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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, | ||||||
3 | represented in the General Assembly:
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4 | Section 1. Short title. This Act may be referred to as the | ||||||
5 | Rebuild Illinois Capital Financing Program Act of 2019. | ||||||
6 | Section 5. The State Finance Act is amended by changing | ||||||
7 | Section 6z-78 and by adding Sections 5.891, 5.893, 5.894, | ||||||
8 | 5.895, 5.896, 6z-108, 6z-109, 6z-110 and 6z-111 as follows: | ||||||
9 | (30 ILCS 105/5.891 new) | ||||||
10 | Sec. 5.891. The Multi-modal Transportation Bond Fund. | ||||||
11 | (30 ILCS 105/5.893 new) | ||||||
12 | Sec. 5.893. Transportation Renewal Fund. | ||||||
13 | (30 ILCS 105/5.894 new) | ||||||
14 | Sec. 5.894. Regional Transportation Authority Capital | ||||||
15 | Improvement Fund. | ||||||
16 | (30 ILCS 105/5.895 new) | ||||||
17 | Sec. 5.895. Downstate Mass Transportation Capital | ||||||
18 | Improvement Fund. |
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1 | (30 ILCS 105/5.896 new) | ||||||
2 | Sec. 5.896. Rebuild Illinois Projects Fund. | ||||||
3 | (30 ILCS 105/6z-78)
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4 | Sec. 6z-78. Capital Projects Fund; bonded indebtedness; | ||||||
5 | transfers. Money in the Capital Projects Fund shall, if and | ||||||
6 | when the State of Illinois incurs any bonded indebtedness using | ||||||
7 | the bond authorizations for capital projects enacted in Public | ||||||
8 | Act 96-36, Public Act 96-1554, Public Act 97-771, Public Act | ||||||
9 | 98-94, and this amendatory Act of the 101st 98th General | ||||||
10 | Assembly, be set aside and used for the purpose of paying and | ||||||
11 | discharging annually the principal and interest on that bonded | ||||||
12 | indebtedness then due and payable. | ||||||
13 | In addition to other transfers to the General Obligation | ||||||
14 | Bond Retirement and Interest Fund made pursuant to Section 15 | ||||||
15 | of the General Obligation Bond Act, upon each delivery of | ||||||
16 | general obligation bonds for capital projects using bond | ||||||
17 | authorizations enacted in Public Act 96-36, Public Act 96-1554, | ||||||
18 | Public Act 97-771, Public Act 98-94, and this amendatory Act of | ||||||
19 | the 101st 98th General Assembly (except for amounts in this | ||||||
20 | amendatory Act of the 101st General Assembly that increase bond | ||||||
21 | authorization under paragraph (1) of subsection (a) of Section | ||||||
22 | 4 and subsection (e) of Section 4 of the General Obligation | ||||||
23 | Bond Act), the State Comptroller shall compute and certify to | ||||||
24 | the State Treasurer the total amount of principal of, interest | ||||||
25 | on, and premium, if any, on such bonds during the then current |
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1 | and each succeeding fiscal year. With respect to the interest | ||||||
2 | payable on variable rate bonds, such certifications shall be | ||||||
3 | calculated at the maximum rate of interest that may be payable | ||||||
4 | during the fiscal year, after taking into account any credits | ||||||
5 | permitted in the related indenture or other instrument against | ||||||
6 | the amount of such interest required to be appropriated for the | ||||||
7 | period. | ||||||
8 | (a) Except as provided for in subsection (b), on or before | ||||||
9 | the last day of each month, the State Treasurer and State | ||||||
10 | Comptroller shall transfer from the Capital Projects Fund to | ||||||
11 | the General Obligation Bond Retirement and Interest Fund an | ||||||
12 | amount sufficient to pay the aggregate of the principal of, | ||||||
13 | interest on, and premium, if any, on the bonds payable on their | ||||||
14 | next payment date, divided by the number of monthly transfers | ||||||
15 | occurring between the last previous payment date (or the | ||||||
16 | delivery date if no payment date has yet occurred) and the next | ||||||
17 | succeeding payment date. Interest payable on variable rate | ||||||
18 | bonds shall be calculated at the maximum rate of interest that | ||||||
19 | may be payable for the relevant period, after taking into | ||||||
20 | account any credits permitted in the related indenture or other | ||||||
21 | instrument against the amount of such interest required to be | ||||||
22 | appropriated for that period. Interest for which moneys have | ||||||
23 | already been deposited into the capitalized interest account | ||||||
24 | within the General Obligation Bond Retirement and Interest Fund | ||||||
25 | shall not be included in the calculation of the amounts to be | ||||||
26 | transferred under this subsection.
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1 | (b) On or before the last day of each month, the State | ||||||
2 | Treasurer and State Comptroller shall transfer from the Capital | ||||||
3 | Projects Fund to the General Obligation Bond Retirement and | ||||||
4 | Interest Fund an amount sufficient to pay the aggregate of the | ||||||
5 | principal of, interest on, and premium, if any, on the bonds | ||||||
6 | issued prior to January 1, 2012 pursuant to Section 4(d) of the | ||||||
7 | General Obligation Bond Act payable on their next payment date, | ||||||
8 | divided by the number of monthly transfers occurring between | ||||||
9 | the last previous payment date (or the delivery date if no | ||||||
10 | payment date has yet occurred) and the next succeeding payment | ||||||
11 | date. If the available balance in the Capital Projects Fund is | ||||||
12 | not sufficient for the transfer required in this subsection, | ||||||
13 | the State Treasurer and State Comptroller shall transfer the | ||||||
14 | difference from the Road Fund to the General Obligation Bond | ||||||
15 | Retirement and Interest Fund; except that such Road Fund | ||||||
16 | transfers shall constitute a debt of the Capital Projects Fund | ||||||
17 | which shall be repaid according to subsection (c). Interest | ||||||
18 | payable on variable rate bonds shall be calculated at the | ||||||
19 | maximum rate of interest that may be payable for the relevant | ||||||
20 | period, after taking into account any credits permitted in the | ||||||
21 | related indenture or other instrument against the amount of | ||||||
22 | such interest required to be appropriated for that period. | ||||||
23 | Interest for which moneys have already been deposited into the | ||||||
24 | capitalized interest account within the General Obligation | ||||||
25 | Bond Retirement and Interest Fund shall not be included in the | ||||||
26 | calculation of the amounts to be transferred under this |
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1 | subsection. | ||||||
2 | (c) On the first day of any month when the Capital Projects | ||||||
3 | Fund is carrying a debt to the Road Fund due to the provisions | ||||||
4 | of subsection (b), the State Treasurer and State Comptroller | ||||||
5 | shall transfer from the Capital Projects Fund to the Road Fund | ||||||
6 | an amount sufficient to discharge that debt. These transfers to | ||||||
7 | the Road Fund shall continue until the Capital Projects Fund | ||||||
8 | has repaid to the Road Fund all transfers made from the Road | ||||||
9 | Fund pursuant to subsection (b). Notwithstanding any other law | ||||||
10 | to the contrary, transfers to the Road Fund from the Capital | ||||||
11 | Projects Fund shall be made prior to any other expenditures or | ||||||
12 | transfers out of the Capital Projects Fund. | ||||||
13 | (Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13.) | ||||||
14 | (30 ILCS 105/6z-108 new) | ||||||
15 | Sec. 6z-108. Transportation Renewal Fund. | ||||||
16 | (a) The Transportation Renewal Fund is created as a special | ||||||
17 | fund in the State treasury and shall receive Motor Fuel Tax | ||||||
18 | revenues as directed by Section 8b of the Motor Fuel Tax Law. | ||||||
19 | (b) Money in the Transportation Renewal Fund shall be used | ||||||
20 | exclusively for transportation-related purposes as described | ||||||
21 | in Section 11 of Article IX of the Illinois Constitution of | ||||||
22 | 1970. | ||||||
23 | (30 ILCS 105/6z-109 new) | ||||||
24 | Sec. 6z-109. Regional Transportation Authority Capital |
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1 | Improvement Fund. | ||||||
2 | (a) The Regional Transportation Authority Capital | ||||||
3 | Improvement Fund is created as a special fund in the State | ||||||
4 | treasury and shall receive a portion of the moneys deposited | ||||||
5 | into the Transportation Renewal Fund from Motor Fuel Tax | ||||||
6 | revenues pursuant to Section 8b of the Motor Fuel Tax Law. | ||||||
7 | (b) Money in the Regional Transportation Authority Capital | ||||||
8 | Improvement Fund shall be used exclusively for | ||||||
9 | transportation-related purposes as described in Section 11 of | ||||||
10 | Article IX of the Illinois Constitution of 1970. | ||||||
11 | (30 ILCS 105/6z-110 new) | ||||||
12 | Sec. 6z-110. Downstate Mass Transportation Capital | ||||||
13 | Improvement Fund. | ||||||
14 | (a) The Downstate Mass Transportation Capital Improvement | ||||||
15 | Fund is created as a special fund in the State treasury and | ||||||
16 | shall receive a portion of the moneys deposited into the | ||||||
17 | Transportation Renewal Fund from Motor Fuel Tax revenues | ||||||
18 | pursuant to Section 8b the Motor Fuel Tax Law. | ||||||
19 | (b) Money in the Downstate Mass Transportation Capital | ||||||
20 | Improvement Fund shall be used exclusively for | ||||||
21 | transportation-related purposes as described in Section 11 of | ||||||
22 | Article IX of the Illinois Constitution of 1970. | ||||||
23 | (30 ILCS 105/6z-111 new) | ||||||
24 | Sec. 6z-111. Rebuild Illinois Projects Fund. |
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1 | (a) The Rebuild Illinois Projects Fund is created as a | ||||||
2 | special fund in the State treasury and shall receive moneys | ||||||
3 | from the collection of license fees on initial licenses issued | ||||||
4 | for newly licensed gaming facilities or wagering platforms in | ||||||
5 | Fiscal Year 2019 or thereafter, and any other moneys | ||||||
6 | appropriated or transferred to it as provided by law. | ||||||
7 | (b) Money in the Rebuild Illinois Projects Fund shall be | ||||||
8 | used, subject to appropriation, for grants that support | ||||||
9 | community development, including capital projects and other | ||||||
10 | purposes authorized by law. | ||||||
11 | Section 10. The General Obligation Bond Act is amended by | ||||||
12 | changing Sections 2, 2.5, 3, 4, 5, 6, 7.6, 9, 11, 12, 15, and 19 | ||||||
13 | as follows: | ||||||
14 | (30 ILCS 330/2) (from Ch. 127, par. 652) | ||||||
15 | Sec. 2. Authorization for Bonds. The State of Illinois is | ||||||
16 | authorized to
issue, sell and provide for the retirement of | ||||||
17 | General Obligation Bonds of
the State of Illinois for the | ||||||
18 | categories and specific purposes expressed in
Sections 2 | ||||||
19 | through 8 of this Act, in the total amount of $78,256,839,969 | ||||||
20 | $57,717,925,743 . | ||||||
21 | The bonds authorized in this Section 2 and in Section 16 of | ||||||
22 | this Act are
herein called "Bonds". | ||||||
23 | Of the total amount of Bonds authorized in this Act, up to | ||||||
24 | $2,200,000,000
in aggregate original principal amount may be |
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1 | issued and sold in accordance
with the Baccalaureate Savings | ||||||
2 | Act in the form of General Obligation
College Savings Bonds. | ||||||
3 | Of the total amount of Bonds authorized in this Act, up to | ||||||
4 | $300,000,000 in
aggregate original principal amount may be | ||||||
5 | issued and sold in accordance
with the Retirement Savings Act | ||||||
6 | in the form of General Obligation
Retirement Savings Bonds. | ||||||
7 | Of the total amount of Bonds authorized in this Act, the | ||||||
8 | additional
$10,000,000,000 authorized by Public Act 93-2, the | ||||||
9 | $3,466,000,000 authorized by Public Act 96-43, and the | ||||||
10 | $4,096,348,300 authorized by Public Act 96-1497 shall be used | ||||||
11 | solely as provided in Section 7.2. | ||||||
12 | Of the total amount of Bonds authorized in this Act, the | ||||||
13 | additional $6,000,000,000 authorized by Public Act 100-23 this | ||||||
14 | amendatory Act of the 100th General Assembly shall be used | ||||||
15 | solely as provided in Section 7.6 and shall be issued by | ||||||
16 | December 31, 2017. | ||||||
17 | Of the total amount of Bonds authorized in this Act, | ||||||
18 | $1,000,000,000 of the additional amount authorized by Public | ||||||
19 | Act 100-587 this amendatory Act of the 100th General Assembly | ||||||
20 | shall be used solely as provided in Section 7.7. | ||||||
21 | The issuance and sale of Bonds pursuant to the General | ||||||
22 | Obligation Bond
Act is an economical and efficient method of | ||||||
23 | financing the long-term capital needs of
the State. This Act | ||||||
24 | will permit the issuance of a multi-purpose General
Obligation | ||||||
25 | Bond with uniform terms and features. This will not only lower
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26 | the cost of registration but also reduce the overall cost of |
