Executive Committee
Adopted in House Comm. on Oct 14, 2009
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1 | AMENDMENT TO SENATE BILL 941
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2 | AMENDMENT NO. ______. Amend Senate Bill 941 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Regional Transportation Authority Act is | ||||||
5 | amended by changing Sections 2.01d, 2.30, 4.03.3, 4.04, and | ||||||
6 | 4.11 as follows: | ||||||
7 | (70 ILCS 3615/2.01d) | ||||||
8 | Sec. 2.01d. ADA Paratransit Fund. The Authority shall | ||||||
9 | establish an ADA Paratransit Fund and, each year, deposit into | ||||||
10 | that Fund (i) the amounts estimated by the Authority as | ||||||
11 | necessary to fund the operating deficit of the Suburban Bus | ||||||
12 | Board in the provision of ADA paratransit service, together | ||||||
13 | with a reserve amount described in directed by Section 4.03.3 | ||||||
14 | of this Act and the proceeds of any Working Cash Notes issued | ||||||
15 | to fund that operating deficit, and (ii) any funds received | ||||||
16 | from the State pursuant to appropriations for the purpose of |
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1 | funding ADA paratransit services. The amounts on deposit in the | ||||||
2 | Fund and interest and other earnings on those amounts shall be | ||||||
3 | used by the Authority to fund the operating deficit of make | ||||||
4 | grants to the Suburban Bus Board in the operation of for ADA | ||||||
5 | paratransit services provided pursuant to plans approved by the | ||||||
6 | Authority under Section 2.30 of this Act. Funds received by the | ||||||
7 | Suburban Bus Board from the Authority's ADA Paratransit Fund | ||||||
8 | shall be used only to provide ADA paratransit services to | ||||||
9 | individuals who are determined to be eligible for such services | ||||||
10 | by the Authority under the Americans with Disabilities Act of | ||||||
11 | 1990 and its implementing regulations. Revenues from and costs | ||||||
12 | of services provided by the Suburban Bus Board with grants made | ||||||
13 | under this Section shall be included in the Annual Budget and | ||||||
14 | Two-Year Financial Program of the Suburban Bus Board and shall | ||||||
15 | be subject to all budgetary and financial requirements under | ||||||
16 | this Act that apply to ADA paratransit services. Beginning in | ||||||
17 | 2008, the Executive Director shall, no later than August 15 of | ||||||
18 | each year, provide to the Board a written determination of the | ||||||
19 | projected annual costs of ADA paratransit services that are | ||||||
20 | required to be provided pursuant to the Americans with | ||||||
21 | Disabilities Act of 1990 and its implementing regulations. The | ||||||
22 | Authority shall conduct triennial financial, compliance, and | ||||||
23 | performance audits of ADA paratransit services to assist in | ||||||
24 | this determination. | ||||||
25 | (Source: P.A. 95-708, eff. 1-18-08.) |
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1 | (70 ILCS 3615/2.30) | ||||||
2 | Sec. 2.30. Paratransit services. | ||||||
3 | (a) For purposes of this Act, "ADA paratransit services" | ||||||
4 | shall mean those comparable or specialized transportation | ||||||
5 | services provided by, or under grant or purchase of service | ||||||
6 | contracts of, the Service Boards to individuals with | ||||||
7 | disabilities who are unable to use fixed route transportation | ||||||
8 | systems and who are determined to be eligible, for some or all | ||||||
9 | of their trips, for such services under the Americans with | ||||||
10 | Disabilities Act of 1990 and its implementing regulations. | ||||||
11 | (b) Beginning July 1, 2005, the Authority is responsible | ||||||
12 | for the funding, from amounts on deposit in the ADA Paratransit | ||||||
13 | Fund established under Section 2.01d of this Act, financial | ||||||
14 | review and oversight of all ADA paratransit services that are | ||||||
15 | provided by the Authority or by any of the Service Boards. The | ||||||
16 | Suburban Bus Board shall operate or provide for the operation | ||||||
17 | of all ADA paratransit services by no later than July 1, 2006, | ||||||
18 | except that this date may be extended to the extent necessary | ||||||
19 | to obtain approval from the Federal Transit Administration of | ||||||
20 | the plan prepared pursuant to subsection (c). | ||||||
21 | (c) No later than January 1, 2006, the Authority, in | ||||||
22 | collaboration with the Suburban Bus Board and the Chicago | ||||||
23 | Transit Authority, shall develop a plan for the provision of | ||||||
24 | ADA paratransit services and submit such plan to the Federal | ||||||
25 | Transit Administration for approval. Approval of such plan by | ||||||
26 | the Authority shall require the affirmative votes of 12
of the |
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1 | then Directors. The Suburban Bus Board, the Chicago Transit | ||||||
2 | Authority and the Authority shall comply with the requirements | ||||||
3 | of the Americans with Disabilities Act of 1990 and its | ||||||
4 | implementing regulations in developing and approving such plan | ||||||
5 | including, without limitation, consulting with individuals | ||||||
6 | with disabilities and groups representing them in the | ||||||
7 | community, and providing adequate opportunity for public | ||||||
8 | comment and public hearings. The plan shall include the | ||||||
9 | contents required for a paratransit plan pursuant to the | ||||||
10 | Americans with Disabilities Act of 1990 and its implementing | ||||||
11 | regulations. The plan shall also include, without limitation, | ||||||
12 | provisions to: | ||||||
13 | (1) maintain, at a minimum, the levels of ADA | ||||||
14 | paratransit service that are required to be provided by the | ||||||
15 | Service Boards pursuant to the Americans with Disabilities | ||||||
16 | Act of 1990 and its implementing regulations; | ||||||
17 | (2) transfer the appropriate ADA paratransit services, | ||||||
18 | management, personnel, service contracts and assets from | ||||||
19 | the Chicago Transit Authority to the Authority or the | ||||||
20 | Suburban Bus Board, as necessary, by no later than July 1, | ||||||
21 | 2006, except that this date may be extended to the extent | ||||||
22 | necessary to obtain approval from the Federal Transit | ||||||
23 | Administration of the plan prepared pursuant to this | ||||||
24 | subsection (c); | ||||||
25 | (3) provide for consistent policies throughout the | ||||||
26 | metropolitan region for scheduling of ADA paratransit |
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1 | service trips to and from destinations, with consideration | ||||||
2 | of scheduling of return trips on a "will-call" open-ended | ||||||
3 | basis upon request of the rider, if practicable, and with | ||||||
4 | consideration of an increased number of trips available by | ||||||
5 | subscription service than are available as of the effective | ||||||
6 | date of this amendatory Act; | ||||||
7 | (4) provide that service contracts and rates, entered | ||||||
8 | into or set after the approval by the Federal Transit | ||||||
9 | Administration of the plan prepared pursuant to subsection | ||||||
10 | (c) of this Section, with private carriers and taxicabs for | ||||||
11 | ADA paratransit service are procured by means of an open | ||||||
12 | procurement process; | ||||||
13 | (5) provide for fares, fare collection and billing | ||||||
14 | procedures for ADA paratransit services throughout the | ||||||
15 | metropolitan region; | ||||||
16 | (6) provide for performance standards for all ADA | ||||||
17 | paratransit service transportation carriers, with | ||||||
18 | consideration of door-to-door service; | ||||||
19 | (7) provide, in cooperation with the Illinois | ||||||
20 | Department of Transportation, the Illinois Department of | ||||||
21 | Public Aid and other appropriate public agencies and | ||||||
22 | private entities, for the application and receipt of | ||||||
23 | grants, including, without limitation, reimbursement from | ||||||
24 | Medicaid or other programs for ADA paratransit services; | ||||||
25 | (8) provide for a system of dispatch of ADA paratransit | ||||||
26 | services transportation carriers throughout the |
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1 | metropolitan region, with consideration of county-based | ||||||
2 | dispatch systems already in place as of the effective date | ||||||
3 | of this amendatory Act; | ||||||
4 | (9) provide for a process of determining eligibility | ||||||
5 | for ADA paratransit services that complies with the | ||||||
6 | Americans with Disabilities Act of 1990 and its | ||||||
7 | implementing regulations ; beginning no later than January | ||||||
8 | 1, 2010, that process shall be operated by the Suburban Bus | ||||||
9 | Division as part of the cost of the ADA paratransit | ||||||
10 | services to be paid from the ADA Paratransit Fund ; | ||||||
11 | (10) provide for consideration of innovative methods | ||||||
12 | to provide and fund ADA paratransit services; and | ||||||
13 | (11) provide for the creation of one or more ADA | ||||||
14 | advisory boards, or the reconstitution of the existing ADA | ||||||
15 | advisory boards for the Service Boards, to represent the | ||||||
16 | diversity of individuals with disabilities in the | ||||||
17 | metropolitan region and to provide appropriate ongoing | ||||||
18 | input from individuals with disabilities into the | ||||||
19 | operation of ADA paratransit services.
