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Public Act 096-0036


 

Public Act 0036 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0036
 
HB2400 Enrolled LRB096 09379 RCE 19536 b

    AN ACT concerning finance.
 
    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 adding
Section 6z-78 as follows:
 
    (30 ILCS 105/6z-78 new)
    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
transfers. Money in the Capital Projects Fund shall, if and
when the State of Illinois incurs any bonded indebtedness using
the bond authorization enacted in this amendatory Act of the
96th General Assembly, be set aside and used for the purpose of
paying and discharging annually the principal and interest on
that bonded indebtedness then due and payable.
    In addition to other transfers to the General Obligation
Bond Retirement and Interest Fund made pursuant to Section 15
of the General Obligation Bond Act, upon each delivery of
general obligation bonds using bond authorization enacted in
this amendatory Act of the 96th General Assembly the State
Comptroller shall compute and certify to the State Treasurer
the total amount of principal of, interest on, and premium, if
any, on such bonds during the then current and each succeeding
fiscal year. With respect to the interest payable on variable
rate bonds, such certifications shall be calculated at the
maximum rate of interest that may be payable during the fiscal
year, after taking into account any credits permitted in the
related indenture or other instrument against the amount of
such interest required to be appropriated for the period.
    On or before the last day of each month, the State
Treasurer and State Comptroller shall transfer from the Capital
Projects Fund to the General Obligation Bond Retirement and
Interest Fund an amount sufficient to pay the aggregate of the
principal of, interest on, and premium, if any, on the bonds
payable on their next payment date, divided by the number of
monthly transfers occurring between the last previous payment
date (or the delivery date if no payment date has yet occurred)
and the next succeeding payment date. Interest payable on
variable rate bonds shall be calculated at the maximum rate of
interest that may be payable for the relevant period, after
taking into account any credits permitted in the related
indenture or other instrument against the amount of such
interest required to be appropriated for that period. Interest
for which moneys have already been deposited into the
capitalized interest account within the General Obligation
Bond Retirement and Interest Fund shall not be included in the
calculation of the amounts to be transferred under this
subsection.
 
    Section 10. The General Obligation Bond Act is amended by
changing Sections 2, 3, 4, 5, 6, and 12 as follows:
 
    (30 ILCS 330/2)  (from Ch. 127, par. 652)
    Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $33,501,777,443
$30,693,149,369.
    The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
    Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
    Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
    Of the total amount of Bonds authorized in this Act, the
additional $10,000,000,000 authorized by this amendatory Act
of the 93rd General Assembly shall be used solely as provided
in Section 7.2.
    The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09.)
 