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1 | issuing debt
by improving the marketability of Illinois General | ||||||
2 | Obligation Bonds. | ||||||
3 | (Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.) | ||||||
4 | (30 ILCS 330/2.5) | ||||||
5 | Sec. 2.5. Limitation on issuance of Bonds. | ||||||
6 | (a) Except as provided in subsection (b), no Bonds may be | ||||||
7 | issued if, after the issuance, in the next State fiscal year | ||||||
8 | after the issuance of the Bonds, the amount of debt service | ||||||
9 | (including principal, whether payable at maturity or pursuant | ||||||
10 | to mandatory sinking fund installments, and interest) on all | ||||||
11 | then-outstanding Bonds, other than (i) Bonds authorized by | ||||||
12 | Public Act 100-23, (ii) Bonds issued by Public Act 96-43, (iii) | ||||||
13 | Bonds authorized by Public Act 96-1497, and (iv) Bonds | ||||||
14 | authorized by Public Act 100-587 this amendatory Act of the | ||||||
15 | 100th General Assembly , would exceed 7% of the aggregate | ||||||
16 | appropriations from the general funds , the State Construction | ||||||
17 | Account Fund, (which consist of the General Revenue Fund, the | ||||||
18 | Common School Fund, the General Revenue Common School Special | ||||||
19 | Account Fund, and the Education Assistance Fund) and the Road | ||||||
20 | Fund for the fiscal year immediately prior to the fiscal year | ||||||
21 | of the issuance. For the purposes of this subsection (a), | ||||||
22 | "general funds" has the same meaning as ascribed to that term | ||||||
23 | under Section 50-40 of the State Budget Law of the Civil | ||||||
24 | Administrative Code of Illinois. | ||||||
25 | (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). In addition, $2,000,000,000 in Bonds for the | ||||||
7 | purposes set forth in Sections 3, 4, 5, 6, and 7, and | ||||||
8 | $2,000,000,000 in Refunding Bonds under Section 16, may be | ||||||
9 | issued during State fiscal year 2018 without complying with | ||||||
10 | subsection (a).
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11 | (Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section | ||||||
12 | 25-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff. | ||||||
13 | 7-6-17; 100-587, eff. 6-4-18; 100-863, eff. 8-14-18.)
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14 | (30 ILCS 330/3) (from Ch. 127, par. 653)
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15 | Sec. 3. Capital facilities. The amount of $18,580,011,269 | ||||||
16 | $10,538,963,443 is authorized
to be used for the acquisition, | ||||||
17 | development, construction, reconstruction,
improvement, | ||||||
18 | financing, architectural planning and installation of capital
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19 | facilities within the State, consisting of buildings, | ||||||
20 | structures, durable
equipment, land, interests in land, and the | ||||||
21 | costs associated with the purchase and implementation of | ||||||
22 | information technology, including but not limited to the | ||||||
23 | purchase of hardware and software, for the following specific | ||||||
24 | purposes:
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25 | (a) $6,268,676,500 $3,433,228,000 for educational |
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1 | purposes by
State universities and
public community | ||||||
2 | colleges, the Illinois Community College Board created by | ||||||
3 | the Public
Community College Act and for grants to public | ||||||
4 | community colleges as
authorized by Sections 5-11 and 5-12 | ||||||
5 | of the Public Community College Act;
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6 | (b) $1,690,506,300 $1,648,420,000 for correctional | ||||||
7 | purposes at
State
prison and correctional centers;
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8 | (c) $688,492,300 $599,183,000 for open spaces, | ||||||
9 | recreational and
conservation purposes and the protection | ||||||
10 | of land , including expenditures and grants for the Illinois | ||||||
11 | Conservation Reserve Enhancement Program and for ecosystem | ||||||
12 | restoration and for plugging of abandoned wells ;
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13 | (d) $1,078,503,900 $764,317,000 for State child care | ||||||
14 | facilities, mental
and public health facilities, and | ||||||
15 | facilities for the care of veterans with disabilities and | ||||||
16 | their spouses , and for grants to public and private | ||||||
17 | community health centers, hospitals, and other health care | ||||||
18 | providers for capital facilities ;
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19 | (e) $7,518,753,300 $2,884,790,000 for use by the | ||||||
20 | State, its
departments, authorities, public corporations, | ||||||
21 | commissions and agencies , including renewable energy | ||||||
22 | upgrades at State facilities ;
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23 | (f) $818,100 for cargo handling facilities at port | ||||||
24 | districts and for
breakwaters, including harbor entrances, | ||||||
25 | at port districts in conjunction
with facilities for small | ||||||
26 | boats and pleasure crafts;
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1 | (g) $375,457,000 $297,177,074 for water resource | ||||||
2 | management
projects , including flood mitigation and State | ||||||
3 | dam and waterway projects ;
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4 | (h) $16,940,269 for the provision of facilities for | ||||||
5 | food production
research and related instructional and | ||||||
6 | public service activities at the
State universities and | ||||||
7 | public community colleges;
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8 | (i) $75,134,700 $36,000,000 for grants by the | ||||||
9 | Secretary of State, as
State
Librarian, for central library | ||||||
10 | facilities authorized by Section 8
of the Illinois Library | ||||||
11 | System Act and for grants by the Capital
Development Board | ||||||
12 | to units of local government for public library
facilities;
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13 | (j) $25,000,000 for the acquisition, development, | ||||||
14 | construction,
reconstruction, improvement, financing, | ||||||
15 | architectural planning and
installation of capital | ||||||
16 | facilities consisting of buildings, structures,
durable | ||||||
17 | equipment and land for grants to counties, municipalities | ||||||
18 | or public
building commissions with correctional | ||||||
19 | facilities that do not comply with
the minimum standards of | ||||||
20 | the Department of Corrections under Section 3-15-2
of the | ||||||
21 | Unified Code of Corrections;
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22 | (k) $5,011,600 $5,000,000 for grants in fiscal year | ||||||
23 | 1988 by the Department of
Conservation for improvement or | ||||||
24 | expansion of aquarium facilities located on
property owned | ||||||
25 | by a park district;
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26 | (l) $599,590,000 to State agencies for grants to
local |
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1 | governments for
the acquisition, financing, architectural | ||||||
2 | planning, development, alteration,
installation, and | ||||||
3 | construction of capital facilities consisting of | ||||||
4 | buildings,
structures, durable equipment, and land; and
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5 | (m) $237,127,300 $228,500,000 for the Illinois Open | ||||||
6 | Land Trust
Program
as defined by the
Illinois Open Land | ||||||
7 | Trust Act.
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8 | The amounts authorized above for capital facilities may be | ||||||
9 | used
for the acquisition, installation, alteration, | ||||||
10 | construction, or
reconstruction of capital facilities and for | ||||||
11 | the purchase of equipment
for the purpose of major capital | ||||||
12 | improvements which will reduce energy
consumption in State | ||||||
13 | buildings or facilities.
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14 | (Source: P.A. 99-143, eff. 7-27-15; 100-587, eff. 6-4-18.)
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15 | (30 ILCS 330/4) (from Ch. 127, par. 654)
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16 | Sec. 4. Transportation. The amount of $27,048,062,400 | ||||||
17 | $15,948,199,000
is authorized for use by the Department of | ||||||
18 | Transportation for the specific
purpose of promoting and | ||||||
19 | assuring rapid, efficient, and safe highway, air and
mass | ||||||
20 | transportation for the inhabitants of the State by providing | ||||||
21 | monies,
including the making of grants and loans, for the | ||||||
22 | acquisition, construction,
reconstruction, extension and | ||||||
23 | improvement of the following transportation
facilities and | ||||||
24 | equipment, and for the acquisition of real property and
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25 | interests in real property required or expected to be required |
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1 | in connection
therewith as follows:
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2 | (a) $11,921,354,200 $5,432,129,000 for State highways, | ||||||
3 | arterial
highways, freeways,
roads, bridges, structures | ||||||
4 | separating highways and railroads and roads, and
bridges on | ||||||
5 | roads maintained by counties, municipalities, townships , or | ||||||
6 | road
districts , and grants to counties, municipalities, | ||||||
7 | townships, or road districts for planning, engineering, | ||||||
8 | acquisition, construction, reconstruction, development, | ||||||
9 | improvement, extension, and all construction-related expenses | ||||||
10 | of the public infrastructure and other transportation | ||||||
11 | improvement projects for the following specific purposes:
| ||||||
12 | (1) $9,819,221,200 $3,330,000,000 for use statewide,
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13 | (2) $3,677,000 for use outside the Chicago urbanized
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14 | area,
| ||||||
15 | (3) $7,543,000 for use within the Chicago urbanized | ||||||
16 | area,
| ||||||
17 | (4) $13,060,600 for use within the City of Chicago,
| ||||||
18 | (5) $58,991,500 $58,987,500 for use within the | ||||||
19 | counties of Cook,
DuPage, Kane, Lake, McHenry and Will,
| ||||||
20 | (6) $18,860,900 for use outside the counties of Cook, | ||||||
21 | DuPage, Kane,
Lake, McHenry and Will, and
| ||||||
22 | (7) $2,000,000,000 for use on projects included in | ||||||
23 | either (i) the FY09-14 Proposed Highway Improvement | ||||||
24 | Program as published by the Illinois Department of | ||||||
25 | Transportation in May 2008 or (ii) the FY10-15 Proposed | ||||||
26 | Highway Improvement Program to be published by the Illinois |
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1 | Department of Transportation in the spring of 2009; except | ||||||
2 | that all projects must be maintenance projects for the | ||||||
3 | existing State system with the goal of reaching 90% | ||||||
4 | acceptable condition in the system statewide and further | ||||||
5 | except that all projects must reflect the generally | ||||||
6 | accepted historical distribution of projects throughout | ||||||
7 | the State. | ||||||
8 | (b) $5,966,379,900 $5,379,670,000 for rail facilities and | ||||||
9 | for
mass transit facilities, as defined in Section 2705-305 of | ||||||
10 | the Department of
Transportation Law (20 ILCS 2705/2705-305) , | ||||||
11 | including rapid transit, rail, bus
and other equipment used in | ||||||
12 | connection therewith by the State or any unit of
local | ||||||
13 | government, special transportation district, municipal | ||||||
14 | corporation or
other corporation or public authority | ||||||
15 | authorized to provide and promote public
transportation within | ||||||
16 | the State or two or more of the foregoing jointly, for
the | ||||||
17 | following specific purposes:
| ||||||
18 | (1) $4,387,063,600 $4,283,870,000 statewide,
| ||||||
19 | (2) $83,350,000 for use within the counties of Cook,
| ||||||
20 | DuPage, Kane, Lake, McHenry and Will,
| ||||||
21 | (3) $12,450,000 for use outside the counties of Cook,
| ||||||
22 | DuPage, Kane, Lake, McHenry and Will, and
| ||||||
23 | (4) $1,000,916,300 $1,000,000,000 for use on projects | ||||||
24 | that shall reflect the generally accepted historical | ||||||
25 | distribution of projects throughout the State. | ||||||
26 | (c) $482,600,000 for airport or aviation facilities and any |
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1 | equipment used
in connection therewith, including engineering | ||||||
2 | and land acquisition costs,
by the State or any unit of local | ||||||
3 | government, special transportation district,
municipal | ||||||
4 | corporation or other corporation or public authority | ||||||
5 | authorized
to provide public transportation within the State, | ||||||
6 | or two or more of the
foregoing acting jointly, and for the | ||||||
7 | making of deposits into the Airport
Land Loan Revolving Fund | ||||||
8 | for loans to public airport owners pursuant to the
Illinois | ||||||
9 | Aeronautics Act.