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20 | (d) All revisions and annual updates to the ADA paratransit | ||||||
21 | services plan developed pursuant to subsection (c) of this | ||||||
22 | Section, or certifications of continued compliance in lieu of | ||||||
23 | plan updates, that are required to be provided to the Federal | ||||||
24 | Transit Administration shall be developed by the Authority, in | ||||||
25 | collaboration with the Suburban Bus Board and the Chicago | ||||||
26 | Transit Authority, and the Authority shall submit such |
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1 | revision, update or certification to the Federal Transit | ||||||
2 | Administration for approval. Approval of such revisions, | ||||||
3 | updates or certifications by the Authority shall require the | ||||||
4 | affirmative votes of 12
of the then Directors. | ||||||
5 | (e) The Illinois Department of Transportation, the | ||||||
6 | Illinois Department of Public Aid, the Authority, the Suburban | ||||||
7 | Bus Board and the Chicago Transit Authority shall enter into | ||||||
8 | intergovernmental agreements as may be necessary to provide | ||||||
9 | funding and accountability for, and implementation of, the | ||||||
10 | requirements of this Section. | ||||||
11 | (f) By no later than April 1, 2007, the Authority shall | ||||||
12 | develop and submit to the General Assembly and the Governor a | ||||||
13 | funding plan for ADA paratransit services. Approval of such | ||||||
14 | plan by the Authority shall require the affirmative votes of 12
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15 | of the then Directors. The funding plan shall, at a minimum, | ||||||
16 | contain an analysis of the current costs of providing ADA | ||||||
17 | paratransit services, projections of the long-term costs of | ||||||
18 | providing ADA paratransit services, identification of and | ||||||
19 | recommendations for possible cost efficiencies in providing | ||||||
20 | ADA paratransit services, and identification of and | ||||||
21 | recommendations for possible funding sources for providing ADA | ||||||
22 | paratransit services. The Illinois Department of | ||||||
23 | Transportation, the Illinois Department of Public Aid, the | ||||||
24 | Suburban Bus Board, the Chicago Transit Authority and other | ||||||
25 | State and local public agencies as appropriate shall cooperate | ||||||
26 | with the Authority in the preparation of such funding plan. |
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1 | (g) Any funds derived from the federal Medicaid program for | ||||||
2 | reimbursement of the costs of providing ADA paratransit | ||||||
3 | services within the metropolitan region shall be directed to | ||||||
4 | the Authority and shall be used to pay for or reimburse the | ||||||
5 | costs of providing such services. | ||||||
6 | (h) Nothing in this amendatory Act shall be construed to | ||||||
7 | conflict with the requirements of the Americans with | ||||||
8 | Disabilities Act of 1990 and its implementing regulations. | ||||||
9 | (Source: P.A. 94-370, eff. 7-29-05; 95-708, eff. 1-18-08.) | ||||||
10 | (70 ILCS 3615/4.03.3) | ||||||
11 | Sec. 4.03.3. Distribution of Revenues. This Section | ||||||
12 | applies only after the Department begins administering and | ||||||
13 | enforcing an increased tax under Section 4.03(m) as authorized | ||||||
14 | by this amendatory Act of the 95th General Assembly. After | ||||||
15 | providing for payment of its obligations with respect to bonds | ||||||
16 | and notes issued under the provisions of Section 4.04 and | ||||||
17 | obligations related to those bonds and notes, the Authority | ||||||
18 | shall disburse the remaining proceeds from taxes it has | ||||||
19 | received from the Department of Revenue under this Article IV | ||||||
20 | and the remaining proceeds it has received from the State under | ||||||
21 | Section 4.09(a) as follows: | ||||||
22 | (a) With respect to taxes imposed by the Authority under | ||||||
23 | Section 4.03, after withholding 15% of 80% of the receipts from | ||||||
24 | those taxes collected in Cook County at a rate of 1.25%, 15% of | ||||||
25 | 75% of the receipts from those taxes collected in Cook County |
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1 | at the rate of 1%, 15% of one-half of the receipts from those | ||||||
2 | taxes collected in DuPage, Kane, Lake, McHenry, and Will | ||||||
3 | Counties, and 15% of money received by the Authority from the | ||||||
4 | Regional Transportation Authority Occupation and Use Tax | ||||||
5 | Replacement Fund or from the Regional Transportation Authority | ||||||
6 | tax fund created in Section 4.03(n), the Board shall allocate | ||||||
7 | the proceeds and money remaining to the Service Boards as | ||||||
8 | follows:
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9 | (1) an amount equal to (i) 85% of 80% of the receipts | ||||||
10 | from those taxes collected within the City of Chicago at a | ||||||
11 | rate of 1.25%, (ii) 85% of 75% of the receipts from those | ||||||
12 | taxes collected in the City of Chicago at the rate of 1%, | ||||||
13 | and (iii) 85% of the money received by the Authority on | ||||||
14 | account of transfers to the Regional Transportation | ||||||
15 | Authority Occupation and Use Tax Replacement Fund or to the | ||||||
16 | Regional Transportation Authority tax fund created in | ||||||
17 | Section 4.03(n) from the County and Mass Transit District | ||||||
18 | Fund attributable to retail sales within the City of | ||||||
19 | Chicago shall be allocated to the Chicago Transit | ||||||
20 | Authority;
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21 | (2) an amount equal to (i) 85% of 80% of the receipts | ||||||
22 | from those taxes collected within Cook County outside of | ||||||
23 | the City of Chicago at a rate of 1.25%, (ii) 85% of 75% of | ||||||
24 | the receipts from those taxes collected within Cook County | ||||||
25 | outside the City of Chicago at a rate of 1%, and (iii) 85% | ||||||
26 | of the money received by the Authority on account of |
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1 | transfers to the Regional Transportation Authority | ||||||
2 | Occupation and Use Tax Replacement Fund or to the Regional | ||||||
3 | Transportation Authority tax fund created in Section | ||||||
4 | 4.03(n) from the County and Mass Transit District Fund | ||||||
5 | attributable to retail sales within Cook County outside of | ||||||
6 | the City of Chicago shall be allocated 30% to the Chicago | ||||||
7 | Transit Authority, 55% to the Commuter Rail Board, and 15% | ||||||
8 | to the Suburban Bus Board; and
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9 | (3) an amount equal to 85% of one-half of the receipts | ||||||
10 | from the taxes collected within the Counties of DuPage, | ||||||
11 | Kane, Lake, McHenry, and Will shall be allocated 70% to the | ||||||
12 | Commuter Rail Board and 30% to the Suburban Bus Board.