    (30 ILCS 330/3)  (from Ch. 127, par. 653)
    Sec. 3. Capital Facilities. The amount of $7,968,463,443
$7,320,235,369 is authorized to be used for the acquisition,
development, construction, reconstruction, improvement,
financing, architectural planning and installation of capital
facilities within the State, consisting of buildings,
structures, durable equipment, land, and interests in land for
the following specific purposes:
        (a) $2,511,228,000 $2,211,228,000 for educational
    purposes by State universities and colleges, the Illinois
    Community College Board created by the Public Community
    College Act and for grants to public community colleges as
    authorized by Sections 5-11 and 5-12 of the Public
    Community College Act;
        (b) $1,617,420,000 $1,607,420,000 for correctional
    purposes at State prison and correctional centers;
        (c) $575,183,000 $531,175,000 for open spaces,
    recreational and conservation purposes and the protection
    of land;
        (d) $664,917,000 $589,917,000 for child care
    facilities, mental and public health facilities, and
    facilities for the care of disabled veterans and their
    spouses;
        (e) $1,630,990,000 $1,455,990,000 for use by the
    State, its departments, authorities, public corporations,
    commissions and agencies;
        (f) $818,100 for cargo handling facilities at port
    districts and for breakwaters, including harbor entrances,
    at port districts in conjunction with facilities for small
    boats and pleasure crafts;
        (g) $248,877,074 $204,657,000 for water resource
    management projects;
        (h) $16,940,269 for the provision of facilities for
    food production research and related instructional and
    public service activities at the State universities and
    public community colleges;
        (i) $36,000,000 for grants by the Secretary of State,
    as State Librarian, for central library facilities
    authorized by Section 8 of the Illinois Library System Act
    and for grants by the Capital Development Board to units of
    local government for public library facilities;
        (j) $25,000,000 for the acquisition, development,
    construction, reconstruction, improvement, financing,
    architectural planning and installation of capital
    facilities consisting of buildings, structures, durable
    equipment and land for grants to counties, municipalities
    or public building commissions with correctional
    facilities that do not comply with the minimum standards of
    the Department of Corrections under Section 3-15-2 of the
    Unified Code of Corrections;
        (k) $5,000,000 for grants in fiscal year 1988 by the
    Department of Conservation for improvement or expansion of
    aquarium facilities located on property owned by a park
    district;
        (l) $432,590,000 to State agencies for grants to local
    governments for the acquisition, financing, architectural
    planning, development, alteration, installation, and
    construction of capital facilities consisting of
    buildings, structures, durable equipment, and land; and
        (m) $203,500,000 for the Illinois Open Land Trust
    Program as defined by the Illinois Open Land Trust Act.
    The amounts authorized above for capital facilities may be
used for the acquisition, installation, alteration,
construction, or reconstruction of capital facilities and for
the purchase of equipment for the purpose of major capital
improvements which will reduce energy consumption in State
buildings or facilities.
(Source: P.A. 91-39, 6-15-99; 91-53, eff. 6-30-99; 91-710, eff.
5-17-00; 92-13, eff. 6-22-01; 92-598, eff. 6-28-02.)
 
    (30 ILCS 330/4)  (from Ch. 127, par. 654)
    Sec. 4. Transportation. The amount of $9,948,799,000
$8,313,399,000 is authorized for use by the Department of
Transportation for the specific purpose of promoting and
assuring rapid, efficient, and safe highway, air and mass
transportation for the inhabitants of the State by providing
monies, including the making of grants and loans, for the
acquisition, construction, reconstruction, extension and
improvement of the following transportation facilities and
equipment, and for the acquisition of real property and
interests in real property required or expected to be required
in connection therewith as follows:
    (a) $5,432,129,000 for State highways, arterial highways,
freeways, roads, bridges, structures separating highways and
railroads and roads, and bridges on roads maintained by
counties, municipalities, townships or road districts for the
following specific purposes:
        (1) $3,330,000,000 for use statewide,
        (2) $3,677,000 for use outside the Chicago urbanized
    area,
        (3) $7,543,000 for use within the Chicago urbanized
    area,
        (4) $13,060,600 for use within the City of Chicago,
        (5) $58,987,500 for use within the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will,
        (6) $18,860,900 for use outside the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will, and
        (7) $2,000,000,000 for use on projects included in
    either (i) the FY09-14 Proposed Highway Improvement
    Program as published by the Illinois Department of
    Transportation in May 2008 or (ii) the FY10-15 Proposed
    Highway Improvement Program to be published by the Illinois
    Department of Transportation in the spring of 2009; except
    that all projects must be maintenance projects for the
    existing State system with the goal of reaching 90%
    acceptable condition in the system statewide and further
    except that all projects must reflect the generally
    accepted historical distribution of projects throughout
    the State.
    (b) $3,130,070,000 $2,529,670,000 for rail facilities and
for mass transit facilities, as defined in Section 2705-305 of
the Department of Transportation Law (20 ILCS 2705/2705-305),
including rapid transit, rail, bus and other equipment used in
connection therewith by the State or any unit of local
government, special transportation district, municipal
corporation or other corporation or public authority
authorized to provide and promote public transportation within
the State or two or more of the foregoing jointly, for the
following specific purposes:
        (1) $2,034,270,000 $1,433,870,000 statewide,
        (2) $83,350,000 for use within the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will,
        (3) $12,450,000 for use outside the counties of Cook,
    DuPage, Kane, Lake, McHenry and Will, and
        (4) $1,000,000,000 for use on projects that shall
    reflect the generally accepted historical distribution of
    projects throughout the State.
    (c) $371,600,000 $351,600,000 for airport or aviation
facilities and any equipment used in connection therewith,
including engineering and land acquisition costs, by the State
or any unit of local government, special transportation
district, municipal corporation or other corporation or public
authority authorized to provide public transportation within
the State, or two or more of the foregoing acting jointly, and
for the making of deposits into the Airport Land Loan Revolving
Fund for loans to public airport owners pursuant to the
Illinois Aeronautics Act.
    (d) $1,015,000,000 for use statewide for State highways,
arterial highways, freeways, roads, bridges, structures
separating highways and railroads and roads, and bridges on
roads maintained by counties, municipalities, townships, or
road districts.
(Source: P.A. 96-5, eff. 4-3-09.)
 
