|
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 SB2198 Introduced 4/27/2017, by Sen. Jim Oberweis SYNOPSIS AS INTRODUCED: |
| 30 ILCS 330/2.5 | |
30 ILCS 330/7.2 |
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30 ILCS 330/7.6 new | |
30 ILCS 330/9 | from Ch. 127, par. 659 |
30 ILCS 330/11 | from Ch. 127, par. 661 |
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Amends the General Obligation Bond Act. Allows for the use of existing bonding authority authorized under Public Act 96-1497 to re-issue and sell bonds of up to $2,200,000,000 and then deposit the proceeds of the sale into the General Obligation Bond Retirement and Interest Fund for the sole purpose of retiring bonds authorized by Public Act 96-1497. Provides that the bonds authorized by the amendatory Act shall be payable within 10 years. Exempts the bonds issued under the amendatory Act from requirements concerning total bond payments compared to aggregate appropriations from the general funds and Road Fund, and from requirements concerning methods of sale.
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| | FISCAL NOTE ACT MAY APPLY | | STATE DEBT IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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1 | | AN ACT concerning finance.
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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 General Obligation Bond Act is amended by |
5 | | changing Sections 2.5, 7.2, 9, and 11 and by adding Section 7.6 |
6 | | as follows: |
7 | | (30 ILCS 330/2.5) |
8 | | Sec. 2.5. Limitation on issuance of Bonds. |
9 | | (a) Except as provided in subsection (b), no Bonds may be |
10 | | issued if, after the issuance, in the next State fiscal year |
11 | | after the issuance of the Bonds, the amount of debt service |
12 | | (including principal, whether payable at maturity or pursuant |
13 | | to mandatory sinking fund installments, and interest) on all |
14 | | then-outstanding Bonds, other than Bonds authorized by Public |
15 | | Act 96-43 , and other than Bonds authorized by Public Act |
16 | | 96-1497, and other than Bonds authorized by this amendatory Act |
17 | | of the 100th General Assembly, would exceed 7% of the aggregate |
18 | | appropriations from the general funds (which consist of the |
19 | | General Revenue Fund, the Common School Fund, the General |
20 | | Revenue Common School Special Account Fund, and the Education |
21 | | Assistance Fund) and the Road Fund for the fiscal year |
22 | | immediately prior to the fiscal year of the issuance. |
23 | | (b) If the Comptroller and Treasurer each consent in |
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1 | | writing, Bonds may be issued even if the issuance does not |
2 | | comply with subsection (a). In addition, $2,000,000,000 in |
3 | | Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, |
4 | | and $2,000,000,000 in Refunding Bonds under Section 16, may be |
5 | | issued during State fiscal year 2017 without complying with |
6 | | subsection (a).
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7 | | (Source: P.A. 99-523, eff. 6-30-16.)
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8 | | (30 ILCS 330/7.2)
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9 | | Sec. 7.2. State pension funding.
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10 | | (a) The amount of $10,000,000,000 is authorized to be used |
11 | | for the
purpose of making contributions to the designated |
12 | | retirement systems.
For the purposes of this Section, |
13 | | "designated retirement systems" means
the State Employees' |
14 | | Retirement System of Illinois;
the Teachers' Retirement System |
15 | | of the State of Illinois;
the State Universities Retirement |
16 | | System;
the Judges Retirement System of Illinois; and
the |
17 | | General Assembly Retirement System.
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18 | | The amount of $3,466,000,000 of Bonds authorized by Public |
19 | | Act 96-43 is authorized to be used for the purpose of making a |
20 | | portion of the State's Fiscal Year 2010 required contributions |
21 | | to the designated retirement systems. |
22 | | The amount of $4,096,348,300 of Bonds authorized by this |
23 | | amendatory Act of the 96th General Assembly is authorized to be |
24 | | used for the purpose of making a portion of the State's Fiscal |
25 | | Year 2011 required contributions to the designated retirement |
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1 | | systems and for the purposes authorized in Section 7.6 of this |
2 | | Act . |
3 | | (b) The Pension Contribution Fund is created as a special |
4 | | fund in the
State Treasury.
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5 | | The proceeds of the additional $10,000,000,000 of Bonds |
6 | | authorized by Public Act 93-2, less the amounts authorized in |
7 | | the
Bond Sale Order to be deposited directly into the |
8 | | capitalized interest account
of the General Obligation Bond |
9 | | Retirement and Interest Fund or otherwise
directly paid out for |
10 | | bond sale expenses under Section 8, shall be deposited
into the |
11 | | Pension Contribution Fund and used as provided in this Section.
