.
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| (a) Bonds shall be issued and sold from time to time, in |
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| one or more series, in such amounts and at such prices as |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| directed by the Governor, upon recommendation by the Director |
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| of the Governor's Office of Management and Budget. Bonds shall |
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| be payable only from the specific sources and secured in the |
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| manner provided in this Act. Bonds shall be in such form, in |
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| such denominations, mature on such dates within 25 years from |
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| their date of issuance, be subject to optional or mandatory |
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| redemption, bear interest payable at such times and at such |
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| rate or rates, fixed or variable, and be dated as shall be |
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| fixed and determined by the Director of the Governor's Office |
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| of Management and Budget in an order authorizing the issuance |
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| and sale of any series of Bonds, which order shall be approved |
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| by the Governor and is herein called a "Bond Sale Order"; |
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| provided, however, that interest payable at fixed rates shall |
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| not exceed that permitted in "An Act to authorize public |
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| corporations to issue bonds, other evidences of indebtedness |
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| and tax anticipation warrants subject to interest rate |
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| limitations set forth therein", approved May 26, 1970, as now |
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| or hereafter amended, and interest payable at variable rates |
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| shall not exceed the maximum rate permitted in the Bond Sale |
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| Order. Said Bonds shall be payable at such place or places, |
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| within or without the State of Illinois, and may be made |
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| registrable as to either principal only or as to both principal |
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| and interest, as shall be specified in the Bond Sale Order. |
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| Bonds may be callable or subject to purchase and retirement or |
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| remarketing as fixed and determined in the Bond Sale Order. |
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| Bonds, other than Refunding Bonds issued pursuant to Section 80 |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| of this Act, must be issued with principal or mandatory |
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| redemption amounts in equal amounts, with the first maturity |
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| issued occurring within the fiscal year in which the Bonds are |
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| issued or within the next succeeding fiscal year, with Bonds |
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| issued maturing or subject to mandatory redemption each fiscal |
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| year thereafter up to 25 years. |
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| All Bonds authorized under this Act shall be issued |
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| pursuant to a master trust indenture (as amended and |
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| supplemented from time to time, a "Master Indenture") executed |
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| and delivered on behalf of the State by the Director of the |
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| Governor's Office of Management and Budget, such Master |
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| Indenture initially to be in substantially the form approved in |
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| the Bond Sale Order authorizing the issuance and sale of the |
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| initial series of Bonds issued under this Act. Such initial |
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| series of Bonds may, and each subsequent series of Bonds shall, |
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| also be issued pursuant to a supplemental trust indenture |
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| ("Supplemental Indenture") executed and delivered on behalf of |
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| the State by the Director of the Governor's Office of |
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| Management and Budget, each such Supplemental Indenture to be |
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| in substantially the form approved in the Bond Sale Order |
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| relating to such series with such changes as are necessary to |
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| reflect the terms of such series. The Master Indenture and any |
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| Supplemental Indenture shall be entered into with a bank or |
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| trust company having an office in the State of Illinois having |
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| trust powers and possessing capital and surplus of not less |
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| than $50,000,000. Such Master Indenture and Supplemental |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| Indentures, as appropriate, shall set forth the terms and |
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| conditions of the Bonds and provide for payment of and security |
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| for the Bonds, including the establishment and maintenance of |
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| debt service and reserve funds, and for other protections for |
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| holders of the Bonds. The term "reserve funds" as used in this |
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| Act shall include funds and accounts established under |
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| indentures to provide for the payment of principal of and |
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| interest on Bonds, to provide for the purchase, retirement or |
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| defeasance of Bonds, to provide for fees of trustees, |
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| registrars, paying agents and other fiduciaries and to provide |
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| for payment of costs of and debt service payable in respect of |
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| credit or liquidity enhancement arrangements, interest rate |
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| swaps or guarantees or financial futures contracts and indexing |
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| and remarketing agents' services. |
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| In the case of any series of Bonds bearing interest at a |
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| variable interest rate ("Variable Rate Bonds"), in lieu of |
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| determining the rate or rates at which such series of Variable |
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| Rate Bonds shall bear interest and the price or prices at which |
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| such Variable Rate Bonds shall be initially sold or remarketed |
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| (in the event of purchase and subsequent resale), the Bond Sale |
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| Order may provide that such interest rates and prices may vary |
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| from time to time depending on criteria established in such |
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| Bond Sale Order, which criteria may include, without |
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| limitation, references to indices or variations in interest |
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| rates as may, in the judgment of a remarketing agent, be |
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| necessary to cause Bonds of such series to be remarketable from |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| time to time at a price equal to their principal amount (or |
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| compound accreted value in the case of original issue discount |
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| Bonds), and may provide for appointment of indexing agents and |
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| a bank, trust company, investment bank or other financial |
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| institution to serve as remarketing agent in that connection. |
