Rep. Robert W. Pritchard

Filed: 3/10/2015

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 1450

2    AMENDMENT NO. ______. Amend House Bill 1450 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The General Obligation Bond Act is amended by
5changing Section 15 as follows:
 
6    (30 ILCS 330/15)  (from Ch. 127, par. 665)
7    Sec. 15. Computation of Principal and Interest; transfers.
8    (a) Upon each delivery of Bonds authorized to be issued
9under this Act, the Comptroller shall compute and certify to
10the Treasurer the total amount of principal of, interest on,
11and premium, if any, on Bonds issued that will be payable in
12order to retire such Bonds, the amount of principal of,
13interest on and premium, if any, on such Bonds that will be
14payable on each payment date according to the tenor of such
15Bonds during the then current and each succeeding fiscal year,
16and the amount of sinking fund payments needed to be deposited

 

 

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1in connection with Qualified School Construction Bonds
2authorized by subsection (e) of Section 9. With respect to the
3interest payable on variable rate bonds, such certifications
4shall be calculated at the maximum rate of interest that may be
5payable during the fiscal year, after taking into account any
6credits permitted in the related indenture or other instrument
7against the amount of such interest required to be appropriated
8for such period pursuant to subsection (c) of Section 14 of
9this Act. With respect to the interest payable, such
10certifications shall include the amounts certified by the
11Director of the Governor's Office of Management and Budget
12under subsection (b) of Section 9 of this Act.
13    On or before the last day of each month the State Treasurer
14and Comptroller shall transfer from (1) the Road Fund with
15respect to Bonds issued under paragraph (a) of Section 4 of
16this Act or Bonds issued for the purpose of refunding such
17bonds, and from (2) the General Revenue Fund, with respect to
18all other Bonds issued under this Act, to the General
19Obligation Bond Retirement and Interest Fund an amount
20sufficient to pay the aggregate of the principal of, interest
21on, and premium, if any, on Bonds payable, by their terms on
22the next payment date divided by the number of full calendar
23months between the date of such Bonds and the first such
24payment date, and thereafter, divided by the number of months
25between each succeeding payment date after the first. Such
26computations and transfers shall be made for each series of

 

 

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1Bonds issued and delivered. Interest payable on variable rate
2bonds shall be calculated at the maximum rate of interest that
3may be payable for the relevant period, after taking into
4account any credits permitted in the related indenture or other
5instrument against the amount of such interest required to be
6appropriated for such period pursuant to subsection (c) of
7Section 14 of this Act. Computations of interest shall include
8the amounts certified by the Director of the Governor's Office
9of Management and Budget under subsection (b) of Section 9 of
10this Act. Interest for which moneys have already been deposited
11into the capitalized interest account within the General
12Obligation Bond Retirement and Interest Fund shall not be
13included in the calculation of the amounts to be transferred
14under this subsection. Notwithstanding any other provision in
15this Section, the transfer provisions provided in this
16paragraph shall not apply to transfers made in fiscal year 2010
17or fiscal year 2011 with respect to Bonds issued in fiscal year
182010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
19In the case of transfers made in fiscal year 2010 or fiscal
20year 2011 with respect to the Bonds issued in fiscal year 2010
21or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
22before the 15th day of the month prior to the required debt
23service payment, the State Treasurer and Comptroller shall
24transfer from the General Revenue Fund to the General
25Obligation Bond Retirement and Interest Fund an amount
26sufficient to pay the aggregate of the principal of, interest

 

 

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1on, and premium, if any, on the Bonds payable in that next
2month.
3    The transfer of monies herein and above directed is not
4required if monies in the General Obligation Bond Retirement
5and Interest Fund are more than the amount otherwise to be
6transferred as herein above provided, and if the Governor or
7his authorized representative notifies the State Treasurer and
8Comptroller of such fact in writing.
9    (b) After the effective date of this Act, the balance of,
10and monies directed to be included in the Capital Development
11Bond Retirement and Interest Fund, Anti-Pollution Bond
12Retirement and Interest Fund, Transportation Bond, Series A
13Retirement and Interest Fund, Transportation Bond, Series B
14Retirement and Interest Fund, and Coal Development Bond
15Retirement and Interest Fund shall be transferred to and
16deposited in the General Obligation Bond Retirement and
17Interest Fund. This Fund shall be used to make debt service
18payments on the State's general obligation Bonds heretofore
19issued which are now outstanding and payable from the Funds
20herein listed as well as on Bonds issued under this Act.
21    (c) The unused portion of federal funds received for, or as
22a reimbursement for, a capital facilities project, as
23authorized by Section 3 of this Act, for which monies from the
24Capital Development Fund have been expended shall remain in the
25Capital Development Board Contributory Trust Fund and shall be
26used for capital projects and for no other purpose, subject to

 

 

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1appropriation and as directed by the Capital Development Board.
2Any federal funds received as reimbursement for the completed
3construction of a capital facilities project, as authorized by
4Section 3 of this Act, for which monies from the Capital
5Development Fund have been expended shall be deposited in the
6General Obligation Bond Retirement and Interest Fund.
7(Source: P.A. 98-245, eff. 1-1-14.)
 
8    Section 10. The Capital Development Bond Act of 1972 is
9amended by changing Section 9a as follows:
 
10    (30 ILCS 420/9a)  (from Ch. 127, par. 759a)
11    Sec. 9a. The unused portion of federal funds received for,
12or as a reimbursement for, a capital improvement project for
13which moneys from the Capital Development Fund have been
14expended shall remain in the Capital Development Board
15Contributory Trust Fund and shall be used for capital projects
16and for no other purpose, subject to appropriation and as
17directed by the Capital Development Board. Any federal funds
18received as reimbursement for the completed construction of a
19capital improvement project for which moneys from the Capital
20Development Fund have been expended shall be deposited in the
21Capital Development Bond Retirement and Interest Fund.
22(Source: P.A. 98-245, eff. 1-1-14.)
 
23    Section 99. Effective date. This Act takes effect upon

 

 

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1becoming law.".