| ||||||
10 | (d) $4,660,328,300 $4,653,800,000 for use statewide for | ||||||
11 | State or local highways, arterial highways, freeways, roads, | ||||||
12 | bridges, and structures separating highways and railroads and | ||||||
13 | roads, and for grants to counties, municipalities, townships, | ||||||
14 | or road districts for planning, engineering, acquisition, | ||||||
15 | construction, reconstruction, development, improvement, | ||||||
16 | extension, and all construction-related expenses of the public | ||||||
17 | infrastructure and other transportation improvement projects | ||||||
18 | which are related to economic development in the State of | ||||||
19 | Illinois. | ||||||
20 | (e) $4,500,000,000 for use statewide for grade crossings, | ||||||
21 | port facilities, airport facilities, rail facilities, and mass | ||||||
22 | transit facilities, as defined in Section 2705-305 of the | ||||||
23 | Department of Transportation Law of the Civil Administrative | ||||||
24 | Code of Illinois, including rapid transit, rail, bus and other | ||||||
25 | equipment used in connection therewith by the State or any unit | ||||||
26 | of local government, special transportation district, |
| |||||||
| |||||||
1 | municipal corporation or other corporation or public authority | ||||||
2 | authorized to provide and promote public transportation within | ||||||
3 | the State or two or more of the foregoing jointly. | ||||||
4 | (Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13; | ||||||
5 | 98-781, eff. 7-22-14.)
| ||||||
6 | (30 ILCS 330/5) (from Ch. 127, par. 655)
| ||||||
7 | Sec. 5. School construction.
| ||||||
8 | (a) The amount of $58,450,000 is authorized to
make grants | ||||||
9 | to local school
districts for the acquisition, development, | ||||||
10 | construction, reconstruction,
rehabilitation, improvement, | ||||||
11 | financing, architectural planning and
installation of capital | ||||||
12 | facilities, including but not limited to those
required for | ||||||
13 | special
education building projects provided for in Article 14 | ||||||
14 | of The School Code,
consisting of buildings, structures, and | ||||||
15 | durable equipment, and for the
acquisition and improvement of | ||||||
16 | real property and interests in real property
required, or | ||||||
17 | expected to be required, in connection therewith.
| ||||||
18 | (b) $22,550,000, or so much thereof as may be necessary, | ||||||
19 | for grants to
school districts for the making of principal and | ||||||
20 | interest payments, required
to be made, on bonds issued by such | ||||||
21 | school districts after January 1, 1969,
pursuant to any | ||||||
22 | indenture, ordinance, resolution, agreement or contract
to | ||||||
23 | provide funds for the acquisition, development, construction,
| ||||||
24 | reconstruction, rehabilitation, improvement, architectural | ||||||
25 | planning and installation of
capital facilities consisting of |
| |||||||
| |||||||
1 | buildings, structures, durable equipment
and land for | ||||||
2 | educational purposes or for lease payments required to be made
| ||||||
3 | by a school district for principal and interest payments on | ||||||
4 | bonds issued
by a Public Building Commission after January 1, | ||||||
5 | 1969.
| ||||||
6 | (c) $10,000,000 for grants to school districts for the | ||||||
7 | acquisition,
development, construction, reconstruction, | ||||||
8 | rehabilitation, improvement,
architectural
planning and | ||||||
9 | installation of capital facilities consisting of buildings
| ||||||
10 | structures, durable equipment and land for special education | ||||||
11 | building projects.
| ||||||
12 | (d) $9,000,000 for grants to school districts for the | ||||||
13 | reconstruction,
rehabilitation, improvement, financing and | ||||||
14 | architectural planning of capital
facilities, including | ||||||
15 | construction at another location to replace such capital
| ||||||
16 | facilities, consisting of those public school buildings and | ||||||
17 | temporary school
facilities which, prior to January 1, 1984, | ||||||
18 | were condemned by the regional
superintendent under Section | ||||||
19 | 3-14.22 of The School Code or by any State
official having | ||||||
20 | jurisdiction over building safety.
| ||||||
21 | (e) $3,109,403,700 $3,050,000,000 for grants to school | ||||||
22 | districts for
school improvement
projects authorized by the | ||||||
23 | School Construction Law. The bonds shall be sold in
amounts not | ||||||
24 | to exceed the following schedule, except any bonds not sold | ||||||
25 | during
one year shall be added to the bonds to be sold during | ||||||
26 | the remainder of the
schedule:
|
| |||||||
| |||||||
1 | First year ...................................$200,000,000
| ||||||
2 | Second year ..................................$450,000,000
| ||||||
3 | Third year ...................................$500,000,000
| ||||||
4 | Fourth year ..................................$500,000,000
| ||||||
5 | Fifth year ...................................$800,000,000
| ||||||
6 | Sixth year and thereafter ........$659,403,700 $600,000,000
| ||||||
7 | (f) $1,615,000,000 grants to school districts for school | ||||||
8 | implemented projects authorized by the School Construction | ||||||
9 | Law. | ||||||
10 | (Source: P.A. 100-587, eff. 6-4-18.)
| ||||||
11 | (30 ILCS 330/6) (from Ch. 127, par. 656)
| ||||||
12 | Sec. 6. Anti-Pollution.
| ||||||
13 | (a) The amount of $581,814,300 $443,215,000 is authorized | ||||||
14 | for
allocation by the
Environmental Protection Agency for | ||||||
15 | grants or loans to units of local
government , including grants | ||||||
16 | to disadvantaged communities without modern sewage systems, in | ||||||
17 | such amounts, at such times and for such purpose as the Agency
| ||||||
18 | deems necessary or desirable for the planning, financing, and | ||||||
19 | construction of
municipal sewage treatment works and solid | ||||||
20 | waste disposal facilities and for
making of deposits into the | ||||||
21 | Water Revolving Fund and
the U.S. Environmental Protection Fund | ||||||
22 | to provide assistance in accordance
with the provisions of | ||||||
23 | Title IV-A of the Environmental Protection Act.
| ||||||
24 | (b) The amount of $236,500,000 is authorized for allocation | ||||||
25 | by the
Environmental Protection Agency for payment of claims |
| |||||||
| |||||||
1 | submitted to the State
and approved for payment under the | ||||||
2 | Leaking Underground Storage Tank Program
established in Title | ||||||
3 | XVI of the Environmental Protection Act.
| ||||||
4 | (Source: P.A. 98-94, eff. 7-17-13.)
| ||||||
5 | (30 ILCS 330/7.6) | ||||||
6 | Sec. 7.6. Income Tax Proceed Bonds. | ||||||
7 | (a) As used in this Act, "Income Tax Proceed Bonds" means | ||||||
8 | Bonds (i) authorized by this amendatory Act of the 100th | ||||||
9 | General Assembly or any other Public Act of the 100th General | ||||||
10 | Assembly authorizing the issuance of Income Tax Proceed Bonds | ||||||
11 | and (ii) used for the payment of unpaid obligations of the | ||||||
12 | State as incurred from time to time and as authorized by the | ||||||
13 | General Assembly. | ||||||
14 | (b) Income Tax Proceed Bonds in the amount of | ||||||
15 | $6,000,000,000 are hereby authorized to be used for the purpose | ||||||
16 | of paying vouchers incurred by the State prior to July 1, 2017. | ||||||
17 | Additional Income Tax Proceed Bonds in the amount of | ||||||
18 | $1,200,000,000 are hereby authorized to be used for the purpose | ||||||
19 | of paying vouchers incurred by the State more than 90 days | ||||||
20 | prior to the date on which the Income Tax Proceed Bonds are | ||||||
21 | issued. | ||||||
22 | (c) The Income Tax Bond Fund is hereby created as a special | ||||||
23 | fund in the State treasury. All moneys from the proceeds of the | ||||||
24 | sale of the Income Tax Proceed Bonds, less the amounts | ||||||
25 | authorized in the Bond Sale Order to be directly paid out for |
| |||||||
| |||||||
1 | bond sale expenses under Section 8, shall be deposited into the | ||||||
2 | Income Tax Bond Fund. All moneys in the Income Tax Bond Fund | ||||||
3 | shall be used for the purpose of paying vouchers incurred by | ||||||
4 | the State prior to July 1, 2017 or for paying vouchers incurred | ||||||
5 | by the State more than 90 days prior to the date on which the | ||||||
6 | Income Tax Proceed Bonds are issued . For the purpose of paying | ||||||
7 | such vouchers, the Comptroller has the authority to transfer | ||||||
8 | moneys from the Income Tax Bond Fund to general funds and the | ||||||
9 | Health Insurance Reserve Fund. "General funds" has the meaning | ||||||
10 | provided in Section 50-40 of the State Budget Law.
| ||||||
11 | (Source: P.A. 100-23, eff. 7-6-17.)
| ||||||
12 | (30 ILCS 330/9) (from Ch. 127, par. 659)
| ||||||
13 | Sec. 9. Conditions for issuance and sale of Bonds; | ||||||
14 | requirements for
Bonds. | ||||||
15 | (a) Except as otherwise provided in this subsection, | ||||||
16 | subsection (h), and subsection (i), Bonds shall be issued and | ||||||
17 | sold from time to time, in one or
more series, in such amounts | ||||||
18 | and at such prices as may be directed by the
Governor, upon | ||||||
19 | recommendation by the Director of the
Governor's Office of | ||||||
20 | Management and Budget.