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12 | | The proceeds of the additional $3,466,000,000 of Bonds |
13 | | authorized by Public Act 96-43, less the amounts directly paid |
14 | | out for bond sale expenses under Section 8, shall be deposited |
15 | | into the Pension Contribution Fund, and the Comptroller and the |
16 | | Treasurer shall, as soon as practical, (i) first, transfer from |
17 | | the Pension Contribution Fund to the General Revenue Fund or |
18 | | Common School Fund an amount equal to the amount of payments, |
19 | | if any, made to the designated retirement systems from the |
20 | | General Revenue Fund or Common School Fund in State fiscal year |
21 | | 2010 and (ii) second, make transfers from the Pension |
22 | | Contribution Fund to the designated retirement systems |
23 | | pursuant to Sections 2-124, 14-131, 15-155, 16-158, and 18-131 |
24 | | of the Illinois Pension Code. |
25 | | Except as otherwise provided in Section 7.6, the The |
26 | | proceeds of the additional $4,096,348,300 of Bonds authorized |
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1 | | by this amendatory Act of the 96th General Assembly, less the |
2 | | amounts directly paid out for bond sale expenses under Section |
3 | | 8, shall be deposited into the Pension Contribution Fund, and |
4 | | the Comptroller and the Treasurer shall, as soon as practical, |
5 | | (i) first, transfer from the Pension Contribution Fund to the |
6 | | General Revenue Fund or Common School Fund an amount equal to |
7 | | the amount of payments, if any, made to the designated |
8 | | retirement systems from the General Revenue Fund or Common |
9 | | School Fund in State fiscal year 2011 and (ii) second, make |
10 | | transfers from the Pension Contribution Fund to the designated |
11 | | retirement systems pursuant to Sections 2-124, 14-131, 15-155, |
12 | | 16-158, and 18-131 of the Illinois Pension Code. |
13 | | (c) Of the amount of Bond proceeds from the bond sale |
14 | | authorized by Public Act 93-2 first deposited into the Pension
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15 | | Contribution Fund, there shall be reserved for transfers under |
16 | | this subsection
the sum of $300,000,000, representing the |
17 | | required State contributions to the
designated retirement |
18 | | systems for the last quarter of State fiscal year 2003,
plus |
19 | | the sum of $1,860,000,000, representing the required State |
20 | | contributions
to the designated retirement systems for State |
21 | | fiscal year 2004.
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22 | | Upon the deposit of sufficient moneys from the bond sale |
23 | | authorized by Public Act 93-2 into the Pension Contribution
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24 | | Fund, the Comptroller and Treasurer shall immediately transfer |
25 | | the sum of
$300,000,000 from the Pension Contribution Fund to |
26 | | the General Revenue Fund.
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1 | | Whenever any payment of required State contributions for |
2 | | State fiscal year
2004 is made to one of the designated |
3 | | retirement systems, the Comptroller and
Treasurer shall, as |
4 | | soon as practicable, transfer from the Pension Contribution
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5 | | Fund to the General Revenue Fund an amount equal to the amount |
6 | | of that payment
to the designated retirement system.
Beginning |
7 | | on the effective date of this amendatory Act of the 93rd
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8 | | General Assembly, the transfers from the Pension Contribution |
9 | | Fund to
the General Revenue Fund shall be suspended until June |
10 | | 30, 2004, and
the remaining balance in the Pension Contribution |
11 | | Fund shall be
transferred directly to the designated retirement |
12 | | systems as provided
in Section 6z-61 of the State Finance Act. |
13 | | On and after July 1, 2004, in the
event that
any amount is on |
14 | | deposit in the Pension Contribution Fund from time to
time, the |
15 | | Comptroller and
Treasurer shall continue to make such transfers |
16 | | based on fiscal year 2005
payments until the entire amount on |
17 | | deposit has been
transferred.
