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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Regional Transportation Authority Act is | ||||||
5 | amended by changing Section 4.04 as follows: | ||||||
6 | (70 ILCS 3615/4.04) (from Ch. 111 2/3, par. 704.04) | ||||||
7 | Sec. 4.04. Issuance and Pledge of Bonds and Notes. | ||||||
8 | (a) The Authority shall have the continuing power to borrow | ||||||
9 | money and to
issue its negotiable bonds or notes as provided in | ||||||
10 | this Section. Unless
otherwise indicated in this Section, the | ||||||
11 | term "notes" also includes bond
anticipation notes, which are | ||||||
12 | notes which by their terms provide for
their payment from the | ||||||
13 | proceeds of bonds thereafter to be issued. Bonds
or notes of | ||||||
14 | the Authority may be issued for any or all of the following
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15 | purposes: to pay costs to the Authority or a Service Board of | ||||||
16 | constructing
or acquiring any public transportation facilities | ||||||
17 | (including funds and
rights relating thereto, as provided in | ||||||
18 | Section 2.05 of this Act); to repay
advances to the Authority | ||||||
19 | or a Service Board made for such purposes; to pay
other | ||||||
20 | expenses of the Authority or a Service Board incident to or | ||||||
21 | incurred
in connection with such construction or acquisition; | ||||||
22 | to provide funds for
any transportation agency to pay principal
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23 | of or interest or redemption premium on any bonds or notes, |
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1 | whether
as such amounts become due or by earlier redemption, | ||||||
2 | issued prior to the
date of this amendatory Act by such | ||||||
3 | transportation agency to construct or
acquire public | ||||||
4 | transportation facilities or to provide funds to purchase
such | ||||||
5 | bonds or notes; and to provide funds for any transportation | ||||||
6 | agency to
construct or acquire any public transportation | ||||||
7 | facilities, to repay
advances made for such purposes, and to | ||||||
8 | pay other expenses incident to
or incurred in connection with | ||||||
9 | such construction or acquisition; and to
provide funds for | ||||||
10 | payment of obligations, including the funding of reserves,
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11 | under any self-insurance plan or joint self-insurance pool or | ||||||
12 | entity. | ||||||
13 | In addition to any other borrowing as may be authorized by | ||||||
14 | this Section,
the Authority may issue its notes, from time to | ||||||
15 | time, in anticipation of
tax receipts of the Authority or of | ||||||
16 | other
revenues or receipts of the Authority, in order to | ||||||
17 | provide money for the
Authority or the Service Boards to cover | ||||||
18 | any cash flow deficit which
the Authority or a Service Board | ||||||
19 | anticipates incurring. Any such notes
are referred to in this | ||||||
20 | Section as "Working Cash Notes". No Working
Cash Notes shall be | ||||||
21 | issued for a term of longer than 24
months.
Proceeds of Working | ||||||
22 | Cash Notes may be used to pay day to day operating
expenses of | ||||||
23 | the Authority or the Service Boards, consisting of wages,
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24 | salaries and fringe benefits, professional and technical | ||||||
25 | services
(including legal, audit, engineering and other | ||||||
26 | consulting services), office
rental, furniture, fixtures and |
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1 | equipment, insurance premiums, claims for
self-insured amounts | ||||||
2 | under insurance policies, public utility
obligations for | ||||||
3 | telephone, light, heat and similar items, travel expenses,
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4 | office supplies, postage, dues, subscriptions, public hearings | ||||||
5 | and information
expenses, fuel purchases, and payments of | ||||||
6 | grants and payments under purchase
of service agreements for | ||||||
7 | operations of transportation agencies, prior to
the receipt by | ||||||
8 | the Authority or a Service Board from time to time of
funds for | ||||||
9 | paying such expenses. In addition to any Working Cash Notes
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10 | that the Board of the Authority may determine to issue, the | ||||||
11 | Suburban Bus
Board, the Commuter Rail Board or the Board of the | ||||||
12 | Chicago Transit Authority
may demand and direct that the | ||||||
13 | Authority issue its Working Cash Notes in
such amounts and | ||||||
14 | having such maturities as the Service Board may determine. | ||||||
15 | Notwithstanding any other provision of this Act, any | ||||||
16 | amounts necessary to
pay principal of and interest on any
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17 | Working Cash Notes issued at the demand
and direction of a | ||||||
18 | Service Board or any Working Cash Notes the proceeds of
which | ||||||
19 | were used for the direct benefit of a Service Board or any | ||||||
20 | other
Bonds or Notes of the Authority the proceeds of which | ||||||
21 | were used for the
direct benefit of a Service Board shall | ||||||
22 | constitute a reduction of the amount
of any other funds | ||||||
23 | provided by the Authority to that Service
Board. The Authority | ||||||