Bonds shall be in such form (either | ||||||
21 | coupon, registered or book entry), in
such denominations, | ||||||
22 | payable within 25 years from their date, subject to such
terms | ||||||
23 | of redemption with or without premium, bear interest payable at
| ||||||
24 | such times and at such fixed or variable rate or rates, and be | ||||||
25 | dated
as shall be fixed and determined by the Director of
the
|
| |||||||
| |||||||
1 | Governor's Office of Management and Budget
in the order | ||||||
2 | authorizing the issuance and sale
of any series of Bonds, which | ||||||
3 | order shall be approved by the Governor
and is herein called a | ||||||
4 | "Bond Sale Order"; provided however, that interest
payable at | ||||||
5 | fixed or variable rates shall not exceed that permitted in the
| ||||||
6 | Bond Authorization Act, as now or hereafter amended. Bonds | ||||||
7 | shall be
payable at such place or places, within or without the | ||||||
8 | State of Illinois, and
may be made registrable as to either | ||||||
9 | principal or as to both principal and
interest, as shall be | ||||||
10 | specified in the Bond Sale Order. Bonds may be callable
or | ||||||
11 | subject to purchase and retirement or tender and remarketing as | ||||||
12 | fixed
and determined in the Bond Sale Order. Bonds, other than | ||||||
13 | Bonds issued under Section 3 of this Act for the costs | ||||||
14 | associated with the purchase and implementation of information | ||||||
15 | technology, (i) except for refunding Bonds satisfying the | ||||||
16 | requirements of Section 16 of this Act and sold during fiscal | ||||||
17 | year 2009, 2010, 2011, 2017, 2018, or 2019 must be issued with | ||||||
18 | principal or mandatory redemption amounts in equal amounts, | ||||||
19 | with the first maturity issued occurring within the fiscal year | ||||||
20 | in which the Bonds are issued or within the next succeeding | ||||||
21 | fiscal year and (ii) must mature or be subject to mandatory | ||||||
22 | redemption each fiscal year thereafter up to 25 years, except | ||||||
23 | for refunding Bonds satisfying the requirements of Section 16 | ||||||
24 | of this Act and sold during fiscal year 2009, 2010, or 2011 | ||||||
25 | which must mature or be subject to mandatory redemption each | ||||||
26 | fiscal year thereafter up to 16 years. Bonds issued under |
| |||||||
| |||||||
1 | Section 3 of this Act for the costs associated with the | ||||||
2 | purchase and implementation of information technology must be | ||||||
3 | issued with principal or mandatory redemption amounts in equal | ||||||
4 | amounts, with the first maturity issued occurring with the | ||||||
5 | fiscal year in which the respective bonds are issued or with | ||||||
6 | the next succeeding fiscal year, with the respective bonds | ||||||
7 | issued maturing or subject to mandatory redemption each fiscal | ||||||
8 | year thereafter up to 10 years. Notwithstanding any provision | ||||||
9 | of this Act to the contrary, the Bonds authorized by Public Act | ||||||
10 | 96-43 shall be payable within 5 years from their date and must | ||||||
11 | be issued with principal or mandatory redemption amounts in | ||||||
12 | equal amounts, with payment of principal or mandatory | ||||||
13 | redemption beginning in the first fiscal year following the | ||||||
14 | fiscal year in which the Bonds are issued.
| ||||||
15 | Notwithstanding any provision of this Act to the contrary, | ||||||
16 | the Bonds authorized by Public Act 96-1497 shall be payable | ||||||
17 | within 8 years from their date and shall be issued with payment | ||||||
18 | of maturing principal or scheduled mandatory redemptions in | ||||||
19 | accordance with the following schedule, except the following | ||||||
20 | amounts shall be prorated if less than the total additional | ||||||
21 | amount of Bonds authorized by Public Act 96-1497 are issued: | ||||||
22 | Fiscal Year After Issuance Amount | ||||||
23 | 1-2 $0 | ||||||
24 | 3 $110,712,120 | ||||||
25 | 4 $332,136,360 | ||||||
26 | 5 $664,272,720 |
| |||||||
| |||||||
1 | 6-8 $996,409,080 | ||||||
2 | Notwithstanding any provision of this Act to the contrary, | ||||||
3 | Income Tax Proceed Bonds issued under Section 7.6 shall be | ||||||
4 | payable 12 years from the date of sale and shall be issued with | ||||||
5 | payment of principal or mandatory redemption. | ||||||
6 | In the case of any series of Bonds bearing interest at a | ||||||
7 | variable interest
rate ("Variable Rate Bonds"), in lieu of | ||||||
8 | determining the rate or rates at which
such series of Variable | ||||||
9 | Rate Bonds shall bear interest and the price or prices
at which | ||||||
10 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
11 | (in the
event of purchase and subsequent resale), the Bond Sale | ||||||
12 | Order may provide that
such interest rates and prices may vary | ||||||
13 | from time to time depending on criteria
established in such | ||||||
14 | Bond Sale Order, which criteria may include, without
| ||||||
15 | limitation, references to indices or variations in interest | ||||||
16 | rates as may, in
the judgment of a remarketing agent, be | ||||||
17 | necessary to cause Variable Rate Bonds
of such series to be | ||||||
18 | remarketable from time to time at a price equal to their
| ||||||
19 | principal amount, and may provide for appointment of a bank, | ||||||
20 | trust company,
investment bank, or other financial institution | ||||||
21 | to serve as remarketing agent
in that connection.
The Bond Sale | ||||||
22 | Order may provide that alternative interest rates or provisions
| ||||||
23 | for establishing alternative interest rates, different | ||||||
24 | security or claim
priorities, or different call or amortization | ||||||
25 | provisions will apply during
such times as Variable Rate Bonds | ||||||
26 | of any series are held by a person providing
credit or |
| |||||||
| |||||||
1 | liquidity enhancement arrangements for such Bonds as | ||||||
2 | authorized in
subsection (b) of this Section.
The Bond Sale | ||||||
3 | Order may also provide for such variable interest rates to be
| ||||||
4 | established pursuant to a process generally known as an auction | ||||||
5 | rate process
and may provide for appointment of one or more | ||||||
6 | financial institutions to serve
as auction agents and | ||||||
7 | broker-dealers in connection with the establishment of
such | ||||||
8 | interest rates and the sale and remarketing of such Bonds.
| ||||||
9 | (b) In connection with the issuance of any series of Bonds, | ||||||
10 | the State may
enter into arrangements to provide additional | ||||||
11 | security and liquidity for such
Bonds, including, without | ||||||
12 | limitation, bond or interest rate insurance or
letters of | ||||||
13 | credit, lines of credit, bond purchase contracts, or other
| ||||||
14 | arrangements whereby funds are made available to retire or | ||||||
15 | purchase Bonds,
thereby assuring the ability of owners of the | ||||||
16 | Bonds to sell or redeem their
Bonds. The State may enter into | ||||||
17 | contracts and may agree to pay fees to persons
providing such | ||||||
18 | arrangements, but only under circumstances where the Director | ||||||
19 | of
the
Governor's Office of Management and Budget certifies | ||||||
20 | that he or she reasonably expects the total
interest paid or to | ||||||
21 | be paid on the Bonds, together with the fees for the
| ||||||
22 | arrangements (being treated as if interest), would not, taken | ||||||
23 | together, cause
the Bonds to bear interest, calculated to their | ||||||
24 | stated maturity, at a rate in
excess of the rate that the Bonds | ||||||
25 | would bear in the absence of such
arrangements.
| ||||||
26 | The State may, with respect to Bonds issued or anticipated |
| |||||||
| |||||||
1 | to be issued,
participate in and enter into arrangements with | ||||||
2 | respect to interest rate
protection or exchange agreements, | ||||||
3 | guarantees, or financial futures contracts
for the purpose of | ||||||
4 | limiting, reducing, or managing interest rate exposure.
The | ||||||
5 | authority granted under this paragraph, however, shall not | ||||||
6 | increase the principal amount of Bonds authorized to be issued | ||||||
7 | by law. The arrangements may be executed and delivered by the | ||||||
8 | Director
of the
Governor's Office of Management and Budget on | ||||||
9 | behalf of the State. Net payments for such
arrangements shall | ||||||
10 | constitute interest on the Bonds and shall be paid from the
| ||||||
11 | General Obligation Bond Retirement and Interest Fund. The | ||||||
12 | Director of the
Governor's Office of Management and Budget | ||||||
13 | shall at least annually certify to the Governor and
the
State | ||||||
14 | Comptroller his or her estimate of the amounts of such net | ||||||
15 | payments to
be included in the calculation of interest required | ||||||
16 | to be paid by the State.
| ||||||
17 | (c) Prior to the issuance of any Variable Rate Bonds | ||||||
18 | pursuant to
subsection (a), the Director of the
Governor's | ||||||
19 | Office of Management and Budget shall adopt an
interest rate | ||||||
20 | risk management policy providing that the amount of the State's
| ||||||
21 | variable rate exposure with respect to Bonds shall not exceed | ||||||
22 | 20%. This policy
shall remain in effect while any Bonds are | ||||||
23 | outstanding and the issuance of
Bonds
shall be subject to the | ||||||
24 | terms of such policy. The terms of this policy may be
amended | ||||||
25 | from time to time by the Director of the
Governor's Office of | ||||||
26 | Management and Budget but in no
event shall any amendment cause |
| |||||||
| |||||||
1 | the permitted level of the State's variable
rate exposure with | ||||||
2 | respect to Bonds to exceed 20%.