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13 | (b) Moneys received by the Authority on account of | ||||||
14 | transfers to the Regional Transportation Authority Occupation | ||||||
15 | and Use Tax Replacement Fund from the State and Local Sales Tax | ||||||
16 | Reform Fund shall be allocated among the Authority and the | ||||||
17 | Service Boards as follows: 15% of such moneys shall be retained | ||||||
18 | by the Authority and the remaining 85% shall be transferred to | ||||||
19 | the Service Boards as soon as may be practicable after the | ||||||
20 | Authority receives payment. Moneys which are distributable to | ||||||
21 | the Service Boards pursuant to the preceding sentence shall be | ||||||
22 | allocated among the Service Boards on the basis of each Service | ||||||
23 | Board's distribution ratio. The term "distribution ratio" | ||||||
24 | means, for purposes of this subsection (b), the ratio of the | ||||||
25 | total amount distributed to a Service Board pursuant to | ||||||
26 | subsection (a) of Section 4.03.3 for the immediately preceding |
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1 | calendar year to the total amount distributed to all of the | ||||||
2 | Service Boards pursuant to subsection (a) of Section 4.03.3 for | ||||||
3 | the immediately preceding calendar year.
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4 | (c)(i) 20% of the receipts from those taxes collected in | ||||||
5 | Cook County under Section 4.03 at the rate of 1.25%, (ii) 25% | ||||||
6 | of the receipts from those taxes collected in Cook County under | ||||||
7 | Section 4.03 at the rate of 1%, (iii) 50% of the receipts from | ||||||
8 | those taxes collected in DuPage, Kane, Lake, McHenry, and Will | ||||||
9 | Counties under Section 4.03, and (iv) amounts received from the | ||||||
10 | State under Section 4.09 (a)(2) and items (i), (ii), and (iii) | ||||||
11 | of Section 4.09 (a)(3) shall be allocated as follows: (A) in | ||||||
12 | 2008, $100,000,000 shall be deposited in the ADA Paratransit | ||||||
13 | Fund described in Section 2.01d, $20,000,000 shall be deposited | ||||||
14 | in the Suburban Community Mobility Fund described in Section | ||||||
15 | 2.01e, and $10,000,000 shall be deposited in the Innovation, | ||||||
16 | Coordination and Enhancement Fund described in Section 2.01c , | ||||||
17 | and the balance shall be allocated 48% to the Chicago Transit | ||||||
18 | Authority, 39% to the Commuter Rail Board, and 13% to the | ||||||
19 | Suburban Bus Board ; (B) and in 2009 and each year thereafter, | ||||||
20 | the amounts deposited into in the ADA Paratransit Fund in 2009, | ||||||
21 | and amounts deposited into , the Suburban Community Mobility | ||||||
22 | Fund and the Innovation, Coordination and Enhancement Fund | ||||||
23 | respectively in 2009 and each year thereafter shall equal the | ||||||
24 | amount deposited in the previous year increased or decreased by | ||||||
25 | the percentage growth or decline in revenues received by the | ||||||
26 | Authority from taxes imposed under Section 4.03 in the previous |
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1 | year ; (C) the amount deposited into the ADA Paratransit Fund in | ||||||
2 | 2010 and each year thereafter shall be the sum of the amount | ||||||
3 | estimated by the Board from time to time as the operating | ||||||
4 | deficit for ADA paratransit services for that year under | ||||||
5 | Section 4.11 of this Act, plus 10% of that amount as a reserve, | ||||||
6 | plus any amounts necessary to pay principal of and interest on | ||||||
7 | Working Cash Notes issued to fund cash flow deficits of the | ||||||
8 | Suburban Bus Board in the provision of ADA paratransit service, | ||||||
9 | less the amount estimated by the Board to be the surplus in the | ||||||
10 | ADA Paratransit Fund for the previous year; , and (D) after | ||||||
11 | making the deposits required in items (A) through (C) above, | ||||||
12 | the balance shall be allocated 48% to the Chicago Transit | ||||||
13 | Authority, 39% to the Commuter Rail Board and 13% to the | ||||||
14 | Suburban Bus Board.
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15 | (d) Amounts received from the State under Section 4.09 | ||||||
16 | (a)(3)(iv) shall be distributed 100% to the Chicago Transit | ||||||
17 | Authority.
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18 | (e) With respect to those taxes collected in DuPage, Kane, | ||||||
19 | Lake, McHenry, and Will Counties and paid directly to the | ||||||
20 | counties under Section 4.03, the County Board of each county | ||||||
21 | shall use those amounts to fund operating and capital costs of | ||||||
22 | public safety and public transportation services or facilities | ||||||
23 | or to fund operating, capital, right-of-way, construction, and | ||||||
24 | maintenance costs of other transportation purposes, including | ||||||
25 | road, bridge, public safety, and transit purposes intended to | ||||||
26 | improve mobility or reduce congestion in the county. The |
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1 | receipt of funding by such counties pursuant to this paragraph | ||||||
2 | shall not be used as the basis for reducing any funds that such | ||||||
3 | counties would otherwise have received from the State of | ||||||
4 | Illinois, any agency or instrumentality thereof, the | ||||||
5 | Authority, or the Service Boards.
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6 | (f) The Authority by ordinance adopted by 12 of its then | ||||||
7 | Directors shall apportion to the Service Boards funds provided | ||||||
8 | by the State of Illinois under Section 4.09(a)(1) as it shall | ||||||
9 | determine and shall make payment of the amounts to each Service | ||||||
10 | Board as soon as may be practicable upon their receipt provided | ||||||
11 | the Authority has adopted a balanced budget as required by | ||||||
12 | Section 4.01 and further provided the Service Board is in | ||||||
13 | compliance with the requirements in Section 4.11.
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14 | (g) Beginning January 1, 2009, before making any payments, | ||||||
15 | transfers, or expenditures under this Section to a Service | ||||||
16 | Board, the Authority must first comply with Section 4.02a or | ||||||
17 | 4.02b of this Act, whichever may be applicable.
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18 | (Source: P.A. 95-708, eff. 1-18-08.) | ||||||
19 | (70 ILCS 3615/4.04) (from Ch. 111 2/3, par. 704.04) | ||||||
20 | Sec. 4.04. Issuance and Pledge of Bonds and Notes. | ||||||
21 | (a) The Authority shall have the continuing power to borrow | ||||||
22 | money and to
issue its negotiable bonds or notes as provided in | ||||||
23 | this Section. Unless
otherwise indicated in this Section, the | ||||||
24 | term "notes" also includes bond
anticipation notes, which are | ||||||
25 | notes which by their terms provide for
their payment from the |
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1 | proceeds of bonds thereafter to be issued. Bonds
or notes of | ||||||
2 | the Authority may be issued for any or all of the following
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3 | purposes: to pay costs to the Authority or a Service Board of | ||||||
4 | constructing
or acquiring any public transportation facilities | ||||||
5 | (including funds and
rights relating thereto, as provided in | ||||||
6 | Section 2.05 of this Act); to repay
advances to the Authority | ||||||
7 | or a Service Board made for such purposes; to pay
other | ||||||
8 | expenses of the Authority or a Service Board incident to or | ||||||
9 | incurred
in connection with such construction or acquisition; | ||||||
10 | to provide funds for
any transportation agency to pay principal
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11 | of or interest or redemption premium on any bonds or notes, | ||||||
12 | whether
as such amounts become due or by earlier redemption, | ||||||
13 | issued prior to the
date of this amendatory Act by such | ||||||
14 | transportation agency to construct or
acquire public | ||||||
15 | transportation facilities or to provide funds to purchase
such | ||||||
16 | bonds or notes; and to provide funds for any transportation | ||||||
17 | agency to
construct or acquire any public transportation | ||||||
18 | facilities, to repay
advances made for such purposes, and to | ||||||
19 | pay other expenses incident to
or incurred in connection with | ||||||
20 | such construction or acquisition; and to
provide funds for | ||||||
21 | payment of obligations, including the funding of reserves,
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22 | under any self-insurance plan or joint self-insurance pool or | ||||||
23 | entity. | ||||||
24 | In addition to any other borrowing as may be authorized by | ||||||
25 | this Section,
the Authority may issue its notes, from time to | ||||||
26 | time, in anticipation of
tax receipts of the Authority or of |
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1 | other
revenues or receipts of the Authority, in order to | ||||||
2 | provide money for the
Authority or the Service Boards to cover | ||||||
3 | any cash flow deficit which
the Authority or a Service Board | ||||||
4 | anticipates incurring , including, but not limited to, cash flow | ||||||
5 | deficits related to the provision of ADA paratransit service by | ||||||
6 | the Suburban Bus Board . Any such notes
are referred to in this | ||||||
7 | Section as "Working Cash Notes". No Working
Cash Notes shall be | ||||||
8 | issued for a term of longer than 24
months.
