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91_HB3423eng
HB3423 Engrossed LRB9112046DHks
1 AN ACT to amend the Toll Highway Act by changing Sections
2 14.1, 18, 23, and 24.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Toll Highway Act is amended by changing
6 Sections 14.1, 18, 23, and 24 as follows:
7 (605 ILCS 10/14.1) (from Ch. 121, par. 100-14.1)
8 Sec. 14.1. The Authority shall, prior to the issuance of
9 any bonds under this Act, except refunding bonds, prepare and
10 submit to the Governor for his approval preliminary plans
11 showing the proposed location of the route or routes of the
12 particular toll highway for which the bonds are to be issued,
13 which plans shall designate the approximate point of the
14 commencement and the termination of said route or routes and
15 shall also designate the municipalities to be afforded
16 reasonable connections therewith, and to be served thereby.
17 The Authority shall at the same time submit to the Governor
18 for his approval preliminary estimates of the cost of the
19 construction of the toll highway, shown on said preliminary
20 plans. If the Governor shall approve the preliminary plans
21 and the estimate of the cost thereof, the Authority may
22 thereupon proceed with the issuance of bonds as hereinafter
23 provided. Prior to the issuance of bonds for or the
24 commencement of construction of any new toll highway segment,
25 however, the issuance of bonds for or the commencement of
26 construction of that particular segment toll highway shall be
27 approved by law as provided in Section 23 authorized by joint
28 resolution of the General Assembly.
29 (Source: P.A. 86-1164.)
30 (605 ILCS 10/18) (from Ch. 121, par. 100-18)
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1 Sec. 18. The sums of money appropriated by the General
2 Assembly (other than sums appropriated from the Illinois
3 State Toll Highway Authority Fund) for the payment of
4 ordinary and contingent expenses of the Authority or the
5 payment of compensation of the members of the Authority
6 expended as a part of the cost of a toll highway financed by
7 revenue bonds issued and sold by the Authority under this Act
8 shall be repaid to the State Treasury out of the proceeds of
9 the sale of such bonds, for deposit in the fund from which
10 such sums were appropriated. Any such sums remaining unpaid
11 because expended for preliminary investigation of toll
12 highway routes not constructed shall be repaid by the
13 Authority out of the proceeds of the sale of any of such
14 bonds issued to finance additional toll highways or
15 extensions of existing toll highways. If no such new bonds
16 are issued, and the money appropriated by the General
17 Assembly has not otherwise been repaid in full, then the
18 Authority shall, after payment of all existing bonds and
19 interest thereon, continue to collect tolls for the privilege
20 of using the toll highways constructed pursuant to the
21 authority of "An Act in relation to the construction,
22 operation, regulation and maintenance of a system of toll
23 highways and to create The Illinois State Toll Highway
24 Commission, and to define its powers and duties and to repeal
25 an Act therein named", approved July 13, 1953, as amended,
26 until such time as the tolls collected are sufficient to
27 repay any such unpaid money. The tolls so collected shall be
28 paid by the Authority to the State treasury for deposit in
29 the fund from which such sums were appropriated.
30 (Source: Laws 1968, p. 199.)
31 (605 ILCS 10/23) (from Ch. 121, par. 100-23)
32 Sec. 23. The Authority shall file with the Governor, the
33 Clerk of the House of Representatives, the Secretary of the
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1 Senate, and the Illinois Economic and Fiscal Commission, on
2 or prior to March 15th of each year, a written statement and
3 report covering its activities for the preceding calendar
4 year. The Authority shall present, to the committees of the
5 House of Representatives designated by the Speaker of the
6 House and to the committees of the Senate designated by the
7 President of the Senate, an annual report outlining its
8 planned revenues and expenditures, including any plan to
9 institute a general increase in toll rates. Prior to
10 instituting any general increase in toll rates, the Authority
11 shall obtain the approval of the General Assembly by law
12 approved by the vote of three-fifths of the members elected
13 to each house. The Authority shall prepare an annual capital
14 plan which identifies capital projects by location and
15 details the project costs in correct dollar amounts. The
16 Authority may issue bonds to implement its capital plan only
17 in amounts and for purposes that have been approved by law.
