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1 | AN ACT concerning finance.
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2 | WHEREAS, the purpose of this amendatory Act of the 100th | ||||||||||||||||||||||||
3 | General Assembly is to provide financial relief to providers | ||||||||||||||||||||||||
4 | and vendors who do business with the State of Illinois; | ||||||||||||||||||||||||
5 | therefore | ||||||||||||||||||||||||
6 | Be it enacted by the People of the State of Illinois,
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7 | represented in the General Assembly:
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8 | Section 3. The Illinois Finance Authority Act is amended by | ||||||||||||||||||||||||
9 | changing Section 801-40 as follows:
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10 | (20 ILCS 3501/801-40)
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11 | Sec. 801-40. In addition to the powers otherwise authorized | ||||||||||||||||||||||||
12 | by law and in
addition to the foregoing general corporate | ||||||||||||||||||||||||
13 | powers, the Authority shall also
have the following additional | ||||||||||||||||||||||||
14 | specific powers to be exercised in furtherance of
the purposes | ||||||||||||||||||||||||
15 | of this Act.
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16 | (a) The Authority shall have power (i) to accept grants, | ||||||||||||||||||||||||
17 | loans or
appropriations from the federal government or the | ||||||||||||||||||||||||
18 | State, or any agency or
instrumentality thereof, to be used for | ||||||||||||||||||||||||
19 | the operating expenses of the
Authority,
or for any purposes of | ||||||||||||||||||||||||
20 | the Authority, including the making of direct loans of
such | ||||||||||||||||||||||||
21 | funds with respect to projects, and (ii) to enter into any | ||||||||||||||||||||||||
22 | agreement with
the federal government or the State, or any |
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1 | agency or instrumentality thereof,
in relationship to such | ||||||
2 | grants, loans or appropriations.
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3 | (b) The Authority shall have power to procure and enter | ||||||
4 | into contracts for
any
type of insurance and indemnity | ||||||
5 | agreements covering loss or damage to property
from any cause, | ||||||
6 | including loss of use and occupancy, or covering any other
| ||||||
7 | insurable risk.
| ||||||
8 | (c) The Authority shall have the continuing power to issue | ||||||
9 | bonds for its
corporate purposes. Bonds may be issued by the | ||||||
10 | Authority in one or more series
and may provide for the payment | ||||||
11 | of any interest deemed necessary on such bonds,
of the costs of | ||||||
12 | issuance of such bonds, of any premium on any insurance, or of
| ||||||
13 | the cost of any guarantees, letters of credit or other similar | ||||||
14 | documents, may
provide for the funding of the reserves deemed | ||||||
15 | necessary in connection with
such bonds, and may provide for | ||||||
16 | the refunding or advance refunding of any bonds
or
for accounts | ||||||
17 | deemed necessary in connection with any purpose of the | ||||||
18 | Authority.
The bonds may bear interest payable at any time or | ||||||
19 | times and at any rate or
rates, notwithstanding any other | ||||||
20 | provision of law to the contrary, and such
rate or rates may be | ||||||
21 | established by an index or formula which may be
implemented or
| ||||||
22 | established by persons appointed or retained therefor by the | ||||||
23 | Authority, or may
bear no interest or may bear interest payable | ||||||
24 | at maturity or upon redemption
prior to maturity, may bear such | ||||||
25 | date or dates, may be payable at such time or
times and at such | ||||||
26 | place or places, may mature at any time or times not later
than |
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| |||||||
1 | 40 years from the date of issuance, may be sold at public or | ||||||
2 | private sale
at such time or times and at such price or prices, | ||||||
3 | may be secured by such
pledges, reserves, guarantees, letters | ||||||
4 | of credit, insurance contracts or other
similar credit support | ||||||
5 | or liquidity instruments, may be executed in such
manner, may | ||||||
6 | be subject to redemption prior to maturity, may provide for the
| ||||||
7 | registration of the bonds, and may be subject to such other | ||||||
8 | terms and
conditions all as may
be provided by the resolution | ||||||
9 | or indenture authorizing the issuance of such
bonds. The holder | ||||||
10 | or holders of any bonds issued by the Authority may bring
suits | ||||||
11 | at law or proceedings in equity to compel the performance and | ||||||
12 | observance
by any person or by the Authority or any of its | ||||||
13 | agents or employees of any
contract or covenant made with the | ||||||
14 | holders of such bonds and to compel such
person or the | ||||||
15 | Authority and any of its agents or employees to perform any
| ||||||
16 | duties
required to be performed for the benefit of the holders | ||||||
17 | of any such bonds by
the provision of the resolution | ||||||
18 | authorizing their issuance, and to enjoin such
person or the | ||||||
19 | Authority and any of its agents or employees from taking any
| ||||||
20 | action in conflict with any such contract or covenant.
| ||||||
21 | Notwithstanding the form and tenor of any such bonds and in the | ||||||
22 | absence of any
express recital on the face thereof that it is | ||||||
23 | non-negotiable, all such bonds
shall be negotiable | ||||||
24 | instruments. Pending the preparation and execution of any
such | ||||||
25 | bonds, temporary bonds may be issued as provided by the | ||||||
26 | resolution.
The bonds shall be sold by the Authority in such |
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| |||||||
1 | manner as it shall determine.
The bonds may be secured as | ||||||
2 | provided in the authorizing resolution by the
receipts, | ||||||
3 | revenues, income and other available funds of the Authority and | ||||||
4 | by
any amounts derived by the Authority from the loan agreement | ||||||
5 | or lease agreement
with respect to the project or projects; and | ||||||
6 | bonds may be issued as general
obligations of the Authority | ||||||
7 | payable from such revenues, funds and obligations
of the | ||||||
8 | Authority as the bond resolution shall provide, or may be | ||||||
9 | issued as
limited obligations with a claim for payment solely | ||||||
10 | from such revenues, funds
and obligations as the bond | ||||||
11 | resolution shall provide. The Authority may grant a
specific | ||||||
12 | pledge or assignment of and lien on or security interest in | ||||||
13 | such
rights, revenues, income, or amounts and may grant a | ||||||
14 | specific pledge or
assignment of and lien on or security | ||||||
15 | interest in any reserves, funds or
accounts established in the | ||||||
16 | resolution authorizing the issuance of bonds. Any
such pledge, | ||||||
17 | assignment, lien or security interest for the benefit of the
| ||||||
18 | holders of the Authority's bonds shall be valid and binding | ||||||
19 | from the time the
bonds are issued without any physical | ||||||
20 | delivery or further act, and shall be
valid and binding as | ||||||
21 | against and prior to the claims of all other parties
having | ||||||
22 | claims against the Authority or any other person irrespective | ||||||
23 | of whether
the
other parties have notice of the pledge, | ||||||
24 | assignment, lien or security interest.
As evidence of such | ||||||
25 | pledge, assignment, lien and security interest, the
Authority | ||||||
26 | may execute and deliver a mortgage, trust agreement, indenture |
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| |||||||
1 | or
security agreement or an assignment thereof.
A remedy for | ||||||
2 | any breach or default of the terms of any such agreement by the
| ||||||
3 | Authority may be by mandamus proceedings in any court of | ||||||
4 | competent jurisdiction
to compel the performance and | ||||||
5 | compliance therewith, but the agreement may
prescribe by whom | ||||||
6 | or on whose behalf such action may be instituted.
It is | ||||||
7 | expressly understood that the Authority may, but need not, | ||||||
8 | acquire title
to any project with respect to which it exercises | ||||||
9 | its authority.
| ||||||
10 | (c-5) Subject to the limitations set forth in this | ||||||
11 | subsection (c-5), the Authority shall have the power to issue | ||||||
12 | State Pension Obligation Acceleration Bonds if in any fiscal | ||||||
13 | year the amount appropriated for all accelerated pension | ||||||
14 | benefit payments is less than the amount required for those | ||||||
15 | payments. The proceeds from the State Pension Obligation | ||||||
16 | Acceleration Bonds issued under this subsection may be used | ||||||
17 | only to pay for accelerated pension benefit payments for the | ||||||
18 | fiscal year in which the State Pension Obligation Acceleration | ||||||
19 | Bonds are issued. | ||||||
20 | The Authority may not issue more than $250,000,000 in State | ||||||
21 | Pension Obligation Acceleration Bonds pursuant to the | ||||||
22 | authority granted in this subsection (c-5), excluding bonds | ||||||
23 | issued to refund outstanding State Pension Obligation | ||||||
24 | Acceleration Bonds. | ||||||
25 | (d) With respect to the powers granted by this Act, the | ||||||
26 | Authority may adopt
rules and regulations prescribing the |
| |||||||
| |||||||
1 | procedures by which persons may apply for
assistance under this | ||||||
2 | Act. Nothing herein shall be deemed to preclude the
Authority, | ||||||
3 | prior to the filing of any formal application, from conducting
| ||||||
4 | preliminary discussions and investigations with respect to the | ||||||
5 | subject matter
of any prospective application.
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6 | (e) The Authority shall have power to acquire by purchase, | ||||||
7 | lease, gift or
otherwise any property or rights therein from | ||||||
8 | any person useful for its
purposes, whether improved for the | ||||||
9 | purposes of any prospective project, or
unimproved. The | ||||||
10 | Authority may also accept any donation of funds for its
| ||||||
11 | purposes from any such source. The Authority shall have no | ||||||
12 | independent power of
condemnation but may acquire any property | ||||||
13 | or rights therein obtained upon
condemnation by any other | ||||||
14 | authority, governmental entity or unit of local
government with | ||||||
15 | such power.
| ||||||
16 | (f) The Authority shall have power to develop, construct | ||||||
17 | and improve either
under its own direction, or through | ||||||
18 | collaboration with any approved applicant,
or to acquire | ||||||
19 | through purchase or otherwise, any project, using for such
| ||||||
20 | purpose the proceeds derived from the sale of its bonds or from | ||||||
21 | governmental
loans or
grants, and to hold title in the name of | ||||||
22 | the Authority to such projects.
| ||||||
23 | (g) The Authority shall have power to lease pursuant to a | ||||||
24 | lease agreement
any
project so developed and constructed or | ||||||
25 | acquired to the approved tenant on such
terms and conditions as | ||||||
26 | may be appropriate to further the purposes of this Act
and to |
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1 | maintain the credit of the Authority. Any such lease may | ||||||
2 | provide for
either the Authority or the approved tenant to | ||||||
3 | assume initially, in whole or in
part, the costs of | ||||||
4 | maintenance, repair and improvements during the leasehold
| ||||||
5 | period. In no case, however, shall the total rentals from any | ||||||
6 | project during
any initial leasehold period or the total loan | ||||||
7 | repayments to be made pursuant
to any loan agreement, be less | ||||||
8 | than an amount necessary to return over such
lease
or loan | ||||||
9 | period (1) all costs incurred in connection with the | ||||||
10 | development,
construction, acquisition or improvement of the | ||||||
11 | project and for repair,
maintenance and improvements thereto | ||||||
12 | during the period of the lease or loan;
provided, however, that | ||||||
13 | the rentals or loan repayments need not include costs
met | ||||||
14 | through the use of funds other than those obtained by the | ||||||
15 | Authority through
the issuance of its bonds or governmental | ||||||
16 | loans; (2) a reasonable percentage
additive to be agreed upon | ||||||
17 | by the Authority and the borrower or tenant to cover
a properly | ||||||
18 | allocable portion of the Authority's general expenses, | ||||||
19 | including,
but not limited to, administrative expenses, | ||||||
20 | salaries and general insurance,
and
(3) an amount sufficient to | ||||||
21 | pay when due all principal of, interest and
premium, if
any on, | ||||||
22 | any bonds issued by the Authority with respect to the project. | ||||||
23 | The
portion of total rentals payable under clause (3) of this | ||||||
24 | subsection (g) shall
be deposited in such special accounts, | ||||||
25 | including all sinking funds, acquisition
or construction | ||||||
26 | funds, debt service and other funds as provided by any
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1 | resolution, mortgage or trust agreement of the Authority | ||||||
2 | pursuant to which any
bond is issued.