Proceeds of Working | ||||||
9 | Cash Notes may be used to pay day to day operating
expenses of | ||||||
10 | the Authority or the Service Boards, consisting of wages,
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11 | salaries and fringe benefits, professional and technical | ||||||
12 | services
(including legal, audit, engineering and other | ||||||
13 | consulting services), office
rental, furniture, fixtures and | ||||||
14 | equipment, insurance premiums, claims for
self-insured amounts | ||||||
15 | under insurance policies, public utility
obligations for | ||||||
16 | telephone, light, heat and similar items, travel expenses,
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17 | office supplies, postage, dues, subscriptions, public hearings | ||||||
18 | and information
expenses, fuel purchases, and payments of | ||||||
19 | grants and payments under purchase
of service agreements for | ||||||
20 | operations of transportation agencies, prior to
the receipt by | ||||||
21 | the Authority or a Service Board from time to time of
funds for | ||||||
22 | paying such expenses. In addition to any Working Cash Notes
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23 | that the Board of the Authority may determine to issue, the | ||||||
24 | Suburban Bus
Board, the Commuter Rail Board or the Board of the | ||||||
25 | Chicago Transit Authority
may demand and direct that the | ||||||
26 | Authority issue its Working Cash Notes in
such amounts and |
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1 | having such maturities as the Service Board may determine. | ||||||
2 | Notwithstanding any other provision of this Act, any | ||||||
3 | amounts necessary to
pay principal of and interest on any
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4 | Working Cash Notes issued at the demand
and direction of a | ||||||
5 | Service Board or any Working Cash Notes the proceeds of
which | ||||||
6 | were used for the direct benefit of a Service Board or any | ||||||
7 | other
Bonds or Notes of the Authority the proceeds of which | ||||||
8 | were used for the
direct benefit of a Service Board shall | ||||||
9 | constitute a reduction of the amount
of any other funds | ||||||
10 | provided by the Authority to that Service
Board , except any | ||||||
11 | amounts necessary to pay principal of and interest on Working | ||||||
12 | Cash Notes issued to fund cash flow deficits of the Suburban | ||||||
13 | Bus Board in the provision of ADA paratransit service shall be | ||||||
14 | accounted for as paid from amounts deposited in the ADA | ||||||
15 | Paratransit Fund under Section 4.03.3 . The Authority shall, | ||||||
16 | after deducting any costs of issuance, tender
the net proceeds | ||||||
17 | of any Working Cash Notes issued at the demand and
direction of | ||||||
18 | a Service Board to such Service Board as soon as may be
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19 | practicable after the proceeds are received. The Authority may | ||||||
20 | also issue
notes or bonds to pay, refund or redeem any of its | ||||||
21 | notes and bonds,
including to pay redemption premiums or | ||||||
22 | accrued interest on such bonds or
notes being renewed, paid or | ||||||
23 | refunded, and other costs in connection
therewith. The | ||||||
24 | Authority may also utilize the proceeds of any such bonds or
| ||||||
25 | notes to pay the legal, financial, administrative and other | ||||||
26 | expenses of
such authorization, issuance, sale or delivery of |
| |||||||
| |||||||
1 | bonds or notes or to
provide or increase a debt service reserve | ||||||
2 | fund with respect to any or all
of its bonds or notes. The | ||||||
3 | Authority may also issue and deliver
its bonds or notes in | ||||||
4 | exchange for any public transportation facilities,
(including | ||||||
5 | funds and rights relating thereto, as provided in Section
2.05 | ||||||
6 | of this Act) or in exchange for outstanding bonds or notes of | ||||||
7 | the
Authority, including any accrued interest or redemption | ||||||
8 | premium thereon,
without advertising or submitting such notes | ||||||
9 | or bonds for public bidding. | ||||||
10 | (b) The ordinance providing for the issuance of any such | ||||||
11 | bonds or
notes shall fix the date or dates of maturity, the | ||||||
12 | dates on which
interest is payable, any sinking fund account or | ||||||
13 | reserve fund account
provisions and all other details of such | ||||||
14 | bonds or notes and may provide
for such covenants or agreements | ||||||
15 | necessary or desirable with regard to
the issue, sale and | ||||||
16 | security of such bonds or notes. The rate or rates of
interest | ||||||
17 | on its bonds or notes may be fixed or variable and the | ||||||
18 | Authority
shall determine or provide for the determination of | ||||||
19 | the rate or
rates of interest of its bonds or notes
issued | ||||||
20 | under this Act in an ordinance adopted by the Authority prior | ||||||
21 | to
the issuance thereof, none of which rates of interest shall | ||||||
22 | exceed
that permitted in the Bond Authorization Act. Interest | ||||||
23 | may be payable at such times as are provided for
by the Board. | ||||||
24 | Bonds and notes issued under this Section may
be issued as | ||||||
25 | serial or term obligations, shall be of such denomination
or | ||||||
26 | denominations and form, including interest coupons to be |
| |||||||
| |||||||
1 | attached
thereto, be executed in such manner, shall be payable | ||||||
2 | at such place or
places and bear such date as the Authority | ||||||
3 | shall fix by the ordinance
authorizing such bond or note and | ||||||
4 | shall mature at such time or times,
within a period not to | ||||||
5 | exceed forty years from the date of issue, and
may be | ||||||
6 | redeemable prior to maturity with or without premium, at the
| ||||||
7 | option of the Authority, upon such terms and conditions as the | ||||||
8 | Authority
shall fix by the ordinance authorizing the issuance | ||||||
9 | of such bonds or
notes. No bond anticipation note or any | ||||||
10 | renewal thereof shall mature at
any time or times exceeding 5 | ||||||
11 | years from the date of the first issuance
of such note. The | ||||||
12 | Authority may provide for the registration of bonds or
notes in | ||||||
13 | the name of the owner as to the principal alone or as to both
| ||||||
14 | principal and interest, upon such terms and conditions as the | ||||||
15 | Authority
may determine. The ordinance authorizing bonds or | ||||||
16 | notes may provide for
the exchange of such bonds or notes which | ||||||
17 | are fully registered, as to
both principal and interest, with | ||||||
18 | bonds or notes which are registerable
as to principal only. All | ||||||
19 | bonds or notes issued under this Section by
the Authority other | ||||||
20 | than those issued in exchange for property or for
bonds or | ||||||
21 | notes of the Authority shall be sold at a price which may be at
| ||||||
22 | a premium or discount but such that the interest cost | ||||||
23 | (excluding any
redemption premium) to the Authority of the | ||||||
24 | proceeds of an issue of such
bonds or notes, computed to stated | ||||||
25 | maturity according to standard tables
of bond values, shall not | ||||||
26 | exceed that permitted in the Bond Authorization
Act. The |
| |||||||
| |||||||
1 | Authority shall notify
the
Governor's Office of Management and | ||||||
2 | Budget and the State Comptroller at least 30 days
before any | ||||||
3 | bond sale and shall file with the
Governor's Office of | ||||||
4 | Management and Budget and the
State Comptroller a certified | ||||||
5 | copy of any ordinance authorizing the issuance
of bonds at or | ||||||
6 | before the issuance of the bonds.
After December 31, 1994, any | ||||||
7 | such bonds or notes shall be sold
to the highest and best | ||||||
8 | bidder on sealed bids as the Authority shall deem.