24 | shall, after deducting any costs of issuance, tender
the net | ||||||
25 | proceeds of any Working Cash Notes issued at the demand and
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26 | direction of a Service Board to such Service Board as soon as |
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1 | may be
practicable after the proceeds are received. The | ||||||
2 | Authority may also issue
notes or bonds to pay, refund or | ||||||
3 | redeem any of its notes and bonds,
including to pay redemption | ||||||
4 | premiums or accrued interest on such bonds or
notes being | ||||||
5 | renewed, paid or refunded, and other costs in connection
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6 | therewith. The Authority may also utilize the proceeds of any | ||||||
7 | such bonds or
notes to pay the legal, financial, administrative | ||||||
8 | and other expenses of
such authorization, issuance, sale or | ||||||
9 | delivery of bonds or notes or to
provide or increase a debt | ||||||
10 | service reserve fund with respect to any or all
of its bonds or | ||||||
11 | notes. The Authority may also issue and deliver
its bonds or | ||||||
12 | notes in exchange for any public transportation facilities,
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13 | (including funds and rights relating thereto, as provided in | ||||||
14 | Section
2.05 of this Act) or in exchange for outstanding bonds | ||||||
15 | or notes of the
Authority, including any accrued interest or | ||||||
16 | redemption premium thereon,
without advertising or submitting | ||||||
17 | such notes or bonds for public bidding. | ||||||
18 | (b) The ordinance providing for the issuance of any such | ||||||
19 | bonds or
notes shall fix the date or dates of maturity, the | ||||||
20 | dates on which
interest is payable, any sinking fund account or | ||||||
21 | reserve fund account
provisions and all other details of such | ||||||
22 | bonds or notes and may provide
for such covenants or agreements | ||||||
23 | necessary or desirable with regard to
the issue, sale and | ||||||
24 | security of such bonds or notes. The rate or rates of
interest | ||||||
25 | on its bonds or notes may be fixed or variable and the | ||||||
26 | Authority
shall determine or provide for the determination of |
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1 | the rate or
rates of interest of its bonds or notes
issued | ||||||
2 | under this Act in an ordinance adopted by the Authority prior | ||||||
3 | to
the issuance thereof, none of which rates of interest shall | ||||||
4 | exceed
that permitted in the Bond Authorization Act. Interest | ||||||
5 | may be payable at such times as are provided for
by the Board. | ||||||
6 | Bonds and notes issued under this Section may
be issued as | ||||||
7 | serial or term obligations, shall be of such denomination
or | ||||||
8 | denominations and form, including interest coupons to be | ||||||
9 | attached
thereto, be executed in such manner, shall be payable | ||||||
10 | at such place or
places and bear such date as the Authority | ||||||
11 | shall fix by the ordinance
authorizing such bond or note and | ||||||
12 | shall mature at such time or times,
within a period not to | ||||||
13 | exceed forty years from the date of issue, and
may be | ||||||
14 | redeemable prior to maturity with or without premium, at the
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15 | option of the Authority, upon such terms and conditions as the | ||||||
16 | Authority
shall fix by the ordinance authorizing the issuance | ||||||
17 | of such bonds or
notes. No bond anticipation note or any | ||||||
18 | renewal thereof shall mature at
any time or times exceeding 5 | ||||||
19 | years from the date of the first issuance
of such note. The | ||||||
20 | Authority may provide for the registration of bonds or
notes in | ||||||
21 | the name of the owner as to the principal alone or as to both
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22 | principal and interest, upon such terms and conditions as the | ||||||
23 | Authority
may determine. The ordinance authorizing bonds or | ||||||
24 | notes may provide for
the exchange of such bonds or notes which | ||||||
25 | are fully registered, as to
both principal and interest, with | ||||||
26 | bonds or notes which are registerable
as to principal only. All |
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1 | bonds or notes issued under this Section by
the Authority other | ||||||
2 | than those issued in exchange for property or for
bonds or | ||||||
3 | notes of the Authority shall be sold at a price which may be at
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4 | a premium or discount but such that the interest cost | ||||||
5 | (excluding any
redemption premium) to the Authority of the | ||||||
6 | proceeds of an issue of such
bonds or notes, computed to stated | ||||||
7 | maturity according to standard tables
of bond values, shall not | ||||||
8 | exceed that permitted in the Bond Authorization
Act. The | ||||||
9 | Authority shall notify
the
Governor's Office of Management and | ||||||
10 | Budget and the State Comptroller at least 30 days
before any | ||||||
11 | bond sale and shall file with the
Governor's Office of | ||||||
12 | Management and Budget and the
State Comptroller a certified | ||||||
13 | copy of any ordinance authorizing the issuance
of bonds at or | ||||||
14 | before the issuance of the bonds.