| ||||||
3 | (d) "Build America Bonds" in this Section means Bonds | ||||||
4 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
5 | 1986, as amended ("Internal Revenue Code"), and bonds issued | ||||||
6 | from time to time to refund or continue to refund "Build | ||||||
7 | America Bonds". | ||||||
8 | (e) Notwithstanding any other provision of this Section, | ||||||
9 | Qualified School Construction Bonds shall be issued and sold | ||||||
10 | from time to time, in one or more series, in such amounts and | ||||||
11 | at such prices as may be directed by the Governor, upon | ||||||
12 | recommendation by the Director of the Governor's Office of | ||||||
13 | Management and Budget. Qualified School Construction Bonds | ||||||
14 | shall be in such form (either coupon, registered or book | ||||||
15 | entry), in such denominations, payable within 25 years from | ||||||
16 | their date, subject to such terms of redemption with or without | ||||||
17 | premium, and if the Qualified School Construction Bonds are | ||||||
18 | issued with a supplemental coupon, bear interest payable at | ||||||
19 | such times and at such fixed or variable rate or rates, and be | ||||||
20 | dated as shall be fixed and determined by the Director of the | ||||||
21 | Governor's Office of Management and Budget in the order | ||||||
22 | authorizing the issuance and sale of any series of Qualified | ||||||
23 | School Construction Bonds, which order shall be approved by the | ||||||
24 | Governor and is herein called a "Bond Sale Order"; except that | ||||||
25 | interest payable at fixed or variable rates, if any, shall not | ||||||
26 | exceed that permitted in the Bond Authorization Act, as now or |
| |||||||
| |||||||
1 | hereafter amended. Qualified School Construction Bonds shall | ||||||
2 | be payable at such place or places, within or without the State | ||||||
3 | of Illinois, and may be made registrable as to either principal | ||||||
4 | or as to both principal and interest, as shall be specified in | ||||||
5 | the Bond Sale Order. Qualified School Construction Bonds may be | ||||||
6 | callable or subject to purchase and retirement or tender and | ||||||
7 | remarketing as fixed and determined in the Bond Sale Order. | ||||||
8 | Qualified School Construction Bonds must be issued with | ||||||
9 | principal or mandatory redemption amounts or sinking fund | ||||||
10 | payments into the General Obligation Bond Retirement and | ||||||
11 | Interest Fund (or subaccount therefor) in equal amounts, with | ||||||
12 | the first maturity issued, mandatory redemption payment or | ||||||
13 | sinking fund payment occurring within the fiscal year in which | ||||||
14 | the Qualified School Construction Bonds are issued or within | ||||||
15 | the next succeeding fiscal year, with Qualified School | ||||||
16 | Construction Bonds issued maturing or subject to mandatory | ||||||
17 | redemption or with sinking fund payments thereof deposited each | ||||||
18 | fiscal year thereafter up to 25 years. Sinking fund payments | ||||||
19 | set forth in this subsection shall be permitted only to the | ||||||
20 | extent authorized in Section 54F of the Internal Revenue Code | ||||||
21 | or as otherwise determined by the Director of the Governor's | ||||||
22 | Office of Management and Budget. "Qualified School | ||||||
23 | Construction Bonds" in this subsection means Bonds authorized | ||||||
24 | by Section 54F of the Internal Revenue Code and for bonds | ||||||
25 | issued from time to time to refund or continue to refund such | ||||||
26 | "Qualified School Construction Bonds". |
| |||||||
| |||||||
1 | (f) Beginning with the next issuance by the Governor's | ||||||
2 | Office of Management and Budget to the Procurement Policy Board | ||||||
3 | of a request for quotation for the purpose of formulating a new | ||||||
4 | pool of qualified underwriting banks list, all entities | ||||||
5 | responding to such a request for quotation for inclusion on | ||||||
6 | that list shall provide a written report to the Governor's | ||||||
7 | Office of Management and Budget and the Illinois Comptroller. | ||||||
8 | The written report submitted to the Comptroller shall (i) be | ||||||
9 | published on the Comptroller's Internet website and (ii) be | ||||||
10 | used by the Governor's Office of Management and Budget for the | ||||||
11 | purposes of scoring such a request for quotation. The written | ||||||
12 | report, at a minimum, shall: | ||||||
13 | (1) disclose whether, within the past 3 months, | ||||||
14 | pursuant to its credit default swap market-making | ||||||
15 | activities, the firm has entered into any State of Illinois | ||||||
16 | credit default swaps ("CDS"); | ||||||
17 | (2) include, in the event of State of Illinois CDS | ||||||
18 | activity, disclosure of the firm's cumulative notional | ||||||
19 | volume of State of Illinois CDS trades and the firm's | ||||||
20 | outstanding gross and net notional amount of State of | ||||||
21 | Illinois CDS, as of the end of the current 3-month period; | ||||||
22 | (3) indicate, pursuant to the firm's proprietary | ||||||
23 | trading activities, disclosure of whether the firm, within | ||||||
24 | the past 3 months, has entered into any proprietary trades | ||||||
25 | for its own account in State of Illinois CDS; | ||||||
26 | (4) include, in the event of State of Illinois |
| |||||||
| |||||||
1 | proprietary trades, disclosure of the firm's outstanding | ||||||
2 | gross and net notional amount of proprietary State of | ||||||
3 | Illinois CDS and whether the net position is short or long | ||||||
4 | credit protection, as of the end of the current 3-month | ||||||
5 | period; | ||||||
6 | (5) list all time periods during the past 3 months | ||||||
7 | during which the firm held net long or net short State of | ||||||
8 | Illinois CDS proprietary credit protection positions, the | ||||||
9 | amount of such positions, and whether those positions were | ||||||
10 | net long or net short credit protection positions; and | ||||||
11 | (6) indicate whether, within the previous 3 months, the | ||||||
12 | firm released any publicly available research or marketing | ||||||
13 | reports that reference State of Illinois CDS and include | ||||||
14 | those research or marketing reports as attachments. | ||||||
15 | (g) All entities included on a Governor's Office of | ||||||
16 | Management and Budget's pool of qualified underwriting banks | ||||||
17 | list shall, as soon as possible after March 18, 2011 (the | ||||||
18 | effective date of Public Act 96-1554), but not later than | ||||||
19 | January 21, 2011, and on a quarterly fiscal basis thereafter, | ||||||
20 | provide a written report to the Governor's Office of Management | ||||||
21 | and Budget and the Illinois Comptroller. The written reports | ||||||
22 | submitted to the Comptroller shall be published on the | ||||||
23 | Comptroller's Internet website. The written reports, at a | ||||||
24 | minimum, shall: | ||||||
25 | (1) disclose whether, within the past 3 months, | ||||||
26 | pursuant to its credit default swap market-making |
| |||||||
| |||||||
1 | activities, the firm has entered into any State of Illinois | ||||||
2 | credit default swaps ("CDS"); | ||||||
3 | (2) include, in the event of State of Illinois CDS | ||||||
4 | activity, disclosure of the firm's cumulative notional | ||||||
5 | volume of State of Illinois CDS trades and the firm's | ||||||
6 | outstanding gross and net notional amount of State of | ||||||
7 | Illinois CDS, as of the end of the current 3-month period; | ||||||
8 | (3) indicate, pursuant to the firm's proprietary | ||||||
9 | trading activities, disclosure of whether the firm, within | ||||||
10 | the past 3 months, has entered into any proprietary trades | ||||||
11 | for its own account in State of Illinois CDS; | ||||||
12 | (4) include, in the event of State of Illinois | ||||||
13 | proprietary trades, disclosure of the firm's outstanding | ||||||
14 | gross and net notional amount of proprietary State of | ||||||
15 | Illinois CDS and whether the net position is short or long | ||||||
16 | credit protection, as of the end of the current 3-month | ||||||
17 | period; | ||||||
18 | (5) list all time periods during the past 3 months | ||||||
19 | during which the firm held net long or net short State of | ||||||
20 | Illinois CDS proprietary credit protection positions, the | ||||||
21 | amount of such positions, and whether those positions were | ||||||
22 | net long or net short credit protection positions; and | ||||||
23 | (6) indicate whether, within the previous 3 months, the | ||||||
24 | firm released any publicly available research or marketing | ||||||
25 | reports that reference State of Illinois CDS and include | ||||||
26 | those research or marketing reports as attachments. |
| |||||||
| |||||||
1 | (h) Notwithstanding any other provision of this Section, | ||||||
2 | for purposes of maximizing market efficiencies and cost | ||||||
3 | savings, Income Tax Proceed Bonds may be issued and sold from | ||||||
4 | time to time, in one or more series, in such amounts and at | ||||||
5 | such prices as may be directed by the Governor, upon | ||||||
6 | recommendation by the Director of the Governor's Office of | ||||||
7 | Management and Budget. Income Tax Proceed Bonds shall be in | ||||||
8 | such form, either coupon, registered, or book entry, in such | ||||||
9 | denominations, shall bear interest payable at such times and at | ||||||
10 | such fixed or variable rate or rates, and be dated as shall be | ||||||
11 | fixed and determined by the Director of the Governor's Office | ||||||
12 | of Management and Budget in the order authorizing the issuance | ||||||
13 | and sale of any series of Income Tax Proceed Bonds, which order | ||||||
14 | shall be approved by the Governor and is herein called a "Bond | ||||||
15 | Sale Order"; provided, however, that interest payable at fixed | ||||||
16 | or variable rates shall not exceed that permitted in the Bond | ||||||
17 | Authorization Act. Income Tax Proceed Bonds shall be payable at | ||||||
18 | such place or places, within or without the State of Illinois, | ||||||
19 | and may be made registrable as to either principal or as to | ||||||
20 | both principal and interest, as shall be specified in the Bond | ||||||
21 | Sale Order.
Income Tax Proceed Bonds may be callable or subject | ||||||
22 | to purchase and retirement or tender and remarketing as fixed | ||||||
23 | and determined in the Bond Sale Order. | ||||||
24 | (i) Notwithstanding any other provision of this Section, | ||||||
25 | for purposes of maximizing market efficiencies and cost | ||||||
26 | savings, State Pension Obligation Acceleration Bonds may be |
| |||||||
| |||||||
1 | issued and sold from time to time, in one or more series, in | ||||||
2 | such amounts and at such prices as may be directed by the | ||||||
3 | Governor, upon recommendation by the Director of the Governor's | ||||||
4 | Office of Management and Budget. State Pension Obligation | ||||||
5 | Acceleration Bonds shall be in such form, either coupon, | ||||||
6 | registered, or book entry, in such denominations, shall bear | ||||||
7 | interest payable at such times and at such fixed or variable | ||||||
8 | rate or rates, and be dated as shall be fixed and determined by | ||||||
9 | the Director of the Governor's Office of Management and Budget | ||||||
10 | in the order authorizing the issuance and sale of any series of | ||||||
11 | State Pension Obligation Acceleration Bonds, which order shall | ||||||
12 | be approved by the Governor and is herein called a "Bond Sale | ||||||
13 | Order"; provided, however, that interest payable at fixed or | ||||||
14 | variable rates shall not exceed that permitted in the Bond | ||||||
15 | Authorization Act. State Pension Obligation Acceleration Bonds | ||||||
16 | shall be payable at such place or places, within or without the | ||||||
17 | State of Illinois, and may be made registrable as to either | ||||||
18 | principal or as to both principal and interest, as shall be | ||||||
19 | specified in the Bond Sale Order.
State Pension Obligation | ||||||
20 | Acceleration Bonds may be callable or subject to purchase and | ||||||
21 | retirement or tender and remarketing as fixed and determined in | ||||||
22 | the Bond Sale Order. | ||||||
23 | (Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section | ||||||
24 | 25-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff. | ||||||
25 | 7-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18; | ||||||
26 | 100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863, |
| |||||||
| |||||||
1 | eff. 8-14-18; revised 10-17-18.)
| ||||||
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, 2017, | ||||||
21 | 2018, or 2019 shall not be subject to the requirements in the | ||||||
22 | preceding 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 Income Tax Proceed Bonds shall comply with this | ||||||
22 | Section. Notwithstanding anything to the contrary, however, | ||||||
23 | for purposes of complying with this Section, Income Tax Proceed | ||||||
24 | Bonds, regardless of the number of series or issuances sold | ||||||
25 | thereunder, shall be
considered a single issue or series. | ||||||
26 | Furthermore, for purposes of complying with the competitive |
| |||||||
| |||||||
1 | bidding requirements of this Section, the words "at all times" | ||||||
2 | shall not apply to any such sale of the Income Tax Proceed | ||||||
3 | Bonds. The Director of the Governor's Office of Management and | ||||||
4 | Budget shall determine the time and manner of any competitive | ||||||
5 | sale of the Income Tax Proceed Bonds; however, that sale shall | ||||||
6 | under no circumstances take place later than 60 days after the | ||||||
7 | State closes the sale of 75% of the Income Tax Proceed Bonds by | ||||||
8 | negotiated sale. | ||||||
9 | All State Pension Obligation Acceleration Bonds shall | ||||||
10 | comply with this Section. Notwithstanding anything to the | ||||||
11 | contrary, however, for purposes of complying with this Section, | ||||||
12 | State Pension Obligation Acceleration Bonds, regardless of the | ||||||
13 | number of series or issuances sold thereunder, shall be
| ||||||
14 | considered a single issue or series. Furthermore, for purposes | ||||||
15 | of complying with the competitive bidding requirements of this | ||||||
16 | Section, the words "at all times" shall not apply to any such | ||||||
17 | sale of the State Pension Obligation Acceleration Bonds. The | ||||||
18 | Director of the Governor's Office of Management and Budget | ||||||
19 | shall determine the time and manner of any competitive sale of | ||||||
20 | the State Pension Obligation Acceleration Bonds; however, that | ||||||
21 | sale shall under no circumstances take place later than 60 days | ||||||
22 | after the State closes the sale of 75% of the State Pension | ||||||
23 | Obligation Acceleration Bonds by negotiated sale. | ||||||
24 | (Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section | ||||||
25 | 25-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff. | ||||||
26 | 7-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18; |
| |||||||
| |||||||
1 | 100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863, | ||||||
2 | eff. 8-4-18; revised 10-10-18.)
