Full Text of SB2205 93rd General Assembly
SB2205ham002 93RD GENERAL ASSEMBLY
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Revenue Committee
Adopted in House Comm. on May 13, 2004
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LRB093 15833 BDD 50869 a |
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| AMENDMENT TO SENATE BILL 2205
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| AMENDMENT NO. ______. Amend Senate Bill 2205, AS AMENDED, | 3 |
| by inserting the following immmediately below the enacting | 4 |
| clause:
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| "Section 3. The State Finance Act is amended by changing | 6 |
| Section 6z-45 as follows:
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| (30 ILCS 105/6z-45)
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| Sec. 6z-45. The School Infrastructure Fund.
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| (a) The School Infrastructure Fund is created as a special | 10 |
| fund
in the State Treasury.
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| In addition to any other deposits authorized by law, | 12 |
| beginning January
1, 2000, on the first day of each month, or | 13 |
| as soon thereafter as may be
practical, the State Treasurer and | 14 |
| State Comptroller shall transfer the sum of
$5,000,000 from the | 15 |
| General Revenue Fund to the School Infrastructure Fund;
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| provided, however, that no such transfers shall be made from | 17 |
| July 1, 2001
through June 30, 2003. | 18 |
| In addition to any other deposits authorized by this | 19 |
| Section or by any other law, beginning July
1, 2004, on the | 20 |
| first day of each month, or as soon thereafter as may be
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| practical, the State Treasurer and State Comptroller shall | 22 |
| transfer the sum of
$5,000,000 from the General Revenue Fund to | 23 |
| the School Infrastructure Fund.
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| (b) Subject to the transfer provisions set forth below, |
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| money in the
School Infrastructure Fund shall, if and when the | 2 |
| State of Illinois incurs
any bonded indebtedness for the | 3 |
| construction of school improvements under
the School | 4 |
| Construction Law, be set aside and used for the purpose of
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| paying and discharging annually the principal and interest on | 6 |
| that bonded
indebtedness then due and payable, and for no other | 7 |
| purpose.
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| In addition to other transfers to the General Obligation | 9 |
| Bond Retirement and
Interest Fund made pursuant to Section 15 | 10 |
| of the General Obligation Bond Act,
upon each delivery of bonds | 11 |
| issued for construction of school improvements
under the School | 12 |
| Construction Law, the State Comptroller shall
compute and | 13 |
| certify to the State Treasurer the total amount of principal | 14 |
| of,
interest on, and premium, if any, on such bonds during the | 15 |
| then current and
each succeeding fiscal year.
With respect to | 16 |
| the interest payable on variable rate bonds, such
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| certifications shall be calculated at the maximum rate of | 18 |
| interest that
may be payable during the fiscal year, after | 19 |
| taking into account any credits
permitted in the related | 20 |
| indenture or other instrument against the amount of
such | 21 |
| interest required to be appropriated for that period.
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| On or before the last day of each month, the State | 23 |
| Treasurer and State
Comptroller shall transfer from the School | 24 |
| Infrastructure Fund to the General
Obligation Bond Retirement | 25 |
| and Interest Fund an amount sufficient to pay the
aggregate of | 26 |
| the principal of, interest on, and premium, if any, on the | 27 |
| bonds
payable on their next payment date, divided by the number | 28 |
| of monthly transfers
occurring between the last previous | 29 |
| payment date (or the delivery date if no
payment date has yet | 30 |
| occurred) and the next succeeding payment date.
Interest | 31 |
| payable on variable rate bonds shall be calculated at the | 32 |
| maximum
rate of interest that may be payable for the relevant | 33 |
| period, after taking into
account any credits permitted in the | 34 |
| related indenture or other instrument
against the amount of |
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LRB093 15833 BDD 50869 a |
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| such interest required to be appropriated for that
period.
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| Interest for which moneys have already been deposited into the | 3 |
| capitalized
interest account within the General Obligation | 4 |
| Bond Retirement and Interest
Fund shall not be included in the | 5 |
| calculation of the amounts to be transferred
under this | 6 |
| subsection.
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| (c) The surplus, if any, in the School Infrastructure Fund | 8 |
| after the
payment of principal and interest on that bonded | 9 |
| indebtedness then annually
due shall, subject to | 10 |
| appropriation, be used as follows:
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| First - to make 3 payments to the School Technology | 12 |
| Revolving Loan Fund as
follows:
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| Transfer of $30,000,000 in fiscal year 1999;
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| Transfer of $20,000,000 in fiscal year 2000; and
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| Transfer of $10,000,000 in fiscal year 2001.
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| Second - to pay the expenses of the State Board of | 17 |
| Education and the Capital
Development Board in administering | 18 |
| programs under the School Construction
Law, the total expenses | 19 |
| not to exceed $1,200,000 in any
fiscal year.
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| Third - to pay any amounts due for grants for school | 21 |
| construction projects
and debt service under the School | 22 |
| Construction Law.
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| Fourth - to pay any amounts due for grants for school | 24 |
| maintenance projects
under the School Construction Law.
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| (Source: P.A. 92-11, eff.
6-11-01; 92-600, eff. 6-28-02; 93-9, | 26 |
| eff. 6-3-03.)".
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