After December 31, 1994, any | ||||||
15 | such bonds or notes shall be sold
to the highest and best | ||||||
16 | bidder on sealed bids as the Authority shall deem.
As such | ||||||
17 | bonds or notes are to be sold the Authority shall advertise for
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18 | proposals to purchase the bonds or notes which advertisement | ||||||
19 | shall be published
at least once in a daily newspaper of | ||||||
20 | general circulation published in the
metropolitan region at | ||||||
21 | least 10 days before the time set for the submission
of bids. | ||||||
22 | The Authority shall have the right to reject any or all bids.
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23 | Notwithstanding any other provisions of this Section, Working | ||||||
24 | Cash Notes or
bonds or notes to provide funds for | ||||||
25 | self-insurance or a joint self-insurance
pool or entity may be | ||||||
26 | sold either upon competitive bidding or by negotiated
sale
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1 | (without any requirement of publication of intention to | ||||||
2 | negotiate the sale
of such Notes), as the Board shall determine | ||||||
3 | by ordinance adopted with the
affirmative votes of at least 9
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4 | Directors. In case any officer whose signature
appears on any | ||||||
5 | bonds, notes or coupons authorized pursuant to this
Section | ||||||
6 | shall cease to be such officer before delivery of such bonds or
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7 | notes, such signature shall nevertheless be valid and | ||||||
8 | sufficient for all
purposes, the same as if such officer had | ||||||
9 | remained in office until such
delivery. Neither the Directors | ||||||
10 | of the Authority nor any person
executing any bonds or notes | ||||||
11 | thereof shall be liable personally on any
such bonds or notes | ||||||
12 | or coupons by reason of the issuance thereof. | ||||||
13 | (c) All bonds or notes of the Authority issued pursuant to | ||||||
14 | this Section
shall be general obligations
of the Authority to | ||||||
15 | which shall be pledged the full faith and credit of the
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16 | Authority, as provided in this Section. Such bonds or notes
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17 | shall be secured
as provided in the authorizing ordinance, | ||||||
18 | which may, notwithstanding any other
provision of this Act, | ||||||
19 | include in addition to any other security, a specific
pledge or | ||||||
20 | assignment of and lien on or security interest in any or all | ||||||
21 | tax
receipts of the Authority and on any or all other revenues | ||||||
22 | or moneys of the
Authority from whatever source, which may by | ||||||
23 | law be utilized for debt
service purposes and a specific pledge | ||||||
24 | or assignment of and lien on or security
interest in any funds | ||||||
25 | or accounts established or provided for by the ordinance
of the | ||||||
26 | Authority authorizing the issuance of such bonds or notes. Any |
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1 | such
pledge, assignment, lien or security interest for the | ||||||
2 | benefit of holders of
bonds or notes of the Authority shall be | ||||||
3 | valid and binding from the time the
bonds or notes are issued | ||||||
4 | without any physical delivery or further act
and shall be valid | ||||||
5 | and binding as against and prior to the claims of all
other | ||||||
6 | parties having claims of any kind against the Authority or any | ||||||
7 | other
person irrespective of whether such other parties have | ||||||
8 | notice of such pledge,
assignment, lien or security interest. | ||||||
9 | The obligations of the Authority
incurred pursuant to this | ||||||
10 | Section shall be superior to and have priority over
any other | ||||||
11 | obligations of the Authority. | ||||||