    (30 ILCS 330/5)  (from Ch. 127, par. 655)
    Sec. 5. School Construction.
    (a) The amount of $58,450,000 is authorized to make grants
to local school districts for the acquisition, development,
construction, reconstruction, rehabilitation, improvement,
financing, architectural planning and installation of capital
facilities, including but not limited to those required for
special education building projects provided for in Article 14
of The School Code, consisting of buildings, structures, and
durable equipment, and for the acquisition and improvement of
real property and interests in real property required, or
expected to be required, in connection therewith.
    (b) $22,550,000, or so much thereof as may be necessary,
for grants to school districts for the making of principal and
interest payments, required to be made, on bonds issued by such
school districts after January 1, 1969, pursuant to any
indenture, ordinance, resolution, agreement or contract to
provide funds for the acquisition, development, construction,
reconstruction, rehabilitation, improvement, architectural
planning and installation of capital facilities consisting of
buildings, structures, durable equipment and land for
educational purposes or for lease payments required to be made
by a school district for principal and interest payments on
bonds issued by a Public Building Commission after January 1,
1969.
    (c) $10,000,000 for grants to school districts for the
acquisition, development, construction, reconstruction,
rehabilitation, improvement, architectural planning and
installation of capital facilities consisting of buildings
structures, durable equipment and land for special education
building projects.
    (d) $9,000,000 for grants to school districts for the
reconstruction, rehabilitation, improvement, financing and
architectural planning of capital facilities, including
construction at another location to replace such capital
facilities, consisting of those public school buildings and
temporary school facilities which, prior to January 1, 1984,
were condemned by the regional superintendent under Section
3-14.22 of The School Code or by any State official having
jurisdiction over building safety.
    (e) $3,050,000,000 for grants to school districts for
school improvement projects authorized by the School
Construction Law. The bonds shall be sold in amounts not to
exceed the following schedule, except any bonds not sold during
one year shall be added to the bonds to be sold during the
remainder of the schedule:
    First year..................................$200,000,000
    Second year.................................$450,000,000
    Third year..................................$500,000,000
    Fourth year.................................$500,000,000
    Fifth year..................................$800,000,000
    Sixth year and thereafter...................$600,000,000
    (f) $420,000,000 grants to school districts for school
implemented projects authorized by the School Construction
Law.
(Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
 
    (30 ILCS 330/6)  (from Ch. 127, par. 656)
    Sec. 6. Anti-Pollution.
    (a) The amount of $369,815,000 $319,815,000 is authorized
for allocation by the Environmental Protection Agency for
grants or loans to units of local government in such amounts,
at such times and for such purpose as the Agency deems
necessary or desirable for the planning, financing, and
construction of municipal sewage treatment works and solid
waste disposal facilities and for making of deposits into the
Water Revolving Fund and the U.S. Environmental Protection Fund
to provide assistance in accordance with the provisions of
Title IV-A of the Environmental Protection Act.
    (b) The amount of $215,500,000 $160,500,000 is authorized
for allocation by the Environmental Protection Agency for
payment of claims submitted to the State and approved for
payment under the Leaking Underground Storage Tank Program
established in Title XVI of the Environmental Protection Act.
(Source: P.A. 92-13, eff. 6-22-01; 92-598, eff. 6-28-02;
93-650, eff. 1-8-04.)
 