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18 | | (d) All amounts deposited into the Pension Contribution |
19 | | Fund, other
than the amounts reserved for the transfers under |
20 | | subsection (c) from the bond sale authorized by Public Act |
21 | | 93-2, other than amounts deposited into the Pension |
22 | | Contribution Fund from the bond sale authorized by Public Act |
23 | | 96-43 and other than amounts deposited into the Pension |
24 | | Contribution Fund from the bond sale authorized by this |
25 | | amendatory Act of the 96th General Assembly, shall be
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26 | | appropriated to the designated retirement systems to reduce |
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1 | | their actuarial
reserve deficiencies. The amount of the |
2 | | appropriation to each designated
retirement system shall |
3 | | constitute a portion of the total appropriation under
this |
4 | | subsection that is the same as that retirement system's portion |
5 | | of the
total actuarial reserve deficiency of the systems, as |
6 | | most recently determined
by the
Governor's Office of Management |
7 | | and Budget under Section 8.12 of the State Finance Act.
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8 | | With respect to proceeds from the bond sale authorized by |
9 | | Public Act 93-2 only, within 15 days after any Bond proceeds in |
10 | | excess of the amounts initially
reserved under subsection (c) |
11 | | are deposited into the Pension Contribution
Fund, the
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12 | | Governor's Office of Management and Budget shall (i) allocate |
13 | | those proceeds among the
designated retirement systems in |
14 | | proportion to their respective actuarial
reserve deficiencies, |
15 | | as most recently determined under Section 8.12 of the
State |
16 | | Finance Act, and (ii) certify those allocations to the |
17 | | designated
retirement systems and the Comptroller.
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18 | | Upon receiving certification of an allocation under this |
19 | | subsection, a
designated retirement system shall submit to the |
20 | | Comptroller a voucher for
the amount of its allocation. The |
21 | | voucher shall be paid out of the amount
appropriated to that |
22 | | designated retirement system from the Pension Contribution
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23 | | Fund pursuant to this subsection.
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24 | | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11.)
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25 | | (30 ILCS 330/7.6 new) |
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1 | | Sec. 7.6. Bond payment funding. Up to $2,200,000,000 of the |
2 | | Bonds authorized under Public Act 96-1497 may be re-issued. The |
3 | | proceeds of the Bonds re-issued under this Section, less the |
4 | | amounts directly paid out for bond sale expenses under Section |
5 | | 8, shall be deposited into the General Obligation Bond |
6 | | Retirement and Interest Fund for the sole purpose of retiring |
7 | | the outstanding Bonds authorized by Public Act 96-1497.
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8 | | (30 ILCS 330/9) (from Ch. 127, par. 659)
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9 | | Sec. 9. Conditions for Issuance and Sale of Bonds - |
10 | | Requirements for
Bonds. |
11 | | (a) Except as otherwise provided in this subsection, Bonds |
12 | | shall be issued and sold from time to time, in one or
more |
13 | | series, in such amounts and at such prices as may be directed |
14 | | by the
Governor, upon recommendation by the Director of the
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15 | | Governor's Office of Management and Budget.
Bonds shall be in |
16 | | such form (either coupon, registered or book entry), in
such |
17 | | denominations, payable within 25 years from their date, subject |
18 | | to such
terms of redemption with or without premium, bear |
19 | | interest payable at
such times and at such fixed or variable |
20 | | rate or rates, and be dated
as shall be fixed and determined by |
21 | | the Director of
the
Governor's Office of Management and Budget
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22 | | in the order authorizing the issuance and sale
of any series of |
23 | | Bonds, which order shall be approved by the Governor
and is |
24 | | herein called a "Bond Sale Order"; provided however, that |
25 | | interest
payable at fixed or variable rates shall not exceed |
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1 | | that permitted in the
Bond Authorization Act, as now or |
2 | | hereafter amended. Bonds shall be
payable at such place or |
3 | | places, within or without the State of Illinois, and
may be |
4 | | made registrable as to either principal or as to both principal |
5 | | and
interest, as shall be specified in the Bond Sale Order. |
6 | | Bonds may be callable
or subject to purchase and retirement or |
7 | | tender and remarketing as fixed
and determined in the Bond Sale |
