Full Text of HB2388 95th General Assembly
HB2388ham001 95TH GENERAL ASSEMBLY
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Rep. Jay C. Hoffman
Filed: 5/29/2008
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| AMENDMENT TO HOUSE BILL 2388
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| AMENDMENT NO. ______. Amend House Bill 2388 by replacing | 3 |
| everything after the enacting clause with the following: | 4 |
| "ARTICLE 1. | 5 |
| Section 3. Short title. This new Article (herein the "Act") | 6 |
| shall be known and may be cited as the Road Fund Bond Act. | 7 |
| Section 5. Authorization for Bonds. The State of Illinois | 8 |
| is authorized to issue, sell and provide for the retirement of | 9 |
| limited obligation bonds, notes and other evidences of | 10 |
| indebtedness of the State of Illinois for the purposes set | 11 |
| forth in Section 15 of this Act in the total principal amount | 12 |
| of $1,600,000,000, not including Refunding Bonds authorized by | 13 |
| Section 80 of this Act. The Bonds authorized in Section 15 and | 14 |
| Section 80 of this Act are herein called "Bonds". |
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| Section 15. Purposes of Bonds. Bonds shall be issued from | 2 |
| time to time in one or more series in an aggregate principal | 3 |
| amount of up to $1,600,000,000 (not including Refunding Bonds | 4 |
| authorized by Section 80 of this Act) for use statewide by the | 5 |
| Department of Transportation to pay the costs of planning, | 6 |
| engineering, acquisition, construction, reconstruction, | 7 |
| development, improvement and extension of State highways, and | 8 |
| for arterial highways, freeways, roads, bridges, structures | 9 |
| separating highways and railroads and roads, and bridges on | 10 |
| roads, maintained by the state, counties, municipalities, | 11 |
| townships, or road districts. | 12 |
| The bonds authorized by this Act shall be sold and the | 13 |
| proceeds used solely for the purposes specified in this Section | 14 |
| 15. | 15 |
| Subject to the limitation contained in Section 25(a) | 16 |
| hereof, the amount of any series of Bonds may include an amount | 17 |
| necessary to pay reasonable expenses of each issuance and sale | 18 |
| of the Bonds, to pay capitalized interest on the Bonds, to fund | 19 |
| a debt service reserve fund for the Bonds, to pay the costs or | 20 |
| any credit enhancement of liquidity facilities for the Bonds | 21 |
| and to pay the costs or any interest rate hedges for the Bonds, | 22 |
| all as specified in the related Bond Sale Order (hereinafter | 23 |
| defined). | 24 |
| Any unexpended proceeds from any sale of Bonds which are | 25 |
| held in the Illinois Works Fund may be used to redeem, | 26 |
| purchase, advance refund, or defease any Bonds outstanding. |
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| Section 20. Bond Sale Expenses. | 2 |
| (a) An amount not to exceed 0.5% of the principal amount of | 3 |
| the proceeds of the sale of each Series of Bonds is authorized | 4 |
| to be used to pay reasonable costs of each issuance and sale of | 5 |
| such series of Bonds authorized and sold pursuant to this Act, | 6 |
| including, without limitation, underwriter's discounts and | 7 |
| fees, but excluding bond insurance, initial costs of credit | 8 |
| enhancement and liquidity facilities, initial fees of indexing | 9 |
| and remarketing agents, and initial costs of interest rate | 10 |
| hedges, all as determined in the related Bond Sale Order, | 11 |
| provided that no salaries of State employees or other State | 12 |
| office operating expenses shall be paid out of non-appropriated | 13 |
| proceeds. For purposes of this Act, the term "interest rate | 14 |
| hedge" means any interest rate exchange agreement, interest | 15 |
| rate cap, interest rate collar, forward purchase contract or | 16 |
| any other similar agreement the purpose of which is to reduce | 17 |
