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91_SB1829ham002
LRB9111013EGfgam03
1 AMENDMENT TO SENATE BILL 1829
2 AMENDMENT NO. . Amend Senate Bill 1829 by replacing
3 everything after the enacting clause with the following:
4 "Section 1. Short title. This Act may be cited as the
5 FY2001 Budget Implementation Act relating to the use of bond
6 proceeds.
7 Section 5. The General Obligation Bond Act is amended by
8 changing Section 4 as follows:
9 (30 ILCS 330/4) (from Ch. 127, par. 654)
10 Sec. 4. Transportation. The amount of $5,312,270,000 is
11 authorized for use by the Department of Transportation for
12 the specific purpose of promoting and assuring rapid,
13 efficient, and safe highway, air and mass transportation for
14 the inhabitants of the State by providing monies, including
15 the making of grants and loans, for the acquisition,
16 construction, reconstruction, extension and improvement of
17 the following transportation facilities and equipment, and
18 for the acquisition of real property and interests in real
19 property required or expected to be required in connection
20 therewith as follows:
21 (a) $3,431,000,000 for State highways, arterial
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1 highways, freeways, roads, bridges, structures separating
2 highways and railroads and roads, and bridges on roads
3 maintained by counties, municipalities, townships or road
4 districts for the following specific purposes:
5 (1) $3,330,000,000 for use statewide,
6 (2) $3,641,000 for use outside the Chicago
7 urbanized area,
8 (3) $7,543,000 for use within the Chicago urbanized
9 area,
10 (4) $13,060,600 for use within the City of Chicago,
11 (5) $57,894,500 for use within the counties of
12 Cook, DuPage, Kane, Lake, McHenry and Will, and
13 (6) $18,860,900 for use outside the counties of
14 Cook, DuPage, Kane, Lake, McHenry and Will.
15 (b) $1,529,670,000 for rail facilities and for mass
16 transit facilities, as defined in Section 2705-305 of the
17 Department of Transportation Law (20 ILCS 2705/2705-305),
18 including rapid transit, rail, bus and other equipment used
19 in connection therewith by the State or any unit of local
20 government, special transportation district, municipal
21 corporation or other corporation or public authority
22 authorized to provide and promote public transportation
23 within the State or two or more of the foregoing jointly, for
24 the following specific purposes:
25 (1) $1,433,870,000 statewide,
26 (2) $83,350,000 for use within the counties of
27 Cook, DuPage, Kane, Lake, McHenry and Will,
28 (3) $12,450,000 for use outside the counties of
29 Cook, DuPage, Kane, Lake, McHenry and Will.
30 (c) $351,600,000 for airport or aviation facilities and
31 any equipment used in connection therewith, including
32 engineering and land acquisition costs, by the State or any
33 unit of local government, special transportation district,
34 municipal corporation or other corporation or public
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1 authority authorized to provide public transportation within
2 the State, or two or more of the foregoing acting jointly,
3 and for the making of deposits into the Airport Land Loan
4 Revolving Fund for loans to public airport owners pursuant to
5 the Illinois Aeronautics Act.
6 (Source: P.A. 90-8, eff. 12-8-97 (changed from 6-1-98 by P.A.
7 90-549); 90-586, eff. 6-4-98; 91-39, eff. 6-15-99; 91-239,
8 eff. 1-1-00; revised 8-6-99.)
9 Section 10. The Upper Illinois River Valley Development
10 Authority Act is amended by adding Section 6.1 as follows:
11 (70 ILCS 530/6.1 new)
12 Sec. 6.1. Tax avoidance. Notwithstanding any other
13 provision of law, the Authority shall not enter into any
14 agreement providing for the purchase and lease of tangible
15 personal property that results in the avoidance of taxation
16 under the Retailers' Occupation Tax Act, the Use Tax Act, the
17 Service Use Tax Act, or the Service Occupation Tax Act,
18 without the prior written consent of the Governor.
