96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3812


 
Introduced 2/11/2010, by Sen. Mike Jacobs
 
SYNOPSIS AS INTRODUCED:
 		





 







30 ILCS 105/6z-77






30 ILCS 105/6z-78











     Amends the State Finance Act. Provides that, if a municipality or county prohibits video gaming pursuant to the Video Gaming Act, then (i) capital projects and the payment of debt service on bonds issued for capital projects within the municipality or county may not be funded  from proceeds of  video gaming that are deposited into the Capital Projects Fund and (ii) the proceeds of  video gaming that are deposited into the Capital Projects Fund may not be used for the purpose of paying and discharging the principal and interest on bonded indebtedness for bonds issued for capital projects within the municipality or county. Effective immediately.
  















LRB096 15645 AMC 30881 b

















 


 


A BILL FOR









 




  






SB3812

LRB096 15645 AMC 30881 b





  
1
    AN ACT concerning finance.
  
 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:
  
 
 
4
    Section 5. The State Finance Act is amended  by changing 
5
Sections 6z-77 and 6z-78 as follows:
 
6
    (30 ILCS 105/6z-77)
7
    Sec. 6z-77. The Capital Projects Fund. The Capital Projects 
8
Fund is created as a special fund in the State Treasury. The 
9
State Comptroller and State Treasurer shall transfer from the 
10
Capital Projects Fund to the General Revenue Fund $61,294,550 
11
on October 1, 2009, $122,589,100 on January 1, 2010, and 
12
$61,294,550 on April 1, 2010. Beginning on July 1, 2010, and on 
13
July 1 and January 1 of each year thereafter, the State 
14
Comptroller and State Treasurer shall transfer the sum of 
15
$122,589,100 from the Capital Projects Fund to the General 
16
Revenue Fund.  Subject to appropriation, the Capital Projects 
17
Fund may be used only for capital projects and the payment of 
18
debt service on bonds issued for capital projects; however, if 
19
a municipality or county prohibits video gaming pursuant to 
20
Section 27 or 70 of the Video Gaming Act, then capital projects 
21
and the payment of debt service on bonds issued for capital 
22
projects within the municipality or county may not be funded  
23
from proceeds of  video gaming that are deposited into the 
 


 






SB3812
- 2 -
LRB096 15645 AMC 30881 b




1
Capital Projects Fund. All interest earned on moneys in the 
2
Fund shall be deposited into the Fund.  The Fund shall not be 
3
subject to administrative charges or chargebacks, such as but 
4
not limited to those authorized under Section 8h.

5
(Source: P.A. 96-34, eff. 7-13-09.)
 
6
    (30 ILCS 105/6z-78)

7
    Sec. 6z-78. Capital Projects Fund; bonded indebtedness; 
8
transfers. Money in the Capital Projects Fund shall, if and 
9
when the State of Illinois incurs any bonded indebtedness using 
10
the bond authorization enacted in this amendatory Act of the 
11
96th General Assembly, be set aside and used for the purpose of 
12
paying and discharging annually the principal and interest on 
13
that bonded indebtedness then due and payable. If a 
14
municipality or county prohibits video gaming pursuant to 
15
Section 27 or 70 of the Video Gaming Act, then the proceeds of  
16
video gaming that are deposited into the Capital Projects Fund 
17
may not be used for the purpose of paying and discharging the 
18
principal and interest on bonded indebtedness for bonds issued 
19
for capital projects within the municipality or county. 
20
    In addition to other transfers to the General Obligation 
21
Bond Retirement and Interest Fund made pursuant to Section 15 
22
of the General Obligation Bond Act, upon each delivery of 
23
general obligation bonds using bond authorization enacted in 
24
this amendatory Act of the 96th General Assembly the State 
25
Comptroller shall compute and certify to the State Treasurer 
 


 






SB3812
- 3 -
LRB096 15645 AMC 30881 b




1
the total amount of principal of, interest on, and premium, if 
2
any, on such bonds during the then current and each succeeding 
3
fiscal year.  With respect to the interest payable on variable 
4
rate bonds, such certifications shall be calculated at the 
5
maximum rate of interest that may be payable during the fiscal 
6
year, after taking into account any credits permitted in the 
7
related indenture or other instrument against the amount of 
8
such interest required to be appropriated for the period.
9
    On or before the last day of each month, the State 
10
Treasurer and State Comptroller shall transfer from the Capital 
11
Projects  Fund to the General Obligation Bond Retirement and 
12
Interest Fund an amount sufficient to pay the aggregate of the 
13
principal of, interest on, and premium, if any, on the bonds 
14
payable on their next payment date, divided by the number of 
15
monthly transfers occurring between the last previous payment 
16
date (or the delivery date if no payment date has yet occurred) 
17
and the next succeeding payment date.  Interest payable on 
18
variable rate bonds shall be calculated at the maximum rate of 
19
interest that may be payable for the relevant period, after 
20
taking into account any credits permitted in the related 
21
indenture or other instrument against the amount of such 
22
interest required to be appropriated for that period.  Interest 
23
for which moneys have already been deposited into the 
24
capitalized interest account within the General Obligation 
25
Bond Retirement and Interest Fund shall not be included in the 
26
calculation of the amounts to be transferred under this 
 


 






SB3812
- 4 -
LRB096 15645 AMC 30881 b




1
subsection.

2
(Source: P.A. 96-36, eff. 7-13-09.)
 
 
3
    Section 99. Effective date. This Act takes effect upon 
4
becoming law.