Full Text of HB3313 96th General Assembly
HB3313 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB3313
Introduced 2/24/2009, by Rep. Tom Cross SYNOPSIS AS INTRODUCED: |
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70 ILCS 3615/3B.09 |
from Ch. 111 2/3, par. 703B.09 |
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Amends the Regional Transportation Authority Act. Makes a technical change
in
a Section concerning the general powers of the Commuter Rail Board.
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A BILL FOR
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HB3313 |
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LRB096 08617 RLJ 18740 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Regional Transportation Authority Act is | 5 |
| amended by changing Section 3B.09 as follows:
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| (70 ILCS 3615/3B.09) (from Ch. 111 2/3, par. 703B.09)
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| Sec. 3B.09. General Powers. In addition to any powers | 8 |
| elsewhere provided
to the
the Commuter Rail Board, it shall | 9 |
| have all of the powers specified in
Section 2.20 of this Act | 10 |
| except for the powers specified in Section 2.20(a)(v).
The | 11 |
| Board shall also have the power: | 12 |
| (a) to cooperate with the Regional Transportation | 13 |
| Authority in the
exercise by the Regional Transportation | 14 |
| Authority of all the powers granted
it by such Act;
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| (b) to receive funds from the Regional Transportation | 16 |
| Authority
pursuant to Sections 2.02, 4.01, 4.02, 4.09 and
4.10 | 17 |
| of the "Regional Transportation Authority Act", all as provided | 18 |
| in the
"Regional Transportation Authority Act";
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| (c) to receive financial grants from the Regional | 20 |
| Transportation
Authority or a Service Board, as defined in the | 21 |
| "Regional Transportation
Authority Act", upon such terms and | 22 |
| conditions as shall be set forth in a
grant contract between | 23 |
| either the Division and the Regional Transportation
Authority |
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HB3313 |
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LRB096 08617 RLJ 18740 b |
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| or the Division and another Service Board, which contract or
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| agreement may be for such number of years or duration as the | 3 |
| parties may
agree, all as provided in the "Regional | 4 |
| Transportation Authority Act"; and
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| (d) to borrow money for the purpose of acquiring, | 6 |
| constructing, reconstructing, extending, or improving any | 7 |
| Public Transportation Facilities (as defined in Section 1.03 of | 8 |
| the Regional Transportation Authority Act) operated by or to be | 9 |
| operated by or on behalf of the Commuter Rail Division. For the | 10 |
| purpose of evidencing the obligation of the Commuter Rail Board | 11 |
| to repay any money borrowed as provided in this subsection, the | 12 |
| Commuter Rail Board may issue revenue bonds from time to time | 13 |
| pursuant to ordinance adopted by the Commuter Rail Board, | 14 |
| subject to the approval of the Regional Transportation | 15 |
| Authority of each such issuance by the affirmative vote of 12 | 16 |
| of its then Directors; provided that the Commuter Rail Board | 17 |
| may not issue bonds for the purpose of financing the | 18 |
| acquisition, construction, or improvement of a corporate | 19 |
| headquarters building. All such bonds shall be payable solely | 20 |
| from the revenues or income or any other funds that the | 21 |
| Commuter Rail Board may receive, provided that the Commuter | 22 |
| Rail Board may not pledge as security for such bonds the | 23 |
| moneys, if any, that the Commuter Rail Board receives from the | 24 |
| Regional Transportation Authority pursuant to Section | 25 |
| 4.03.3(f) of the Regional Transportation Authority Act. The | 26 |
| bonds shall bear interest at a rate not to exceed the maximum |
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HB3313 |
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| rate authorized by the Bond Authorization Act and shall mature | 2 |
| at such time or times not exceeding 25 years from their | 3 |
| respective dates. Bonds issued pursuant to this paragraph must | 4 |
| be issued with scheduled principal or mandatory redemption | 5 |
| payments in equal amounts in each fiscal year over the term of | 6 |
| the bonds, with the first principal or mandatory redemption | 7 |
| payment scheduled within the fiscal year in which bonds are | 8 |
| issued or within the next succeeding fiscal year. At least 25%, | 9 |
| based on total principal amount, of all bonds authorized | 10 |
| pursuant to this Section shall be sold pursuant to notice of | 11 |
| sale and public bid. No more than 75%, based on total principal | 12 |
| amount, of all bonds authorized pursuant to this Section shall | 13 |
| be sold by negotiated sale. The maximum principal amount of the | 14 |
| bonds that may be issued and outstanding at any time may not | 15 |
| exceed $1,000,000,000. The bonds shall have all the qualities | 16 |
| of negotiable instruments under the laws of this State. To | 17 |
| secure the payment of any or all of such bonds and for the | 18 |
| purpose of setting forth the covenants and undertakings of the | 19 |
| Commuter Rail Board in connection with the issuance thereof and | 20 |
| the issuance of any additional bonds payable from such revenue | 21 |
| or income as well as the use and application of the revenue or | 22 |
| income received by the Commuter Rail Board, the Commuter Rail | 23 |
| Board may execute and deliver a trust agreement or agreements; | 24 |
| provided that no lien upon any physical property of the | 25 |
| Commuter Rail Board shall be created thereby. A remedy for any | 26 |
| breach or default of the terms of any such trust agreement by |
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LRB096 08617 RLJ 18740 b |
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| the Commuter Rail Board may be by mandamus proceedings in any | 2 |
| court of competent jurisdiction to compel performance and | 3 |
| compliance therewith, but the trust agreement may prescribe by | 4 |
| whom or on whose behalf such action may be instituted. Under no | 5 |
| circumstances shall any bonds issued by the Commuter Rail Board | 6 |
| or any other obligation of the Commuter Rail Board in | 7 |
| connection with the issuance of such bonds be or become an | 8 |
| indebtedness or obligation of the State of Illinois, the | 9 |
| Regional Transportation Authority, or any other political | 10 |
| subdivision of or municipality within the State, nor shall any | 11 |
| such bonds or obligations be or become an indebtedness of the | 12 |
| Commuter Rail Board within the purview of any constitutional | 13 |
| limitation or provision, and it shall be plainly stated on the | 14 |
| face of each bond that it does not constitute such an | 15 |
| indebtedness or obligation but is payable solely from the | 16 |
| revenues or income as aforesaid.
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| (Source: P.A. 95-708, eff. 1-18-08.)
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