State of Illinois
Public Acts
92nd General Assembly

[ Home ]  [ ILCS ] [ Search ] [ Bottom ]
 [ Other General Assemblies ]

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.

[ Top ]