8 | | Order. Bonds, other than Bonds issued under Section 3 of this |
9 | | Act for the costs associated with the purchase and |
10 | | implementation of information technology, (i) except for |
11 | | refunding Bonds satisfying the requirements of Section 16 of |
12 | | this Act and sold during fiscal year 2009, 2010, 2011, or 2017 |
13 | | must be issued with principal or mandatory redemption amounts |
14 | | in equal amounts, with the first maturity issued occurring |
15 | | within the fiscal year in which the Bonds are issued or within |
16 | | the next succeeding fiscal year and (ii) must mature or be |
17 | | subject to mandatory redemption each fiscal year thereafter up |
18 | | to 25 years, except for refunding Bonds satisfying the |
19 | | requirements of Section 16 of this Act and sold during fiscal |
20 | | year 2009, 2010, or 2011 which must mature or be subject to |
21 | | mandatory redemption each fiscal year thereafter up to 16 |
22 | | years. Bonds issued under Section 3 of this Act for the costs |
23 | | associated with the purchase and implementation of information |
24 | | technology must be issued with principal or mandatory |
25 | | redemption amounts in equal amounts, with the first maturity |
26 | | issued occurring with the fiscal year in which the respective |
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1 | | bonds are issued or with the next succeeding fiscal year, with |
2 | | the respective bonds issued maturing or subject to mandatory |
3 | | redemption each fiscal year thereafter up to 10 years. |
4 | | Notwithstanding any provision of this Act to the contrary, the |
5 | | Bonds authorized by Public Act 96-43 shall be payable within 5 |
6 | | years from their date and must be issued with principal or |
7 | | mandatory redemption amounts in equal amounts, with payment of |
8 | | principal or mandatory redemption beginning in the first fiscal |
9 | | year following the fiscal year in which the Bonds are issued.
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10 | | Notwithstanding any provision of this Act to the contrary, |
11 | | the Bonds authorized by Public Act 96-1497 shall be payable |
12 | | within 8 years from their date and shall be issued with payment |
13 | | of maturing principal or scheduled mandatory redemptions in |
14 | | accordance with the following schedule, except the following |
15 | | amounts shall be prorated if less than the total additional |
16 | | amount of Bonds authorized by Public Act 96-1497 are issued: |
17 | | Fiscal Year After Issuance Amount |
18 | | 1-2 $0 |
19 | | 3 $110,712,120 |
20 | | 4 $332,136,360 |
21 | | 5 $664,272,720 |
22 | | 6-8 $996,409,080 |
23 | | Notwithstanding any provision of this Act to the contrary, |
24 | | the Bonds authorized by this amendatory Act of the 100th |
25 | | General Assembly shall be payable within 10 years from their |
26 | | date. |
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1 | | In the case of any series of Bonds bearing interest at a |
2 | | variable interest
rate ("Variable Rate Bonds"), in lieu of |
3 | | determining the rate or rates at which
such series of Variable |
4 | | Rate Bonds shall bear interest and the price or prices
at which |
5 | | such Variable Rate Bonds shall be initially sold or remarketed |
6 | | (in the
event of purchase and subsequent resale), the Bond Sale |
7 | | Order may provide that
such interest rates and prices may vary |
8 | | from time to time depending on criteria
established in such |
9 | | Bond Sale Order, which criteria may include, without
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10 | | limitation, references to indices or variations in interest |
11 | | rates as may, in
the judgment of a remarketing agent, be |
12 | | necessary to cause Variable Rate Bonds
of such series to be |
13 | | remarketable from time to time at a price equal to their
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14 | | principal amount, and may provide for appointment of a bank, |
15 | | trust company,
investment bank, or other financial institution |
16 | | to serve as remarketing agent
in that connection.
The Bond Sale |
17 | | Order may provide that alternative interest rates or provisions
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18 | | for establishing alternative interest rates, different |
19 | | security or claim
priorities, or different call or amortization |
20 | | provisions will apply during
such times as Variable Rate Bonds |
21 | | of any series are held by a person providing
credit or |
22 | | liquidity enhancement arrangements for such Bonds as |
23 | | authorized in
subsection (b) of this Section.
The Bond Sale |
24 | | Order may also provide for such variable interest rates to be
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25 | | established pursuant to a process generally known as an auction |
26 | | rate process
and may provide for appointment of one or more |
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1 | | financial institutions to serve
as auction agents and |
2 | | broker-dealers in connection with the establishment of
such |
3 | | interest rates and the sale and remarketing of such Bonds.