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3 | (h) The Authority has the power, upon the termination of | ||||||
4 | any leasehold
period
of any project, to sell or lease for a | ||||||
5 | further term or terms such project on
such terms and conditions | ||||||
6 | as the Authority shall deem reasonable and consistent
with the | ||||||
7 | purposes of the Act. The net proceeds from all such sales and | ||||||
8 | the
revenues or income from such leases shall be used to | ||||||
9 | satisfy any indebtedness
of
the Authority with respect to such | ||||||
10 | project and any balance may be used to pay
any expenses of the | ||||||
11 | Authority or be used for the further development,
construction, | ||||||
12 | acquisition or improvement of projects.
In the event any | ||||||
13 | project is vacated by a tenant prior to the termination of the
| ||||||
14 | initial leasehold period, the Authority shall sell or lease the | ||||||
15 | facilities of
the project on the most advantageous terms | ||||||
16 | available. The net proceeds of any
such disposition shall be | ||||||
17 | treated in the same manner as the proceeds from sales
or the | ||||||
18 | revenues or income from leases subsequent to the termination of | ||||||
19 | any
initial leasehold period.
| ||||||
20 | (i) The Authority shall have the power to make loans to | ||||||
21 | persons to finance a
project, to enter into loan agreements | ||||||
22 | with respect thereto, and to accept
guarantees from persons of | ||||||
23 | its loans or the resultant evidences of obligations
of the | ||||||
24 | Authority.
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25 | (j) The Authority may fix, determine, charge and collect | ||||||
26 | any premiums, fees,
charges, costs and expenses, including, |
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| |||||||
1 | without limitation, any application
fees, commitment fees, | ||||||
2 | program fees, financing charges or publication fees from
any | ||||||
3 | person in connection with its activities under this Act.
| ||||||
4 | (k) In addition to the funds established as provided | ||||||
5 | herein, the Authority
shall have the power to create and | ||||||
6 | establish such reserve funds and accounts as
may be necessary | ||||||
7 | or desirable to accomplish its purposes under this Act and to
| ||||||
8 | deposit its available monies into the funds and accounts.
| ||||||
9 | (l) At the request of the governing body of any unit of | ||||||
10 | local government,
the
Authority is authorized to market such | ||||||
11 | local government's revenue bond
offerings by preparing bond | ||||||
12 | issues for sale, advertising for sealed bids,
receiving bids
at | ||||||
13 | its offices, making the award to the bidder that offers the | ||||||
14 | most favorable
terms or arranging for negotiated placements or | ||||||
15 | underwritings of such
securities. The Authority may, at its | ||||||
16 | discretion, offer for concurrent sale the
revenue bonds of | ||||||
17 | several local governments. Sales by the Authority of revenue
| ||||||
18 | bonds under this Section shall in no way imply State guarantee | ||||||
19 | of such debt
issue. The Authority may require such financial | ||||||
20 | information from participating
local governments as it deems | ||||||
21 | necessary in order to carry out the purposes of
this subsection | ||||||
22 | (1).
| ||||||
23 | (m) The Authority may make grants to any county to which | ||||||
24 | Division 5-37 of
the
Counties Code is applicable to assist in | ||||||
25 | the financing of capital development,
construction and | ||||||
26 | renovation of new or existing facilities for hospitals and
|
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| |||||||
1 | health care facilities under that Act. Such grants may only be | ||||||
2 | made from funds
appropriated for such purposes from the Build | ||||||
3 | Illinois Bond Fund.
| ||||||
4 | (n) The Authority may establish an urban development action | ||||||
5 | grant program
for
the purpose of assisting municipalities in | ||||||
6 | Illinois which are experiencing
severe economic distress to | ||||||
7 | help stimulate economic development activities
needed to aid in | ||||||
8 | economic recovery. The Authority shall determine the types of
| ||||||
9 | activities and projects for which the urban development action | ||||||
10 | grants may be
used, provided that such projects and activities | ||||||
11 | are broadly defined to include
all reasonable projects and | ||||||
12 | activities the primary objectives of which are the
development | ||||||
13 | of viable urban communities, including decent housing and a
| ||||||
14 | suitable living environment, and expansion of economic | ||||||
15 | opportunity, principally
for
persons of low and moderate | ||||||
16 | incomes. The Authority shall enter into grant
agreements from | ||||||
17 | monies appropriated for such purposes from the Build Illinois
| ||||||
18 | Bond Fund. The Authority shall monitor the
use of the grants, | ||||||
19 | and shall provide for audits of the funds as well as
recovery | ||||||
20 | by the Authority of any funds determined to have been spent in
| ||||||
21 | violation of this
subsection (n) or any rule or regulation | ||||||
22 | promulgated hereunder. The Authority
shall provide technical | ||||||
23 | assistance with regard to the effective use of the
urban | ||||||
24 | development action grants. The Authority shall file an annual | ||||||
25 | report to
the
General Assembly concerning the progress of the | ||||||
26 | grant program.
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1 | (o) The Authority may establish a Housing Partnership | ||||||
2 | Program whereby the
Authority provides zero-interest loans to | ||||||
3 | municipalities for the purpose of
assisting in the financing of | ||||||
4 | projects for the rehabilitation of affordable
multi-family | ||||||
5 | housing for low and moderate income residents. The Authority | ||||||
6 | may
provide such loans only upon a municipality's providing | ||||||
7 | evidence that it has
obtained private funding for the | ||||||
8 | rehabilitation project. The Authority shall
provide 3 State | ||||||
9 | dollars for every 7 dollars obtained by the municipality from
| ||||||
10 | sources other than the State of Illinois. The loans shall be | ||||||
11 | made from monies
appropriated for such purpose from the Build | ||||||
12 | Illinois Bond Fund. The total amount of loans available under | ||||||
13 | the Housing
Partnership Program shall not exceed $30,000,000. | ||||||
14 | State loan monies under this
subsection shall be used only for | ||||||
15 | the acquisition and rehabilitation of
existing
buildings | ||||||
16 | containing 4 or more dwelling units. The terms of any loan made | ||||||
17 | by
the municipality under this subsection shall require | ||||||
18 | repayment of the loan to
the municipality upon any sale or | ||||||
19 | other transfer of the project.
| ||||||
20 | (p) The Authority may award grants to universities and | ||||||
21 | research
institutions,
research consortiums and other | ||||||
22 | not-for-profit entities for the purposes of:
remodeling or | ||||||
23 | otherwise physically altering existing laboratory or research
| ||||||
24 | facilities, expansion or physical additions to existing | ||||||
25 | laboratory or research
facilities, construction of new | ||||||
26 | laboratory or research facilities or
acquisition of modern |
| |||||||
| |||||||
1 | equipment to support laboratory or research operations
| ||||||
2 | provided that
such grants (i) be used solely in support of | ||||||
3 | project and equipment acquisitions
which enhance technology | ||||||
4 | transfer, and (ii) not constitute more than 60 percent
of the | ||||||
5 | total project or acquisition cost.
| ||||||
6 | (q) Grants may be awarded by the Authority to units of | ||||||
7 | local government for
the
purpose of developing the appropriate | ||||||
8 | infrastructure or defraying other costs
to
the local government | ||||||
9 | in support of laboratory or research facilities provided
that | ||||||
10 | such grants may not exceed 40% of the cost to the unit of local
| ||||||
11 | government.
| ||||||
12 | (r) The Authority may establish a Direct Loan Program to | ||||||
13 | make loans to
individuals, partnerships or corporations for the | ||||||
14 | purpose of an industrial
project, as defined in
Section 801-10 | ||||||
15 | of this Act. For the purposes of such program
and not by way of | ||||||
16 | limitation on any other program of the Authority, the
Authority | ||||||
17 | shall have the power to issue bonds, notes, or other evidences | ||||||
18 | of
indebtedness including commercial paper for purposes of | ||||||
19 | providing a fund of
capital from which it may make such loans. | ||||||
20 | The Authority shall have the power
to use any appropriations | ||||||
21 | from the State made especially for the Authority's
Direct Loan | ||||||
22 | Program for additional capital to make such loans or for the
| ||||||
23 | purposes of reserve funds or pledged funds which secure the | ||||||
24 | Authority's
obligations of repayment of any bond, note or other | ||||||
25 | form of indebtedness
established for the purpose of providing | ||||||
26 | capital for which it intends to make
such loans under the |
| |||||||
| |||||||
1 | Direct Loan Program. For the purpose of obtaining such
capital, | ||||||
2 | the Authority may also enter into agreements with financial
| ||||||
3 | institutions and other persons for the purpose of selling loans | ||||||
4 | and developing
a secondary market for such loans.