| ||||||
3 | (30 ILCS 330/12) (from Ch. 127, par. 662)
| ||||||
4 | Sec. 12. Allocation of proceeds from sale of Bonds.
| ||||||
5 | (a) Proceeds from the sale of Bonds, authorized by Section | ||||||
6 | 3 of this Act,
shall be deposited in the separate fund known as | ||||||
7 | the Capital Development Fund.
| ||||||
8 | (b) Proceeds from the sale of Bonds, authorized by | ||||||
9 | paragraph (a) of Section
4 of this Act, shall be deposited in | ||||||
10 | the separate fund known as the
Transportation Bond, Series A | ||||||
11 | Fund.
| ||||||
12 | (c) Proceeds from the sale of Bonds, authorized by | ||||||
13 | paragraphs (b) and (c)
of Section 4 of this Act, shall be | ||||||
14 | deposited in the separate fund known
as the Transportation | ||||||
15 | Bond, Series B Fund.
| ||||||
16 | (c-1) Proceeds from the sale of Bonds, authorized by | ||||||
17 | paragraph (d) of Section 4 of this Act, shall be deposited into | ||||||
18 | the Transportation Bond Series D Fund, which is hereby created. | ||||||
19 | (c-2) Proceeds from the sale of Bonds, authorized by | ||||||
20 | paragraph (e) of Section 4 of this Act, shall be deposited into | ||||||
21 | the Multi-modal Transportation Bond Fund, which is hereby | ||||||
22 | created. | ||||||
23 | (d) Proceeds from the sale of Bonds, authorized by Section | ||||||
24 | 5 of this
Act, shall be deposited in the separate fund known as | ||||||
25 | the School Construction
Fund.
|
| |||||||
| |||||||
1 | (e) Proceeds from the sale of Bonds, authorized by Section | ||||||
2 | 6 of this Act,
shall be deposited in the separate fund known as | ||||||
3 | the Anti-Pollution Fund.
| ||||||
4 | (f) Proceeds from the sale of Bonds, authorized by Section | ||||||
5 | 7 of this Act,
shall be deposited in the separate fund known as | ||||||
6 | the Coal Development Fund.
| ||||||
7 | (f-2) Proceeds from the sale of Bonds, authorized by | ||||||
8 | Section 7.2 of this
Act, shall be deposited as set forth in | ||||||
9 | Section 7.2.
| ||||||
10 | (f-5) Proceeds from the sale of Bonds, authorized by | ||||||
11 | Section 7.5 of this
Act, shall be deposited as set forth in | ||||||
12 | Section 7.5.
| ||||||
13 | (f-7) Proceeds from the sale of Bonds, authorized by | ||||||
14 | Section 7.6 of this Act, shall be deposited as set forth in | ||||||
15 | Section 7.6. | ||||||
16 | (f-8) Proceeds from the sale of Bonds, authorized by | ||||||
17 | Section 7.7 of this Act, shall be deposited as set forth in | ||||||
18 | Section 7.7. | ||||||
19 | (g) Proceeds from the sale of Bonds, authorized by Section | ||||||
20 | 8 of this Act,
shall be deposited in
the Capital Development | ||||||
21 | Fund.
| ||||||
22 | (h) Subsequent to the issuance of any Bonds for the | ||||||
23 | purposes described
in Sections 2 through 8 of this Act, the | ||||||
24 | Governor and the Director of the
Governor's Office of | ||||||
25 | Management and Budget may provide for the reallocation of | ||||||
26 | unspent proceeds
of such Bonds to any other purposes authorized |
| |||||||
| |||||||
1 | under said Sections of this
Act, subject to the limitations on | ||||||
2 | aggregate principal amounts contained
therein. Upon any such | ||||||
3 | reallocation, such unspent proceeds shall be
transferred to the | ||||||
4 | appropriate funds as determined by reference to
paragraphs (a) | ||||||
5 | through (g) of this Section.
| ||||||
6 | (Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)
| ||||||
7 | (30 ILCS 330/15) (from Ch. 127, par. 665)
| ||||||
8 | Sec. 15. Computation of principal and interest; transfers.
| ||||||
9 | (a) Upon each delivery of Bonds authorized to be issued | ||||||
10 | under this Act,
the Comptroller shall compute and certify to | ||||||
11 | the Treasurer the total amount
of principal of, interest on, | ||||||
12 | and premium, if any, on Bonds issued that will
be payable in | ||||||
13 | order to retire such Bonds, the amount of principal of,
| ||||||
14 | interest on and premium, if any, on such Bonds that will be | ||||||
15 | payable on each
payment date according to the tenor of such | ||||||
16 | Bonds during the then current and
each succeeding fiscal year, | ||||||
17 | and the amount of sinking fund payments needed to be deposited | ||||||
18 | in connection with Qualified School Construction Bonds | ||||||
19 | authorized by subsection (e) of Section 9.
With respect to the | ||||||
20 | interest payable on variable rate bonds, such
certifications | ||||||
21 | shall be calculated at the maximum rate of interest that
may be | ||||||
22 | payable during the fiscal year, after taking into account any | ||||||
23 | credits
permitted in the related indenture or other instrument | ||||||
24 | against the amount
of such interest required to be appropriated | ||||||
25 | for such period pursuant to
subsection (c) of Section 14 of |
| |||||||
| |||||||
1 | this Act. With respect to the interest
payable, such | ||||||
2 | certifications shall include the amounts certified by the
| ||||||
3 | Director of the
Governor's Office of Management and Budget | ||||||
4 | under subsection (b) of Section 9 of
this Act.
| ||||||
5 | On or before the last day of each month the State Treasurer | ||||||
6 | and Comptroller
shall transfer from (1) the Road Fund with | ||||||
7 | respect to Bonds issued under paragraphs
paragraph (a) and (e) | ||||||
8 | of Section 4 of this Act, or Bonds issued under authorization | ||||||
9 | in Public Act 98-781, or Bonds issued for the purpose of
| ||||||
10 | refunding such bonds, and from (2) the General
Revenue Fund, | ||||||
11 | with respect to all other Bonds issued under this Act, to the
| ||||||
12 | General Obligation Bond Retirement and Interest Fund an amount | ||||||
13 | sufficient to
pay the aggregate of the principal of, interest | ||||||
14 | on, and premium, if any, on
Bonds payable, by their terms on | ||||||
15 | the next payment date divided by the number of
full calendar | ||||||
16 | months between the date of such Bonds and the first such | ||||||
17 | payment
date, and thereafter, divided by the number of months | ||||||
18 | between each succeeding
payment date after the first. Such | ||||||
19 | computations and transfers shall be
made for each series of | ||||||
20 | Bonds issued and delivered. Interest payable on
variable rate | ||||||
21 | bonds shall be calculated at the maximum rate of interest that
| ||||||
22 | may be payable for the relevant period, after taking into | ||||||
23 | account any credits
permitted in the related indenture or other | ||||||
24 | instrument against the amount of
such interest required to be | ||||||
25 | appropriated for such period pursuant to
subsection (c) of | ||||||
26 | Section 14 of this Act. Computations of interest shall
include |
| |||||||
| |||||||
1 | the amounts certified by the Director of the
Governor's Office | ||||||
2 | of Management and Budget
under subsection (b) of Section 9 of | ||||||
3 | this Act. Interest for which moneys
have already been deposited | ||||||
4 | into the capitalized interest account within the
General | ||||||
5 | Obligation Bond Retirement and Interest Fund shall not be | ||||||
6 | included
in the calculation of the amounts to be transferred | ||||||
7 | under this subsection. Notwithstanding any other provision in | ||||||
8 | this Section, the transfer provisions provided in this | ||||||
9 | paragraph shall not apply to transfers made in fiscal year 2010 | ||||||
10 | or fiscal year 2011 with respect to Bonds issued in fiscal year | ||||||
11 | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | ||||||
12 | In the case of transfers made in fiscal year 2010 or fiscal | ||||||
13 | year 2011 with respect to the Bonds issued in fiscal year 2010 | ||||||
14 | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | ||||||
15 | before the 15th day of the month prior to the required debt | ||||||
16 | service payment, the State Treasurer and Comptroller shall | ||||||
17 | transfer from the General Revenue Fund to the General | ||||||
18 | Obligation Bond Retirement and Interest Fund an amount | ||||||
19 | sufficient to pay the aggregate of the principal of, interest | ||||||
20 | on, and premium, if any, on the Bonds payable in that next | ||||||
21 | month.
| ||||||
22 | The transfer of monies herein and above directed is not | ||||||
23 | required if monies
in the General Obligation Bond Retirement | ||||||
24 | and Interest Fund are more than
the amount otherwise to be | ||||||
25 | transferred as herein above provided, and if the
Governor or | ||||||
26 | his authorized representative notifies the State Treasurer and
|
| |||||||
| |||||||
1 | Comptroller of such fact in writing.
| ||||||
2 | (b) After the effective date of this Act, the balance of, | ||||||
3 | and monies
directed to be included in the Capital Development | ||||||
4 | Bond Retirement and
Interest Fund, Anti-Pollution Bond | ||||||
5 | Retirement and Interest Fund,
Transportation Bond, Series A | ||||||
6 | Retirement and Interest Fund, Transportation
Bond, Series B | ||||||
7 | Retirement and Interest Fund, and Coal Development Bond
| ||||||
8 | Retirement and Interest Fund shall be transferred to and | ||||||
9 | deposited in the
General Obligation Bond Retirement and | ||||||
10 | Interest Fund. This Fund shall be
used to make debt service | ||||||
11 | payments on the State's general obligation Bonds
heretofore | ||||||
12 | issued which are now outstanding and payable from the Funds | ||||||
13 | herein
listed as well as on Bonds issued under this Act.
| ||||||
14 | (c) The unused portion of federal funds received for or as | ||||||
15 | reimbursement for a capital
facilities project, as authorized | ||||||
16 | by Section 3 of this Act, for which
monies from the Capital | ||||||
17 | Development Fund have been expended shall remain in the Capital | ||||||
18 | Development Board Contributory Trust Fund and shall be used for | ||||||
19 | capital projects and for no other purpose, subject to | ||||||
20 | appropriation and as directed by the Capital Development Board. | ||||||
21 | Any federal funds received as reimbursement
for the completed | ||||||
22 | construction of a capital facilities project, as
authorized by | ||||||
23 | Section 3 of this Act, for which monies from the Capital
| ||||||
24 | Development Fund have been expended may be used for any expense | ||||||
25 | or project necessary for implementation of the Quincy Veterans' | ||||||
26 | Home Rehabilitation and Rebuilding Act for a period of 5 years |
| |||||||
| |||||||
1 | from the effective date of this amendatory Act of the 100th | ||||||
2 | General Assembly, and any remaining funds shall be deposited in | ||||||
3 | the General
Obligation Bond Retirement and Interest Fund.
| ||||||
4 | (Source: P.A. 100-23, eff. 7-6-17; 100-610, eff. 7-17-18.)
| ||||||
5 | (30 ILCS 330/19) (from Ch. 127, par. 669)
| ||||||
6 | Sec. 19.
