92nd General Assembly
Summary of HB0807
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House Sponsors:
MCGUIRE AND HAMOS.

Short description: 
BUILD ILLINOIS TRANSIT PROGRAM                                             

Synopsis of Bill as introduced:
        Amends  the  Department  of  Transportation  Law  in  the   Civil      
   Administrative  Code  of  Illinois.  Provides that the Department must      
   establish the Build Illinois Transit Program for the  construction  of      
   and  acquisition of property and equipment for new mass transportation      
   facilities and new or expanded mass transportation service,  including      
   rapid  transit, rail, bus, and other equipment used in connection with      
   mass transit by the State, a public or private entity, or 2 or more of      
   these entities.  Provides that  the  Department  may  (i)  enter  into      
   contracts  for  new mass transportation facilities and new or expanded      
   mass transportation service and (ii) make grants  to  units  of  local      
   government  and mass transit carriers. Amends the State Finance Act to      
   create the Build Illinois Transit Program  Fund.  Amends  the  General      
   Obligation   Bond   Act   to   increase   the  bond  authorization  by      
   $3,900,000,000 and to make a corresponding increase in the bond amount      
   authorized for mass transportation facilities under the Build Illinois      
   Transit Program.  Provides that for the payment of the  principal  and      
   interest  on the bonds, the Comptroller must order transferred and the      
   Treasurer must transfer $293,000,000 annually from the General Revenue      
   Fund to the Build Illinois Transit Program Fund until  the  bonds  are      
   retired.                                                                    
          FISCAL NOTE (Department of Transportation)                           
          In order to service the additional debt, HB 807 calls for the        
          annual transfer of $293 million from GRF to the Build Illinois       
          Transit Program Fund.                                                
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          For the payment of the principal and interest on the bonds,          
          the Comptroller must order transferred and the Treasurer must        
          transfer $293,000,000 annually from the General Revenue Fund         
          to the Build Illinois Transit Program Fund until the bonds are       
          retired.  Assuming an interest rate of 5.5% and a 25-year level      
          repayment period, the additional $3.9 billion in bonding auth-       
          ority would increase total general obligation debt by approxi-       
          mately $7.1 billion and annual debt service by approximately         
          $291 million.  Dependent on the actual interest rate at the          
          time of the bond sale, the transfer of $293,000,000 from the         
          General Revenue Fund may or may not be enough to cover the debt      
          service amount.                                                      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status