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| The Bond Sale Order may provide that alternative interest rates |
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| or provisions for establishing alternative interest rates, |
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| different security or claim priorities or different call or |
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| amortization provisions will apply during such times as Bonds |
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| of any series are held by a person providing credit or |
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| liquidity enhancement arrangements for such Bonds as |
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| authorized in subsection (b) of Section 25 of this Act. |
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| (b) In connection with the issuance of any series of Bonds, |
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| the State may enter into arrangements to provide additional |
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| security and liquidity for such Bonds, including, without |
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| limitation, bond or interest rate insurance or letters of |
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| credit, lines of credit, bond purchase contracts, or other |
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| arrangements whereby funds are made available to retire or |
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| purchase Bonds in order to assure the ability of owners of the |
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| Bonds to sell or redeem their Bonds. The State may enter into |
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| contracts and may agree to pay fees to persons providing such |
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| arrangements, but only under circumstances where the Director |
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| of the Governor's Office of Management and Budget certifies |
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| that he or she reasonably expects the total interest paid or to |
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| be paid on the Bonds, together with the fees for the |
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| arrangements (being treated as if interest), would not, taken |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| together, cause the Bonds to bear interest, calculated to their |
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| stated maturity, at a rate in excess of the rate which the |
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| Bonds would bear in the absence of such arrangements. Any |
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| bonds, notes or other evidences of indebtedness issued pursuant |
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| to any such arrangements for the purpose of retiring and |
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| discharging outstanding Bonds shall constitute refunding Bonds |
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| under Section 80 of this Act. The State may participate in and |
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| enter into interest rate hedges or guarantees or forward |
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| purchase contracts for the purpose of hedging or reducing the |
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| state's interest cost with respect to one or more series of the |
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| Bonds, or to reduce the State's exposure to fluctuations in the |
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| interest rate or rates payable on one or more series of the |
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| Bonds; provided that such arrangements shall be made with or |
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| executed through banks having, at the time the applicable |
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| agreement is entered into, capital and surplus of not less than |
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| $100,000,000 or insurance companies holding the highest |
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| policyholder rating accorded insurers by A.M. Best & Co. or any |
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| comparable rating service or government bond dealers reporting |
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| to, trading with, and recognized as primary dealers by a |
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| Federal Reserve Bank and having capital and surplus of not less |
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| than $100,000,000, or other persons whose debt securities are |
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| rated in the highest long term categories by both Moody's |
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| Investors' Services, Inc. and Standard & Poor's Ratings. |
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| Agreements incorporating any of the foregoing arrangements may |
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| be executed and delivered by the Director of the Governor's |
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| Office of Management and Budget on behalf of the State in |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| substantially the form approved in the Bond Sale Order relating |
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| to such Bonds. |
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| Section 30. Execution of Bonds. Bonds shall be signed by |
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| the Governor and attested by the Secretary of State under the |
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| printed facsimile seal of the State and countersigned by the |
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| State Treasurer by his manual signature or by his duly |
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| authorized deputy. If Bonds are issued in registered form |
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| pursuant to the Registered Bond Act, the signatures of the |
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| Governor, the Secretary of State and the State Treasurer may be |
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| printed facsimile signatures. The Master Indenture or any |
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| Supplemental Indenture may also require that each Bond be |
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| authenticated by the manual signature of the trustee thereunder |
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| or of a registrar or paying agent. Unless Bonds are issued in |
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| fully registered form, interest coupons with facsimile |
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| signatures of the Governor, Secretary of State and State |
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| Treasurer may be attached to the Bonds. The fact that an |
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| officer whose signature or facsimile thereof appears on a Bond, |
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| interest coupon, indenture or agreement authorized under this |
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| Act no longer holds such office at the time the Bond, coupon, |
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| indenture or agreement is delivered shall not invalidate such |
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| Bond, coupon, indenture or agreement. |
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| Section 35. Sale of Bonds. Bonds, except as otherwise |
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| provided in this Section, shall be sold from time to time |
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| pursuant to notice of sale and public bid or by negotiated sale |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| in such amounts and at such times as are directed by the |
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| Governor, upon recommendation by the Director of the Governor's |
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| Office of Management and Budget. At least 25%, based on total |
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| principal amount, of all Bonds issued each fiscal year shall be |
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| sold pursuant to notice of sale and public bid. During each |
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| fiscal year, no more than 75%, based on total principal amount, |
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| of the Bonds issued each fiscal year shall have been sold by |
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| negotiated sale. Failure to satisfy the requirements in the |
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| preceding 2 sentences shall not affect the validity of any |
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| previously issued Bonds. |
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| If any Bonds, including Refunding Bonds, are to be sold |
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| pursuant to notice of sale and public bid, the Director of the |
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| Governor's Office of Management and Budget shall comply with |
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| the competitive request for proposal process set forth in the |
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| Illinois Procurement Code.