| or hedge the State's interest cost with respect to a series of | 18 |
| Bonds or reduce the State's exposure to fluctuations in the | 19 |
| interest payable on a series of Bonds. | 20 |
| (b) The Governor's Office of Management and Budget shall | 21 |
| compile a summary of all costs of issuance on each sale | 22 |
| (including both costs paid out of proceeds and those paid out | 23 |
| of appropriated funds) and post that summary on its web site | 24 |
| within 20 business days after the issuance of the Bonds. That | 25 |
| posting shall be maintained on the web site for a period of at |
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| least 30 days. In addition, the Governor's Office of Management | 2 |
| and Budget shall provide a written copy of each summary of | 3 |
| costs to the Speaker and Minority Leader of the House of | 4 |
| Representatives, the President and Minority Leader of the | 5 |
| Senate, and the Commission on Government Forecasting and | 6 |
| Accountability within 20 business days after each issuance of | 7 |
| the Bonds. This summary shall include, as applicable, the | 8 |
| respective percentage of participation and compensation of | 9 |
| each underwriter that is a member of the underwriting | 10 |
| syndicate, legal counsel, financial advisors, and other | 11 |
| professionals for the Bond issue, and an identification of all | 12 |
| costs of issuance paid to minority owned businesses, female | 13 |
| owned businesses, and businesses owned by persons with | 14 |
| disabilities. The terms "minority owned businesses", "female | 15 |
| owned businesses", and "business owned by a person with a | 16 |
| disability" have the meanings given to those terms in the | 17 |
| Business Enterprise for Minorities, Females, and Persons with | 18 |
| Disabilities Act. In addition, the Governor's Office of | 19 |
| Management and Budget shall provide copies of all contracts | 20 |
| under which any costs of issuance are paid or to be paid to the | 21 |
| Commission on Government Forecasting and Accountability within | 22 |
| 20 business days after the issuance of Bonds for which those | 23 |
| costs are paid or to be paid. Instead of filing a second or | 24 |
| subsequent copy of the same contract, the Governor's Office of | 25 |
| Management and Budget may file a statement that specified costs | 26 |
| are paid under specified contracts filed earlier with the |
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| Commission. | 2 |
| (c) The Director of the Governor's Office of Management and | 3 |
| Budget shall not, in connection with the issuance of Bonds, | 4 |
| contract with any underwriter, financial advisor, or attorney | 5 |
| unless that underwriter, financial advisor, or attorney | 6 |
| certifies that the underwriter, financial advisor, or attorney | 7 |
| has not and will not pay a contingent fee, whether directly or | 8 |
| indirectly, to any third party for having promoted the | 9 |
| selection of the underwriter, financial advisor, or attorney | 10 |
| for that contract. In the event that the Governor's Office of | 11 |
| Management and Budget determines that an underwriter, | 12 |
| financial advisor, or attorney has filed a false certification | 13 |
| with respect to the payment of contingent fees, the Governor's | 14 |
| Office of Management and Budget shall not contract with that | 15 |
| underwriter, financial advisor, or attorney, or with any firm | 16 |
| employing any person who signed false certifications, for a | 17 |
| period of 2 calendar years, beginning with the date the | 18 |
| determination is made. The validity of Bonds issued under such | 19 |
| circumstances of violation pursuant to this Section shall not | 20 |
| be affected. | 21 |
| Section 25. Conditions for Issuance and Sale of Bonds | 22 |
| Requirements for Bonds Master and Supplemental Indentures | 23 |
| Credit and Liquidity Enhancement.