Loans made | ||||||
5 | under the Direct Loan Program may be in an amount not to exceed
| ||||||
6 | $300,000 and shall be made for a portion of an industrial | ||||||
7 | project which does
not exceed 50% of the total project. No loan | ||||||
8 | may be made by the Authority
unless
approved by the affirmative | ||||||
9 | vote of at least 8 members of the board. The
Authority shall | ||||||
10 | establish procedures and publish rules which shall provide for
| ||||||
11 | the submission, review, and analysis of each direct loan | ||||||
12 | application and which
shall preserve the ability of each board | ||||||
13 | member to reach an individual business
judgment regarding the | ||||||
14 | propriety of making each direct loan. The collective
discretion | ||||||
15 | of the board to approve or disapprove each loan shall be
| ||||||
16 | unencumbered.
The Authority may establish and collect such fees | ||||||
17 | and charges, determine and
enforce such terms and conditions, | ||||||
18 | and charge such interest rates as it
determines to be necessary | ||||||
19 | and appropriate to the successful administration of
the Direct | ||||||
20 | Loan Program. The Authority may require such interests in | ||||||
21 | collateral
and such guarantees as it determines are necessary | ||||||
22 | to project the Authority's
interest in the repayment of the | ||||||
23 | principal and interest of each loan made under
the Direct Loan | ||||||
24 | Program.
| ||||||
25 | (s) The Authority may guarantee private loans to third | ||||||
26 | parties up to a
specified dollar amount in order to promote |
| |||||||
| |||||||
1 | economic development in this State.
| ||||||
2 | (t) The Authority may adopt rules and regulations as may be | ||||||
3 | necessary or
advisable to implement the powers conferred by | ||||||
4 | this Act.
| ||||||
5 | (u) The Authority shall have the power to issue bonds, | ||||||
6 | notes or other
evidences
of indebtedness, which may be used to | ||||||
7 | make loans to units of local government
which are authorized to | ||||||
8 | enter into loan agreements and other documents and to
issue | ||||||
9 | bonds, notes and other evidences of indebtedness for the | ||||||
10 | purpose of
financing the protection of storm sewer outfalls, | ||||||
11 | the construction of adequate
storm sewer outfalls, and the | ||||||
12 | provision for flood protection of sanitary sewage
treatment | ||||||
13 | plans, in counties that have established a stormwater | ||||||
14 | management
planning committee in accordance with
Section | ||||||
15 | 5-1062 of the Counties Code. Any
such loan shall be made by the | ||||||
16 | Authority pursuant to the provisions of
Section
820-5 to 820-60 | ||||||
17 | of this Act. The unit of local government shall pay back to the
| ||||||
18 | Authority the principal amount of the loan, plus annual | ||||||
19 | interest as determined
by the Authority. The Authority shall | ||||||
20 | have the power, subject to appropriations
by the General | ||||||
21 | Assembly, to subsidize or buy down a portion of the interest on
| ||||||
22 | such loans, up to 4% per annum.
| ||||||
23 | (v) The Authority may accept security interests as provided | ||||||
24 | in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| ||||||
25 | (w) Moral Obligation. In the event that the Authority | ||||||
26 | determines that monies
of the Authority will not be sufficient |
| |||||||
| |||||||
1 | for the payment of the principal of and
interest on its bonds | ||||||
2 | during the next State fiscal year, the Chairperson, as
soon as | ||||||
3 | practicable, shall certify to the Governor the amount required | ||||||
4 | by the
Authority to enable it to pay such principal of and | ||||||
5 | interest on the bonds. The
Governor shall submit the amount so | ||||||
6 | certified to the General Assembly as soon
as
practicable, but | ||||||
7 | no later than the end of the current State fiscal year. This
| ||||||
8 | subsection shall apply only to any bonds or notes as to which | ||||||
9 | the Authority
shall have determined, in the resolution | ||||||
10 | authorizing the issuance of the bonds
or notes, that this | ||||||
11 | subsection shall apply. Whenever the Authority makes such a
| ||||||
12 | determination, that fact shall be plainly stated on the face of | ||||||
13 | the bonds or
notes and that fact shall also be reported to the | ||||||
14 | Governor. In the event of a
withdrawal of moneys from a reserve | ||||||
15 | fund established with respect to any issue
or issues of bonds | ||||||
16 | of the Authority to pay principal or interest on those
bonds,
| ||||||
17 | the Chairperson of the Authority, as soon as practicable, shall | ||||||
18 | certify to the
Governor the amount required to restore the | ||||||
19 | reserve fund to the level required
in the resolution or | ||||||
20 | indenture securing those bonds. The Governor shall submit
the | ||||||
21 | amount so certified to the General Assembly as soon as | ||||||
22 | practicable, but no
later than the end of the current State | ||||||
23 | fiscal year. The Authority shall obtain
written approval from | ||||||
24 | the Governor for any bonds and notes to be issued under
this | ||||||
25 | Section.
In addition to any other bonds authorized to be issued | ||||||
26 | under
Sections 825-60, 825-65(e), 830-25 and 845-5, the |
| |||||||
| |||||||
1 | principal amount of Authority
bonds outstanding
issued under | ||||||
2 | this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | ||||||
3 | 360/2-6(c), which have
been
assumed by the Authority, shall not | ||||||
4 | exceed $150,000,000. This subsection (w) shall in no way be | ||||||
5 | applied to any bonds issued by the Authority on behalf of the | ||||||
6 | Illinois Power Agency under Section 825-90 of this Act.
| ||||||
7 | (x) The Authority may enter into agreements or contracts | ||||||
8 | with any person necessary or appropriate to place the payment | ||||||
9 | obligations of the Authority under any of its bonds in whole or | ||||||
10 | in part on any interest rate basis, cash flow basis, or other | ||||||
11 | basis desired by the Authority, including without limitation | ||||||
12 | agreements or contracts commonly known as "interest rate swap | ||||||
13 | agreements", "forward payment conversion agreements", and | ||||||
14 | "futures", or agreements or contracts to exchange cash flows or | ||||||
15 | a series of payments, or agreements or contracts, including | ||||||
16 | without limitation agreements or contracts commonly known as | ||||||
17 | "options", "puts", or "calls", to hedge payment, rate spread, | ||||||
18 | or similar exposure; provided that any such agreement or | ||||||
19 | contract shall not constitute an obligation for borrowed money | ||||||
20 | and shall not be taken into account under Section 845-5 of this | ||||||
21 | Act or any other debt limit of the Authority or the State of | ||||||
22 | Illinois.
| ||||||
23 | (y) The Authority shall publish summaries of projects and | ||||||
24 | actions approved by the members of the Authority on its | ||||||
25 | website. These summaries shall include, but not be limited to, | ||||||
26 | information regarding the: |
| |||||||
| |||||||
1 | (1) project; | ||||||
2 | (2) Board's action or actions; | ||||||
3 | (3) purpose of the project; | ||||||
4 | (4) Authority's program and contribution; | ||||||
5 | (5) volume cap; | ||||||
6 | (6) jobs retained; | ||||||
7 | (7) projected new jobs; | ||||||
8 | (8) construction jobs created; | ||||||
9 | (9) estimated sources and uses of funds; | ||||||
10 | (10) financing summary; | ||||||
11 | (11) project summary; | ||||||
12 | (12) business summary; | ||||||
13 | (13) ownership or economic disclosure statement; | ||||||
14 | (14) professional and financial information; | ||||||
15 | (15) service area; and | ||||||
16 | (16) legislative district. | ||||||
17 | The disclosure of information pursuant to this subsection | ||||||
18 | shall comply with the Freedom of Information Act. | ||||||
19 | (Source: P.A. 95-470, eff. 8-27-07; 95-481, eff. 8-28-07; | ||||||
20 | 95-876, eff. 8-21-08; 96-795, eff. 7-1-10 (see Section 5 of | ||||||
21 | P.A. 96-793 for the effective date of changes made by P.A. | ||||||
22 | 96-795) .)