19 Section 15. The Illinois Aeronautics Act is amended by
20 changing Section 34b as follows:
21 (620 ILCS 5/34b)
22 Sec. 34b. Airport Land Loan Program.
23 (a) The Department may make loans to public airport
24 owners for the purchase of any real estate interests as may
25 be needed for essential airport purposes, including future
26 needs, subject to the following conditions:
27 (1) loans may be made only to public airport owners
28 that are operating an airport as of January 1, 1999; and
29 (2) loans may not be made for airports that provide
30 scheduled commercial air service in counties of greater
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1 than 5,000,000 population.
2 The loans are payable from the Airport Land Loan
3 Revolving Fund, subject to appropriation. All repayments of
4 loans made pursuant to this Section, including interest
5 thereon and penalties, shall be deposited in the Airport Land
6 Loan Revolving Fund. The Treasurer shall deposit all
7 investment earnings arising from balances in the Airport Land
8 Loan Revolving Fund in that Fund.
9 (b) All loans under this Section shall be made by
10 contract between the Department and the public airport owner,
11 which contract shall include the following provisions:
12 (1) The annual rate of interest shall be the lesser
13 of (A) 2 percent below the Prime Rate charged by banks,
14 as published by the Federal Reserve Board, in effect at
15 the time the Department approves the loan, or (B) a rate
16 determined by the Department, after consultation with the
17 Bureau of the Budget, that will not adversely affect the
18 tax-exempt status of interest on the bonds of the State
19 issued in whole or in part to make deposits into the
20 Airport Land Loan Revolving Fund, nor diminish the
21 benefit to the State of the tax-exempt status of the
22 interest on such bonds but in no event shall less than 2
23 percent be charged.
24 (2) The term of any loan shall not exceed five
25 years, but it may be for less by mutual agreement.
26 (3) Loan payments shall be scheduled in equal
27 amounts for the periods determined under paragraph (4) of
28 this Section. The loan payments shall be calculated so
29 that the loan is completely repaid, with interest, on
30 outstanding balances, by the end of the term determined
31 under paragraph (2) of this Section. There shall be no
32 penalty for early payment ahead of the payment schedule.
33 (4) The period of loan payments shall be annual,
34 unless by mutual agreement a period of less than one year
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1 is chosen.
2 (5) The loan shall be secured with the land
3 purchased, in whole or in part, with the loan and
4 considered as collateral. The public airport owner shall
5 assign a first priority interest in the property to the
6 State.
7 (6) If the loan payment is not made within 15 days
8 after the scheduled date determined under paragraph (3)
9 of this Section, a penalty of 10% of the payment shall be
10 assessed. If 30 days after the scheduled payment date no
11 payment has been received, the loan shall be considered
12 in default.
13 (7) As soon as a loan is considered in default, the
14 Department shall notify the public airport owner and
15 attempt to enter into a renegotiation of the loan payment
16 amounts and schedule determined under paragraph (3) of
17 this Section. In no case shall the term of the loan be
18 extended beyond the initial term determined under
19 paragraph (2) of this Section; nor shall the interest
20 rate be lowered nor any interest be forgiven. If a
21 renegotiation of loan payment amounts and schedule is
22 obtained to the Department's satisfaction within 30 days
23 of notification of default, then the new payment schedule
24 shall replace the one determined by paragraph (3) of this
25 Section and shall be used to measure compliance with the
26 loan for purposes of default. If after 30 days of
27 notification of default the Department has not obtained a
28 renegotiation to its satisfaction, the Department shall
29 declare the loan balance due and payable immediately. If
30 the public airport owner cannot immediately pay the
31 balance of the loan, the Department shall proceed to
32 foreclose.
33 (c) The Department may promulgate any rules that it
34 finds appropriate to implement this Airport Land Loan
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1 Program.
2 (d) The Airport Land Loan Revolving Fund is created in
3 the State Treasury.
4 (Source: P.A. 91-543, eff. 8-14-99.)
5 Section 99. Effective date. This Act takes effect July
6 1, 2000.".