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| (a) Bonds shall be issued and sold from time to time, in | 25 |
| one or more series, in such amounts and at such prices as |
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| directed by the Governor, upon recommendation by the Director | 2 |
| of the Governor's Office of Management and Budget. Bonds shall | 3 |
| be payable only from the specific sources and secured in the | 4 |
| manner provided in this Act. Bonds shall be in such form, in | 5 |
| such denominations, mature on such dates within 25 years from | 6 |
| their date of issuance, be subject to optional or mandatory | 7 |
| redemption, bear interest payable at such times and at such | 8 |
| rate or rates, fixed or variable, and be dated as shall be | 9 |
| fixed and determined by the Director of the Governor's Office | 10 |
| of Management and Budget in an order authorizing the issuance | 11 |
| and sale of any series of Bonds, which order shall be approved | 12 |
| by the Governor and is herein called a "Bond Sale Order"; | 13 |
| provided, however, that interest payable at fixed rates shall | 14 |
| not exceed that permitted in "An Act to authorize public | 15 |
| corporations to issue bonds, other evidences of indebtedness | 16 |
| and tax anticipation warrants subject to interest rate | 17 |
| limitations set forth therein", approved May 26, 1970, as now | 18 |
| or hereafter amended, and interest payable at variable rates | 19 |
| shall not exceed the maximum rate permitted in the Bond Sale | 20 |
| Order. Said Bonds shall be payable at such place or places, | 21 |
| within or without the State of Illinois, and may be made | 22 |
| registrable as to either principal only or as to both principal | 23 |
| and interest, as shall be specified in the Bond Sale Order. | 24 |
| Bonds may be callable or subject to purchase and retirement or | 25 |
| remarketing as fixed and determined in the Bond Sale Order. | 26 |
| Bonds, other than Refunding Bonds issued pursuant to Section 80 |
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| of this Act, must be issued with principal or mandatory | 2 |
| redemption amounts in equal amounts, with the first maturity | 3 |
| issued occurring within the fiscal year in which the Bonds are | 4 |
| issued or within the next succeeding fiscal year, with Bonds | 5 |
| issued maturing or subject to mandatory redemption each fiscal | 6 |
| year thereafter up to 25 years. | 7 |
| All Bonds authorized under this Act shall be issued | 8 |
| pursuant to a master trust indenture (as amended and | 9 |
| supplemented from time to time, a "Master Indenture") executed | 10 |
| and delivered on behalf of the State by the Director of the | 11 |
| Governor's Office of Management and Budget, such Master | 12 |
| Indenture initially to be in substantially the form approved in | 13 |
| the Bond Sale Order authorizing the issuance and sale of the | 14 |
| initial series of Bonds issued under this Act. Such initial | 15 |
| series of Bonds may, and each subsequent series of Bonds shall, | 16 |
| also be issued pursuant to a supplemental trust indenture | 17 |
| ("Supplemental Indenture") executed and delivered on behalf of | 18 |
| the State by the Director of the Governor's Office of | 19 |
| Management and Budget, each such Supplemental Indenture to be | 20 |
| in substantially the form approved in the Bond Sale Order | 21 |
| relating to such series with such changes as are necessary to | 22 |
| reflect the terms of such series. The Master Indenture and any | 23 |
| Supplemental Indenture shall be entered into with a bank or | 24 |
| trust company having an office in the State of Illinois having | 25 |
| trust powers and possessing capital and surplus of not less | 26 |
| than $50,000,000. Such Master Indenture and Supplemental |
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| Indentures, as appropriate, shall set forth the terms and | 2 |
| conditions of the Bonds and provide for payment of and security | 3 |
| for the Bonds, including the establishment and maintenance of | 4 |
| debt service and reserve funds, and for other protections for | 5 |
| holders of the Bonds. The term "reserve funds" as used in this | 6 |
| Act shall include funds and accounts established under | 7 |
| indentures to provide for the payment of principal of and | 8 |
| interest on Bonds, to provide for the purchase, retirement or | 9 |
| defeasance of Bonds, to provide for fees of trustees, | 10 |
| registrars, paying agents and other fiduciaries and to provide | 11 |
| for payment of costs of and debt service payable in respect of | 12 |
| credit or liquidity enhancement arrangements, interest rate | 13 |
| swaps or guarantees or financial futures contracts and indexing | 14 |
| and remarketing agents' services. | 15 |
| In the case of any series of Bonds bearing interest at a | 16 |
| variable interest rate ("Variable Rate Bonds"), in lieu of | 17 |
| determining the rate or rates at which such series of Variable | 18 |
| Rate Bonds shall bear interest and the price or prices at which | 19 |
| such Variable Rate Bonds shall be initially sold or remarketed | 20 |
| (in the event of purchase and subsequent resale), the Bond Sale | 21 |
| Order may provide that such interest rates and prices may vary | 22 |
| from time to time depending on criteria established in such | 23 |
| Bond Sale Order, which criteria may include, without | 24 |
| limitation, references to indices or variations in interest | 25 |
| rates as may, in the judgment of a remarketing agent, be | 26 |
| necessary to cause Bonds of such series to be remarketable from |
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| time to time at a price equal to their principal amount (or | 2 |
| compound accreted value in the case of original issue discount | 3 |
| Bonds), and may provide for appointment of indexing agents and | 4 |
| a bank, trust company, investment bank or other financial | 5 |