Investment of Money Not Needed for Current
| ||||||
7 | Expenditures - Application of Earnings.
(a) The State Treasurer | ||||||
8 | may, with the Governor's approval, invest and
reinvest any | ||||||
9 | money from the Capital Development Fund, the Transportation
| ||||||
10 | Bond, Series A Fund, the Transportation Bond, Series B Fund, | ||||||
11 | the Multi-modal Transportation Bond Fund, the School
| ||||||
12 | Construction Fund, the Anti-Pollution Fund, the Coal | ||||||
13 | Development Fund and
the General Obligation Bond Retirement and | ||||||
14 | Interest Fund, in the State
Treasury, which is not needed for | ||||||
15 | current expenditures due or about to
become due from these | ||||||
16 | funds.
| ||||||
17 | (b) Monies received from the sale or redemption of | ||||||
18 | investments from the
Transportation Bond, Series A Fund and the | ||||||
19 | Multi-modal Transportation Bond Fund shall be deposited by the | ||||||
20 | State
Treasurer in the Road Fund.
| ||||||
21 | Monies received from the sale or redemption of investments | ||||||
22 | from the
Capital Development Fund, the Transportation Bond, | ||||||
23 | Series B Fund, the School
Construction Fund, the Anti-Pollution | ||||||
24 | Fund, and the Coal Development Fund
shall be deposited by the | ||||||
25 | State Treasurer in the General Revenue Fund.
|
| |||||||
| |||||||
1 | Monies from the sale or redemption of investments from the | ||||||
2 | General
Obligation Bond Retirement and Interest Fund shall be | ||||||
3 | deposited in the
General Obligation Bond Retirement and | ||||||
4 | Interest Fund.
| ||||||
5 | (c) Monies from the Capital Development Fund, the | ||||||
6 | Transportation Bond,
Series A Fund, the Transportation Bond, | ||||||
7 | Series B Fund, the Multi-modal Transportation Bond Fund, the | ||||||
8 | School
Construction Fund, the Anti-Pollution Fund, and the Coal | ||||||
9 | Development Fund
may be invested as permitted in "AN ACT in | ||||||
10 | relation to State moneys",
approved June 28, 1919, as amended | ||||||
11 | and in "AN ACT relating to certain
investments of public funds | ||||||
12 | by public agencies", approved July 23, 1943, as
amended. Monies | ||||||
13 | from the General Obligation Bond Retirement and Interest
Fund | ||||||
14 | may be invested in securities constituting direct obligations | ||||||
15 | of the
United States Government, or obligations, the principal | ||||||
16 | of and interest on which
are guaranteed by the United States | ||||||
17 | Government, or certificates of deposit
of any state or national | ||||||
18 | bank or savings and loan association.
For amounts not insured | ||||||
19 | by the Federal Deposit Insurance Corporation or
the Federal | ||||||
20 | Savings and Loan Insurance Corporation, as security the State
| ||||||
21 | Treasurer shall accept securities constituting direct | ||||||
22 | obligations of the
United States Government, or obligations, | ||||||
23 | the principal of and interest on
which are guaranteed by the | ||||||
24 | United States Government.
| ||||||
25 | (d) Accrued interest paid to the State at the time of the | ||||||
26 | delivery of
the Bonds shall be deposited into the General |
| |||||||
| |||||||
1 | Obligation Bond Retirement and Interest
Fund in the State | ||||||
2 | Treasury.
| ||||||
3 | (Source: P.A. 84-1248; 84-1474.)
| ||||||
4 | Section 15. The Build Illinois Bond Act is amended by | ||||||
5 | changing Sections 2, 4, 6, and 8 as follows:
| ||||||
6 | (30 ILCS 425/2) (from Ch. 127, par. 2802)
| ||||||
7 | Sec. 2. Authorization for Bonds. The State of Illinois is
| ||||||
8 | authorized to issue, sell and provide for the retirement of | ||||||
9 | limited
obligation bonds, notes and other evidences of | ||||||
10 | indebtedness of the State of
Illinois in the total principal | ||||||
11 | amount of $9,484,681,100 $6,246,009,000
herein called "Bonds". | ||||||
12 | Such authorized amount of Bonds shall
be reduced from time to | ||||||
13 | time by amounts, if any, which are equal to the
moneys received | ||||||
14 | by the Department of Revenue in any fiscal year pursuant to
| ||||||
15 | Section 3-1001 of the "Illinois Vehicle Code", as amended, in | ||||||
16 | excess of the
Annual Specified Amount (as defined in Section 3 | ||||||
17 | of the "Retailers'
Occupation Tax Act", as amended) and | ||||||
18 | transferred at the end of such fiscal
year from the General | ||||||
19 | Revenue Fund to the Build Illinois Purposes Fund (now | ||||||
20 | abolished) as
provided in Section 3-1001 of said Code; | ||||||
21 | provided, however, that no such
reduction shall affect the | ||||||
22 | validity or enforceability of any Bonds issued
prior to such | ||||||
23 | reduction. Such amount of authorized Bonds
shall be exclusive | ||||||
24 | of any refunding Bonds issued pursuant to Section 15 of
this |
| |||||||
| |||||||
1 | Act and exclusive of any Bonds issued pursuant to this Section | ||||||
2 | which
are redeemed, purchased, advance refunded, or defeased in | ||||||
3 | accordance with
paragraph (f) of Section 4 of this Act. Bonds | ||||||
4 | shall be issued for the
categories and specific purposes | ||||||
5 | expressed in Section 4 of this Act.
| ||||||
6 | (Source: P.A. 98-94, eff. 7-17-13.)
| ||||||
7 | (30 ILCS 425/4) (from Ch. 127, par. 2804)
| ||||||
8 | Sec. 4. Purposes of Bonds. Bonds shall be issued for the | ||||||
9 | following
purposes and in the approximate amounts as set forth | ||||||
10 | below:
| ||||||
11 | (a) $4,372,761,200 $3,222,800,000 for the expenses of | ||||||
12 | issuance and
sale of Bonds, including bond discounts, and for | ||||||
13 | planning, engineering,
acquisition, construction, | ||||||
14 | reconstruction, development, improvement and
extension of the | ||||||
15 | public infrastructure in the State of Illinois, including: the
| ||||||
16 | making of loans or grants to local governments for waste | ||||||
17 | disposal systems,
water and sewer line extensions and water | ||||||
18 | distribution and purification
facilities, rail or air or water | ||||||
19 | port improvements, gas and electric utility
extensions, | ||||||
20 | publicly owned industrial and commercial sites, buildings
used | ||||||
21 | for public administration purposes and other public | ||||||
22 | infrastructure capital
improvements; the making of loans or | ||||||
23 | grants to units of local government
for financing and | ||||||
24 | construction of wastewater facilities, including grants to | ||||||
25 | serve unincorporated areas; refinancing or
retiring bonds |
| |||||||
| |||||||
1 | issued between January 1, 1987 and January 1,
1990 by home rule | ||||||
2 | municipalities, debt service on which is provided from a
tax | ||||||
3 | imposed by home rule municipalities prior to January 1, 1990 on | ||||||
4 | the
sale of food and drugs pursuant to Section 8-11-1 of the | ||||||
5 | Home Rule
Municipal Retailers' Occupation Tax Act or Section | ||||||
6 | 8-11-5 of the Home
Rule Municipal Service Occupation Tax Act; | ||||||
7 | the making of deposits not
to exceed $70,000,000 in the | ||||||
8 | aggregate into
the Water Pollution Control Revolving Fund to | ||||||
9 | provide assistance in
accordance with the provisions of Title | ||||||
10 | IV-A of the Environmental
Protection Act; the planning, | ||||||
11 | engineering, acquisition,
construction, reconstruction, | ||||||
12 | alteration, expansion, extension and
improvement of highways, | ||||||
13 | bridges, structures separating highways and
railroads, rest | ||||||
14 | areas, interchanges, access
roads to and from any State or | ||||||
15 | local highway and other transportation
improvement projects | ||||||
16 | which are related to
economic development activities; the | ||||||
17 | making of loans or grants for
planning, engineering, | ||||||
18 | rehabilitation, improvement or construction of rail
and | ||||||
19 | transit facilities; the planning, engineering, acquisition,
| ||||||
20 | construction, reconstruction and improvement of watershed, | ||||||
21 | drainage, flood
control, recreation and related improvements | ||||||
22 | and facilities, including
expenses related to land and easement | ||||||
23 | acquisition, relocation, control
structures, channel work and | ||||||
24 | clearing and appurtenant work; the planning, engineering, | ||||||
25 | acquisition, construction, reconstruction and improvement of | ||||||
26 | State facilities and related infrastructure;
the making of Park |
| |||||||
| |||||||
1 | and Recreational Facilities Construction (PARC) grants;
the | ||||||
2 | making of grants to units of local government for community | ||||||
3 | development capital projects; the making of
grants for | ||||||
4 | improvement and development of zoos and park district field
| ||||||
5 | houses and related structures; and the making of grants for | ||||||
6 | improvement and
development of Navy Pier and related | ||||||
7 | structures.
| ||||||
8 | (b) $2,122,970,300 $849,000,000 for fostering economic | ||||||
9 | development and
increased employment and fostering the well | ||||||
10 | being of the citizens of Illinois through community | ||||||
11 | development , including:
the making of grants for improvement | ||||||
12 | and development of McCormick Place and
related structures; the
| ||||||
13 | planning and construction of a microelectronics research | ||||||
14 | center, including
the planning, engineering, construction, | ||||||
15 | improvement, renovation and
acquisition of buildings, | ||||||
16 | equipment and related utility support systems;
the making of | ||||||
17 | loans to businesses and investments in small businesses;
| ||||||
18 | acquiring real properties for industrial or commercial site | ||||||
19 | development;
acquiring, rehabilitating and reconveying | ||||||
20 | industrial and commercial
properties for the purpose of | ||||||
21 | expanding employment and encouraging private
and other public | ||||||
22 | sector investment in the economy of Illinois; the payment
of | ||||||
23 | expenses associated with siting the Superconducting Super | ||||||
24 | Collider Particle
Accelerator in Illinois and with its | ||||||
25 | acquisition, construction,
maintenance, operation, promotion | ||||||
26 | and support; the making of loans for the
planning, engineering, |
| |||||||
| |||||||
1 | acquisition, construction, improvement and
conversion of | ||||||
2 | facilities and equipment which will foster the use of
Illinois | ||||||
3 | coal; the payment of expenses associated with the
promotion, | ||||||
4 | establishment, acquisition and operation of small business
| ||||||
5 | incubator facilities and agribusiness research facilities, | ||||||
6 | including the lease,
purchase, renovation, planning, | ||||||
7 | engineering, construction and maintenance of
buildings, | ||||||
8 | utility support systems and equipment designated for such
| ||||||
9 | purposes and the establishment and maintenance of centralized | ||||||
10 | support
services within such facilities; the making of grants | ||||||
11 | for transportation electrification infrastructure projects | ||||||
12 | that promote use of clean and renewable energy;
the making of | ||||||
13 | capital expenditures and grants for broadband development and | ||||||
14 | for a statewide broadband deployment grant program;
the making | ||||||
15 | of grants to public entities and private persons and entities | ||||||
16 | for community development capital projects;
the making of | ||||||
17 | grants to public entities and private persons and entities for | ||||||
18 | capital projects in the context of grant programs focused on | ||||||
19 | assisting economically depressed areas, expanding affordable | ||||||
20 | housing, supporting the provision of human services, | ||||||
21 | supporting emerging technology enterprises, and supporting | ||||||
22 | minority owned businesses; and the making of grants or loans to
| ||||||
23 | units of local government for Urban Development Action Grant | ||||||
24 | and Housing
Partnership programs.