| ||||||
23 | Section 4. The State Finance Act is amended by adding | ||||||
24 | Sections 5.878 and 14.3 as follows: |
| |||||||
| |||||||
1 | (30 ILCS 105/5.878 new) | ||||||
2 | Sec. 5.878. The State Pension Obligation Acceleration Bond | ||||||
3 | Fund. | ||||||
4 | (30 ILCS 105/14.3 new) | ||||||
5 | Sec. 14.3. Spending limitation. | ||||||
6 | (a) If, in State fiscal years 2018 through 2025, State | ||||||
7 | spending exceeds the State spending limitation set forth in | ||||||
8 | subsection (b) of this Section, then no member of the General | ||||||
9 | Assembly shall receive any compensation for his or her service | ||||||
10 | as a member of the General Assembly, including any salary, | ||||||
11 | stipend, or per diem, for the remainder of the fiscal year or | ||||||
12 | until such time as the Governor is presented with a bill or | ||||||
13 | bills passed by the General Assembly to reduce State spending | ||||||
14 | to a level that does not exceed the State spending limitation, | ||||||
15 | whichever occurs sooner. | ||||||
16 | (b) The State spending limitation for each fiscal year | ||||||
17 | specified in subsection (a) is $31,374,000,000. | ||||||
18 | (c) Notwithstanding any other provision of law to the | ||||||
19 | contrary, the Auditor General shall examine each Public Act | ||||||
20 | authorizing State spending from State general funds and prepare | ||||||
21 | a report no later than 30 days after receiving notification of | ||||||
22 | the Public Act from the Secretary of State or 60 days after the | ||||||
23 | effective date of the Public Act, whichever is earlier. The | ||||||
24 | Auditor General shall file the report with the Secretary of | ||||||
25 | State and copies with the Governor, the State Treasurer, the |
| |||||||
| |||||||
1 | State Comptroller, the Senate, and the House of | ||||||
2 | Representatives. The report shall indicate: (i) the amount of | ||||||
3 | State spending set forth in the applicable Public Act; (ii) the | ||||||
4 | total amount of State spending authorized by law for the | ||||||
5 | applicable fiscal year as of the date of the report; and (iii) | ||||||
6 | whether State spending exceeds the State spending limitation | ||||||
7 | set forth in subsection (b). The Auditor General may examine | ||||||
8 | multiple Public Acts in one consolidated report, provided that | ||||||
9 | each Public Act is examined within the time period mandated by | ||||||
10 | this subsection (c). The Auditor General shall issue reports in | ||||||
11 | accordance with this Section through June 30, 2025. | ||||||
12 | At the request of the Auditor General, each State agency | ||||||
13 | shall, without delay, make available to the Auditor General or | ||||||
14 | his or her designated representative any record or information | ||||||
15 | requested and shall provide for examination or copying all | ||||||
16 | records, accounts, papers, reports, vouchers, correspondence, | ||||||
17 | books and other documentation in the custody of that agency, | ||||||
18 | including information stored in electronic data processing | ||||||
19 | systems, which is related to or within the scope of a report | ||||||
20 | prepared under this Section. The Auditor General shall report | ||||||
21 | to the Governor each instance in which a State agency fails to | ||||||
22 | cooperate promptly and fully with his or her office as required | ||||||
23 | by this Section. | ||||||
24 | The Auditor General's report shall not be in the nature of | ||||||
25 | a post-audit or examination and shall not lead to the issuance | ||||||
26 | of an opinion as that term is defined in generally accepted |
| |||||||
| |||||||
1 | government auditing standards. | ||||||
2 | (d) If the Auditor General reports that State spending has | ||||||
3 | exceeded the State spending limitation set forth in subsection | ||||||
4 | (b) and if the Governor has not been presented with a bill or | ||||||
5 | bills passed by the General Assembly to reduce State spending | ||||||
6 | to a level that does not exceed the State spending limitation | ||||||
7 | within 45 calendar days of receipt of the Auditor General's | ||||||
8 | report, then the Governor may, for the purpose of reducing | ||||||
9 | State spending to a level that does not exceed the State | ||||||
10 | spending limitation set forth in subsection (b), designate | ||||||
11 | amounts to be set aside as a reserve from the amounts | ||||||
12 | appropriated from the State general funds for all boards, | ||||||
13 | commissions, agencies, institutions, authorities, colleges, | ||||||
14 | universities, and bodies politic and corporate of the State, | ||||||
15 | but not other constitutional officers, the legislative or | ||||||
16 | judicial branch, the office of the Executive Inspector General, | ||||||
17 | or the Executive Ethics Commission. Such a designation must be | ||||||
18 | made within 15 calendar days after the end of that 45-day | ||||||
19 | period. If the Governor designates amounts to be set aside as a | ||||||
20 | reserve, the Governor shall give notice of the designation to | ||||||
21 | the Auditor General, the State Treasurer, the State | ||||||
22 | Comptroller, the Senate, and the House of Representatives. The | ||||||
23 | amounts placed in reserves shall not be transferred, obligated, | ||||||
24 | encumbered, expended, or otherwise committed unless so | ||||||
25 | authorized by law. Any amount placed in reserves is not State | ||||||
26 | spending and shall not be considered when calculating the total |
| |||||||
| |||||||
1 | amount of State spending. Any Public Act authorizing the use of | ||||||
2 | amounts placed in reserve by the Governor is considered State | ||||||
3 | spending, unless such Public Act authorizes the use of amounts | ||||||
4 | placed in reserves in response to a fiscal emergency under | ||||||
5 | subsection (g). | ||||||
6 | (e) If the Auditor General reports under subsection (c) | ||||||
7 | that State spending has exceeded the State spending limitation | ||||||
8 | set forth in subsection (b), then the Auditor General shall | ||||||
9 | issue a supplemental report no sooner than the 61st day and no | ||||||
10 | later than the 65th day after issuing the report pursuant to | ||||||
11 | subsection (c). The supplemental report shall: (i) summarize | ||||||
12 | details of actions taken by the General Assembly and the | ||||||
13 | Governor after the issuance of the initial report to reduce | ||||||
14 | State spending, if any, (ii) indicate whether the level of | ||||||
15 | State spending has changed since the initial report, and (iii) | ||||||
16 | indicate whether State spending exceeds the State spending | ||||||
17 | limitation. The Auditor General shall file the report with the | ||||||
18 | Secretary of State and copies with the Governor, the State | ||||||
19 | Treasurer, the State Comptroller, the Senate, and the House of | ||||||
20 | Representatives. If the supplemental report of the Auditor | ||||||
21 | General provides that State spending exceeds the State spending | ||||||
22 | limitation, then the compensation of members of the General | ||||||
23 | Assembly shall be withheld in accordance with subsection (a) | ||||||
24 | beginning with the first pay period after the issuance of the | ||||||
25 | supplemental report. | ||||||
26 | (f) Notwithstanding the State spending limitation set |
| |||||||
| |||||||
1 | forth in subsection (b) of this Section, the Governor may | ||||||
2 | declare a fiscal emergency by filing a declaration with the | ||||||
3 | Secretary of State and copies with the State Treasurer, the | ||||||
4 | State Comptroller, the Senate, and the House of | ||||||
5 | Representatives. The declaration must be limited to only one | ||||||
6 | State fiscal year, set forth compelling reasons for declaring a | ||||||
7 | fiscal emergency, and request a specific dollar amount. Unless, | ||||||
8 | within 10 calendar days of receipt of the Governor's | ||||||
9 | declaration, the State Comptroller or State Treasurer notifies | ||||||
10 | the Senate and the House of Representatives that he or she does | ||||||
11 | not concur in the Governor's declaration, State spending | ||||||
12 | authorized by law to address the fiscal emergency in an amount | ||||||
13 | no greater than the dollar amount specified in the declaration | ||||||
14 | shall not be considered "State spending" for purposes of the | ||||||
15 | State spending limitation. | ||||||
16 | (g) As used in this Section: | ||||||
17 | "State general funds" means the General Revenue Fund, the | ||||||
18 | Common School Fund, the General Revenue Common School Special | ||||||
19 | Account Fund, the Education Assistance Fund, and the Budget | ||||||
20 | Stabilization Fund. | ||||||
21 | "State spending" means (i) the total amount authorized for | ||||||
22 | spending by appropriation or statutory transfer from the State | ||||||
23 | general funds in the applicable fiscal year, and (ii) any | ||||||
24 | amounts the Governor places in reserves in accordance with | ||||||
25 | subsection (d) that are subsequently released from reserves | ||||||
26 | following authorization by a Public Act. For the purpose of |
| |||||||
| |||||||
1 | this definition, "appropriation" means authority to spend | ||||||
2 | money from a State general fund for a specific amount, purpose, | ||||||
3 | and time period, including any supplemental appropriation or | ||||||
4 | continuing appropriation, but does not include | ||||||
5 | reappropriations from a previous fiscal year. For the purpose | ||||||
6 | of this definition, "statutory transfer" means authority to | ||||||
7 | transfer funds from one State general fund to any other fund in | ||||||
8 | the State treasury, but does not include transfers made from | ||||||
9 | one State general fund to another State general fund. | ||||||
10 | "State spending limitation" means the amount described in | ||||||
11 | subsection (b) of this Section for the applicable fiscal year. | ||||||
12 | Section 5. The General Obligation Bond Act is amended by | ||||||
13 | changing Sections 2, 2.5, 9, 11, 12, and 13 and by adding | ||||||
14 | Sections 7.6 and 7.7 as follows: | ||||||
15 | (30 ILCS 330/2) (from Ch. 127, par. 652) | ||||||
16 | Sec. 2. Authorization for Bonds. The State of Illinois is | ||||||
17 | authorized to
issue, sell and provide for the retirement of | ||||||
18 | General Obligation Bonds of
the State of Illinois for the | ||||||
19 | categories and specific purposes expressed in
Sections 2 | ||||||
20 | through 8 of this Act, in the total amount of $57,167,925,743 | ||||||
21 | $49,917,925,743 . | ||||||
22 | The bonds authorized in this Section 2 and in Section 16 of | ||||||
23 | this Act are
herein called "Bonds". | ||||||
24 | Of the total amount of Bonds authorized in this Act, up to |
| |||||||
| |||||||
1 | $2,200,000,000
in aggregate original principal amount may be | ||||||
2 | issued and sold in accordance
with the Baccalaureate Savings | ||||||
3 | Act in the form of General Obligation
College Savings Bonds. | ||||||
4 | Of the total amount of Bonds authorized in this Act, up to | ||||||
5 | $300,000,000 in
aggregate original principal amount may be | ||||||
6 | issued and sold in accordance
with the Retirement Savings Act | ||||||
7 | in the form of General Obligation
Retirement Savings Bonds. | ||||||
8 | Of the total amount of Bonds authorized in this Act, the | ||||||
9 | additional
$10,000,000,000 authorized by Public Act 93-2, the | ||||||
10 | $3,466,000,000 authorized by Public Act 96-43, and the | ||||||
11 | $4,096,348,300 authorized by Public Act 96-1497 shall be used | ||||||
12 | solely as provided in Section 7.2. | ||||||
13 | Of the total amount of Bonds authorized in this Act, the | ||||||
14 | additional $7,000,000,000 authorized by Section 7.6 shall be | ||||||
15 | used solely as provided in Section 7.6 and shall be issued by | ||||||
16 | September 1, 2017. | ||||||
17 | Of the total amount of Bonds authorized in this Act, the | ||||||
18 | additional $250,000,000 authorized by Section 7.7 shall be used | ||||||
19 | solely as provided in Section 7.7. | ||||||
20 | The issuance and sale of Bonds pursuant to the General | ||||||
21 | Obligation Bond
Act is an economical and efficient method of | ||||||
22 | financing the long-term capital needs of
the State. This Act | ||||||
23 | will permit the issuance of a multi-purpose General
Obligation | ||||||
24 | Bond with uniform terms and features. This will not only lower
| ||||||
25 | the cost of registration but also reduce the overall cost of | ||||||
26 | issuing debt
by improving the marketability of Illinois General |
| |||||||
| |||||||
1 | Obligation Bonds. | ||||||
2 | (Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | ||||||
3 | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. | ||||||
4 | 8-16-13; 98-781, eff. 7-22-14.) | ||||||
5 | (30 ILCS 330/2.5) | ||||||
6 | Sec. 2.5. Limitation on issuance of Bonds. | ||||||
7 | (a) Except as provided in subsection (b), no Bonds may be | ||||||
8 | issued if, after the issuance, in the next State fiscal year | ||||||
9 | after the issuance of the Bonds, the amount of debt service | ||||||
10 | (including principal, whether payable at maturity or pursuant | ||||||
11 | to mandatory sinking fund installments, and interest) on all | ||||||
12 | then-outstanding Bonds, other than (i) Bonds authorized by this | ||||||
13 | amendatory Act of the 100th General Assembly, (ii) Bonds issued | ||||||
14 | authorized by Public Act 96-43 , and (iii) other than Bonds | ||||||
15 | authorized by Public Act 96-1497, would exceed 7% of the | ||||||
16 | aggregate appropriations from the general funds (which consist | ||||||
17 | of the General Revenue Fund, the Common School Fund, the | ||||||
18 | General Revenue Common School Special Account Fund, and the | ||||||
19 | Education Assistance Fund) and the Road Fund for the fiscal | ||||||
20 | year immediately prior to the fiscal year of the issuance. | ||||||
21 | (b) If the Comptroller and Treasurer each consent in | ||||||
22 | writing, Bonds may be issued even if the issuance does not | ||||||
23 | comply with subsection (a). In addition, $2,000,000,000 in | ||||||
24 | Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, | ||||||
25 | and $2,000,000,000 in Refunding Bonds under Section 16, may be |
| |||||||
| |||||||
1 | issued during State fiscal year 2017 without complying with | ||||||
2 | subsection (a).