    (30 ILCS 330/12)  (from Ch. 127, par. 662)
    Sec. 12. Allocation of Proceeds from Sale of Bonds.
    (a) Proceeds from the sale of Bonds, authorized by Section
3 of this Act, shall be deposited in the separate fund known as
the Capital Development Fund.
    (b) Proceeds from the sale of Bonds, authorized by
paragraph (a) of Section 4 of this Act, shall be deposited in
the separate fund known as the Transportation Bond, Series A
Fund.
    (c) Proceeds from the sale of Bonds, authorized by
paragraphs (b) and (c) of Section 4 of this Act, shall be
deposited in the separate fund known as the Transportation
Bond, Series B Fund.
    (c-1) Proceeds from the sale of Bonds, authorized by
paragraph (d) of Section 4 of this Act, shall be deposited into
the Transportation Bond Series D Fund, which is hereby created.
    (d) Proceeds from the sale of Bonds, authorized by Section
5 of this Act, shall be deposited in the separate fund known as
the School Construction Fund.
    (e) Proceeds from the sale of Bonds, authorized by Section
6 of this Act, shall be deposited in the separate fund known as
the Anti-Pollution Fund.
    (f) Proceeds from the sale of Bonds, authorized by Section
7 of this Act, shall be deposited in the separate fund known as
the Coal Development Fund.
    (f-2) Proceeds from the sale of Bonds, authorized by
Section 7.2 of this Act, shall be deposited as set forth in
Section 7.2.
    (f-5) Proceeds from the sale of Bonds, authorized by
Section 7.5 of this Act, shall be deposited as set forth in
Section 7.5.
    (g) Proceeds from the sale of Bonds, authorized by Section
8 of this Act, shall be deposited in the Capital Development
Fund.
    (h) Subsequent to the issuance of any Bonds for the
purposes described in Sections 2 through 8 of this Act, the
Governor and the Director of the Governor's Office of
Management and Budget may provide for the reallocation of
unspent proceeds of such Bonds to any other purposes authorized
under said Sections of this Act, subject to the limitations on
aggregate principal amounts contained therein. Upon any such
reallocation, such unspent proceeds shall be transferred to the
appropriate funds as determined by reference to paragraphs (a)
through (g) of this Section.
(Source: P.A. 93-2, eff. 4-7-03; 94-793, eff. 5-19-06.)
 
    Section 15. The Build Illinois Bond Act is amended by
changing Sections 2, 4, and 13 as follows:
 
    (30 ILCS 425/2)  (from Ch. 127, par. 2802)
    Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
limited obligation bonds, notes and other evidences of
indebtedness of the State of Illinois in the total principal
amount of $4,615,509,000 $3,805,509,000 herein called "Bonds".
Such authorized amount of Bonds shall be reduced from time to
time by amounts, if any, which are equal to the moneys received
by the Department of Revenue in any fiscal year pursuant to
Section 3-1001 of the "Illinois Vehicle Code", as amended, in
excess of the Annual Specified Amount (as defined in Section 3
of the "Retailers' Occupation Tax Act", as amended) and
transferred at the end of such fiscal year from the General
Revenue Fund to the Build Illinois Purposes Fund (now
abolished) as provided in Section 3-1001 of said Code;
provided, however, that no such reduction shall affect the
validity or enforceability of any Bonds issued prior to such
reduction. Such amount of authorized Bonds shall be exclusive
of any refunding Bonds issued pursuant to Section 15 of this
Act and exclusive of any Bonds issued pursuant to this Section
which are redeemed, purchased, advance refunded, or defeased in
accordance with paragraph (f) of Section 4 of this Act. Bonds
shall be issued for the categories and specific purposes
expressed in Section 4 of this Act.
(Source: P.A. 94-91, eff. 7-1-05.)
 