12 | The Authority may provide in the
ordinance authorizing the | ||||||
13 | issuance of any bonds or notes issued pursuant to
this Section | ||||||
14 | for the creation of, deposits in, and regulation and | ||||||
15 | disposition
of sinking fund or reserve accounts relating to | ||||||
16 | such bonds or notes. The
ordinance authorizing the issuance of | ||||||
17 | any bonds or notes pursuant to this
Section may contain | ||||||
18 | provisions as part of the contract with the holders
of the | ||||||
19 | bonds or notes, for the creation of a separate fund to provide
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20 | for the payment of principal and interest on such bonds or | ||||||
21 | notes
and for the deposit in such fund from any or all the tax | ||||||
22 | receipts of the
Authority and from any or all such other moneys | ||||||
23 | or revenues of the
Authority from whatever source which may by | ||||||
24 | law be utilized for debt
service purposes, all as provided in | ||||||
25 | such ordinance, of amounts to meet
the debt service | ||||||
26 | requirements on such bonds or notes, including
principal and |
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1 | interest, and any sinking fund or reserve fund account
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2 | requirements as may be provided by such ordinance, and all | ||||||
3 | expenses
incident to or in connection with such fund and | ||||||
4 | accounts or the payment
of such bonds or notes.
Such ordinance | ||||||
5 | may also provide limitations on the issuance of additional
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6 | bonds or notes of the Authority. No such bonds or notes of the | ||||||
7 | Authority
shall constitute a debt of the State of Illinois. | ||||||
8 | Nothing in this Act shall
be construed to enable the Authority | ||||||
9 | to impose any ad valorem tax on property. | ||||||
10 | (d) The ordinance of the Authority authorizing the issuance | ||||||
11 | of any bonds
or notes may provide additional security for such | ||||||
12 | bonds or notes by providing
for appointment of a corporate | ||||||
13 | trustee (which may be any trust company or
bank having the | ||||||
14 | powers of a trust company within the state) with respect
to | ||||||
15 | such bonds or notes. The ordinance shall prescribe the rights, | ||||||
16 | duties
and powers of the trustee to be exercised for the | ||||||
17 | benefit of the Authority
and the protection of the holders of | ||||||
18 | such bonds or notes. The ordinance
may provide for the trustee | ||||||
19 | to hold in trust, invest and use amounts in
funds and accounts | ||||||
20 | created as provided by the ordinance with respect to
the bonds | ||||||
21 | or notes. The ordinance may provide for the assignment and | ||||||
22 | direct
payment to the trustee of any or all amounts produced | ||||||
23 | from the sources
provided in Section 4.03 and Section 4.09 of | ||||||
24 | this Act and provided in Section 6z-17 of "An Act
in relation | ||||||
25 | to State finance", approved June 10, 1919, as amended.
Upon | ||||||
26 | receipt of notice of any such assignment, the Department of |
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1 | Revenue and
the Comptroller of the State of Illinois shall | ||||||
2 | thereafter, notwithstanding the
provisions of Section 4.03 and | ||||||
3 | Section 4.09 of this Act and Section 6z-17 of "An Act in | ||||||
4 | relation
to State finance", approved June 10, 1919, as amended, | ||||||
5 | provide for such
assigned amounts to be paid directly to the | ||||||
6 | trustee instead of the Authority,
all in accordance with the | ||||||
7 | terms of the ordinance making the assignment. The
ordinance | ||||||
8 | shall provide that
amounts so paid to the trustee which are not | ||||||
9 | required to be deposited, held
or invested in funds and | ||||||
10 | accounts created by the ordinance with respect
to bonds or | ||||||