| ||||||
3 | (Source: P.A. 99-523, eff. 6-30-16.) | ||||||
4 | (30 ILCS 330/7.6 new) | ||||||
5 | Sec. 7.6. State General Obligation Restructuring Bonds. | ||||||
6 | (a) As used in this Act, "State General Obligation | ||||||
7 | Restructuring Bonds" means Bonds (i) authorized by this | ||||||
8 | amendatory Act of the 100th General Assembly or any other | ||||||
9 | Public Act of the 100th General Assembly authorizing the | ||||||
10 | issuance of State General Obligation Restructuring Bonds and | ||||||
11 | (ii) used for the payment of unpaid obligations of the State as | ||||||
12 | incurred from time to time and as authorized by the General | ||||||
13 | Assembly. | ||||||
14 | (b) State General Obligation Restructuring Bonds in the | ||||||
15 | amount of $7,000,000,000 are hereby authorized to be used for | ||||||
16 | purpose of paying vouchers incurred by the State prior to July | ||||||
17 | 1, 2017. | ||||||
18 | (c) The proceeds of State General Obligation Restructuring
| ||||||
19 | Bonds authorized in subsection (b) of this Section, less the | ||||||
20 | amounts authorized in the Bond Sale Order to be deposited | ||||||
21 | directly into the capitalized interest account of the General | ||||||
22 | Obligation Bond Retirement and Interest Fund or otherwise | ||||||
23 | directly paid out for bond sale expenses under Section 8, shall | ||||||
24 | be deposited into the General Revenue Fund, and the Comptroller | ||||||
25 | and the Treasurer shall, as soon as practical, make payments as |
| |||||||
| |||||||
1 | contemplated by this Section. | ||||||
2 | (30 ILCS 330/7.7 new) | ||||||
3 | Sec. 7.7. State Pension Obligation Acceleration Bonds. | ||||||
4 | (a) As used in this Act, "State Pension Obligation | ||||||
5 | Acceleration Bonds" means Bonds authorized by this amendatory | ||||||
6 | Act of the 100th General Assembly and used for the purposes set | ||||||
7 | forth in subsection (c-5) of Section 801-40 of the Illinois | ||||||
8 | Finance Authority Act. | ||||||
9 | (b) State Pension Obligation Acceleration Bonds in the | ||||||
10 | amount of $250,000,000 are hereby authorized to be used for the | ||||||
11 | purposes set forth in subsection (c-5) of Section 801-40 of the | ||||||
12 | Illinois Finance Authority Act. | ||||||
13 | (c) The proceeds of State Pension Obligation Acceleration | ||||||
14 | Bonds authorized in subsection (b) of this Section, less the | ||||||
15 | amounts authorized in the Bond Sale Order to be directly paid | ||||||
16 | out for bond sale expenses under Section 8, shall be deposited | ||||||
17 | directly into the State Pension Obligation Acceleration Bond | ||||||
18 | Fund, and the Comptroller and the Treasurer shall, as soon as | ||||||
19 | practical, make payments as contemplated by subsection (c-5) of | ||||||
20 | Section 801-40 of the Illinois Finance Authority Act. | ||||||
21 | (d) There is created the State Pension Obligation | ||||||
22 | Acceleration Bond Fund as a special fund in the State Treasury. | ||||||
23 | Funds deposited in the State Pension Obligation Acceleration | ||||||
24 | Bond Fund may only be used for the purposes set forth in | ||||||
25 | subsection (c-5) of Section 801-40 of the Illinois Finance |
| |||||||
| |||||||
1 | Authority Act or for the payment of principal and interest due | ||||||
2 | on State Pension Obligation Acceleration Bonds.
| ||||||
3 | (30 ILCS 330/9) (from Ch. 127, par. 659)
| ||||||
4 | Sec. 9. Conditions for Issuance and Sale of Bonds - | ||||||
5 | Requirements for
Bonds. | ||||||
6 | (a) Except as otherwise provided in this subsection and | ||||||
7 | subsections (h) and (i) , Bonds shall be issued and sold from | ||||||
8 | time to time, in one or
more series, in such amounts and at | ||||||
9 | such prices as may be directed by the
Governor, upon | ||||||
10 | recommendation by the Director of the
Governor's Office of | ||||||
11 | Management and Budget.
Bonds shall be in such form (either | ||||||
12 | coupon, registered or book entry), in
such denominations, | ||||||
13 | payable within 25 years from their date, subject to such
terms | ||||||
14 | of redemption with or without premium, bear interest payable at
| ||||||
15 | such times and at such fixed or variable rate or rates, and be | ||||||
16 | dated
as shall be fixed and determined by the Director of
the
| ||||||
17 | Governor's Office of Management and Budget
in the order | ||||||
18 | authorizing the issuance and sale
of any series of Bonds, which | ||||||
19 | order shall be approved by the Governor
and is herein called a | ||||||
20 | "Bond Sale Order"; provided however, that interest
payable at | ||||||
21 | fixed or variable rates shall not exceed that permitted in the
| ||||||
22 | Bond Authorization Act, as now or hereafter amended. Bonds | ||||||
23 | shall be
payable at such place or places, within or without the | ||||||
24 | State of Illinois, and
may be made registrable as to either | ||||||
25 | principal or as to both principal and
interest, as shall be |
| |||||||
| |||||||
1 | specified in the Bond Sale Order. Bonds may be callable
or | ||||||
2 | subject to purchase and retirement or tender and remarketing as | ||||||
3 | fixed
and determined in the Bond Sale Order. Bonds, other than | ||||||
4 | Bonds issued under Section 3 of this Act for the costs | ||||||
5 | associated with the purchase and implementation of information | ||||||
6 | technology, (i) except for refunding Bonds satisfying the | ||||||
7 | requirements of Section 16 of this Act and sold during fiscal | ||||||
8 | year 2009, 2010, 2011, or 2017 must be issued with principal or | ||||||
9 | mandatory redemption amounts in equal amounts, with the first | ||||||
10 | maturity issued occurring within the fiscal year in which the | ||||||
11 | Bonds are issued or within the next succeeding fiscal year and | ||||||
12 | (ii) must mature or be subject to mandatory redemption each | ||||||
13 | fiscal year thereafter up to 25 years, except for refunding | ||||||
14 | Bonds satisfying the requirements of Section 16 of this Act and | ||||||
15 | sold during fiscal year 2009, 2010, or 2011 which must mature | ||||||
16 | or be subject to mandatory redemption each fiscal year | ||||||
17 | thereafter up to 16 years. Bonds issued under Section 3 of this | ||||||
18 | Act for the costs associated with the purchase and | ||||||
19 | implementation of information technology must be issued with | ||||||
20 | principal or mandatory redemption amounts in equal amounts, | ||||||
21 | with the first maturity issued occurring with the fiscal year | ||||||
22 | in which the respective bonds are issued or with the next | ||||||
23 | succeeding fiscal year, with the respective bonds issued | ||||||
24 | maturing or subject to mandatory redemption each fiscal year | ||||||
25 | thereafter up to 10 years. Notwithstanding any provision of | ||||||
26 | this Act to the contrary, the Bonds authorized by Public Act |
| |||||||
| |||||||
1 | 96-43 shall be payable within 5 years from their date and must | ||||||
2 | be issued with principal or mandatory redemption amounts in | ||||||
3 | equal amounts, with payment of principal or mandatory | ||||||
4 | redemption beginning in the first fiscal year following the | ||||||
5 | fiscal year in which the Bonds are issued.
| ||||||
6 | Notwithstanding any provision of this Act to the contrary, | ||||||
7 | the Bonds authorized by Public Act 96-1497 shall be payable | ||||||
8 | within 8 years from their date and shall be issued with payment | ||||||
9 | of maturing principal or scheduled mandatory redemptions in | ||||||
10 | accordance with the following schedule, except the following | ||||||
11 | amounts shall be prorated if less than the total additional | ||||||
12 | amount of Bonds authorized by Public Act 96-1497 are issued: | ||||||
13 | Fiscal Year After Issuance Amount | ||||||
14 | 1-2 $0 | ||||||
15 | 3 $110,712,120 | ||||||
16 | 4 $332,136,360 | ||||||
17 | 5 $664,272,720 | ||||||
18 | 6-8 $996,409,080 | ||||||
19 | Notwithstanding any provision of this Act to the contrary, | ||||||
20 | State General Obligation Restructuring Bonds issued under | ||||||
21 | Section 7.6 shall be payable within 7 years from the date of | ||||||
22 | sale and shall be issued with payment of principal or mandatory | ||||||
23 | redemption as set forth in subsection (h) of this Section. | ||||||
24 | In the case of any series of Bonds bearing interest at a | ||||||
25 | variable interest
rate ("Variable Rate Bonds"), in lieu of | ||||||
26 | determining the rate or rates at which
such series of Variable |
| |||||||
| |||||||
1 | Rate Bonds shall bear interest and the price or prices
at which | ||||||
2 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
3 | (in the
event of purchase and subsequent resale), the Bond Sale | ||||||
4 | Order may provide that
such interest rates and prices may vary | ||||||
5 | from time to time depending on criteria
established in such | ||||||
6 | Bond Sale Order, which criteria may include, without
| ||||||
7 | limitation, references to indices or variations in interest | ||||||
8 | rates as may, in
the judgment of a remarketing agent, be | ||||||
9 | necessary to cause Variable Rate Bonds
of such series to be | ||||||
10 | remarketable from time to time at a price equal to their
| ||||||
11 | principal amount, and may provide for appointment of a bank, | ||||||
12 | trust company,
investment bank, or other financial institution | ||||||
13 | to serve as remarketing agent
in that connection.
The Bond Sale | ||||||
14 | Order may provide that alternative interest rates or provisions
| ||||||
15 | for establishing alternative interest rates, different | ||||||
16 | security or claim
priorities, or different call or amortization | ||||||
17 | provisions will apply during
such times as Variable Rate Bonds | ||||||
18 | of any series are held by a person providing
credit or | ||||||
19 | liquidity enhancement arrangements for such Bonds as | ||||||
20 | authorized in
subsection (b) of this Section.