    (30 ILCS 425/4)  (from Ch. 127, par. 2804)
    Sec. 4. Purposes of Bonds. Bonds shall be issued for the
following purposes and in the approximate amounts as set forth
below:
    (a) $2,917,000,000 $2,417,000,000 for the expenses of
issuance and sale of Bonds, including bond discounts, and for
planning, engineering, acquisition, construction,
reconstruction, development, improvement and extension of the
public infrastructure in the State of Illinois, including: the
making of loans or grants to local governments for waste
disposal systems, water and sewer line extensions and water
distribution and purification facilities, rail or air or water
port improvements, gas and electric utility extensions,
publicly owned industrial and commercial sites, buildings used
for public administration purposes and other public
infrastructure capital improvements; the making of loans or
grants to units of local government for financing and
construction of wastewater facilities; refinancing or retiring
bonds issued between January 1, 1987 and January 1, 1990 by
home rule municipalities, debt service on which is provided
from a tax imposed by home rule municipalities prior to January
1, 1990 on the sale of food and drugs pursuant to Section
8-11-1 of the Home Rule Municipal Retailers' Occupation Tax Act
or Section 8-11-5 of the Home Rule Municipal Service Occupation
Tax Act; the making of deposits not to exceed $70,000,000 in
the aggregate into the Water Pollution Control Revolving Fund
to provide assistance in accordance with the provisions of
Title IV-A of the Environmental Protection Act; the planning,
engineering, acquisition, construction, reconstruction,
alteration, expansion, extension and improvement of highways,
bridges, structures separating highways and railroads, rest
areas, interchanges, access roads to and from any State or
local highway and other transportation improvement projects
which are related to economic development activities; the
making of loans or grants for planning, engineering,
rehabilitation, improvement or construction of rail and
transit facilities; the planning, engineering, acquisition,
construction, reconstruction and improvement of watershed,
drainage, flood control, recreation and related improvements
and facilities, including expenses related to land and easement
acquisition, relocation, control structures, channel work and
clearing and appurtenant work; the making of grants for
improvement and development of zoos and park district field
houses and related structures; and the making of grants for
improvement and development of Navy Pier and related
structures.
    (b) $196,000,000 $186,000,000 for fostering economic
development and increased employment and the well being of the
citizens of Illinois, including: the making of grants for
improvement and development of McCormick Place and related
structures; the planning and construction of a
microelectronics research center, including the planning,
engineering, construction, improvement, renovation and
acquisition of buildings, equipment and related utility
support systems; the making of loans to businesses and
investments in small businesses; acquiring real properties for
industrial or commercial site development; acquiring,
rehabilitating and reconveying industrial and commercial
properties for the purpose of expanding employment and
encouraging private and other public sector investment in the
economy of Illinois; the payment of expenses associated with
siting the Superconducting Super Collider Particle Accelerator
in Illinois and with its acquisition, construction,
maintenance, operation, promotion and support; the making of
loans for the planning, engineering, acquisition,
construction, improvement and conversion of facilities and
equipment which will foster the use of Illinois coal; the
payment of expenses associated with the promotion,
establishment, acquisition and operation of small business
incubator facilities and agribusiness research facilities,
including the lease, purchase, renovation, planning,
engineering, construction and maintenance of buildings,
utility support systems and equipment designated for such
purposes and the establishment and maintenance of centralized
support services within such facilities; and the making of
grants or loans to units of local government for Urban
Development Action Grant and Housing Partnership programs.
    (c) $1,352,358,100 $1,052,358,100 for the development and
improvement of educational, scientific, technical and