| institution to serve as remarketing agent in that connection. | 6 |
| The Bond Sale Order may provide that alternative interest rates | 7 |
| or provisions for establishing alternative interest rates, | 8 |
| different security or claim priorities or different call or | 9 |
| amortization provisions will apply during such times as Bonds | 10 |
| of any series are held by a person providing credit or | 11 |
| liquidity enhancement arrangements for such Bonds as | 12 |
| authorized in subsection (b) of Section 25 of this Act. | 13 |
| (b) In connection with the issuance of any series of Bonds, | 14 |
| the State may enter into arrangements to provide additional | 15 |
| security and liquidity for such Bonds, including, without | 16 |
| limitation, bond or interest rate insurance or letters of | 17 |
| credit, lines of credit, bond purchase contracts, or other | 18 |
| arrangements whereby funds are made available to retire or | 19 |
| purchase Bonds in order to assure the ability of owners of the | 20 |
| Bonds to sell or redeem their Bonds. The State may enter into | 21 |
| contracts and may agree to pay fees to persons providing such | 22 |
| arrangements, but only under circumstances where the Director | 23 |
| of the Governor's Office of Management and Budget certifies | 24 |
| that he or she reasonably expects the total interest paid or to | 25 |
| be paid on the Bonds, together with the fees for the | 26 |
| arrangements (being treated as if interest), would not, taken |
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| together, cause the Bonds to bear interest, calculated to their | 2 |
| stated maturity, at a rate in excess of the rate which the | 3 |
| Bonds would bear in the absence of such arrangements. Any | 4 |
| bonds, notes or other evidences of indebtedness issued pursuant | 5 |
| to any such arrangements for the purpose of retiring and | 6 |
| discharging outstanding Bonds shall constitute refunding Bonds | 7 |
| under Section 80 of this Act. The State may participate in and | 8 |
| enter into interest rate hedges or guarantees or forward | 9 |
| purchase contracts for the purpose of hedging or reducing the | 10 |
| state's interest cost with respect to one or more series of the | 11 |
| Bonds, or to reduce the State's exposure to fluctuations in the | 12 |
| interest rate or rates payable on one or more series of the | 13 |
| Bonds; provided that such arrangements shall be made with or | 14 |
| executed through banks having, at the time the applicable | 15 |
| agreement is entered into, capital and surplus of not less than | 16 |
| $100,000,000 or insurance companies holding the highest | 17 |
| policyholder rating accorded insurers by A.M. Best & Co. or any | 18 |
| comparable rating service or government bond dealers reporting | 19 |
| to, trading with, and recognized as primary dealers by a | 20 |
| Federal Reserve Bank and having capital and surplus of not less | 21 |
| than $100,000,000, or other persons whose debt securities are | 22 |
| rated in the highest long term categories by both Moody's | 23 |
| Investors' Services, Inc. and Standard & Poor's Ratings. | 24 |
| Agreements incorporating any of the foregoing arrangements may | 25 |
| be executed and delivered by the Director of the Governor's | 26 |
| Office of Management and Budget on behalf of the State in |
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| substantially the form approved in the Bond Sale Order relating | 2 |
| to such Bonds. | 3 |
| Section 30. Execution of Bonds. Bonds shall be signed by | 4 |
| the Governor and attested by the Secretary of State under the | 5 |
| printed facsimile seal of the State and countersigned by the | 6 |
| State Treasurer by his manual signature or by his duly | 7 |
| authorized deputy. If Bonds are issued in registered form | 8 |
| pursuant to the Registered Bond Act, the signatures of the | 9 |
| Governor, the Secretary of State and the State Treasurer may be | 10 |
| printed facsimile signatures. The Master Indenture or any | 11 |
| Supplemental Indenture may also require that each Bond be | 12 |
| authenticated by the manual signature of the trustee thereunder | 13 |
| or of a registrar or paying agent. Unless Bonds are issued in | 14 |
| fully registered form, interest coupons with facsimile | 15 |
| signatures of the Governor, Secretary of State and State | 16 |
| Treasurer may be attached to the Bonds. The fact that an | 17 |
| officer whose signature or facsimile thereof appears on a Bond, | 18 |
| interest coupon, indenture or agreement authorized under this | 19 |
| Act no longer holds such office at the time the Bond, coupon, | 20 |
| indenture or agreement is delivered shall not invalidate such | 21 |
| Bond, coupon, indenture or agreement. | 22 |
| Section 35. Sale of Bonds. Bonds, except as otherwise | 23 |
| provided in this Section, shall be sold from time to time | 24 |
| pursuant to notice of sale and public bid or by negotiated sale |
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| in such amounts and at such times as are directed by the | 2 |
| Governor, upon recommendation by the Director of the Governor's | 3 |
| Office of Management and Budget. At least 25%, based on total | 4 |
| principal amount, of all Bonds issued each fiscal year shall be | 5 |
| sold pursuant to notice of sale and public bid. During each | 6 |
| fiscal year, no more than 75%, based on total principal amount, | 7 |
| of the Bonds issued each fiscal year shall have been sold by | 8 |
| negotiated sale. Failure to satisfy the requirements in the | 9 |
| preceding 2 sentences shall not affect the validity of any | 10 |
| previously issued Bonds. | 11 |
| If any Bonds, including Refunding Bonds, are to be sold | 12 |
| pursuant to notice of sale and public bid, the Director of the | 13 |
| Governor's Office of Management and Budget shall comply with | 14 |
| the competitive request for proposal process set forth in the | 15 |
| Illinois Procurement Code.