As such | ||||||
9 | bonds or notes are to be sold the Authority shall advertise for
| ||||||
10 | proposals to purchase the bonds or notes which advertisement | ||||||
11 | shall be published
at least once in a daily newspaper of | ||||||
12 | general circulation published in the
metropolitan region at | ||||||
13 | least 10 days before the time set for the submission
of bids. | ||||||
14 | The Authority shall have the right to reject any or all bids.
| ||||||
15 | Notwithstanding any other provisions of this Section, Working | ||||||
16 | Cash Notes or
bonds or notes to provide funds for | ||||||
17 | self-insurance or a joint self-insurance
pool or entity may be | ||||||
18 | sold either upon competitive bidding or by negotiated
sale
| ||||||
19 | (without any requirement of publication of intention to | ||||||
20 | negotiate the sale
of such Notes), as the Board shall determine | ||||||
21 | by ordinance adopted with the
affirmative votes of at least 9
| ||||||
22 | Directors. In case any officer whose signature
appears on any | ||||||
23 | bonds, notes or coupons authorized pursuant to this
Section | ||||||
24 | shall cease to be such officer before delivery of such bonds or
| ||||||
25 | notes, such signature shall nevertheless be valid and | ||||||
26 | sufficient for all
purposes, the same as if such officer had |
| |||||||
| |||||||
1 | remained in office until such
delivery. Neither the Directors | ||||||
2 | of the Authority nor any person
executing any bonds or notes | ||||||
3 | thereof shall be liable personally on any
such bonds or notes | ||||||
4 | or coupons by reason of the issuance thereof. | ||||||
5 | (c) All bonds or notes of the Authority issued pursuant to | ||||||
6 | this Section
shall be general obligations
of the Authority to | ||||||
7 | which shall be pledged the full faith and credit of the
| ||||||
8 | Authority, as provided in this Section. Such bonds or notes
| ||||||
9 | shall be secured
as provided in the authorizing ordinance, | ||||||
10 | which may, notwithstanding any other
provision of this Act, | ||||||
11 | include in addition to any other security, a specific
pledge or | ||||||
12 | assignment of and lien on or security interest in any or all | ||||||
13 | tax
receipts of the Authority and on any or all other revenues | ||||||
14 | or moneys of the
Authority from whatever source, which may by | ||||||
15 | law be utilized for debt
service purposes and a specific pledge | ||||||
16 | or assignment of and lien on or security
interest in any funds | ||||||
17 | or accounts established or provided for by the ordinance
of the | ||||||
18 | Authority authorizing the issuance of such bonds or notes. Any | ||||||
19 | such
pledge, assignment, lien or security interest for the | ||||||
20 | benefit of holders of
bonds or notes of the Authority shall be | ||||||
21 | valid and binding from the time the
bonds or notes are issued | ||||||
22 | without any physical delivery or further act
and shall be valid | ||||||
23 | and binding as against and prior to the claims of all
other | ||||||
24 | parties having claims of any kind against the Authority or any | ||||||
25 | other
person irrespective of whether such other parties have | ||||||
26 | notice of such pledge,
assignment, lien or security interest. |
| |||||||
| |||||||
1 | The obligations of the Authority
incurred pursuant to this | ||||||
2 | Section shall be superior to and have priority over
any other | ||||||
3 | obligations of the Authority. | ||||||
4 | The Authority may provide in the
ordinance authorizing the | ||||||
5 | issuance of any bonds or notes issued pursuant to
this Section | ||||||
6 | for the creation of, deposits in, and regulation and | ||||||
7 | disposition
of sinking fund or reserve accounts relating to | ||||||
8 | such bonds or notes. The
ordinance authorizing the issuance of | ||||||
9 | any bonds or notes pursuant to this
Section may contain | ||||||
10 | provisions as part of the contract with the holders
of the | ||||||
11 | bonds or notes, for the creation of a separate fund to provide
| ||||||
12 | for the payment of principal and interest on such bonds or | ||||||
13 | notes
and for the deposit in such fund from any or all the tax | ||||||
14 | receipts of the
Authority and from any or all such other moneys | ||||||
15 | or revenues of the
Authority from whatever source which may by | ||||||
16 | law be utilized for debt
service purposes, all as provided in | ||||||
17 | such ordinance, of amounts to meet
the debt service | ||||||
18 | requirements on such bonds or notes, including
principal and | ||||||
19 | interest, and any sinking fund or reserve fund account
| ||||||
20 | requirements as may be provided by such ordinance, and all | ||||||
21 | expenses
incident to or in connection with such fund and | ||||||
22 | accounts or the payment
of such bonds or notes.
Such ordinance | ||||||
23 | may also provide limitations on the issuance of additional
| ||||||
24 | bonds or notes of the Authority. No such bonds or notes of the | ||||||
25 | Authority
shall constitute a debt of the State of Illinois. | ||||||
26 | Nothing in this Act shall
be construed to enable the Authority |
| |||||||
| |||||||
1 | to impose any ad valorem tax on property. | ||||||
2 | (d) The ordinance of the Authority authorizing the issuance | ||||||
3 | of any bonds
or notes may provide additional security for such | ||||||
4 | bonds or notes by providing
for appointment of a corporate | ||||||
5 | trustee (which may be any trust company or
bank having the | ||||||
6 | powers of a trust company within the state) with respect
to | ||||||
7 | such bonds or notes. The ordinance shall prescribe the rights, | ||||||
8 | duties
and powers of the trustee to be exercised for the | ||||||
9 | benefit of the Authority
and the protection of the holders of | ||||||
10 | such bonds or notes. The ordinance
may provide for the trustee | ||||||
11 | to hold in trust, invest and use amounts in
funds and accounts | ||||||
12 | created as provided by the ordinance with respect to
the bonds | ||||||
13 | or notes. The ordinance may provide for the assignment and | ||||||
14 | direct
payment to the trustee of any or all amounts produced | ||||||
15 | from the sources
provided in Section 4.03 and Section 4.09 of | ||||||
16 | this Act and provided in Section 6z-17 of "An Act
in relation | ||||||
17 | to State finance", approved June 10, 1919, as amended.