vocational programs and facilities and the expansion of health
and human services for all citizens of Illinois, including: the
making of construction and improvement grants and loans to
public libraries and library systems; the making of grants and
loans for planning, engineering, acquisition and construction
of a new State central library in Springfield; the planning,
engineering, acquisition and construction of an animal and
dairy sciences facility; the planning, engineering,
acquisition and construction of a campus and all related
buildings, facilities, equipment and materials for Richland
Community College; the acquisition, rehabilitation and
installation of equipment and materials for scientific and
historical surveys; the making of grants or loans for
distribution to eligible vocational education instructional
programs for the upgrading of vocational education programs,
school shops and laboratories, including the acquisition,
rehabilitation and installation of technical equipment and
materials; the making of grants or loans for distribution to
eligible local educational agencies for the upgrading of math
and science instructional programs, including the acquisition
of instructional equipment and materials; miscellaneous
capital improvements for universities and community colleges
including the planning, engineering, construction,
reconstruction, remodeling, improvement, repair and
installation of capital facilities and costs of planning,
supplies, equipment, materials, services, and all other
required expenses; the making of grants or loans for repair,
renovation and miscellaneous capital improvements for
privately operated colleges and universities and community
colleges, including the planning, engineering, acquisition,
construction, reconstruction, remodeling, improvement, repair
and installation of capital facilities and costs of planning,
supplies, equipment, materials, services, and all other
required expenses; and the making of grants or loans for
distribution to local governments for hospital and other health
care facilities including the planning, engineering,
acquisition, construction, reconstruction, remodeling,
improvement, repair and installation of capital facilities and
costs of planning, supplies, equipment, materials, services
and all other required expenses.
    (d) $150,150,900 for protection, preservation, restoration
and conservation of environmental and natural resources,
including: the making of grants to soil and water conservation
districts for the planning and implementation of conservation
practices and for funding contracts with the Soil Conservation
Service for watershed planning; the making of grants to units
of local government for the capital development and improvement
of recreation areas, including planning and engineering costs,
sewer projects, including planning and engineering costs and
water projects, including planning and engineering costs, and
for the acquisition of open space lands, including the
acquisition of easements and other property interests of less
than fee simple ownership; the acquisition and related costs
and development and management of natural heritage lands,
including natural areas and areas providing habitat for
endangered species and nongame wildlife, and buffer area lands;
the acquisition and related costs and development and
management of habitat lands, including forest, wildlife
habitat and wetlands; and the removal and disposition of
hazardous substances, including the cost of project
management, equipment, laboratory analysis, and contractual
services necessary for preventative and corrective actions
related to the preservation, restoration and conservation of
the environment, including deposits not to exceed $60,000,000
in the aggregate into the Hazardous Waste Fund and the
Brownfields Redevelopment Fund for improvements in accordance
with the provisions of Titles V and XVII of the Environmental
Protection Act.
    (e) The amount specified in paragraph (a) above shall
include an amount necessary to pay reasonable expenses of each
issuance and sale of the Bonds, as specified in the related
Bond Sale Order (hereinafter defined).
    (f) Any unexpended proceeds from any sale of Bonds which
are held in the Build Illinois Bond Fund may be used to redeem,
purchase, advance refund, or defease any Bonds outstanding.
(Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99; 91-709,
eff. 5-17-00; 92-9, eff. 6-11-01; 92-598, eff. 6-28-02.)
 