The Bond Sale | ||||||
21 | Order may also provide for such variable interest rates to be
| ||||||
22 | established pursuant to a process generally known as an auction | ||||||
23 | rate process
and may provide for appointment of one or more | ||||||
24 | financial institutions to serve
as auction agents and | ||||||
25 | broker-dealers in connection with the establishment of
such | ||||||
26 | interest rates and the sale and remarketing of such Bonds.
|
| |||||||
| |||||||
1 | (b) In connection with the issuance of any series of Bonds, | ||||||
2 | the State may
enter into arrangements to provide additional | ||||||
3 | security and liquidity for such
Bonds, including, without | ||||||
4 | limitation, bond or interest rate insurance or
letters of | ||||||
5 | credit, lines of credit, bond purchase contracts, or other
| ||||||
6 | arrangements whereby funds are made available to retire or | ||||||
7 | purchase Bonds,
thereby assuring the ability of owners of the | ||||||
8 | Bonds to sell or redeem their
Bonds. The State may enter into | ||||||
9 | contracts and may agree to pay fees to persons
providing such | ||||||
10 | arrangements, but only under circumstances where the Director | ||||||
11 | of
the
Governor's Office of Management and Budget certifies | ||||||
12 | that he or she reasonably expects the total
interest paid or to | ||||||
13 | be paid on the Bonds, together with the fees for the
| ||||||
14 | arrangements (being treated as if interest), would not, taken | ||||||
15 | together, cause
the Bonds to bear interest, calculated to their | ||||||
16 | stated maturity, at a rate in
excess of the rate that the Bonds | ||||||
17 | would bear in the absence of such
arrangements.
| ||||||
18 | The State may, with respect to Bonds issued or anticipated | ||||||
19 | to be issued,
participate in and enter into arrangements with | ||||||
20 | respect to interest rate
protection or exchange agreements, | ||||||
21 | guarantees, or financial futures contracts
for the purpose of | ||||||
22 | limiting, reducing, or managing interest rate exposure.
The | ||||||
23 | authority granted under this paragraph, however, shall not | ||||||
24 | increase the principal amount of Bonds authorized to be issued | ||||||
25 | by law. The arrangements may be executed and delivered by the | ||||||
26 | Director
of the
Governor's Office of Management and Budget on |
| |||||||
| |||||||
1 | behalf of the State. Net payments for such
arrangements shall | ||||||
2 | constitute interest on the Bonds and shall be paid from the
| ||||||
3 | General Obligation Bond Retirement and Interest Fund. The | ||||||
4 | Director of the
Governor's Office of Management and Budget | ||||||
5 | shall at least annually certify to the Governor and
the
State | ||||||
6 | Comptroller his or her estimate of the amounts of such net | ||||||
7 | payments to
be included in the calculation of interest required | ||||||
8 | to be paid by the State.
| ||||||
9 | (c) Prior to the issuance of any Variable Rate Bonds | ||||||
10 | pursuant to
subsection (a), the Director of the
Governor's | ||||||
11 | Office of Management and Budget shall adopt an
interest rate | ||||||
12 | risk management policy providing that the amount of the State's
| ||||||
13 | variable rate exposure with respect to Bonds shall not exceed | ||||||
14 | 20%. This policy
shall remain in effect while any Bonds are | ||||||
15 | outstanding and the issuance of
Bonds
shall be subject to the | ||||||
16 | terms of such policy. The terms of this policy may be
amended | ||||||
17 | from time to time by the Director of the
Governor's Office of | ||||||
18 | Management and Budget but in no
event shall any amendment cause | ||||||
19 | the permitted level of the State's variable
rate exposure with | ||||||
20 | respect to Bonds to exceed 20%.
| ||||||
21 | (d) "Build America Bonds" in this Section means Bonds | ||||||
22 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
23 | 1986, as amended ("Internal Revenue Code"), and bonds issued | ||||||
24 | from time to time to refund or continue to refund "Build | ||||||
25 | America Bonds". | ||||||
26 | (e) Notwithstanding any other provision of this Section, |
| |||||||
| |||||||
1 | Qualified School Construction Bonds shall be issued and sold | ||||||
2 | from time to time, in one or more series, in such amounts and | ||||||
3 | at such prices as may be directed by the Governor, upon | ||||||
4 | recommendation by the Director of the Governor's Office of | ||||||
5 | Management and Budget. Qualified School Construction Bonds | ||||||
6 | shall be in such form (either coupon, registered or book | ||||||
7 | entry), in such denominations, payable within 25 years from | ||||||
8 | their date, subject to such terms of redemption with or without | ||||||
9 | premium, and if the Qualified School Construction Bonds are | ||||||
10 | issued with a supplemental coupon, bear interest payable at | ||||||
11 | such times and at such fixed or variable rate or rates, and be | ||||||
12 | dated as shall be fixed and determined by the Director of the | ||||||
13 | Governor's Office of Management and Budget in the order | ||||||
14 | authorizing the issuance and sale of any series of Qualified | ||||||
15 | School Construction Bonds, which order shall be approved by the | ||||||
16 | Governor and is herein called a "Bond Sale Order"; except that | ||||||
17 | interest payable at fixed or variable rates, if any, shall not | ||||||
18 | exceed that permitted in the Bond Authorization Act, as now or | ||||||
19 | hereafter amended. Qualified School Construction Bonds shall | ||||||
20 | be payable at such place or places, within or without the State | ||||||
21 | of Illinois, and may be made registrable as to either principal | ||||||
22 | or as to both principal and interest, as shall be specified in | ||||||
23 | the Bond Sale Order. Qualified School Construction Bonds may be | ||||||
24 | callable or subject to purchase and retirement or tender and | ||||||
25 | remarketing as fixed and determined in the Bond Sale Order. | ||||||
26 | Qualified School Construction Bonds must be issued with |
| |||||||
| |||||||
1 | principal or mandatory redemption amounts or sinking fund | ||||||
2 | payments into the General Obligation Bond Retirement and | ||||||
3 | Interest Fund (or subaccount therefor) in equal amounts, with | ||||||
4 | the first maturity issued, mandatory redemption payment or | ||||||
5 | sinking fund payment occurring within the fiscal year in which | ||||||
6 | the Qualified School Construction Bonds are issued or within | ||||||
7 | the next succeeding fiscal year, with Qualified School | ||||||
8 | Construction Bonds issued maturing or subject to mandatory | ||||||
9 | redemption or with sinking fund payments thereof deposited each | ||||||
10 | fiscal year thereafter up to 25 years. Sinking fund payments | ||||||
11 | set forth in this subsection shall be permitted only to the | ||||||
12 | extent authorized in Section 54F of the Internal Revenue Code | ||||||
13 | or as otherwise determined by the Director of the Governor's | ||||||
14 | Office of Management and Budget. "Qualified School | ||||||
15 | Construction Bonds" in this subsection means Bonds authorized | ||||||
16 | by Section 54F of the Internal Revenue Code and for bonds | ||||||
17 | issued from time to time to refund or continue to refund such | ||||||
18 | "Qualified School Construction Bonds". | ||||||
19 | (f) Beginning with the next issuance by the Governor's | ||||||
20 | Office of Management and Budget to the Procurement Policy Board | ||||||
21 | of a request for quotation for the purpose of formulating a new | ||||||
22 | pool of qualified underwriting banks list, all entities | ||||||
23 | responding to such a request for quotation for inclusion on | ||||||
24 | that list shall provide a written report to the Governor's | ||||||
25 | Office of Management and Budget and the Illinois Comptroller. | ||||||
26 | The written report submitted to the Comptroller shall (i) be |
| |||||||
| |||||||
1 | published on the Comptroller's Internet website and (ii) be | ||||||
2 | used by the Governor's Office of Management and Budget for the | ||||||
3 | purposes of scoring such a request for quotation. The written | ||||||
4 | report, at a minimum, shall: | ||||||
5 | (1) disclose whether, within the past 3 months, | ||||||
6 | pursuant to its credit default swap market-making | ||||||
7 | activities, the firm has entered into any State of Illinois | ||||||
8 | credit default swaps ("CDS"); | ||||||
9 | (2) include, in the event of State of Illinois CDS | ||||||
10 | activity, disclosure of the firm's cumulative notional | ||||||
11 | volume of State of Illinois CDS trades and the firm's | ||||||
12 | outstanding gross and net notional amount of State of | ||||||
13 | Illinois CDS, as of the end of the current 3-month period; | ||||||
14 | (3) indicate, pursuant to the firm's proprietary | ||||||
15 | trading activities, disclosure of whether the firm, within | ||||||
16 | the past 3 months, has entered into any proprietary trades | ||||||
17 | for its own account in State of Illinois CDS; | ||||||
18 | (4) include, in the event of State of Illinois | ||||||
19 | proprietary trades, disclosure of the firm's outstanding | ||||||
20 | gross and net notional amount of proprietary State of | ||||||
21 | Illinois CDS and whether the net position is short or long | ||||||
22 | credit protection, as of the end of the current 3-month | ||||||
23 | period; | ||||||
24 | (5) list all time periods during the past 3 months | ||||||
25 | during which the firm held net long or net short State of | ||||||
26 | Illinois CDS proprietary credit protection positions, the |
| |||||||
| |||||||
1 | amount of such positions, and whether those positions were | ||||||
2 | net long or net short credit protection positions; and | ||||||
3 | (6) indicate whether, within the previous 3 months, the | ||||||
4 | firm released any publicly available research or marketing | ||||||
5 | reports that reference State of Illinois CDS and include | ||||||
6 | those research or marketing reports as attachments. | ||||||
7 | (g) All entities included on a Governor's Office of | ||||||
8 | Management and Budget's pool of qualified underwriting banks | ||||||
9 | list shall, as soon as possible after March 18, 2011 (the | ||||||
10 | effective date of Public Act 96-1554), but not later than | ||||||
11 | January 21, 2011, and on a quarterly fiscal basis thereafter, | ||||||
12 | provide a written report to the Governor's Office of Management | ||||||
13 | and Budget and the Illinois Comptroller. The written reports | ||||||
14 | submitted to the Comptroller shall be published on the | ||||||
15 | Comptroller's Internet website. The written reports, at a | ||||||
16 | minimum, shall: | ||||||
17 | (1) disclose whether, within the past 3 months, | ||||||
18 | pursuant to its credit default swap market-making | ||||||
19 | activities, the firm has entered into any State of Illinois | ||||||
20 | credit default swaps ("CDS"); | ||||||
21 | (2) include, in the event of State of Illinois CDS | ||||||
22 | activity, disclosure of the firm's cumulative notional | ||||||
23 | volume of State of Illinois CDS trades and the firm's | ||||||
24 | outstanding gross and net notional amount of State of | ||||||
25 | Illinois CDS, as of the end of the current 3-month period; | ||||||
26 | (3) indicate, pursuant to the firm's proprietary |
| |||||||
| |||||||
1 | trading activities, disclosure of whether the firm, within | ||||||
2 | the past 3 months, has entered into any proprietary trades | ||||||
3 | for its own account in State of Illinois CDS; | ||||||
4 | (4) include, in the event of State of Illinois | ||||||
5 | proprietary trades, disclosure of the firm's outstanding | ||||||
6 | gross and net notional amount of proprietary State of | ||||||
7 | Illinois CDS and whether the net position is short or long | ||||||
8 | credit protection, as of the end of the current 3-month | ||||||
9 | period; | ||||||
10 | (5) list all time periods during the past 3 months | ||||||
11 | during which the firm held net long or net short State of | ||||||
12 | Illinois CDS proprietary credit protection positions, the | ||||||
13 | amount of such positions, and whether those positions were | ||||||
14 | net long or net short credit protection positions; and | ||||||
15 | (6) indicate whether, within the previous 3 months, the | ||||||
16 | firm released any publicly available research or marketing | ||||||
17 | reports that reference State of Illinois CDS and include | ||||||
18 | those research or marketing reports as attachments. | ||||||
19 | (h) Notwithstanding any other provision of this Section, | ||||||
20 | for purposes of maximizing market efficiencies and cost | ||||||
21 | savings, State General Obligation Restructuring Bonds may be | ||||||
22 | issued and sold from time to time, in one or more series, in | ||||||
23 | such amounts and at such prices as may be directed by the | ||||||
24 | Governor, upon recommendation by the Director of the Governor's | ||||||
25 | Office of Management and Budget. State General Obligation | ||||||
26 | Restructuring Bonds shall be in such form, either coupon, |
| |||||||
| |||||||
1 | registered, or book entry, in such denominations, shall bear | ||||||
2 | interest payable at such times and at such fixed or variable | ||||||
3 | rate or rates, and be dated as shall be fixed and determined by | ||||||
4 | the Director of the Governor's Office of Management and Budget | ||||||
5 | in the order authorizing the issuance and sale of any series of | ||||||
6 | State General Obligation Restructuring Bonds, which order | ||||||
7 | shall be approved by the Governor and is herein called a "Bond | ||||||
8 | Sale Order"; provided, however, that interest payable at fixed | ||||||
9 | or variable rates shall not exceed that permitted in the Bond | ||||||
10 | Authorization Act. State General Obligation Restructuring | ||||||
11 | Bonds shall be payable at such place or places, within or | ||||||
12 | without the State of Illinois, and may be made registrable as | ||||||
13 | to either principal or as to both principal and interest, as | ||||||
14 | shall be specified in the Bond Sale Order.