If Bonds are to be sold pursuant to | 16 |
| notice of sale and public bid, the Director of the Governor's | 17 |
| Office of Management and Budget shall, from time to time, as | 18 |
| Bonds are to be sold, advertise the sale of the Bonds in at | 19 |
| least 2 daily newspapers, one of which is published in the City | 20 |
| of Springfield and one in the City of Chicago. The sale of the | 21 |
| Bonds shall also be advertised in the volume of the Illinois | 22 |
| Procurement Bulletin that is published by the Department of | 23 |
| Central Management Services. Each of the advertisements for | 24 |
| proposals shall be published once at least 10 days prior to the | 25 |
| date fixed for the opening of the bids. The Director of the | 26 |
| Governor's Office of Management and Budget may reschedule the |
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| date of sale upon the giving of such additional notice as the | 2 |
| Director deems adequate to inform prospective bidders of the | 3 |
| change; provided, however, that all other conditions of the | 4 |
| sale shall continue as originally advertised. Executed Bonds | 5 |
| shall, upon payment therefor, be delivered to the purchaser, | 6 |
| 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 | 13 |
| and do such things as shall be necessary or desirable to carry | 14 |
| out the purposes of this Act. Any action authorized or | 15 |
| permitted to be taken by the Director of the Governor's Office | 16 |
| of Management and Budget pursuant to this Act is hereby | 17 |
| authorized to be taken by any person specifically designated by | 18 |
| the Governor to take such action in a certificate signed by the | 19 |
| Governor and filed with the Secretary of State. | 20 |
| Section 40. Compliance with the Business Enterprise for | 21 |
| Minorities, Females, and Persons with Disabilities Act. | 22 |
| 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 | 25 |
| Disabilities Act. |
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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 | 3 |
| 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. | 20 |
| (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 | 23 |
| 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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| 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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| Order. | 2 |
| Section 55. Appropriation of Proceeds from Sale of Bonds. | 3 |
| 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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| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
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LRB095 01054 SSS 51742 a |
|
| 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 |
|
| 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 |
|
| 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 |
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LRB095 01054 SSS 51742 a |
|
| 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 |
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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 |
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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 |
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LRB095 01054 SSS 51742 a |
|
| 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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
|
|
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| 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 |
|
|
|
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| 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
|
|
|
|
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LRB095 01054 SSS 51742 a |
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| 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 |
|
|
|
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| 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. |
|
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LRB095 01054 SSS 51742 a |
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| 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)
|
|
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| 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 |
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LRB095 01054 SSS 51742 a |
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| 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.)
|
|
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09500HB2388ham001 |
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LRB095 01054 SSS 51742 a |
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| 1 |
| Section 90-30. The State Finance Act is amended by adding | 2 |
| Section 5.712 as follows: | 3 |
| (30 ILCS 105/5.712 new)
| 4 |
| Sec. 5.712. The Road Fund Bond Retirement and Interest | 5 |
| Fund. | 6 |
| ARTICLE 99. | 7 |
| Section 99-99. Effective date. This Act takes effect upon | 8 |
| becoming law.".
|
|