If Bonds are to be sold pursuant to |
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| notice of sale and public bid, the Director of the Governor's |
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| Office of Management and Budget shall, from time to time, as |
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| Bonds are to be sold, advertise the sale of the Bonds in at |
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| least 2 daily newspapers, one of which is published in the City |
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| of Springfield and one in the City of Chicago. The sale of the |
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| Bonds shall also be advertised in the volume of the Illinois |
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| Procurement Bulletin that is published by the Department of |
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| Central Management Services. Each of the advertisements for |
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| proposals shall be published once at least 10 days prior to the |
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| date fixed for the opening of the bids. The Director of the |
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| Governor's Office of Management and Budget may reschedule the |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| date of sale upon the giving of such additional notice as the |
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| Director deems adequate to inform prospective bidders of the |
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| change; provided, however, that all other conditions of the |
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| sale shall continue as originally advertised. Executed Bonds |
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| shall, upon payment therefor, be delivered to the purchaser, |
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| 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 |
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| and do such things as shall be necessary or desirable to carry |
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| out the purposes of this Act. Any action authorized or |
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| permitted to be taken by the Director of the Governor's Office |
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| of Management and Budget pursuant to this Act is hereby |
17 |
| authorized to be taken by any person specifically designated by |
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| the Governor to take such action in a certificate signed by the |
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| Governor and filed with the Secretary of State. |
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| Section 40. Compliance with the Business Enterprise for |
21 |
| Minorities, Females, and Persons with Disabilities Act. |
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| 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 |
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| Disabilities Act. |
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| Section 45. Truth in borrowing disclosures.
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| (a) Within 20 business days after the issuance of any Bonds |
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| 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. |
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| (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 |
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| 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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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| 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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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| Order. |
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| Section 55. Appropriation of Proceeds from Sale of Bonds. |
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| 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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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| 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 |
|
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|
09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
- 21 - |
LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
- 24 - |
LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
- 25 - |
LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
- 26 - |
LRB095 01054 SSS 51742 a |
|
|
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 |
|
|
|
09500HB2388ham001 |
- 27 - |
LRB095 01054 SSS 51742 a |
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|
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 |
|
|
|
09500HB2388ham001 |
- 28 - |
LRB095 01054 SSS 51742 a |
|
|
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 |
|
|
|
09500HB2388ham001 |
- 29 - |
LRB095 01054 SSS 51742 a |
|
|
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 |
|
|
|
09500HB2388ham001 |
- 30 - |
LRB095 01054 SSS 51742 a |
|
|
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;
|
|
|
|
09500HB2388ham001 |
- 31 - |
LRB095 01054 SSS 51742 a |
|
|
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.
|
|
|
|
09500HB2388ham001 |
- 32 - |
LRB095 01054 SSS 51742 a |
|
|
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:
|
|
|
|
09500HB2388ham001 |
- 33 - |
LRB095 01054 SSS 51742 a |
|
|
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 |
|
|
|
09500HB2388ham001 |
- 34 - |
LRB095 01054 SSS 51742 a |
|
|
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 |
|
|
|
09500HB2388ham001 |
- 35 - |
LRB095 01054 SSS 51742 a |
|
|
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
|
|
|
|
09500HB2388ham001 |
- 36 - |
LRB095 01054 SSS 51742 a |
|
|
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 |
|
|
|
09500HB2388ham001 |
- 37 - |
LRB095 01054 SSS 51742 a |
|
|
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. |
|
|
|
09500HB2388ham001 |
- 38 - |
LRB095 01054 SSS 51742 a |
|
|
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)
|
|
|
|
09500HB2388ham001 |
- 39 - |
LRB095 01054 SSS 51742 a |
|
|
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 |
|
|
|
09500HB2388ham001 |
- 40 - |
LRB095 01054 SSS 51742 a |
|
|
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.)
|