Sen. Donne E. Trotter
Filed: 1/11/2011
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO HOUSE BILL 5960
| ||||||
2 | AMENDMENT NO. ______. Amend House Bill 5960, AS AMENDED, | ||||||
3 | with reference to page and line numbers of Senate Amendment No. | ||||||
4 | 2 as follows:
| ||||||
5 | on page 1, immediately below line 4, by inserting the | ||||||
6 | following: | ||||||
7 | "Section 3. The State Finance Act is amended by changing | ||||||
8 | Section 6z-78 as follows: | ||||||
9 | (30 ILCS 105/6z-78)
| ||||||
10 | Sec. 6z-78. Capital Projects Fund; bonded indebtedness; | ||||||
11 | transfers. Money in the Capital Projects Fund shall, if and | ||||||
12 | when the State of Illinois incurs any bonded indebtedness using | ||||||
13 | the bond authorizations authorization enacted in Public Act | ||||||
14 | 96-36 and this amendatory Act of the 96th General Assembly, be | ||||||
15 | set aside and used for the purpose of paying and discharging |
| |||||||
| |||||||
1 | annually the principal and interest on that bonded indebtedness | ||||||
2 | then due and payable. | ||||||
3 | In addition to other transfers to the General Obligation | ||||||
4 | Bond Retirement and Interest Fund made pursuant to Section 15 | ||||||
5 | of the General Obligation Bond Act, upon each delivery of | ||||||
6 | general obligation bonds using bond authorizations | ||||||
7 | authorization enacted in Public Act 96-36 and this amendatory | ||||||
8 | Act of the 96th General Assembly the State Comptroller shall | ||||||
9 | compute and certify to the State Treasurer the total amount of | ||||||
10 | principal of, interest on, and premium, if any, on such bonds | ||||||
11 | during the then current and each succeeding fiscal year. With | ||||||
12 | respect to the interest payable on variable rate bonds, such | ||||||
13 | certifications shall be calculated at the maximum rate of | ||||||
14 | interest that may be payable during the fiscal year, after | ||||||
15 | taking into account any credits permitted in the related | ||||||
16 | indenture or other instrument against the amount of such | ||||||
17 | interest required to be appropriated for the period. | ||||||
18 | (a) Except as provided for in subsection (b), on or before | ||||||
19 | the last day of each month, the State Treasurer and State | ||||||
20 | Comptroller shall transfer from the Capital Projects Fund to | ||||||
21 | the General Obligation Bond Retirement and Interest Fund an | ||||||
22 | amount sufficient to pay the aggregate of the principal of, | ||||||
23 | interest on, and premium, if any, on the bonds payable on their | ||||||
24 | next payment date, divided by the number of monthly transfers | ||||||
25 | occurring between the last previous payment date (or the | ||||||
26 | delivery date if no payment date has yet occurred) and the next |
| |||||||
| |||||||
1 | succeeding payment date. Interest payable on variable rate | ||||||
2 | bonds shall be calculated at the maximum rate of interest that | ||||||
3 | may be payable for the relevant period, after taking into | ||||||
4 | account any credits permitted in the related indenture or other | ||||||
5 | instrument against the amount of such interest required to be | ||||||
6 | appropriated for that period. Interest for which moneys have | ||||||
7 | already been deposited into the capitalized interest account | ||||||
8 | within the General Obligation Bond Retirement and Interest Fund | ||||||
9 | shall not be included in the calculation of the amounts to be | ||||||
10 | transferred under this subsection.