11 | notes or used for paying bonds or notes to be paid by the | ||||||
12 | trustee
to the Authority. | ||||||
13 | (e) Any bonds or notes of the Authority issued pursuant to | ||||||
14 | this
Section shall constitute a contract between the Authority | ||||||
15 | and the
holders from time to time of such bonds or notes. In | ||||||
16 | issuing any bond or
note, the Authority may include in the | ||||||
17 | ordinance authorizing such issue
a covenant as part of the | ||||||
18 | contract with the holders of the bonds or
notes, that as long | ||||||
19 | as such obligations are outstanding, it shall make
such | ||||||
20 | deposits, as provided in paragraph (c) of this Section. It may | ||||||
21 | also
so covenant that it shall impose and continue to impose | ||||||
22 | taxes, as
provided in Section 4.03 of this Act and in addition | ||||||
23 | thereto as
subsequently authorized by law, sufficient to make | ||||||
24 | such deposits and pay
the principal and interest and to meet | ||||||
25 | other debt service requirements
of such bonds or notes as they | ||||||
26 | become due. A certified copy of the
ordinance authorizing the |
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1 | issuance of any such obligations shall be
filed at or prior to | ||||||
2 | the issuance of such obligations with the Comptroller
of the | ||||||
3 | State of Illinois and the Illinois Department of Revenue. | ||||||
4 | (f) The State of Illinois pledges to and agrees with the | ||||||
5 | holders of
the bonds and notes of the Authority issued pursuant | ||||||
6 | to this Section
that the State will not limit or alter the | ||||||
7 | rights and powers vested in
the Authority by this Act so as to | ||||||
8 | impair the terms of any contract made
by the Authority with | ||||||
9 | such holders or in any way impair the rights and
remedies of | ||||||
10 | such holders until such bonds and notes, together with
interest | ||||||
11 | thereon, with interest on any unpaid installments of interest,
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12 | and all costs and expenses in connection with any action or | ||||||
13 | proceedings
by or on behalf of such holders, are fully met and | ||||||
14 | discharged. In
addition, the State pledges to and agrees with | ||||||
15 | the holders of the bonds
and notes of the Authority issued | ||||||
16 | pursuant to this Section that the
State will not limit or alter | ||||||
17 | the basis on which State funds are to be
paid to the Authority | ||||||
18 | as provided in this Act, or the use of such funds,
so as to | ||||||
19 | impair the terms of any such contract. The Authority is
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20 | authorized to include these pledges and agreements of the State | ||||||
21 | in any
contract with the holders of bonds or notes issued | ||||||
22 | pursuant to this
Section. | ||||||
23 | (g) (1) Except as provided in subdivisions (g)(2) and | ||||||
24 | (g)(3) of Section
4.04 of this Act, the Authority shall not | ||||||
25 | at any time issue, sell or deliver
any bonds or notes | ||||||
26 | (other than Working Cash Notes) pursuant to this Section
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1 | 4.04 which will cause
it to have issued and outstanding at | ||||||
2 | any time in excess of $800,000,000 of such
bonds and notes | ||||||
3 | (other than Working Cash Notes).
The Authority shall not | ||||||
4 | issue, sell, or deliver any Working Cash Notes pursuant to | ||||||
5 | this Section that will cause it to have issued and | ||||||
6 | outstanding at any time in excess of $100,000,000. However, | ||||||
7 | the Authority may issue, sell, and deliver additional | ||||||
8 | Working Cash Notes before July 1, 2014 2012 that are over | ||||||
9 | and above and in addition to the $100,000,000 authorization | ||||||
10 | such that the outstanding amount of these additional | ||||||
11 | Working Cash Notes does not exceed at any time | ||||||
12 | $300,000,000.