State General | ||||||
15 | Obligation Restructuring Bonds may be callable or subject to | ||||||
16 | purchase and retirement or tender and remarketing as fixed and | ||||||
17 | determined in the Bond Sale Order. | ||||||
18 | The aggregate principal and interest amounts of State | ||||||
19 | General Obligation Restructuring Bonds authorized by and | ||||||
20 | issued pursuant to this
amendatory Act of the 100th General | ||||||
21 | Assembly or other such amendatory Acts of the 100th General | ||||||
22 | Assembly authorizing the issuance of State General Obligation | ||||||
23 | Restructuring Bonds shall, in the aggregate, mature or be | ||||||
24 | subject to redemption in the annual percentages set forth in | ||||||
25 | the following schedule: | ||||||
26 | (1) for fiscal year 2019, 14.2857%; |
| |||||||
| |||||||
1 | (2) for fiscal year 2020, 14.2857%; | ||||||
2 | (3) for fiscal year 2021, 14.2857%; | ||||||
3 | (4) for fiscal year 2022, 14.2857%; | ||||||
4 | (5) for fiscal year 2023, 14.2857%; | ||||||
5 | (6) for fiscal year 2024, 14.2857%; and | ||||||
6 | (7) for fiscal year 2025, 14.2858%. | ||||||
7 | Notwithstanding the foregoing, the principal amounts | ||||||
8 | calculated above shall be in increments of $5,000. Moreover, | ||||||
9 | the percentages set forth in items (1) through (7) shall be | ||||||
10 | applicable to the aggregate principal amount of State General | ||||||
11 | Obligation Restructuring Bonds authorized by this amendatory | ||||||
12 | Act of the 100th General
Assembly and any other amendatory Acts | ||||||
13 | of the 100th General Assembly authorizing State General | ||||||
14 | Obligation Restructuring Bonds. While individual series of | ||||||
15 | State General Obligation Restructuring Bonds as may be sold | ||||||
16 | from time to time need not be scheduled to mature or be subject | ||||||
17 | to redemption in accordance with the percentages above, | ||||||
18 | redemptions whether by maturity or sinking fund, in any fiscal | ||||||
19 | year for all State General Obligation Restructuring Bonds, in | ||||||
20 | the aggregate, shall be no less than the percentages shown | ||||||
21 | above. Notwithstanding the foregoing, in the event that fewer | ||||||
22 | than all of the State General Obligation Restructuring Bonds | ||||||
23 | authorized by this amendatory Act of the 100th General
Assembly | ||||||
24 | have been issued by September 1, 2017, failure of the | ||||||
25 | then-outstanding State General Obligation Restructuring Bonds | ||||||
26 | to satisfy the repayment schedule set forth above shall not |
| |||||||
| |||||||
1 | affect the validity of any of those outstanding Bonds. | ||||||
2 | (i) Notwithstanding any other provision of this Section, | ||||||
3 | for purposes of maximizing market efficiencies and cost | ||||||
4 | savings, State Pension Obligation Acceleration Bonds may be | ||||||
5 | issued and sold from time to time, in one or more series, in | ||||||
6 | such amounts and at such prices as may be directed by the | ||||||
7 | Governor, upon recommendation by the Director of the Governor's | ||||||
8 | Office of Management and Budget. State Pension Obligation | ||||||
9 | Acceleration Bonds shall be in such form, either coupon, | ||||||
10 | registered, or book entry, in such denominations, shall bear | ||||||
11 | interest payable at such times and at such fixed or variable | ||||||
12 | rate or rates, and be dated as shall be fixed and determined by | ||||||
13 | the Director of the Governor's Office of Management and Budget | ||||||
14 | in the order authorizing the issuance and sale of any series of | ||||||
15 | State Pension Obligation Acceleration Bonds, which order shall | ||||||
16 | be approved by the Governor and is herein called a "Bond Sale | ||||||
17 | Order"; provided, however, that interest payable at fixed or | ||||||
18 | variable rates shall not exceed that permitted in the Bond | ||||||
19 | Authorization Act. State Pension Obligation Acceleration Bonds | ||||||
20 | shall be payable at such place or places, within or without the | ||||||
21 | State of Illinois, and may be made registrable as to either | ||||||
22 | principal or as to both principal and interest, as shall be | ||||||
23 | specified in the Bond Sale Order.
State Pension Obligation | ||||||
24 | Acceleration Bonds may be callable or subject to purchase and | ||||||
25 | retirement or tender and remarketing as fixed and determined in | ||||||
26 | the Bond Sale Order. |
| |||||||
| |||||||
1 | (Source: P.A. 99-523, eff. 6-30-16.)
| ||||||
2 | (30 ILCS 330/11) (from Ch. 127, par. 661)
| ||||||
3 | Sec. 11. Sale of Bonds. Except as otherwise provided in | ||||||
4 | this Section,
Bonds shall be sold from time to time pursuant to
| ||||||
5 | notice of sale and public bid or by negotiated sale
in such | ||||||
6 | amounts and at such
times as is directed by the Governor, upon | ||||||
7 | recommendation by the Director of
the
Governor's Office of | ||||||
8 | Management and Budget. At least 25%, based on total principal | ||||||
9 | amount, of all Bonds issued each fiscal year shall be sold | ||||||
10 | pursuant to notice of sale and public bid. At all times during | ||||||
11 | each fiscal year, no more than 75%, based on total principal | ||||||
12 | amount, of the Bonds issued each fiscal year, shall have been | ||||||
13 | sold by negotiated sale. Failure to satisfy the requirements in | ||||||
14 | the preceding 2 sentences shall not affect the validity of any | ||||||
15 | previously issued Bonds; provided that all Bonds authorized by | ||||||
16 | Public Act 96-43 and Public Act 96-1497 shall not be included | ||||||
17 | in determining compliance for any fiscal year with the | ||||||
18 | requirements of the preceding 2 sentences; and further provided | ||||||
19 | that refunding Bonds satisfying the requirements of Section 16 | ||||||
20 | of this Act and sold during fiscal year 2009, 2010, 2011, or | ||||||
21 | 2017 shall not be subject to the requirements in the preceding | ||||||
22 | 2 sentences.
| ||||||
23 | If
any Bonds, including refunding Bonds, are to be sold by | ||||||
24 | negotiated
sale, the
Director of the
Governor's Office of | ||||||
25 | Management and Budget
shall comply with the
competitive request |
| |||||||
| |||||||
1 | for proposal process set forth in the Illinois
Procurement Code | ||||||
2 | and all other applicable requirements of that Code.
| ||||||
3 | If Bonds are to be sold pursuant to notice of sale and | ||||||
4 | public bid, the
Director of the
Governor's Office of Management | ||||||
5 | and Budget may, from time to time, as Bonds are to be sold, | ||||||
6 | advertise
the sale of the Bonds in at least 2 daily newspapers, | ||||||
7 | one of which is
published in the City of Springfield and one in | ||||||
8 | the City of Chicago. The sale
of the Bonds shall also be
| ||||||
9 | advertised in the volume of the Illinois Procurement Bulletin | ||||||
10 | that is
published by the Department of Central Management | ||||||
11 | Services, and shall be published once at least
10 days prior to | ||||||
12 | the date fixed
for the opening of the bids. The Director of the
| ||||||
13 | Governor's Office of Management and Budget may
reschedule the | ||||||
14 | date of sale upon the giving of such additional notice as the
| ||||||
15 | Director deems adequate to inform prospective bidders of
such | ||||||
16 | change; provided, however, that all other conditions of the | ||||||
17 | sale shall
continue as originally advertised.