Upon | ||||||
18 | receipt of notice of any such assignment, the Department of | ||||||
19 | Revenue and
the Comptroller of the State of Illinois shall | ||||||
20 | thereafter, notwithstanding the
provisions of Section 4.03 and | ||||||
21 | Section 4.09 of this Act and Section 6z-17 of "An Act in | ||||||
22 | relation
to State finance", approved June 10, 1919, as amended, | ||||||
23 | provide for such
assigned amounts to be paid directly to the | ||||||
24 | trustee instead of the Authority,
all in accordance with the | ||||||
25 | terms of the ordinance making the assignment. The
ordinance | ||||||
26 | shall provide that
amounts so paid to the trustee which are not |
| |||||||
| |||||||
1 | required to be deposited, held
or invested in funds and | ||||||
2 | accounts created by the ordinance with respect
to bonds or | ||||||
3 | notes or used for paying bonds or notes to be paid by the | ||||||
4 | trustee
to the Authority. | ||||||
5 | (e) Any bonds or notes of the Authority issued pursuant to | ||||||
6 | this
Section shall constitute a contract between the Authority | ||||||
7 | and the
holders from time to time of such bonds or notes. In | ||||||
8 | issuing any bond or
note, the Authority may include in the | ||||||
9 | ordinance authorizing such issue
a covenant as part of the | ||||||
10 | contract with the holders of the bonds or
notes, that as long | ||||||
11 | as such obligations are outstanding, it shall make
such | ||||||
12 | deposits, as provided in paragraph (c) of this Section. It may | ||||||
13 | also
so covenant that it shall impose and continue to impose | ||||||
14 | taxes, as
provided in Section 4.03 of this Act and in addition | ||||||
15 | thereto as
subsequently authorized by law, sufficient to make | ||||||
16 | such deposits and pay
the principal and interest and to meet | ||||||
17 | other debt service requirements
of such bonds or notes as they | ||||||
18 | become due. A certified copy of the
ordinance authorizing the | ||||||
19 | issuance of any such obligations shall be
filed at or prior to | ||||||
20 | the issuance of such obligations with the Comptroller
of the | ||||||
21 | State of Illinois and the Illinois Department of Revenue. | ||||||
22 | (f) The State of Illinois pledges to and agrees with the | ||||||
23 | holders of
the bonds and notes of the Authority issued pursuant | ||||||
24 | to this Section
that the State will not limit or alter the | ||||||
25 | rights and powers vested in
the Authority by this Act so as to | ||||||
26 | impair the terms of any contract made
by the Authority with |
| |||||||
| |||||||
1 | such holders or in any way impair the rights and
remedies of | ||||||
2 | such holders until such bonds and notes, together with
interest | ||||||
3 | thereon, with interest on any unpaid installments of interest,
| ||||||
4 | and all costs and expenses in connection with any action or | ||||||
5 | proceedings
by or on behalf of such holders, are fully met and | ||||||
6 | discharged. In
addition, the State pledges to and agrees with | ||||||
7 | the holders of the bonds
and notes of the Authority issued | ||||||
8 | pursuant to this Section that the
State will not limit or alter | ||||||
9 | the basis on which State funds are to be
paid to the Authority | ||||||
10 | as provided in this Act, or the use of such funds,
so as to | ||||||
11 | impair the terms of any such contract. The Authority is
| ||||||
12 | authorized to include these pledges and agreements of the State | ||||||
13 | in any
contract with the holders of bonds or notes issued | ||||||
14 | pursuant to this
Section. | ||||||
15 | (g) (1) Except as provided in subdivisions (g)(2) and | ||||||
16 | (g)(3) of Section
4.04 of this Act, the Authority shall not | ||||||
17 | at any time issue, sell or deliver
any bonds or notes | ||||||
18 | (other than Working Cash Notes) pursuant to this Section
| ||||||
19 | 4.04 which will cause
it to have issued and outstanding at | ||||||
20 | any time in excess of $800,000,000 of such
bonds and notes | ||||||
21 | (other than Working Cash Notes).
The Authority shall not at | ||||||
22 | any time issue, sell, or deliver any Working Cash Notes | ||||||
23 | pursuant to this Section that will cause it to have issued | ||||||
24 | and outstanding at any time in excess of $400,000,000 | ||||||
25 | $100,000,000 . Notwithstanding the foregoing, before July | ||||||
26 | 1, 2009, the Authority may issue, sell, and deliver an |
| |||||||
| |||||||
1 | additional $300,000,000 in Working Cash Notes, provided | ||||||
2 | that any such additional notes shall mature on or before | ||||||
3 | June 30, 2011.
Bonds or notes which are being paid or | ||||||
4 | retired by
such issuance, sale or delivery of bonds or | ||||||
5 | notes, and bonds or notes for
which sufficient funds have | ||||||
6 | been deposited with the paying agency of
such bonds or | ||||||
7 | notes to provide for payment of principal and interest
| ||||||
8 | thereon or to provide for the redemption thereof, all | ||||||
9 | pursuant to the
ordinance authorizing the issuance of such | ||||||
10 | bonds or notes, shall not be
considered to be outstanding | ||||||
11 | for the purposes of the first two sentences
of this | ||||||
12 | subsection. | ||||||
13 | (2) In addition to the authority provided by paragraphs
| ||||||
14 | (1) and (3), the Authority is authorized to issue, sell and | ||||||
15 | deliver bonds
or notes for Strategic Capital Improvement | ||||||
16 | Projects approved pursuant to
Section 4.13 as follows: | ||||||
17 | $100,000,000 is authorized to be issued on or after | ||||||
18 | January 1, 1990; | ||||||
19 | an additional $100,000,000 is authorized to be issued | ||||||
20 | on or after
January 1, 1991; | ||||||
21 | an additional $100,000,000 is authorized to be issued | ||||||
22 | on or after
January 1, 1992; | ||||||
23 | an additional $100,000,000 is authorized to be issued | ||||||
24 | on or after
January 1, 1993; | ||||||
25 | an additional $100,000,000 is authorized to be issued | ||||||
26 | on or after
January 1, 1994; and |
| |||||||
| |||||||
1 | the aggregate total authorization of bonds and notes | ||||||
2 | for Strategic
Capital Improvement Projects as of January 1, | ||||||
3 | 1994, shall be $500,000,000. | ||||||
4 | The Authority is also authorized to issue, sell, and | ||||||
5 | deliver bonds or
notes in such amounts as are necessary to | ||||||
6 | provide for the refunding or advance
refunding of bonds or | ||||||
7 | notes issued for Strategic Capital Improvement Projects
| ||||||
8 | under this subdivision (g)(2), provided that no such | ||||||
9 | refunding bond or note
shall mature later than the final | ||||||
10 | maturity date of the series of bonds or notes
being | ||||||
11 | refunded, and provided further that the debt service | ||||||
12 | requirements for
such refunding bonds or notes in the | ||||||
13 | current or any future fiscal year shall
not exceed the debt | ||||||
14 | service requirements for that year on the refunded bonds
or | ||||||
15 | notes. | ||||||
16 | (3) In addition to the authority provided by paragraphs | ||||||
17 | (1) and (2),
the Authority is authorized to issue, sell, | ||||||
18 | and deliver bonds or notes for
Strategic Capital | ||||||
19 | Improvement Projects approved pursuant to Section 4.13 as
| ||||||
20 | follows: | ||||||
21 | $260,000,000 is authorized to be issued on or after | ||||||
22 | January 1, 2000; | ||||||
23 | an additional $260,000,000 is authorized to be issued | ||||||
24 | on or after
January 1, 2001; | ||||||
25 | an additional $260,000,000 is authorized to be issued | ||||||
26 | on or after
January 1, 2002; |
| |||||||
| |||||||
1 | an additional $260,000,000 is authorized to be issued | ||||||
2 | on or after
January 1, 2003; | ||||||
3 | an additional $260,000,000 is authorized to be issued | ||||||
4 | on or after
January 1, 2004; and | ||||||
5 | the aggregate total authorization of bonds and notes | ||||||
6 | for Strategic
Capital Improvement Projects pursuant to | ||||||
7 | this paragraph (3) as of
January 1, 2004 shall be | ||||||
8 | $1,300,000,000. | ||||||
9 | The Authority is also authorized to issue, sell, and | ||||||
10 | deliver bonds or notes
in such amounts as are necessary to | ||||||
11 | provide for the refunding or advance
refunding of bonds or | ||||||
12 | notes issued for Strategic Capital Improvement projects
| ||||||
13 | under this subdivision (g)(3), provided that no such | ||||||
14 | refunding bond or note
shall mature later than the final | ||||||
15 | maturity date of the series of bonds or notes
