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Public Act 097-0771
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| HB4568 Enrolled | LRB097 16852 PJG 62035 b |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Finance Act is amended by changing |
Section 6z-78 as follows:
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(30 ILCS 105/6z-78)
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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 authorizations enacted in Public Act 96-36, and Public |
Act 96-1554 this amendatory Act of the 96th General Assembly, |
and this amendatory Act of the 97th 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 authorizations enacted in |
Public Act 96-36, and Public Act 96-1554 this amendatory Act of |
the 96th General Assembly, and this amendatory Act of the 97th |
General Assembly the State Comptroller shall compute and |
certify to the State Treasurer the total amount of principal |
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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. |
(a) Except as provided for in subsection (b), 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 |
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transferred under this subsection.
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(b) 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 |
issued prior to January 1, 2012 pursuant to Section 4(d) of the |
General Obligation Bond Act 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. If the available balance in the Capital Projects Fund is |
not sufficient for the transfer required in this subsection, |
the State Treasurer and State Comptroller shall transfer the |
difference from the Road Fund to the General Obligation Bond |
Retirement and Interest Fund; except that such Road Fund |
transfers shall constitute a debt of the Capital Projects Fund |
which shall be repaid according to subsection (c). 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 |
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calculation of the amounts to be transferred under this |
subsection. |
(c) On the first day of any month when the Capital Projects |
Fund is carrying a debt to the Road Fund due to the provisions |
of subsection (b), the State Treasurer and State Comptroller |
shall transfer from the Capital Projects Fund to the Road Fund |
an amount sufficient to discharge that debt. These transfers to |
the Road Fund shall continue until the Capital Projects Fund |
has repaid to the Road Fund all transfers made from the Road |
Fund pursuant to subsection (b). Notwithstanding any other law |
to the contrary, transfers to the Road Fund from the Capital |
Projects Fund shall be made prior to any other expenditures or |
transfers out of the Capital Projects Fund. |
(Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09; |
96-1554, eff. 3-18-11.)
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Section 10. The General Obligation Bond Act is amended by |
changing Sections 2 and 4 as follows:
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(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 $47,092,925,743 |
$41,314,125,743 $41,379,777,443. |
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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 Public Act 93-2, the |
$3,466,000,000 authorized by Public Act 96-43, and the |
$4,096,348,300 authorized by Public Act 96-1497 this |
amendatory Act of the 96th 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
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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; 96-36, |
eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10; |
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96-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff. |
3-18-11; 97-333, eff. 8-12-11; revised 10-31-11.)
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(30 ILCS 330/4) (from Ch. 127, par. 654)
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Sec. 4. Transportation. The amount of $14,060,599,000 |
$12,443,799,000
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
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interests in real property required or expected to be required |
in connection
therewith as follows:
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(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:
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(1) $3,330,000,000 for use statewide,
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(2) $3,677,000 for use outside the Chicago urbanized
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area,
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(3) $7,543,000 for use within the Chicago urbanized |
area,
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(4) $13,060,600 for use within the City of Chicago,
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(5) $58,987,500 for use within the counties of Cook,
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DuPage, Kane, Lake, McHenry and Will,
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(6) $18,860,900 for use outside the counties of Cook, |
DuPage, Kane,
Lake, McHenry and Will, and
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(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) $5,079,570,000 $4,280,070,000 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
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following specific purposes:
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(1) $3,983,770,000 $3,184,270,000 statewide,
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(2) $83,350,000 for use within the counties of Cook,
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DuPage, Kane, Lake, McHenry and Will,
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(3) $12,450,000 for use outside the counties of Cook,
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DuPage, Kane, Lake, McHenry and Will, and
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(4) $1,000,000,000 for use on projects that shall |
reflect the generally accepted historical distribution of |
projects throughout the State. |
(c) $482,600,000 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.
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(d) $3,066,300,000 $2,249,000,000 for use statewide for |
State or local highways, arterial highways, freeways, roads, |
bridges, and structures separating highways and railroads and |
roads, and for grants to counties, municipalities, townships, |
or road districts for planning, engineering, acquisition, |
construction, reconstruction, development, improvement, |
extension, and all construction-related expenses of the public |
infrastructure and other transportation improvement projects |