Bonds or notes which are being paid or | ||||||
13 | retired by
such issuance, sale or delivery of bonds or | ||||||
14 | notes, and bonds or notes for
which sufficient funds have | ||||||
15 | been deposited with the paying agency of
such bonds or | ||||||
16 | notes to provide for payment of principal and interest
| ||||||
17 | thereon or to provide for the redemption thereof, all | ||||||
18 | pursuant to the
ordinance authorizing the issuance of such | ||||||
19 | bonds or notes, shall not be
considered to be outstanding | ||||||
20 | for the purposes of this subsection. | ||||||
21 | (2) In addition to the authority provided by paragraphs
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22 | (1) and (3), the Authority is authorized to issue, sell and | ||||||
23 | deliver bonds
or notes for Strategic Capital Improvement | ||||||
24 | Projects approved pursuant to
Section 4.13 as follows: | ||||||
25 | $100,000,000 is authorized to be issued on or after | ||||||
26 | January 1, 1990; |
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1 | an additional $100,000,000 is authorized to be issued | ||||||
2 | on or after
January 1, 1991; | ||||||
3 | an additional $100,000,000 is authorized to be issued | ||||||
4 | on or after
January 1, 1992; | ||||||
5 | an additional $100,000,000 is authorized to be issued | ||||||
6 | on or after
January 1, 1993; | ||||||
7 | an additional $100,000,000 is authorized to be issued | ||||||
8 | on or after
January 1, 1994; and | ||||||
9 | the aggregate total authorization of bonds and notes | ||||||
10 | for Strategic
Capital Improvement Projects as of January 1, | ||||||
11 | 1994, shall be $500,000,000. | ||||||
12 | The Authority is also authorized to issue, sell, and | ||||||
13 | deliver bonds or
notes in such amounts as are necessary to | ||||||
14 | provide for the refunding or advance
refunding of bonds or | ||||||
15 | notes issued for Strategic Capital Improvement Projects
| ||||||
16 | under this subdivision (g)(2), provided that no such | ||||||
17 | refunding bond or note
shall mature later than the final | ||||||
18 | maturity date of the series of bonds or notes
being | ||||||
19 | refunded, and provided further that the debt service | ||||||
20 | requirements for
such refunding bonds or notes in the | ||||||
21 | current or any future fiscal year shall
not exceed the debt | ||||||
22 | service requirements for that year on the refunded bonds
or | ||||||
23 | notes. | ||||||
24 | (3) In addition to the authority provided by paragraphs | ||||||
25 | (1) and (2),
the Authority is authorized to issue, sell, | ||||||
26 | and deliver bonds or notes for
Strategic Capital |
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1 | Improvement Projects approved pursuant to Section 4.13 as
| ||||||
2 | follows: | ||||||
3 | $260,000,000 is authorized to be issued on or after | ||||||
4 | January 1, 2000; | ||||||
5 | an additional $260,000,000 is authorized to be issued | ||||||
6 | on or after
January 1, 2001; | ||||||
7 | an additional $260,000,000 is authorized to be issued | ||||||
8 | on or after
January 1, 2002; | ||||||
9 | an additional $260,000,000 is authorized to be issued | ||||||
10 | on or after
January 1, 2003; | ||||||
11 | an additional $260,000,000 is authorized to be issued | ||||||
12 | on or after
January 1, 2004; and | ||||||
13 | the aggregate total authorization of bonds and notes | ||||||
14 | for Strategic
Capital Improvement Projects pursuant to | ||||||
15 | this paragraph (3) as of
January 1, 2004 shall be | ||||||
16 | $1,300,000,000. | ||||||
17 | The Authority is also authorized to issue, sell, and | ||||||
18 | deliver bonds or notes
in such amounts as are necessary to | ||||||
19 | provide for the refunding or advance
refunding of bonds or | ||||||
20 | notes issued for Strategic Capital Improvement projects
| ||||||
21 | under this subdivision (g)(3), provided that no such | ||||||
22 | refunding bond or note
shall mature later than the final | ||||||
23 | maturity date of the series of bonds or notes
being | ||||||
24 | refunded, and provided further that the debt service | ||||||
25 | requirements for
such refunding bonds or notes in the | ||||||
26 | current or any future fiscal year shall
not exceed the debt |
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| |||||||
1 | service requirements for that year on the refunded bonds or
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2 | notes. | ||||||
3 | (h) The Authority, subject to the terms of any agreements | ||||||
4 | with noteholders
or bond holders as may then exist, shall have | ||||||
5 | power, out of any funds
available therefor, to purchase notes | ||||||
6 | or bonds of the Authority, which
shall thereupon be cancelled. | ||||||
7 | (i) In addition to any other authority granted by law, the | ||||||
8 | State Treasurer
may, with the approval of the Governor, invest | ||||||
9 | or reinvest, at a price not
to exceed par, any State money in | ||||||
10 | the State Treasury which is not needed
for current expenditures | ||||||
11 | due or about to become due in Working Cash Notes. | ||||||
12 | (Source: P.A. 95-708, eff. 1-18-08; 96-906, eff. 6-7-10.)
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13 | Section 99. Effective date. This Act takes effect upon | ||||||
14 | becoming law.
|