Sen. Donne E. Trotter

Filed: 1/11/2011

 

 


 

 


 
09600HB5960sam003LRB096 17668 PJG 44906 a

1
AMENDMENT TO HOUSE BILL 5960

2    AMENDMENT NO. ______. Amend House Bill 5960, AS AMENDED,
3with reference to page and line numbers of Senate Amendment No.
42 as follows:
 
5on page 1, immediately below line 4, by inserting the
6following:
 
7    "Section 3. The State Finance Act is amended by changing
8Section 6z-78 as follows:
 
9    (30 ILCS 105/6z-78)
10    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
11transfers. Money in the Capital Projects Fund shall, if and
12when the State of Illinois incurs any bonded indebtedness using
13the bond authorizations authorization enacted in Public Act
1496-36 and this amendatory Act of the 96th General Assembly, be
15set aside and used for the purpose of paying and discharging

 

 

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1annually the principal and interest on that bonded indebtedness
2then due and payable.
3    In addition to other transfers to the General Obligation
4Bond Retirement and Interest Fund made pursuant to Section 15
5of the General Obligation Bond Act, upon each delivery of
6general obligation bonds using bond authorizations
7authorization enacted in Public Act 96-36 and this amendatory
8Act of the 96th General Assembly the State Comptroller shall
9compute and certify to the State Treasurer the total amount of
10principal of, interest on, and premium, if any, on such bonds
11during the then current and each succeeding fiscal year. With
12respect to the interest payable on variable rate bonds, such
13certifications shall be calculated at the maximum rate of
14interest that may be payable during the fiscal year, after
15taking into account any credits permitted in the related
16indenture or other instrument against the amount of such
17interest required to be appropriated for the period.
18    (a) Except as provided for in subsection (b), on or before
19the last day of each month, the State Treasurer and State
20Comptroller shall transfer from the Capital Projects Fund to
21the General Obligation Bond Retirement and Interest Fund an
22amount sufficient to pay the aggregate of the principal of,
23interest on, and premium, if any, on the bonds payable on their
24next payment date, divided by the number of monthly transfers
25occurring between the last previous payment date (or the
26delivery date if no payment date has yet occurred) and the next

 

 

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1succeeding payment date. Interest payable on variable rate
2bonds shall be calculated at the maximum rate of interest that
3may be payable for the relevant period, after taking into
4account any credits permitted in the related indenture or other
5instrument against the amount of such interest required to be
6appropriated for that period. Interest for which moneys have
7already been deposited into the capitalized interest account
8within the General Obligation Bond Retirement and Interest Fund
9shall not be included in the calculation of the amounts to be
10transferred under this subsection.
11    (b) On or before the last day of each month, the State
12Treasurer and State Comptroller shall transfer from the Capital
13Projects Fund to the General Obligation Bond Retirement and
14Interest Fund an amount sufficient to pay the aggregate of the
15principal of, interest on, and premium, if any, on the bonds
16issued prior to January 1, 2012 pursuant to Section 4(d) of the
17General Obligation Bond Act payable on their next payment date,
18divided by the number of monthly transfers occurring between
19the last previous payment date (or the delivery date if no
20payment date has yet occurred) and the next succeeding payment
21date. If the available balance in the Capital Projects Fund is
22not sufficient for the transfer required in this subsection,
23the State Treasurer and State Comptroller shall transfer the
24difference from the Road Fund to the General Obligation Bond
25Retirement and Interest Fund; except that such Road Fund
26transfers shall constitute a debt of the Capital Projects Fund

 

 

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1which shall be repaid according to subsection (c). Interest
2payable on variable rate bonds shall be calculated at the
3maximum rate of interest that may be payable for the relevant
4period, after taking into account any credits permitted in the
5related indenture or other instrument against the amount of
6such interest required to be appropriated for that period.
7Interest for which moneys have already been deposited into the
8capitalized interest account within the General Obligation
9Bond Retirement and Interest Fund shall not be included in the
10calculation of the amounts to be transferred under this
11subsection.
12    (c) On the first day of any month when the Capital Projects
13Fund is carrying a debt to the Road Fund due to the provisions
14of subsection (b), the State Treasurer and State Comptroller
15shall transfer from the Capital Projects Fund to the Road Fund
16an amount sufficient to discharge that debt. These transfers to
17the Road Fund shall continue until the Capital Projects Fund
18has repaid to the Road Fund all transfers made from the Road
19Fund pursuant to subsection (b). Notwithstanding any other law
20to the contrary, transfers to the Road Fund from the Capital
21Projects Fund shall be made prior to any other expenditures or
22transfers out of the Capital Projects Fund.
23(Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09.)";
24and
 
25on page 20, by deleting line 26, and on page 21, by deleting

 

 

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1lines 1 through 3, and inserting instead the following:
2        "(1) disclose whether, within the past 3 months,
3    pursuant to its credit default swap market-making
4    activities, the firm has entered into any State of Illinois
5    credit default swaps ("CDS");"; and
 
6on page 21, by deleting lines 19 through 23 and inserting
7instead the following:
8        "(5) list all time periods during the past 3 months
9    during which the firm held net long or net short State of
10    Illinois CDS proprietary credit protection positions, the
11    amount of such positions, and whether those positions were
12    net long or net short credit protection positions; and";
13    and
 
14on page 22, by deleting lines 12 through 15 and inserting
15instead the following:
16        "(1) disclose whether, within the past 3 months,
17    pursuant to its credit default swap market-making
18    activities, the firm has entered into any State of Illinois
19    credit default swaps ("CDS");"; and
 
20on page 23, by deleting lines 5 through 9 and inserting instead
21the following:
22        "(5) list all time periods during the past 3 months
23    during which the firm held net long or net short State of

 

 

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1    Illinois CDS proprietary credit protection positions, the
2    amount of such positions, and whether those positions were
3    net long or net short credit protection positions; and".