Full Text of SB3144 100th General Assembly
SB3144eng 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning finance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The State Finance Act is amended by changing | 5 | | Sections 5.857 and 6z-100 as follows: | 6 | | (30 ILCS 105/5.857) | 7 | | (Section scheduled to be repealed on July 1, 2018) | 8 | | Sec. 5.857. The Capital Development Board Revolving Fund. | 9 | | This Section is repealed July 1, 2022 July 1, 2018 .
| 10 | | (Source: P.A. 99-78, eff. 7-20-15; 99-523, eff. 6-30-16; | 11 | | 100-23, eff. 7-6-17.) | 12 | | (30 ILCS 105/6z-100) | 13 | | (Section scheduled to be repealed on July 1, 2018) | 14 | | Sec. 6z-100. Capital Development Board Revolving Fund; | 15 | | payments into and use. All monies received by the Capital | 16 | | Development Board for publications or copies issued by the | 17 | | Board, and all monies received for contract administration | 18 | | fees, charges, or reimbursements owing to the Board shall be | 19 | | deposited into a special fund known as the Capital Development | 20 | | Board Revolving Fund, which is hereby created in the State | 21 | | treasury. The monies in this Fund shall be used by the Capital | 22 | | Development Board, as appropriated, for expenditures for |
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| 1 | | personal services, retirement, social security, contractual | 2 | | services, legal services, travel, commodities, printing, | 3 | | equipment, electronic data processing, or telecommunications. | 4 | | Unexpended moneys in the Fund shall not be transferred or | 5 | | allocated by the Comptroller or Treasurer to any other fund, | 6 | | nor shall the Governor authorize the transfer or allocation of | 7 | | those moneys to any other fund. This Section is repealed July | 8 | | 1, 2022 July 1, 2018 .
| 9 | | (Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17.) | 10 | | Section 10. The General Obligation Bond Act is amended by | 11 | | changing Section 15 as follows:
| 12 | | (30 ILCS 330/15) (from Ch. 127, par. 665)
| 13 | | Sec. 15. Computation of Principal and Interest; transfers.
| 14 | | (a) Upon each delivery of Bonds authorized to be issued | 15 | | under this Act,
the Comptroller shall compute and certify to | 16 | | the Treasurer the total amount
of principal of, interest on, | 17 | | and premium, if any, on Bonds issued that will
be payable in | 18 | | order to retire such Bonds, the amount of principal of,
| 19 | | interest on and premium, if any, on such Bonds that will be | 20 | | payable on each
payment date according to the tenor of such | 21 | | Bonds during the then current and
each succeeding fiscal year, | 22 | | and the amount of sinking fund payments needed to be deposited | 23 | | in connection with Qualified School Construction Bonds | 24 | | authorized by subsection (e) of Section 9.
With respect to the |
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| 1 | | interest payable on variable rate bonds, such
certifications | 2 | | shall be calculated at the maximum rate of interest that
may be | 3 | | payable during the fiscal year, after taking into account any | 4 | | credits
permitted in the related indenture or other instrument | 5 | | against the amount
of such interest required to be appropriated | 6 | | for such period pursuant to
subsection (c) of Section 14 of | 7 | | this Act. With respect to the interest
payable, such | 8 | | certifications shall include the amounts certified by the
| 9 | | Director of the
Governor's Office of Management and Budget | 10 | | under subsection (b) of Section 9 of
this Act.
| 11 | | On or before the last day of each month the State Treasurer | 12 | | and Comptroller
shall transfer from (1) the Road Fund with | 13 | | respect to Bonds issued under
paragraph (a) of Section 4 of | 14 | | this Act, or Bonds issued under authorization in Public Act | 15 | | 98-781, or Bonds issued for the purpose of
refunding such | 16 | | bonds, and from (2) the General
Revenue Fund, with respect to | 17 | | all other Bonds issued under this Act, to the
General | 18 | | Obligation Bond Retirement and Interest Fund an amount | 19 | | sufficient to
pay the aggregate of the principal of, interest | 20 | | on, and premium, if any, on
Bonds payable, by their terms on | 21 | | the next payment date divided by the number of
full calendar | 22 | | months between the date of such Bonds and the first such | 23 | | payment
date, and thereafter, divided by the number of months | 24 | | between each succeeding
payment date after the first. Such | 25 | | computations and transfers shall be
made for each series of | 26 | | Bonds issued and delivered. Interest payable on
variable rate |
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| 1 | | bonds shall be calculated at the maximum rate of interest that
| 2 | | may be payable for the relevant period, after taking into | 3 | | account any credits
permitted in the related indenture or other | 4 | | instrument against the amount of
such interest required to be | 5 | | appropriated for such period pursuant to
subsection (c) of | 6 | | Section 14 of this Act. Computations of interest shall
include | 7 | | the amounts certified by the Director of the
Governor's Office | 8 | | of Management and Budget
under subsection (b) of Section 9 of | 9 | | this Act. Interest for which moneys
have already been deposited | 10 | | into the capitalized interest account within the
General | 11 | | Obligation Bond Retirement and Interest Fund shall not be | 12 | | included
in the calculation of the amounts to be transferred | 13 | | under this subsection. Notwithstanding any other provision in | 14 | | this Section, the transfer provisions provided in this | 15 | | paragraph shall not apply to transfers made in fiscal year 2010 | 16 | | or fiscal year 2011 with respect to Bonds issued in fiscal year | 17 | | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | 18 | | In the case of transfers made in fiscal year 2010 or fiscal | 19 | | year 2011 with respect to the Bonds issued in fiscal year 2010 | 20 | | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | 21 | | before the 15th day of the month prior to the required debt | 22 | | service payment, the State Treasurer and Comptroller shall | 23 | | transfer from the General Revenue Fund to the General | 24 | | Obligation Bond Retirement and Interest Fund an amount | 25 | | sufficient to pay the aggregate of the principal of, interest | 26 | | on, and premium, if any, on the Bonds payable in that next |
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| 1 | | month.