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4 | | (b) In connection with the issuance of any series of Bonds, |
5 | | the State may
enter into arrangements to provide additional |
6 | | security and liquidity for such
Bonds, including, without |
7 | | limitation, bond or interest rate insurance or
letters of |
8 | | credit, lines of credit, bond purchase contracts, or other
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9 | | arrangements whereby funds are made available to retire or |
10 | | purchase Bonds,
thereby assuring the ability of owners of the |
11 | | Bonds to sell or redeem their
Bonds. The State may enter into |
12 | | contracts and may agree to pay fees to persons
providing such |
13 | | arrangements, but only under circumstances where the Director |
14 | | of
the
Governor's Office of Management and Budget certifies |
15 | | that he or she reasonably expects the total
interest paid or to |
16 | | be paid on the Bonds, together with the fees for the
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17 | | arrangements (being treated as if interest), would not, taken |
18 | | together, cause
the Bonds to bear interest, calculated to their |
19 | | stated maturity, at a rate in
excess of the rate that the Bonds |
20 | | would bear in the absence of such
arrangements.
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21 | | The State may, with respect to Bonds issued or anticipated |
22 | | to be issued,
participate in and enter into arrangements with |
23 | | respect to interest rate
protection or exchange agreements, |
24 | | guarantees, or financial futures contracts
for the purpose of |
25 | | limiting, reducing, or managing interest rate exposure.
The |
26 | | authority granted under this paragraph, however, shall not |
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1 | | increase the principal amount of Bonds authorized to be issued |
2 | | by law. The arrangements may be executed and delivered by the |
3 | | Director
of the
Governor's Office of Management and Budget on |
4 | | behalf of the State. Net payments for such
arrangements shall |
5 | | constitute interest on the Bonds and shall be paid from the
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6 | | General Obligation Bond Retirement and Interest Fund. The |
7 | | Director of the
Governor's Office of Management and Budget |
8 | | shall at least annually certify to the Governor and
the
State |
9 | | Comptroller his or her estimate of the amounts of such net |
10 | | payments to
be included in the calculation of interest required |
11 | | to be paid by the State.
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12 | | (c) Prior to the issuance of any Variable Rate Bonds |
13 | | pursuant to
subsection (a), the Director of the
Governor's |
14 | | Office of Management and Budget shall adopt an
interest rate |
15 | | risk management policy providing that the amount of the State's
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16 | | variable rate exposure with respect to Bonds shall not exceed |
17 | | 20%. This policy
shall remain in effect while any Bonds are |
18 | | outstanding and the issuance of
Bonds
shall be subject to the |
19 | | terms of such policy. The terms of this policy may be
amended |
20 | | from time to time by the Director of the
Governor's Office of |
21 | | Management and Budget but in no
event shall any amendment cause |
22 | | the permitted level of the State's variable
rate exposure with |
23 | | respect to Bonds to exceed 20%.
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24 | | (d) "Build America Bonds" in this Section means Bonds |
25 | | authorized by Section 54AA of the Internal Revenue Code of |
26 | | 1986, as amended ("Internal Revenue Code"), and bonds issued |
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1 | | from time to time to refund or continue to refund "Build |
2 | | America Bonds". |
3 | | (e) Notwithstanding any other provision of this Section, |
4 | | Qualified School Construction Bonds shall be issued and sold |
5 | | from time to time, in one or more series, in such amounts and |
6 | | at such prices as may be directed by the Governor, upon |
7 | | recommendation by the Director of the Governor's Office of |
8 | | Management and Budget. Qualified School Construction Bonds |
9 | | shall be in such form (either coupon, registered or book |
10 | | entry), in such denominations, payable within 25 years from |
11 | | their date, subject to such terms of redemption with or without |
12 | | premium, and if the Qualified School Construction Bonds are |
13 | | issued with a supplemental coupon, bear interest payable at |
14 | | such times and at such fixed or variable rate or rates, and be |
15 | | dated as shall be fixed and determined by the Director of the |
16 | | Governor's Office of Management and Budget in the order |
17 | | authorizing the issuance and sale of any series of Qualified |
18 | | School Construction Bonds, which order shall be approved by the |
19 | | Governor and is herein called a "Bond Sale Order"; except that |
20 | | interest payable at fixed or variable rates, if any, shall not |
21 | | exceed that permitted in the Bond Authorization Act, as now or |
22 | | hereafter amended. Qualified School Construction Bonds shall |