being | ||||||
16 | refunded, and provided further that the debt service | ||||||
17 | requirements for
such refunding bonds or notes in the | ||||||
18 | current or any future fiscal year shall
not exceed the debt | ||||||
19 | service requirements for that year on the refunded bonds or
| ||||||
20 | notes. | ||||||
21 | (h) The Authority, subject to the terms of any agreements | ||||||
22 | with noteholders
or bond holders as may then exist, shall have | ||||||
23 | power, out of any funds
available therefor, to purchase notes | ||||||
24 | or bonds of the Authority, which
shall thereupon be cancelled. | ||||||
25 | (i) In addition to any other authority granted by law, the | ||||||
26 | State Treasurer
may, with the approval of the Governor, invest |
| |||||||
| |||||||
1 | or reinvest, at a price not
to exceed par, any State money in | ||||||
2 | the State Treasury which is not needed
for current expenditures | ||||||
3 | due or about to become due in Working Cash Notes. | ||||||
4 | (Source: P.A. 94-793, eff. 5-19-06; 95-708, eff. 1-18-08.) | ||||||
5 | (70 ILCS 3615/4.11) (from Ch. 111 2/3, par. 704.11) | ||||||
6 | Sec. 4.11. Budget Review Powers. | ||||||
7 | (a) Based
upon estimates which shall be given to the | ||||||
8 | Authority by the Director of
the
Governor's Office of | ||||||
9 | Management and Budget (formerly
Bureau of the Budget) of the | ||||||
10 | receipts to be received by the
Authority from the taxes imposed
| ||||||
11 | by the Authority and the authorized estimates of amounts
to be | ||||||
12 | available from State and other sources to the Service Boards, | ||||||
13 | and
the times at which such receipts and amounts will be | ||||||
14 | available, the Board
shall, not later than the next preceding | ||||||
15 | September 15th prior to the beginning
of the Authority's next | ||||||
16 | fiscal year,
advise each Service Board of the amounts estimated | ||||||
17 | by the Board to be available
for such Service Board during such | ||||||
18 | fiscal year and the two following fiscal
years and the times at | ||||||
19 | which such amounts will be available. The Board shall also | ||||||
20 | advise the Service Boards of the estimated operating deficit of | ||||||
21 | the Suburban Bus Board in the provision of ADA paratransit | ||||||
22 | service during the next fiscal year, and the amount estimated | ||||||
23 | to be deposited into the ADA Paratransit Fund during that | ||||||
24 | fiscal year under Section 4.03.3. The Board
shall, at the same | ||||||
25 | time, also advise each Service Board of its required
system |
| |||||||
| |||||||
1 | generated revenues recovery ratio for the next fiscal year | ||||||
2 | which
shall be the percentage of the aggregate costs of | ||||||
3 | providing public
transportation by or under jurisdiction of | ||||||
4 | that Service Board which must be
recovered from system | ||||||
5 | generated revenues. The Board shall, at the same time, | ||||||
6 | beginning with the 2007 fiscal year, also advise each Service | ||||||
7 | Board that provides ADA paratransit services of its required | ||||||
8 | system generated ADA paratransit services revenue recovery | ||||||
9 | ratio for the next fiscal year which shall be the percentage of | ||||||
10 | the aggregate costs of providing ADA paratransit services by or | ||||||
11 | under jurisdiction of that Service Board which must be | ||||||
12 | recovered from fares charged for such services, except that | ||||||
13 | such required system generated ADA paratransit services | ||||||
14 | revenue recovery ratio shall not exceed the minimum percentage | ||||||
15 | established pursuant to Section 4.01(b)(ii) of this Act. In | ||||||
16 | determining
a Service Board's system generated revenue | ||||||
17 | recovery ratio, the Board shall
consider the historical system | ||||||
18 | generated revenues recovery ratio for the
services subject to | ||||||
19 | the jurisdiction of that
Service Board. The Board shall not | ||||||
20 | increase a Service Board's system generated
revenues recovery | ||||||
21 | ratio for the next fiscal year over such ratio for the
current | ||||||
22 | fiscal year disproportionately or prejudicially to increases | ||||||
23 | in
such ratios for other Service Boards. The Board may, by | ||||||
24 | ordinance,
provide that (i) the cost of research and | ||||||
25 | development projects in the
fiscal year beginning January 1, | ||||||
26 | 1986 and ending December 31, 1986
conducted pursuant to Section |
| |||||||
| |||||||
1 | 2.09 of this Act, (ii) the costs for passenger security, and | ||||||
2 | (iii) expenditures of amounts granted to a Service Board from | ||||||
3 | the Innovation, Coordination, and Enhancement Fund for | ||||||
4 | operating purposes may be exempted from the
farebox recovery | ||||||
5 | ratio or the system generated revenues recovery ratio of
the | ||||||
6 | Chicago Transit Authority, the Suburban Bus Board, and the | ||||||
7 | Commuter
Rail Board, or any of them. During fiscal years 2008 | ||||||
8 | through 2012, the Board may also allocate the exemption of | ||||||
9 | $200,000,000 and the reducing amounts of costs provided by this | ||||||
10 | amendatory Act of the 95th General Assembly from the farebox | ||||||
11 | recovery ratio or system generated revenues recovery ratio of | ||||||
12 | each Service Board. | ||||||
13 | (b)(1) Not later than the next preceding November 15 prior | ||||||
14 | to the
commencement of such fiscal year, each Service Board | ||||||
15 | shall submit to the
Authority its proposed budget for such | ||||||
16 | fiscal year and its proposed
financial plan for the two | ||||||
17 | following fiscal years. Such budget and
financial plan shall | ||||||
18 | (i) be prepared in the format, follow the financial and | ||||||
19 | budgetary practices, and be based on any assumptions and | ||||||
20 | projections required by the Authority and (ii) not project or | ||||||
21 | assume a receipt of revenues from the
Authority in amounts | ||||||
22 | greater than those set forth in the estimates provided
by the | ||||||
23 | Authority pursuant to subsection (a) of this Section and, for | ||||||
24 | ADA paratransit service, the budget and financial plan of the | ||||||
25 | Suburban Bus Board shall not project or assume a receipt of | ||||||
26 | revenues from the Authority in amounts greater than the |
| |||||||
| |||||||
1 | operating deficit estimated by the Board . | ||||||
2 | (2) The Board shall review the proposed budget and two-year
| ||||||
3 | financial plan submitted
by each Service Board. The Board shall | ||||||
4 | approve the budget and two-year financial plan of a Service | ||||||
5 | Board if: | ||||||
6 | (i)
such budget and plan show a balance between (A) | ||||||
7 | anticipated revenues
from all sources including operating | ||||||
8 | subsidies and (B) the costs of providing
the services | ||||||
9 | specified and of funding any operating deficits or | ||||||
10 | encumbrances
incurred in prior periods, including | ||||||
11 | provision for payment when due of
principal and interest on | ||||||
12 | outstanding indebtedness; | ||||||
13 | (ii)
such budget and plan show cash balances including | ||||||
14 | the proceeds of
any anticipated cash flow borrowing | ||||||
15 | sufficient to pay with reasonable
promptness all costs and | ||||||
16 | expenses as incurred; | ||||||
17 | (iii)
such budget and plan provide for a level of fares | ||||||
18 | or charges and
operating or administrative costs for the | ||||||
19 | public transportation provided
by or subject to the | ||||||
20 | jurisdiction of such Service Board sufficient to allow
the | ||||||
21 | Service Board to meet its required system generated revenue | ||||||
22 | recovery ratio and, beginning with the 2007 fiscal year, | ||||||
23 | system generated ADA paratransit services revenue recovery | ||||||
24 | ratio; | ||||||
25 | (iv)
such budget and plan are based upon and employ | ||||||
26 | assumptions and
projections which are reasonable and |
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1 | prudent; | ||||||
2 | (v)
such budget and plan have been prepared in | ||||||
3 | accordance with sound
financial practices as determined by | ||||||
4 | the Board; | ||||||
5 | (vi)
such budget and plan meet such other financial, | ||||||
6 | budgetary, or fiscal
requirements that the Board may by | ||||||
7 | rule or regulation establish; and
| ||||||
8 | (vii) such budget and plan are consistent with the | ||||||
9 | goals and objectives adopted by the Authority in the | ||||||
10 | Strategic Plan.
