92nd General Assembly
Summary of HB4956
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Short description: 
HWY CODE-MCKINLEY BRIDGE TRANS                                             

Synopsis of Bill as introduced:
        Amends the State Finance Act to create the McKinley Bridge  Fund.      
   Amends  the  Illinois Highway Code. Provides for the transfer of up to      
   $2,100,000 from the Road Fund to the McKinley Bridge  Fund.   Provides      
   that  the  Illinois Department of Transportation may use moneys in the      
   McKinley Bridge Fund to  pay  off  or  reimburse  up  to  50%  of  the      
   outstanding  debt on the McKinley Bridge at Venice, Illinois. Provides      
   that upon payment or other extinguishment of  all  outstanding  bonds,      
   the  release of all liens, and the payment or release of all debts and      
   other encumbrances, the City  of  Venice  shall  convey  the  McKinley      
   Bridge  to  the Missouri Department of Transportation and the Illinois      
   Department of Transportation,  jointly.  Provides  that  the  Illinois      
   Department  of  Transportation  may  accept conveyance of the McKinley      
   Bridge regardless of whether it is structurally sound and  in  a  good      
   state of repair. Effective immediately.                                     
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that moneys in the  McKinley  Bridge  Fund,  subject  to      
   appropriation,  may be used to pay up to 50% of the sum of the amounts      
   "necessary to defease" (instead of "owing on") all  outstanding  bonds      
   relating to the McKinley Bridge.                                            
Last action on Bill: PUBLIC ACT.............................. 92-0679

   Last action date: JUL-16-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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