23 | | be payable at such place or places, within or without the State |
24 | | of Illinois, and may be made registrable as to either principal |
25 | | or as to both principal and interest, as shall be specified in |
26 | | the Bond Sale Order. Qualified School Construction Bonds may be |
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1 | | callable or subject to purchase and retirement or tender and |
2 | | remarketing as fixed and determined in the Bond Sale Order. |
3 | | Qualified School Construction Bonds must be issued with |
4 | | principal or mandatory redemption amounts or sinking fund |
5 | | payments into the General Obligation Bond Retirement and |
6 | | Interest Fund (or subaccount therefor) in equal amounts, with |
7 | | the first maturity issued, mandatory redemption payment or |
8 | | sinking fund payment occurring within the fiscal year in which |
9 | | the Qualified School Construction Bonds are issued or within |
10 | | the next succeeding fiscal year, with Qualified School |
11 | | Construction Bonds issued maturing or subject to mandatory |
12 | | redemption or with sinking fund payments thereof deposited each |
13 | | fiscal year thereafter up to 25 years. Sinking fund payments |
14 | | set forth in this subsection shall be permitted only to the |
15 | | extent authorized in Section 54F of the Internal Revenue Code |
16 | | or as otherwise determined by the Director of the Governor's |
17 | | Office of Management and Budget. "Qualified School |
18 | | Construction Bonds" in this subsection means Bonds authorized |
19 | | by Section 54F of the Internal Revenue Code and for bonds |
20 | | issued from time to time to refund or continue to refund such |
21 | | "Qualified School Construction Bonds". |
22 | | (f) Beginning with the next issuance by the Governor's |
23 | | Office of Management and Budget to the Procurement Policy Board |
24 | | of a request for quotation for the purpose of formulating a new |
25 | | pool of qualified underwriting banks list, all entities |
26 | | responding to such a request for quotation for inclusion on |
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1 | | that list shall provide a written report to the Governor's |
2 | | Office of Management and Budget and the Illinois Comptroller. |
3 | | The written report submitted to the Comptroller shall (i) be |
4 | | published on the Comptroller's Internet website and (ii) be |
5 | | used by the Governor's Office of Management and Budget for the |
6 | | purposes of scoring such a request for quotation. The written |
7 | | report, at a minimum, shall: |
8 | | (1) disclose whether, within the past 3 months, |
9 | | pursuant to its credit default swap market-making |
10 | | activities, the firm has entered into any State of Illinois |
11 | | credit default swaps ("CDS"); |
12 | | (2) include, in the event of State of Illinois CDS |
13 | | activity, disclosure of the firm's cumulative notional |
14 | | volume of State of Illinois CDS trades and the firm's |
15 | | outstanding gross and net notional amount of State of |
16 | | Illinois CDS, as of the end of the current 3-month period; |
17 | | (3) indicate, pursuant to the firm's proprietary |
18 | | trading activities, disclosure of whether the firm, within |
19 | | the past 3 months, has entered into any proprietary trades |
20 | | for its own account in State of Illinois CDS; |
21 | | (4) include, in the event of State of Illinois |
22 | | proprietary trades, disclosure of the firm's outstanding |
23 | | gross and net notional amount of proprietary State of |
24 | | Illinois CDS and whether the net position is short or long |
25 | | credit protection, as of the end of the current 3-month |
26 | | period; |
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1 | | (5) list all time periods during the past 3 months |
2 | | during which the firm held net long or net short State of |
3 | | Illinois CDS proprietary credit protection positions, the |
4 | | amount of such positions, and whether those positions were |
5 | | net long or net short credit protection positions; and |
6 | | (6) indicate whether, within the previous 3 months, the |
7 | | firm released any publicly available research or marketing |
8 | | reports that reference State of Illinois CDS and include |
9 | | those research or marketing reports as attachments. |
10 | | (g) All entities included on a Governor's Office of |
11 | | Management and Budget's pool of qualified underwriting banks |
12 | | list shall, as soon as possible after March 18, 2011 (the |
13 | | effective date of Public Act 96-1554), but not later than |
14 | | January 21, 2011, and on a quarterly fiscal basis thereafter, |
15 | | provide a written report to the Governor's Office of Management |
16 | | and Budget and the Illinois Comptroller. The written reports |
17 | | submitted to the Comptroller shall be published on the |
18 | | Comptroller's Internet website. The written reports, at a |
19 | | minimum, shall: |
20 | | (1) disclose whether, within the past 3 months, |
21 | | pursuant to its credit default swap market-making |
22 | | activities, the firm has entered into any State of Illinois |
23 | | credit default swaps ("CDS"); |