| 2 | | The transfer of monies herein and above directed is not | 3 | | required if monies
in the General Obligation Bond Retirement | 4 | | and Interest Fund are more than
the amount otherwise to be | 5 | | transferred as herein above provided, and if the
Governor or | 6 | | his authorized representative notifies the State Treasurer and
| 7 | | Comptroller of such fact in writing.
| 8 | | (b) After the effective date of this Act, the balance of, | 9 | | and monies
directed to be included in the Capital Development | 10 | | Bond Retirement and
Interest Fund, Anti-Pollution Bond | 11 | | Retirement and Interest Fund,
Transportation Bond, Series A | 12 | | Retirement and Interest Fund, Transportation
Bond, Series B | 13 | | Retirement and Interest Fund, and Coal Development Bond
| 14 | | Retirement and Interest Fund shall be transferred to and | 15 | | deposited in the
General Obligation Bond Retirement and | 16 | | Interest Fund. This Fund shall be
used to make debt service | 17 | | payments on the State's general obligation Bonds
heretofore | 18 | | issued which are now outstanding and payable from the Funds | 19 | | herein
listed as well as on Bonds issued under this Act.
| 20 | | (c) The unused portion of federal funds received for or as | 21 | | a reimbursement for a capital
facilities project, as authorized | 22 | | by Section 3 of this Act, for which
monies from the Capital | 23 | | Development Fund have been expended shall remain in the Capital | 24 | | Development Board Contributory Trust Fund and shall be used for | 25 | | capital projects and for no other purpose, subject to | 26 | | appropriation and as directed by the Capital Development Board. |
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| 1 | | Any federal funds received as reimbursement
for the completed | 2 | | construction of a capital facilities project, as
authorized by | 3 | | Section 3 of this Act, for which monies from the Capital
| 4 | | Development Fund have been expended shall be deposited in the | 5 | | General
Obligation Bond Retirement and Interest Fund.
| 6 | | (Source: P.A. 100-23, eff. 7-6-17.)
| 7 | | Section 15. The Capital Development Bond Act of 1972 is | 8 | | amended by changing Section 9a as follows:
| 9 | | (30 ILCS 420/9a) (from Ch. 127, par. 759a)
| 10 | | Sec. 9a.
The unused portion of federal funds received for | 11 | | or as a reimbursement for a capital improvement
project for | 12 | | which moneys from the Capital Development Fund have been | 13 | | expended
shall remain in the Capital Development Board | 14 | | Contributory Trust Fund and shall be used for capital projects | 15 | | and for no other purpose, subject to appropriation and as | 16 | | directed by the Capital Development Board. Any federal funds | 17 | | received as reimbursement
for the completed construction of a | 18 | | capital improvement project for which
moneys from the Capital | 19 | | Development Fund have been expended shall be deposited
in the | 20 | | Capital Development Bond Retirement and Interest Fund.
| 21 | | (Source: P.A. 98-245, eff. 1-1-14.)
| 22 | | Section 20. The School Construction Law is amended by | 23 | | changing Section 5-10 as follows:
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| 1 | | (105 ILCS 230/5-10)
| 2 | | Sec. 5-10. Grant awards. The Capital Development Board is | 3 | | authorized to
make grants to school districts for school | 4 | | construction projects with funds
appropriated by the General
| 5 | | Assembly from the School Infrastructure Fund or the School | 6 | | Construction Fund pursuant to the provisions of this
Article. | 7 | | The State Board of Education is authorized to make grants to | 8 | | school
districts for debt service with funds appropriated by | 9 | | the General Assembly from
the School Infrastructure Fund | 10 | | pursuant to the provisions of
this Article.
| 11 | | (Source: P.A. 90-548, eff. 1-1-98.)
| 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law.
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