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Public Act 92-0034
SB834 Enrolled LRB9204129REtm
AN ACT concerning State funds.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by changing
Section 6t as follows:
(30 ILCS 105/6t) (from Ch. 127, par. 142t)
Sec. 6t. The Capital Development Board Contributory
Trust Fund is created and there shall be paid into the
Capital Development Board Contributory Trust Fund the monies
contributed by and received from Public Community College
Districts, Elementary, Secondary, and Unit School Districts,
and Vocational Education Facilities, provided, however, no
monies shall be required from a participating Public
Community College District, Elementary, Secondary, or Unit
School District, or Vocational Education Facility more than
30 days prior to anticipated need under the particular
contract for the Public Community College District,
Elementary, Secondary, or Unit School District, or
Vocational Education Facility. No monies in any fund in the
State Treasury, nor any funds under the control or beneficial
control of any state agency, university, college, department,
commission, board or any other unit of state government shall
be deposited, paid into, or by any other means caused to be
placed into the Capital Development Board Contributory Trust
Fund, except for federal funds, bid bond forfeitures, and
insurance proceeds as provided for below.
There shall be paid into the Capital Development Board
Contributory Trust Fund all federal funds to be utilized for
the construction of capital projects under the jurisdiction
of the Capital Development Board, and all proceeds resulting
from such federal funds. All such funds shall be remitted to
the Capital Development Board within 10 working days of their
receipt by the receiving authority.
There shall also be paid into this Fund all monies
designated as gifts, donations or charitable contributions
which may be contributed by an individual or entity, whether
public or private, for a specific capital improvement
project.
There shall also be paid into this Fund all proceeds from
bid bond forfeitures in connection with any project formally
bid and awarded by the Capital Development Board.
There shall also be paid into this Fund all builders risk
insurance policy proceeds and all other funds recovered from
contractors, sureties, architects, material suppliers or
other persons contracting with the Capital Development Board
for capital improvement projects which are received by way of
reimbursement for losses resulting from destruction of or
damage to capital improvement projects while under
construction by the Capital Development Board or received by
way of settlement agreement or court order.
The monies in the Capital Development Board Contributory
Trust Fund shall be expended only for actual contracts let,
and then only for the specific project for which funds were
received in accordance with the judgment of the Capital
Development Board, compatible with the duties and obligations
of the Capital Development Board in furtherance of the
specific capital improvement for which such funds were
received. Contributions, insured-loss reimbursements or other
funds received as damages through settlement or judgement for
damage, destruction or loss of capital improvement projects
shall be expended for the repair of such projects; or if the
projects have been or are being repaired before receipt of
the funds, the funds may be used to repair other such capital
improvement projects. Any funds not expended for a the
specific project within 36 months after the date received
shall be paid into the General Obligation Bond Retirement and
Interest Fund.
Contributions or insured-loss reimbursements not expended
in furtherance of the project for which they were received
within 36 months of the date received, shall be returned to
the contributing party. Proceeds from builders risk insurance
shall be expended only for the amelioration of damage
arising from the incident for which the proceeds were paid to
the State or the Capital Development Contributory Trust Fund.
Any residual amounts remaining after the completion of such
repairs, renovation, reconstruction or other work necessary
to restore the capital improvement project to acceptable
condition shall be returned to the proper fund or entity
financing or contributing towards the cost of the capital
improvement project. Such returns shall be made in amounts
proportionate to the contributions made in furtherance of the
project.
Any monies received as a gift, donation or charitable
contribution for a specific capital improvement which have
not been expended in furtherance of that project shall be
returned to the contributing party after completion of the
project or if the legislature fails to authorize the capital
improvement.
The unused portion of any federal funds received for a
capital improvement project which are not contributed, upon
its completion, towards the cost of the project, shall be
deposited in the Capital Development Bond Retirement and
Interest Fund if moneys from the Capital Development Fund
have been utilized for the project.
(Source: P.A. 86-192.)
Section 99. Effective date. This Act takes effect on
July 1, 2001.
Passed in the General Assembly May 21, 2001.
Approved June 28, 2001.
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