99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2467

 

Introduced 2/9/2016, by Sen. Iris Y. Martinez

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/15  from Ch. 127, par. 665
30 ILCS 420/9a  from Ch. 127, par. 759a

    Amends the General Obligation Bond Act. Provides that the unused portion of federal funds received for or as reimbursement for a capital facilities project (currently, the unused portion of federal funds received for a capital facilities project) shall remain in the Capital Development Board Contributory Trust Fund. Removes a provision providing that any federal funds received as reimbursement for the completed construction of a capital improvement project shall be deposited in the Capital Development Bond Retirement and Interest Fund. Amends the Capital Development Bond Act of 1972. Makes conforming changes. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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

 

 

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1for such period pursuant to subsection (c) of Section 14 of
2this Act. With respect to the interest payable, such
3certifications shall include the amounts certified by the
4Director of the Governor's Office of Management and Budget
5under subsection (b) of Section 9 of this Act.
6    On or before the last day of each month the State Treasurer
7and Comptroller shall transfer from (1) the Road Fund with
8respect to Bonds issued under paragraph (a) of Section 4 of
9this Act or Bonds issued for the purpose of refunding such
10bonds, and from (2) the General Revenue Fund, with respect to
11all other Bonds issued under this Act, to the General
12Obligation Bond Retirement and Interest Fund an amount
13sufficient to pay the aggregate of the principal of, interest
14on, and premium, if any, on Bonds payable, by their terms on
15the next payment date divided by the number of full calendar
16months between the date of such Bonds and the first such
17payment date, and thereafter, divided by the number of months
18between each succeeding payment date after the first. Such
19computations and transfers shall be made for each series of
20Bonds issued and delivered. Interest payable on variable rate
21bonds shall be calculated at the maximum rate of interest that
22may be payable for the relevant period, after taking into
23account any credits permitted in the related indenture or other
24instrument against the amount of such interest required to be
25appropriated for such period pursuant to subsection (c) of
26Section 14 of this Act. Computations of interest shall include

 

 

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1the amounts certified by the Director of the Governor's Office
2of Management and Budget under subsection (b) of Section 9 of
3this Act. Interest for which moneys have already been deposited
4into the capitalized interest account within the General
5Obligation Bond Retirement and Interest Fund shall not be
6included in the calculation of the amounts to be transferred
7under this subsection. Notwithstanding any other provision in
8this Section, the transfer provisions provided in this
9paragraph shall not apply to transfers made in fiscal year 2010
10or fiscal year 2011 with respect to Bonds issued in fiscal year
112010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
12In the case of transfers made in fiscal year 2010 or fiscal
13year 2011 with respect to the Bonds issued in fiscal year 2010
14or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
15before the 15th day of the month prior to the required debt
16service payment, the State Treasurer and Comptroller shall
17transfer from the General Revenue Fund 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 the Bonds payable in that next
21month.
22    The transfer of monies herein and above directed is not
23required if monies in the General Obligation Bond Retirement
24and Interest Fund are more than the amount otherwise to be
25transferred as herein above provided, and if the Governor or
26his authorized representative notifies the State Treasurer and

 

 

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1Comptroller of such fact in writing.
2    (b) After the effective date of this Act, the balance of,
3and monies directed to be included in the Capital Development
4Bond Retirement and Interest Fund, Anti-Pollution Bond
5Retirement and Interest Fund, Transportation Bond, Series A
6Retirement and Interest Fund, Transportation Bond, Series B
7Retirement and Interest Fund, and Coal Development Bond
8Retirement and Interest Fund shall be transferred to and
9deposited in the General Obligation Bond Retirement and
10Interest Fund. This Fund shall be used to make debt service
11payments on the State's general obligation Bonds heretofore
12issued which are now outstanding and payable from the Funds
13herein listed as well as on Bonds issued under this Act.
14    (c) The unused portion of federal funds received for or as
15reimbursement for a capital facilities project, as authorized
16by Section 3 of this Act, for which monies from the Capital
17Development Fund have been expended shall remain in the Capital
18Development Board Contributory Trust Fund and shall be used for
19capital projects and for no other purpose, subject to
20appropriation and as directed by the Capital Development Board.
21Any federal funds received as reimbursement for the completed
22construction of a capital facilities project, as authorized by
23Section 3 of this Act, for which monies from the Capital
24Development Fund have been expended shall be deposited in the
25General Obligation Bond Retirement and Interest Fund.
26(Source: P.A. 98-245, eff. 1-1-14.)
 

 

 

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1    Section 10. The Capital Development Bond Act of 1972 is
2amended by changing Section 9a as follows:
 
3    (30 ILCS 420/9a)  (from Ch. 127, par. 759a)
4    Sec. 9a. The unused portion of federal funds received for
5or as reimbursement for a capital improvement project for which
6moneys from the Capital Development Fund have been expended
7shall remain in the Capital Development Board Contributory
8Trust Fund and shall be used for capital projects and for no
9other purpose, subject to appropriation and as directed by the
10Capital Development Board. Any federal funds received as
11reimbursement for the completed construction of a capital
12improvement project for which moneys from the Capital
13Development Fund have been expended shall be deposited in the
14Capital Development Bond Retirement and Interest Fund.
15(Source: P.A. 98-245, eff. 1-1-14.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.