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| Public Act 098-0245 | ||||
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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 General Obligation Bond Act is amended by | ||||
changing Section 15 as follows:
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(30 ILCS 330/15) (from Ch. 127, par. 665)
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Sec. 15. Computation of Principal and Interest; transfers.
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(a) Upon each delivery of Bonds authorized to be issued | ||||
under this Act,
the Comptroller shall compute and certify to | ||||
the Treasurer the total amount
of principal of, interest on, | ||||
and premium, if any, on Bonds issued that will
be payable in | ||||
order to retire such Bonds, the amount of principal of,
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interest on and premium, if any, on such Bonds that will be | ||||
payable on each
payment date according to the tenor of such | ||||
Bonds during the then current and
each succeeding fiscal year, | ||||
and the amount of sinking fund payments needed to be deposited | ||||
in connection with Qualified School Construction Bonds | ||||
authorized by subsection (e) of Section 9.
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 such period pursuant to
subsection (c) of Section 14 of | ||
this Act. With respect to the interest
payable, such | ||
certifications shall include the amounts certified by the
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Director of the
Governor's Office of Management and Budget | ||
under subsection (b) of Section 9 of
this Act.
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On or before the last day of each month the State Treasurer | ||
and Comptroller
shall transfer from (1) the Road Fund with | ||
respect to Bonds issued under
paragraph (a) of Section 4 of | ||
this Act or Bonds issued for the purpose of
refunding such | ||
bonds, and from (2) the General
Revenue Fund, with respect to | ||
all other Bonds issued under this Act, 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
Bonds payable, by their terms on | ||
the next payment date divided by the number of
full calendar | ||
months between the date of such Bonds and the first such | ||
payment
date, and thereafter, divided by the number of months | ||
between each succeeding
payment date after the first. Such | ||
computations and transfers shall be
made for each series of | ||
Bonds issued and delivered. Interest payable on
variable rate | ||
bonds shall be calculated at the maximum rate of interest that
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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 such period pursuant to
subsection (c) of | ||
Section 14 of this Act. Computations of interest shall
include | ||
the amounts certified by the Director of the
Governor's Office | ||
of Management and Budget
under subsection (b) of Section 9 of | ||
this Act. 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. Notwithstanding any other provision in | ||
this Section, the transfer provisions provided in this | ||
paragraph shall not apply to transfers made in fiscal year 2010 | ||
or fiscal year 2011 with respect to Bonds issued in fiscal year | ||
2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | ||
In the case of transfers made in fiscal year 2010 or fiscal | ||
year 2011 with respect to the Bonds issued in fiscal year 2010 | ||
or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | ||
before the 15th day of the month prior to the required debt | ||
service payment, the State Treasurer and Comptroller shall | ||
transfer from the General Revenue 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 in that next | ||
month.
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The transfer of monies herein and above directed is not | ||
required if monies
in the General Obligation Bond Retirement | ||
and Interest Fund are more than
the amount otherwise to be | ||
transferred as herein above provided, and if the
Governor or | ||
his authorized representative notifies the State Treasurer and
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Comptroller of such fact in writing.
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(b) After the effective date of this Act, the balance of, | ||
and monies
directed to be included in the Capital Development | ||
Bond Retirement and
Interest Fund, Anti-Pollution Bond | ||
Retirement and Interest Fund,
Transportation Bond, Series A | ||
Retirement and Interest Fund, Transportation
Bond, Series B | ||
Retirement and Interest Fund, and Coal Development Bond
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Retirement and Interest Fund shall be transferred to and | ||
deposited in the
General Obligation Bond Retirement and | ||
Interest Fund. This Fund shall be
used to make debt service | ||
payments on the State's general obligation Bonds
heretofore | ||
issued which are now outstanding and payable from the Funds | ||
herein
listed as well as on Bonds issued under this Act.
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(c) The unused portion of federal funds received for a | ||
capital
facilities project, as authorized by Section 3 of this | ||
Act, for which
monies from the Capital Development Fund have | ||
been expended shall remain in the Capital Development Board | ||
Contributory Trust Fund and shall be used for capital projects | ||
and for no other purpose, subject to appropriation and as | ||
directed by the Capital Development Board be
deposited upon | ||
completion of the project in the General Obligation Bond
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Retirement and Interest Fund. Any federal funds received as | ||
reimbursement
for the completed construction of a capital | ||
facilities project, as
authorized by Section 3 of this Act, for | ||
which monies from the Capital
Development Fund have been | ||
expended shall be deposited in the General
Obligation Bond | ||
Retirement and Interest Fund.
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(Source: P.A. 96-43, eff. 7-15-09; 96-828, eff. 12-2-09; | ||
96-1497, eff. 1-14-11.)
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Section 10. The Capital Development Bond Act of 1972 is | ||
amended by changing Section 9a as follows:
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(30 ILCS 420/9a) (from Ch. 127, par. 759a)
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Sec. 9a.
The unused portion of federal funds received for a | ||
capital improvement
project for which moneys from the Capital | ||
Development Fund have been expended
shall remain in the Capital | ||
Development Board Contributory Trust Fund and shall be used for | ||
capital projects and for no other purpose, subject to | ||
appropriation and as directed by the Capital Development Board | ||
be deposited upon completion of the project in the Capital | ||
Development
Bond Retirement and Interest Fund. Any federal | ||
funds received as reimbursement
for the completed construction | ||
of a capital improvement project for which
moneys from the | ||
Capital Development Fund have been expended shall be deposited
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in the Capital Development Bond Retirement and Interest Fund.
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(Source: P.A. 80-1171.)
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