| ||||||
18 | Executed Bonds shall, upon payment therefor, be delivered | ||||||
19 | to the purchaser,
and the proceeds of Bonds shall be paid into | ||||||
20 | the State Treasury as directed by
Section 12 of this Act.
| ||||||
21 | All State General Obligation Restructuring Bonds shall | ||||||
22 | comply with this Section. Notwithstanding anything to the | ||||||
23 | contrary, however, for purposes of complying with this Section, | ||||||
24 | State General Obligation Restructuring Bonds, regardless of | ||||||
25 | the number of series or issuances sold thereunder, shall be
| ||||||
26 | considered a single issue or series. Furthermore, for purposes |
| |||||||
| |||||||
1 | of complying with the competitive bidding requirements of this | ||||||
2 | Section, the words "at all times" shall not apply to any such | ||||||
3 | sale of the State General Obligation Restructuring Bonds. The | ||||||
4 | Director of the Governor's Office of Management and Budget | ||||||
5 | shall determine the time and manner of any competitive sale of | ||||||
6 | the State General Obligation Restructuring Bonds; however, | ||||||
7 | that sale shall under no circumstances take place later than 60 | ||||||
8 | days after the State closes the sale of 75% of the State | ||||||
9 | General Obligation Restructuring Bonds by negotiated sale. | ||||||
10 | All State Pension Obligation Acceleration Bonds shall | ||||||
11 | comply with this Section. Notwithstanding anything to the | ||||||
12 | contrary, however, for purposes of complying with this Section, | ||||||
13 | State Pension Obligation Acceleration Bonds, regardless of the | ||||||
14 | number of series or issuances sold thereunder, shall be
| ||||||
15 | considered a single issue or series. Furthermore, for purposes | ||||||
16 | of complying with the competitive bidding requirements of this | ||||||
17 | Section, the words "at all times" shall not apply to any such | ||||||
18 | sale of the State Pension Obligation Acceleration Bonds. The | ||||||
19 | Director of the Governor's Office of Management and Budget | ||||||
20 | shall determine the time and manner of any competitive sale of | ||||||
21 | the State Pension Obligation Acceleration Bonds; however, that | ||||||
22 | sale shall under no circumstances take place later than 60 days | ||||||
23 | after the State closes the sale of 75% of the State Pension | ||||||
24 | Obligation Acceleration Bonds by negotiated sale. | ||||||
25 | (Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
|
| |||||||
| |||||||
1 | (30 ILCS 330/12) (from Ch. 127, par. 662)
| ||||||
2 | Sec. 12. Allocation of Proceeds from Sale of Bonds.
| ||||||
3 | (a) Proceeds from the sale of Bonds, authorized by Section | ||||||
4 | 3 of this Act,
shall be deposited in the separate fund known as | ||||||
5 | the Capital Development Fund.
| ||||||
6 | (b) Proceeds from the sale of Bonds, authorized by | ||||||
7 | paragraph (a) of Section
4 of this Act, shall be deposited in | ||||||
8 | the separate fund known as the
Transportation Bond, Series A | ||||||
9 | Fund.
| ||||||
10 | (c) Proceeds from the sale of Bonds, authorized by | ||||||
11 | paragraphs (b) and (c)
of Section 4 of this Act, shall be | ||||||
12 | deposited in the separate fund known
as the Transportation | ||||||
13 | Bond, Series B Fund.
| ||||||
14 | (c-1) Proceeds from the sale of Bonds, authorized by | ||||||
15 | paragraph (d) of Section 4 of this Act, shall be deposited into | ||||||
16 | the Transportation Bond Series D Fund, which is hereby created. | ||||||
17 | (d) Proceeds from the sale of Bonds, authorized by Section | ||||||
18 | 5 of this
Act, shall be deposited in the separate fund known as | ||||||
19 | the School Construction
Fund.
| ||||||
20 | (e) Proceeds from the sale of Bonds, authorized by Section | ||||||
21 | 6 of this Act,
shall be deposited in the separate fund known as | ||||||
22 | the Anti-Pollution Fund.
| ||||||
23 | (f) Proceeds from the sale of Bonds, authorized by Section | ||||||
24 | 7 of this Act,
shall be deposited in the separate fund known as | ||||||
25 | the Coal Development Fund.
| ||||||
26 | (f-2) Proceeds from the sale of Bonds, authorized by |
| |||||||
| |||||||
1 | Section 7.2 of this
Act, shall be deposited as set forth in | ||||||
2 | Section 7.2.
| ||||||
3 | (f-5) Proceeds from the sale of Bonds, authorized by | ||||||
4 | Section 7.5 of this
Act, shall be deposited as set forth in | ||||||
5 | Section 7.5.
| ||||||
6 | (f-6) Proceeds from the sale of Bonds, authorized by | ||||||
7 | Section 7.6 of this Act, shall be deposited as set forth in | ||||||
8 | Section 7.6. | ||||||
9 | (f-7) Proceeds from the sale of Bonds, authorized by | ||||||
10 | Section 7.7 of this Act, shall be deposited as set forth in | ||||||
11 | Section 7.7. | ||||||
12 | (g) Proceeds from the sale of Bonds, authorized by Section | ||||||
13 | 8 of this Act,
shall be deposited in
the Capital Development | ||||||
14 | Fund.
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15 | (h) Subsequent to the issuance of any Bonds for the | ||||||
16 | purposes described
in Sections 2 through 8 of this Act, the | ||||||
17 | Governor and the Director of the
Governor's Office of | ||||||
18 | Management and Budget may provide for the reallocation of | ||||||
19 | unspent proceeds
of such Bonds to any other purposes authorized | ||||||
20 | under said Sections of this
Act, subject to the limitations on | ||||||
21 | aggregate principal amounts contained
therein. Upon any such | ||||||
22 | reallocation, such unspent proceeds shall be
transferred to the | ||||||
23 | appropriate funds as determined by reference to
paragraphs (a) | ||||||
24 | through (g) of this Section.
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25 | (Source: P.A. 96-36, eff. 7-13-09.)
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1 | (30 ILCS 330/13) (from Ch. 127, par. 663)
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2 | Sec. 13. Appropriation of Proceeds from Sale of Bonds.
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3 | (a) At all times, the proceeds from the sale of Bonds | ||||||
4 | issued pursuant
to this Act are subject to appropriation by the | ||||||
5 | General Assembly and,
except as provided in Sections Section | ||||||
6 | 7.2 , 7.6, and 7.7 , may be obligated or expended only
with the | ||||||
7 | written approval of the Governor, in such amounts, at such | ||||||
8 | times,
and for such purposes as the respective
State agencies, | ||||||
9 | as defined in Section 1-7 of the Illinois State Auditing
Act, | ||||||
10 | as amended, deem necessary or desirable for the specific | ||||||
11 | purposes
contemplated in Sections 2 through 8 of this Act. | ||||||
12 | Notwithstanding any other provision of this Act, proceeds from | ||||||
13 | the sale of Bonds issued pursuant to this Act appropriated by | ||||||
14 | the General Assembly to the Architect of the Capitol may be | ||||||
15 | obligated or expended by the Architect of the Capitol without | ||||||
16 | the written approval of the Governor.
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17 | (b) Proceeds from the sale of Bonds for the purpose of | ||||||
18 | development of
coal and alternative forms of energy shall be | ||||||
19 | expended in such amounts and
at such times as the Department of | ||||||
20 | Commerce and Economic Opportunity, with the
advice and | ||||||
21 | recommendation of the Illinois Coal Development Board for coal
| ||||||
22 | development projects, may deem necessary and desirable for the | ||||||
23 | specific
purpose contemplated by Section 7 of this Act. In | ||||||
24 | considering the approval
of projects to be funded, the | ||||||
25 | Department of Commerce and
Economic Opportunity shall give
| ||||||
26 | special
consideration to projects designed to remove sulfur and |
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1 | other pollutants in
the preparation and utilization of coal, | ||||||
2 | and in the use and operation of
electric utility generating | ||||||
3 | plants and industrial facilities which utilize
Illinois coal as | ||||||
4 | their primary source of fuel.
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5 | (c) Except as directed in subsection (c-1) or (c-2), any | ||||||
6 | monies received by any officer or employee of the state
| ||||||
7 | representing a reimbursement of expenditures previously paid | ||||||
8 | from general
obligation bond proceeds shall be deposited into | ||||||
9 | the General Obligation
Bond Retirement and Interest Fund | ||||||
10 | authorized in Section 14 of this Act.
| ||||||
11 | (c-1) Any money received by the Department of | ||||||
12 | Transportation as reimbursement for expenditures for high | ||||||
13 | speed rail purposes pursuant to appropriations from the | ||||||
14 | Transportation Bond, Series B Fund for (i) CREATE (Chicago | ||||||
15 | Region Environmental and Transportation Efficiency), (ii) High | ||||||
16 | Speed Rail, or (iii) AMTRAK projects authorized by the federal | ||||||
17 | government under the provisions of the American Recovery and | ||||||
18 | Reinvestment Act of 2009 or the Safe Accountable Flexible | ||||||
19 | Efficient Transportation Equity Act—A Legacy for Users | ||||||
20 | (SAFETEA-LU), or any successor federal transportation | ||||||
21 | authorization Act, shall be deposited into the Federal High | ||||||
22 | Speed Rail Trust Fund. | ||||||
23 | (c-2) Any money received by the Department of | ||||||
24 | Transportation as reimbursement for expenditures for transit | ||||||
25 | capital purposes pursuant to appropriations from the | ||||||
26 | Transportation Bond, Series B Fund for projects authorized by |
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1 | the federal government under the provisions of the American | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Recovery and Reinvestment Act of 2009 or the Safe Accountable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Flexible Efficient Transportation Equity Act—A Legacy for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Users (SAFETEA-LU), or any successor federal transportation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | authorization Act, shall be deposited into the Federal Mass | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | Transit Trust Fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | (Source: P.A. 98-674, eff. 6-30-14.)
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8 | Section 10. The State Pension Funds Continuing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | Appropriation Act is amended by adding Section 1.10 as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | (40 ILCS 15/1.10 new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Sec. 1.10. Appropriations for State Pension Obligation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | Acceleration Bonds. If for any reason the aggregate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | appropriations made available are insufficient to meet the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | levels required for the payment of principal and interest due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 | on State Pension Obligation Acceleration Bonds under Section | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 | 7.7 of the General Obligation Bond Act, this Section shall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | constitute a continuing appropriation of all amounts necessary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 | for those purposes.
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19 | Section 99. Effective date. This Act takes effect upon | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 | becoming law.
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