18 The Authority shall also prepare and file a ten-year capital
19 plan that includes a listing of all capital improvement
20 projects contemplated during the ensuing ten-year period.
21 The first ten-year capital plan shall be filed in 1991 and
22 thereafter on the anniversary of each ten-year period.
23 It shall also be the duty of the Auditor General of the
24 State of Illinois, annually to audit or cause to be audited
25 the books and records of the Authority and to file a
26 certified copy of the report of such audit with the Governor
27 and with the Legislative Audit Commission, which audit
28 reports, when so filed, shall be open to the public for
29 inspection.
30 (Source: P.A. 91-256, eff. 1-1-00.)
31 (605 ILCS 10/24) (from Ch. 121, par. 100-24)
32 Sec. 24. Except as otherwise provided in any bond
33 resolution, the proceeds derived from the sale of bonds, and
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1 all receipts and income derived from tolls, licenses, gifts,
2 donations, concessions, fees, rentals, and all other revenues
3 from whatever source derived, shall, within 3 three days
4 after receipt thereof, be paid to the Treasurer of the State
5 of Illinois, and held by him as a special fund known as the
6 Illinois State Toll Highway Authority Fund, except that the
7 Authority may retain portions of the Illinois State Toll
8 Highway Authority Fund as a locally maintained construction
9 fund revolving account and as a revenue fund revolving
10 account, where authorized by a bond resolution, and as
11 locally maintained change funds, where necessary for the
12 operations of the Authority. The State Treasurer shall be ex
13 officio custodian of such special fund, which fund shall be
14 held, invested and disbursed for the purposes provided herein
15 upon the order of the Authority and in accordance with
16 provisions and covenants of any bond resolution authorizing
17 the issuance of bonds which have not been paid or deemed
18 paid. The interest accruing on said special fund shall be
19 computed and added to the principal thereof every six months.
20 In addition to the special audits prescribed by this Act, the
21 said fund shall also be subject to audit in the same manner
22 as is now, or may hereinafter be, provided for the audit of
23 State funds and accounts. The said special fund shall be
24 protected by a corporate surety bond, executed by the
25 Treasurer, with a surety authorized to do business under the
26 laws of the State of Illinois. The amount of said bond shall
27 be fixed by resolution of the Authority, approved by the
28 Governor, and may be increased or diminished at any time. The
29 premiums on said bond shall be payable from the funds of the
30 Authority. The bond shall be subject to the approval of the
31 Governor and Attorney General of the State of Illinois, and,
32 when so approved, shall be filed in the office of the
33 Secretary of State. This Act shall constitute an irrevocable
34 and continuing appropriation from the special fund for
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1 amounts to pay principal, interest, and other bond expenses
2 and obligations as provided in this Act. All other expenses
3 of the Authority, including the ordinary and contingent
4 expenses for the Authority's annual operations, are subject
5 to annual appropriation by the General Assembly from the
6 special fund (or from other funds as provided in Section 18)
7 for each fiscal year. Said special fund shall be considered
8 always appropriated for the purposes of disbursements, as
9 provided in this Act, and shall be paid out and disbursed
10 only as provided herein, and shall not, at any time be
11 appropriated or diverted to any other use or purpose. For
12 all outstanding bonds issued by the Authority before the
13 effective date of this amendatory Act of the 91st General
14 Assembly, the State guarantees the timely payment of any
15 principal or interest that is not paid by the Authority when
16 due, with recourse to the Court of Claims. The Authority
17 shall, with respect to all revenue bonds outstanding as of
18 the effective date of this amendatory Act of the 91st General
19 Assembly, maintain in a debt service fund an amount equal to
20 140% of the amount needed to pay annual debt service pursuant
21 to the bonds.
22 (Source: P.A. 83-1258.)
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