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11 | (3) (Blank). | ||||||
12 | (4) Unless the Board by an affirmative vote of 12
of the | ||||||
13 | then Directors
determines that the budget and financial plan of | ||||||
14 | a Service Board meets the
criteria specified in clauses (i)
| ||||||
15 | through (vii) of subparagraph (2) of
this paragraph (b), the | ||||||
16 | Board shall withhold from that Service Board 25% of
the cash | ||||||
17 | proceeds of taxes imposed by the Authority under Section 4.03
| ||||||
18 | and Section 4.03.1 and received after February 1 and 25% of the | ||||||
19 | amounts transferred to the Authority from the Public | ||||||
20 | Transportation Fund under Section 4.09(a) (but not including | ||||||
21 | Section 4.09(a)(3)(iv)) after February 1 that the Board has | ||||||
22 | estimated to be available to that Service Board under Section | ||||||
23 | 4.11(a). Such funding shall be released to the Service Board | ||||||
24 | only upon approval of a budget and financial plan under this | ||||||
25 | Section or adoption of a budget and financial plan on behalf of | ||||||
26 | the Service Board by the Authority. |
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1 | (5) If the Board has not found that the budget and | ||||||
2 | financial plan of a
Service Board meets the criteria specified | ||||||
3 | in clauses (i) through (vii)
of subparagraph (2) of this | ||||||
4 | paragraph (b), the Board, by the affirmative vote of at least | ||||||
5 | 12 of its then Directors, shall
adopt a budget and
financial | ||||||
6 | plan meeting such criteria for that Service Board. | ||||||
7 | (c)(1) If the Board shall at any time have received a
| ||||||
8 | revised estimate, or revises any estimate the Board has made, | ||||||
9 | pursuant to
this Section of the receipts to be collected by the | ||||||
10 | Authority which, in
the judgment of the Board, requires a | ||||||
11 | change in the estimates on which the
budget of any Service | ||||||
12 | Board is based, the Board shall advise the affected
Service | ||||||
13 | Board of such revised estimates, and such Service Board shall | ||||||
14 | within
30 days after receipt of such advice submit a revised | ||||||
15 | budget incorporating
such revised estimates. If the revised | ||||||
16 | estimates require, in the judgment
of the Board, that the | ||||||
17 | system generated revenues recovery ratio of one or
more Service | ||||||
18 | Boards be revised in order to allow the Authority to meet its
| ||||||
19 | required ratio, the Board shall advise any such Service Board | ||||||
20 | of its revised
ratio and such Service Board shall within 30 | ||||||
21 | days after receipt of such
advice submit a revised budget | ||||||
22 | incorporating such revised estimates or ratio. | ||||||
23 | (2) Each Service Board shall, within such period after the | ||||||
24 | end of each
fiscal quarter as shall be specified by the Board, | ||||||
25 | report to the Authority
its financial condition and results of | ||||||
26 | operations and the financial condition
and results of |
| |||||||
| |||||||
1 | operations of the public transportation services subject
to its | ||||||
2 | jurisdiction, as at the end of and for such quarter. If in the | ||||||
3 | judgment
of the Board such condition and results are not | ||||||
4 | substantially in accordance
with such Service Board's budget | ||||||
5 | for such period, the Board shall so advise
such Service Board | ||||||
6 | and such Service Board shall within the period specified
by the | ||||||
7 | Board submit a revised budget incorporating such results. | ||||||
8 | (2-5) If the Executive Director, at any time after | ||||||
9 | reviewing the financial condition and results of operations of | ||||||
10 | ADA paratransit services, revises the estimate of the operating | ||||||
11 | deficit in the provision of ADA paratransit service and | ||||||
12 | determines that amounts on deposit in the ADA Paratransit Fund | ||||||
13 | and other resources are inadequate to fund that revised | ||||||
14 | operating deficit, then, unless such determination is rejected | ||||||
15 | by a vote of 12 of the members of the Board, the Board shall | ||||||
16 | authorize the issuance of Working Cash Notes to fund that | ||||||
17 | operating deficit. | ||||||
18 | (3) If the Board shall determine that a revised budget | ||||||
19 | submitted by a
Service Board pursuant to subparagraph (1) or | ||||||
20 | (2) of this paragraph (c)
does not meet the criteria specified | ||||||
21 | in clauses (i)
through (vii) of
subparagraph
(2) of paragraph | ||||||
22 | (b) of this Section, the Board shall withhold from that Service | ||||||
23 | Board 25% of the cash proceeds of taxes imposed by the | ||||||
24 | Authority
under Section 4.03 or 4.03.1 and received by the | ||||||
25 | Authority after February 1 and 25% of the amounts transferred | ||||||
26 | to the Authority from the Public Transportation Fund under |
| |||||||
| |||||||
1 | Section 4.09(a) (but not including Section 4.09(a)(3)(iv)) | ||||||
2 | after February 1 that the Board has estimated to be available | ||||||
3 | to that Service Board under
Section 4.11(a). If the Service | ||||||
4 | Board submits a revised financial plan and
budget which plan | ||||||
5 | and budget shows that the criteria will be met within
a four | ||||||
6 | quarter period, the Board shall release any such withheld funds | ||||||
7 | to the
Service Board. The Board by the affirmative vote of at | ||||||
8 | least 12
of its then Directors may
require a Service Board to | ||||||
9 | submit a revised financial plan and budget which
shows that the | ||||||
10 | criteria will be met in a time period less than four quarters. | ||||||
11 | (d) All budgets and financial plans, financial statements, | ||||||
12 | audits and
other information presented to the Authority | ||||||
13 | pursuant to this Section or
which may be required by the Board | ||||||
14 | to permit it to monitor compliance with
the provisions of this | ||||||
15 | Section shall be prepared and presented in such
manner and | ||||||
16 | frequency and in such detail as shall have been prescribed by
| ||||||
17 | the Board, shall be prepared on both an accrual and cash flow | ||||||
18 | basis as
specified by the Board, shall present such information | ||||||
19 | as the Authority shall prescribe that fairly presents the | ||||||
20 | condition of any pension plan or trust for health care benefits | ||||||
21 | with respect to retirees established by the Service Board and | ||||||
22 | describes the plans of the Service Board to meet the | ||||||
23 | requirements of Sections 4.02a and 4.02b, and shall identify | ||||||
24 | and describe the assumptions and
projections employed in the | ||||||
25 | preparation
thereof to the extent required by the Board. If the | ||||||
26 | Executive Director certifies that a Service Board has not |
| |||||||
| |||||||
1 | presented its budget and two-year financial plan in conformity | ||||||
2 | with the rules adopted by the Authority under the provisions of | ||||||
3 | Section 4.01(f) and this subsection (d), and such certification | ||||||
4 | is accepted by the affirmative vote of at least 12 of the then | ||||||
5 | Directors of the Authority, the Authority shall not distribute | ||||||
6 | to that Service Board any funds for operating purposes in | ||||||
7 | excess of the amounts distributed for such purposes to the | ||||||
8 | Service Board in the previous fiscal year. Except when the | ||||||
9 | Board adopts
a budget and a financial plan for a Service Board | ||||||
10 | under paragraph (b)(5),
a Service Board shall provide for such | ||||||
11 | levels of transportation services
and fares or charges therefor | ||||||
12 | as it deems appropriate and necessary in the
preparation of a | ||||||
13 | budget and financial plan meeting the criteria set forth
in | ||||||
14 | clauses (i)
through (vii) of subparagraph (2) of paragraph (b) | ||||||
15 | of this
Section. The Authority
shall have access to and the | ||||||
16 | right to examine and copy
all books, documents, papers, | ||||||
17 | records, or other source data of a Service
Board relevant to | ||||||
18 | any information submitted pursuant to this Section. | ||||||
19 | (e) Whenever this Section requires the Board to make | ||||||
20 | determinations with
respect to estimates, budgets or financial | ||||||
21 | plans, or rules or regulations
with respect thereto such | ||||||
22 | determinations shall be made upon the affirmative
vote of at | ||||||
23 | least 12
of the then Directors and shall be incorporated in a
| ||||||
24 | written report of the Board and such report shall be submitted | ||||||
25 | within 10
days after such determinations are made to
the | ||||||
26 | Governor, the Mayor of Chicago (if such determinations relate |
| |||||||
| |||||||
1 | to the
Chicago Transit Authority), and the Auditor General of | ||||||
2 | Illinois. | ||||||
3 | (Source: P.A. 94-370, eff. 7-29-05; 95-708, eff. 1-18-08.)
| ||||||
4 | Section 99. Effective date. This Act takes effect upon | ||||||
5 | becoming law.".
|