| ||||||
11 | (b) On or before the last day of each month, the State | ||||||
12 | Treasurer and State Comptroller shall transfer from the Capital | ||||||
13 | Projects Fund to the General Obligation Bond Retirement and | ||||||
14 | Interest Fund an amount sufficient to pay the aggregate of the | ||||||
15 | principal of, interest on, and premium, if any, on the bonds | ||||||
16 | issued prior to January 1, 2012 pursuant to Section 4(d) of the | ||||||
17 | General Obligation Bond Act payable on their next payment date, | ||||||
18 | divided by the number of monthly transfers occurring between | ||||||
19 | the last previous payment date (or the delivery date if no | ||||||
20 | payment date has yet occurred) and the next succeeding payment | ||||||
21 | date. If the available balance in the Capital Projects Fund is | ||||||
22 | not sufficient for the transfer required in this subsection, | ||||||
23 | the State Treasurer and State Comptroller shall transfer the | ||||||
24 | difference from the Road Fund to the General Obligation Bond | ||||||
25 | Retirement and Interest Fund; except that such Road Fund | ||||||
26 | transfers shall constitute a debt of the Capital Projects Fund |
| |||||||
| |||||||
1 | which shall be repaid according to subsection (c). Interest | ||||||
2 | payable on variable rate bonds shall be calculated at the | ||||||
3 | maximum rate of interest that may be payable for the relevant | ||||||
4 | period, after taking into account any credits permitted in the | ||||||
5 | related indenture or other instrument against the amount of | ||||||
6 | such interest required to be appropriated for that period. | ||||||
7 | Interest for which moneys have already been deposited into the | ||||||
8 | capitalized interest account within the General Obligation | ||||||
9 | Bond Retirement and Interest Fund shall not be included in the | ||||||
10 | calculation of the amounts to be transferred under this | ||||||
11 | subsection. | ||||||
12 | (c) On the first day of any month when the Capital Projects | ||||||
13 | Fund is carrying a debt to the Road Fund due to the provisions | ||||||
14 | of subsection (b), the State Treasurer and State Comptroller | ||||||
15 | shall transfer from the Capital Projects Fund to the Road Fund | ||||||
16 | an amount sufficient to discharge that debt. These transfers to | ||||||
17 | the Road Fund shall continue until the Capital Projects Fund | ||||||
18 | has repaid to the Road Fund all transfers made from the Road | ||||||
19 | Fund pursuant to subsection (b). Notwithstanding any other law | ||||||
20 | to the contrary, transfers to the Road Fund from the Capital | ||||||
21 | Projects Fund shall be made prior to any other expenditures or | ||||||
22 | transfers out of the Capital Projects Fund. | ||||||
23 | (Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09.)"; | ||||||
24 | and
| ||||||
25 | on page 20, by deleting line 26, and on page 21, by deleting |
| |||||||
| |||||||
1 | lines 1 through 3, and inserting instead the following: | ||||||
2 | " (1) disclose whether, within the past 3 months, | ||||||
3 | pursuant to its credit default swap market-making | ||||||
4 | activities, the firm has entered into any State of Illinois | ||||||
5 | credit default swaps ("CDS"); "; and | ||||||
6 | on page 21, by deleting lines 19 through 23 and inserting | ||||||
7 | instead the following: | ||||||
8 | " (5) list all time periods during the past 3 months | ||||||
9 | during which the firm held net long or net short State of | ||||||
10 | Illinois CDS proprietary credit protection positions, the | ||||||
11 | amount of such positions, and whether those positions were | ||||||
12 | net long or net short credit protection positions; and "; | ||||||
13 | and | ||||||
14 | on page 22, by deleting lines 12 through 15 and inserting | ||||||
15 | instead the following: | ||||||
16 | " (1) disclose whether, within the past 3 months, | ||||||
17 | pursuant to its credit default swap market-making | ||||||
18 | activities, the firm has entered into any State of Illinois | ||||||
19 | credit default swaps ("CDS"); "; and | ||||||
20 | on page 23, by deleting lines 5 through 9 and inserting instead | ||||||
21 | the following: | ||||||
22 | " (5) list all time periods during the past 3 months | ||||||
23 | during which the firm held net long or net short State of |
| |||||||
| |||||||
1 | Illinois CDS proprietary credit protection positions, the | ||||||
2 | amount of such positions, and whether those positions were | ||||||
3 | net long or net short credit protection positions; and ".
|