24 | | (2) include, in the event of State of Illinois CDS |
25 | | activity, disclosure of the firm's cumulative notional |
26 | | volume of State of Illinois CDS trades and the firm's |
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1 | | outstanding gross and net notional amount of State of |
2 | | Illinois CDS, as of the end of the current 3-month period; |
3 | | (3) indicate, pursuant to the firm's proprietary |
4 | | trading activities, disclosure of whether the firm, within |
5 | | the past 3 months, has entered into any proprietary trades |
6 | | for its own account in State of Illinois CDS; |
7 | | (4) include, in the event of State of Illinois |
8 | | proprietary trades, disclosure of the firm's outstanding |
9 | | gross and net notional amount of proprietary State of |
10 | | Illinois CDS and whether the net position is short or long |
11 | | credit protection, as of the end of the current 3-month |
12 | | period; |
13 | | (5) list all time periods during the past 3 months |
14 | | during which the firm held net long or net short State of |
15 | | Illinois CDS proprietary credit protection positions, the |
16 | | amount of such positions, and whether those positions were |
17 | | net long or net short credit protection positions; and |
18 | | (6) indicate whether, within the previous 3 months, the |
19 | | firm released any publicly available research or marketing |
20 | | reports that reference State of Illinois CDS and include |
21 | | those research or marketing reports as attachments. |
22 | | (Source: P.A. 99-523, eff. 6-30-16.)
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23 | | (30 ILCS 330/11) (from Ch. 127, par. 661)
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24 | | Sec. 11. Sale of Bonds. Except as otherwise provided in |
25 | | this Section,
Bonds shall be sold from time to time pursuant to
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1 | | notice of sale and public bid or by negotiated sale
in such |
2 | | amounts and at such
times as is directed by the Governor, upon |
3 | | recommendation by the Director of
the
Governor's Office of |
4 | | Management and Budget. At least 25%, based on total principal |
5 | | amount, of all Bonds issued each fiscal year shall be sold |
6 | | pursuant to notice of sale and public bid. At all times during |
7 | | each fiscal year, no more than 75%, based on total principal |
8 | | amount, of the Bonds issued each fiscal year, shall have been |
9 | | sold by negotiated sale. Failure to satisfy the requirements in |
10 | | the preceding 2 sentences shall not affect the validity of any |
11 | | previously issued Bonds; provided that all Bonds authorized by |
12 | | Public Act 96-43 , and Public Act 96-1497 , and this amendatory |
13 | | Act of the 100th General Assembly shall not be included in |
14 | | determining compliance for any fiscal year with the |
15 | | requirements of the preceding 2 sentences; and further provided |
16 | | that refunding Bonds satisfying the requirements of Section 16 |
17 | | of this Act and sold during fiscal year 2009, 2010, 2011, or |
18 | | 2017 shall not be subject to the requirements in the preceding |
19 | | 2 sentences.
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20 | | If
any Bonds, including refunding Bonds, are to be sold by |
21 | | negotiated
sale, the
Director of the
Governor's Office of |
22 | | Management and Budget
shall comply with the
competitive request |
23 | | for proposal process set forth in the Illinois
Procurement Code |
24 | | and all other applicable requirements of that Code.
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25 | | If Bonds are to be sold pursuant to notice of sale and |
26 | | public bid, the
Director of the
Governor's Office of Management |
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1 | | and Budget may, from time to time, as Bonds are to be sold, |
2 | | advertise
the sale of the Bonds in at least 2 daily newspapers, |
3 | | one of which is
published in the City of Springfield and one in |
4 | | the City of Chicago. The sale
of the Bonds shall also be
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5 | | advertised in the volume of the Illinois Procurement Bulletin |
6 | | that is
published by the Department of Central Management |
7 | | Services, and shall be published once at least
10 days prior to |
8 | | the date fixed
for the opening of the bids. The Director of the
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9 | | Governor's Office of Management and Budget may
reschedule the |
10 | | date of sale upon the giving of such additional notice as the
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11 | | Director deems adequate to inform prospective bidders of
such |
12 | | change; provided, however, that all other conditions of the |
13 | | sale shall
continue as originally advertised.
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14 | | Executed Bonds shall, upon payment therefor, be delivered |
15 | | to the purchaser,
and the proceeds of Bonds shall be paid into |
16 | | the State Treasury as directed by
Section 12 of this Act.
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17 | | (Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
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