    (30 ILCS 425/13)  (from Ch. 127, par. 2813)
    Sec. 13. Computation of Principal and Interest; Transfer
from Build Illinois Bond Account; Payment from Build Illinois
Bond Retirement and Interest Fund. Upon each delivery of Bonds
authorized to be issued under this Act, the trustee under the
Master Indenture shall compute and certify to the Director of
the Governor's Office of Management and Budget, the Comptroller
and the Treasurer (a) the total amount of the principal of and
the interest and the premium, if any, on the Bonds then being
issued and on Bonds previously issued and outstanding that will
be payable in order to retire such Bonds at their stated
maturities or mandatory sinking fund payment dates and (b) the
amount of principal of and interest and premium, if any, on
such Bonds that will be payable on each principal, interest and
mandatory sinking fund payment date according to the tenor of
such Bonds during the then current and each succeeding fiscal
year. Such certifications shall include with respect to
interest payable on Variable Rate Bonds the maximum amount of
interest which may be payable for the relevant period after
taking into account any credits permitted in the related
indenture against the amount of such interest required to be
appropriated for such period pursuant to subsection (c) of
Section 11 of this Act.
    On or before June 20, 1993 and on or before each June 20
thereafter so long as Bonds remain outstanding, the trustee
under the Master Indenture shall deliver to the Director of the
Governor's Office of Management and Budget (formerly Bureau of
the Budget), the Comptroller and the Treasurer a certificate
setting forth the "Certified Annual Debt Service Requirement"
(hereinafter defined) for the next succeeding fiscal year. If
Bonds are issued subsequent to the delivery of any such
certificate, upon the issuance of such Bonds the trustee under
the Master Indenture shall deliver a supplemental certificate
setting forth the revisions, if any, in the Certified Annual
Debt Service Requirement resulting from the issuance of such
Bonds. The "Certified Annual Debt Service Requirement" for any
fiscal year shall be an amount equal to (a) the aggregate
amount of principal, interest and premium, if any, payable on
outstanding Bonds during such fiscal year plus (b) the amount
required to be deposited into any reserve fund securing such
Bonds or for the purpose of retiring or defeasing such Bonds
plus (c) the amount of any deficiencies in required transfers
of amounts described in clauses (a) and (b) for any prior
fiscal year, minus (d) the amount, if any, of such interest to
be paid from Bond proceeds on deposit under any indenture;
provided, however, that interest payable on Variable Rate Bonds
shall be calculated at the maximum rate of interest which may
be payable during such fiscal year after taking into account
any credits permitted in the related indenture against the
amount of such interest required to be appropriated for such
period pursuant to subsection (c) of Section 11 of this Act.
    In each month during fiscal years 1986 through 1993, the
State Treasurer and Comptroller shall transfer, on the last day
of such month, from the Build Illinois Bond Account to the
Build Illinois Bond Retirement and Interest Fund and shall make
payment from the Build Illinois Bond Retirement and Interest
Fund to the trustee under the Master Indenture of an amount
equal to 1/12 of 150% of the amount set forth below for each
such fiscal year, plus any cumulative deficiency in such
transfers and payments for prior months; provided that such
transfers shall commence in October, 1985 and such amounts for
fiscal year 1986 shall equal 1/9 of 150% of the amount set
forth below for such fiscal year:
Fiscal YearAmount
1986$15,000,000
1987$25,000,000
1988$40,000,000
1989$54,000,000
1990$85,400,000
1991$133,600,000
1992$164,400,000
1993$188,900,000
provided that payments of such amounts from the Build Illinois
Bond Retirement and Interest Fund to the trustee under the
Master Indenture shall commence on the last day of the month in
which Bonds are initially issued under this Act; and, further
provided, that the first such payment to said trustee shall
equal the entire amount then on deposit in the Build Illinois
Bond Retirement and Interest Fund; and, further provided, that
the aggregate amount of transfers and payments for any such
fiscal year shall not exceed the amount set forth above for
such fiscal year.
    In each month in which Bonds are outstanding during fiscal
year 1994 and each fiscal year thereafter, the State Treasurer
and Comptroller shall transfer, on the last day of such month,
(i) with respect to Bonds constituting bonds issued pursuant to
the bond authorization enacted pursuant to this amendatory Act
of the 96th General Assembly (and any refunding Bonds issued to
refund such Bonds), first from the Capital Projects Fund and
second, if needed, from the Build Illinois Bond Account and
(ii) with respect to all other Bonds not described in clause
(i), from the Build Illinois Bond Account, in each case, from
the Build Illinois Bond Account to the Build Illinois Bond
Retirement and Interest Fund and shall make payment from the
Build Illinois Bond Retirement and Interest Fund to the trustee
under the Master Indenture of an amount equal to the greater of
(a) 1/12th of 150% of the Certified Annual Debt Service
Requirement or (b) the Tax Act Amount (as defined in Section 3
of the "Retailers' Occupation Tax Act", as amended) deposited
in the Build Illinois Bond Account during such month, plus any
cumulative deficiency in such transfers and payments for prior
months; provided that such transfers and payments for any such
fiscal year shall not exceed the greater of (a) the Certified
Annual Debt Service Requirement or (b) the Tax Act Amount.
(Source: P.A. 94-793, eff. 5-19-06.)
 
    Section 99. Effective date. This Act takes effect July 1,
2009.

Effective Date: 7/13/2009