| ||||||
25 | (c) $2,711,076,600 $1,944,058,100 for the development and
| ||||||
26 | improvement of educational,
scientific, technical and |
| |||||||
| |||||||
1 | vocational programs and facilities and the
expansion of health | ||||||
2 | and human services for all citizens of Illinois,
including: the | ||||||
3 | making of grants to school districts and not-for-profit | ||||||
4 | organizations for early childhood construction projects | ||||||
5 | pursuant to Section 5-300 of the School Construction Law;
the | ||||||
6 | making of grants to educational institutions for educational, | ||||||
7 | scientific, technical and vocational program equipment and | ||||||
8 | facilities; the making of grants to museums for equipment and | ||||||
9 | facilities; the making of construction and improvement grants | ||||||
10 | and loans
to public libraries
and library systems; the making | ||||||
11 | of grants and loans for planning,
engineering, acquisition and | ||||||
12 | construction
of a new State central library in Springfield; the | ||||||
13 | planning, engineering,
acquisition and construction of an | ||||||
14 | animal and dairy sciences facility; the
planning, engineering, | ||||||
15 | acquisition and construction of a campus and all
related | ||||||
16 | buildings, facilities, equipment and materials for Richland
| ||||||
17 | Community College; the acquisition, rehabilitation and | ||||||
18 | installation of
equipment and materials for scientific and | ||||||
19 | historical surveys; the making of
grants or loans for | ||||||
20 | distribution to eligible vocational education instructional
| ||||||
21 | programs for the upgrading of vocational education programs, | ||||||
22 | school shops
and laboratories, including the acquisition, | ||||||
23 | rehabilitation and
installation of technical equipment and | ||||||
24 | materials; the making of grants or
loans for distribution to | ||||||
25 | eligible local educational agencies for the
upgrading of math | ||||||
26 | and science instructional programs, including the
acquisition |
| |||||||
| |||||||
1 | of instructional equipment and materials; miscellaneous | ||||||
2 | capital
improvements for universities and community colleges | ||||||
3 | including the
planning, engineering,
construction, | ||||||
4 | reconstruction, remodeling, improvement, repair and
| ||||||
5 | installation of capital facilities and costs of planning, | ||||||
6 | supplies,
equipment, materials, services, and all other | ||||||
7 | required expenses; the
making of grants or loans for repair, | ||||||
8 | renovation and miscellaneous capital
improvements for | ||||||
9 | privately operated colleges and universities and community
| ||||||
10 | colleges, including the planning, engineering, acquisition, | ||||||
11 | construction,
reconstruction, remodeling,
improvement, repair | ||||||
12 | and installation of capital facilities and costs of
planning, | ||||||
13 | supplies, equipment, materials, services, and all other | ||||||
14 | required
expenses; and the making of grants or loans for | ||||||
15 | distribution to local
governments for hospital and other health | ||||||
16 | care facilities including the
planning, engineering, | ||||||
17 | acquisition, construction, reconstruction,
remodeling, | ||||||
18 | improvement, repair and installation of capital facilities and
| ||||||
19 | costs of planning, supplies, equipment, materials, services | ||||||
20 | and all other
required expenses.
| ||||||
21 | (d) $277,873,000 $230,150,900 for protection, | ||||||
22 | preservation,
restoration and conservation of environmental | ||||||
23 | and natural resources,
including: the making of grants to soil | ||||||
24 | and water conservation districts
for the planning and | ||||||
25 | implementation of conservation practices and for
funding | ||||||
26 | contracts with the Soil Conservation Service for watershed
|
| |||||||
| |||||||
1 | planning; the making of grants to units of local government for | ||||||
2 | the
capital development and improvement of recreation areas, | ||||||
3 | including
planning and engineering costs, sewer projects, | ||||||
4 | including planning and
engineering costs and water projects, | ||||||
5 | including planning
and engineering costs, and for the | ||||||
6 | acquisition of open space lands,
including the acquisition of | ||||||
7 | easements and other property interests of less
than fee simple | ||||||
8 | ownership; the making of grants to units of local government | ||||||
9 | through the Illinois Green Infrastructure Grant Program to | ||||||
10 | protect water quality and mitigate flooding; the acquisition | ||||||
11 | and related costs and development
and management of natural | ||||||
12 | heritage lands, including natural areas and areas
providing | ||||||
13 | habitat for
endangered species and nongame wildlife, and buffer | ||||||
14 | area lands; the
acquisition and related costs and development | ||||||
15 | and management of
habitat lands, including forest, wildlife | ||||||
16 | habitat and wetlands;
and the removal and disposition of | ||||||
17 | hazardous substances, including the cost of
project | ||||||
18 | management, equipment, laboratory analysis, and contractual | ||||||
19 | services
necessary for preventative and corrective actions | ||||||
20 | related to the preservation,
restoration and conservation of | ||||||
21 | the environment, including deposits not to
exceed $60,000,000 | ||||||
22 | in the aggregate into the Hazardous Waste Fund and the
| ||||||
23 | Brownfields Redevelopment Fund for improvements in accordance | ||||||
24 | with the
provisions of Titles V and XVII of the Environmental | ||||||
25 | Protection Act.
| ||||||
26 | (e) The amount specified in paragraph (a) above
shall |
| |||||||
| |||||||
1 | include an amount necessary to pay reasonable expenses of each
| ||||||
2 | issuance and sale of the Bonds, as specified in the related | ||||||
3 | Bond Sale Order
(hereinafter defined).
| ||||||
4 | (f) Any unexpended proceeds from any sale of
Bonds which | ||||||
5 | are held in the Build Illinois Bond Fund may be used to redeem,
| ||||||
6 | purchase, advance refund, or defease any Bonds outstanding.
| ||||||
7 | (Source: P.A. 98-94, eff. 7-17-13.)
| ||||||
8 | (30 ILCS 425/6) (from Ch. 127, par. 2806)
| ||||||
9 | Sec. 6. Conditions for issuance and sale of Bonds - | ||||||
10 | requirements for
Bonds - master and supplemental indentures - | ||||||
11 | credit and liquidity
enhancement. | ||||||
12 | (a) Bonds shall be issued and sold from time to time, in | ||||||
13 | one
or more series, in such amounts and at such prices as | ||||||
14 | directed by the
Governor, upon recommendation by the Director | ||||||
15 | of the
Governor's Office of Management and Budget.
Bonds shall | ||||||
16 | be payable only from the specific sources and secured in the
| ||||||
17 | manner provided in this Act. Bonds shall be in such form, in | ||||||
18 | such
denominations, mature on such dates within 25 years from | ||||||
19 | their date of
issuance, be subject to optional or mandatory | ||||||
20 | redemption, bear interest
payable at such times and at such | ||||||
21 | rate or rates, fixed or variable, and be
dated as shall be | ||||||
22 | fixed and determined by the Director of the
Governor's Office | ||||||
23 | of Management and Budget
in an order authorizing the
issuance | ||||||
24 | and sale of any series of
Bonds, which order shall be approved | ||||||
25 | by the Governor and is herein called a
"Bond Sale Order"; |
| |||||||
| |||||||
1 | provided, however, that interest payable at fixed rates
shall | ||||||
2 | not exceed that permitted in "An Act to authorize public | ||||||
3 | corporations
to issue bonds, other evidences of indebtedness | ||||||
4 | and tax anticipation
warrants subject to interest rate | ||||||
5 | limitations set forth therein", approved
May 26, 1970, as now | ||||||
6 | or hereafter amended, and interest payable at variable
rates | ||||||
7 | shall not exceed the maximum rate permitted in the Bond Sale | ||||||
8 | Order.
Said Bonds shall be payable at such place or places, | ||||||
9 | within or without the
State of Illinois,
and may be made | ||||||
10 | registrable
as to either principal only or as to both principal | ||||||
11 | and interest, as shall
be specified in the Bond Sale
Order. | ||||||
12 | Bonds may be callable or subject to purchase and retirement or
| ||||||
13 | remarketing as fixed and determined in the Bond Sale Order. | ||||||
14 | Bonds (i) except for refunding Bonds satisfying the | ||||||
15 | requirements of Section 15 of this Act and sold during fiscal | ||||||
16 | year 2009, 2010, 2011, 2017, 2018, or 2019, must be issued with | ||||||
17 | principal or mandatory redemption amounts in equal amounts, | ||||||
18 | with the first maturity issued occurring within the fiscal year | ||||||
19 | in which the Bonds are issued or within the next succeeding | ||||||
20 | fiscal year and (ii) must mature or be subject to mandatory | ||||||
21 | redemption each fiscal year thereafter up to 25 years, except | ||||||
22 | for refunding Bonds satisfying the requirements of Section 15 | ||||||
23 | of this Act and sold during fiscal year 2009, 2010, or 2011 | ||||||
24 | which must mature or be subject to mandatory redemption each | ||||||
25 | fiscal year thereafter up to 16 years.
| ||||||
26 | All Bonds authorized under this Act shall be issued |
| |||||||
| |||||||
1 | pursuant
to a master trust indenture ("Master Indenture") | ||||||
2 | executed and delivered on
behalf of the State by the Director | ||||||
3 | of the
Governor's Office of Management and Budget, such
Master | ||||||
4 | Indenture to be in substantially the form approved in the Bond | ||||||
5 | Sale
Order authorizing the issuance and sale of the initial | ||||||
6 | series of Bonds
issued under this Act. Such initial series of | ||||||
7 | Bonds may, and each
subsequent series of Bonds shall, also be | ||||||
8 | issued pursuant to a supplemental
trust indenture | ||||||
9 | ("Supplemental Indenture") executed and delivered on behalf
of | ||||||
10 | the State by the Director of the
Governor's Office of | ||||||
11 | Management and Budget, each such
Supplemental
Indenture to be | ||||||
12 | in substantially the form approved in the Bond Sale Order
| ||||||
13 | relating to such series. The Master Indenture and any | ||||||
14 | Supplemental
Indenture shall be entered into with a bank or | ||||||
15 | trust company in the State
of Illinois having trust powers and | ||||||
16 | possessing capital and surplus of not
less than $100,000,000. | ||||||
17 | Such indentures shall set forth the terms and
conditions of the | ||||||
18 | Bonds and provide for payment of and security for the
Bonds, | ||||||
19 | including the establishment and maintenance of debt service and
| ||||||
20 | reserve funds, and for other protections for holders of the | ||||||
21 | Bonds.
The term "reserve funds" as used in this Act shall | ||||||
22 | include funds and
accounts established under indentures to | ||||||
23 | provide for the payment of
principal of and premium and | ||||||
24 | interest on Bonds, to provide for the purchase,
retirement or | ||||||
25 | defeasance of Bonds, to provide for fees of
trustees, | ||||||
26 | registrars, paying agents and other fiduciaries and to provide
|
| |||||||
| |||||||
1 | for payment of costs of and debt service payable in respect of | ||||||
2 | credit or
liquidity enhancement arrangements, interest rate | ||||||
3 | swaps or guarantees or
financial futures contracts and
indexing | ||||||
4 | and remarketing agents' services.
| ||||||
5 | In the case of any series of Bonds bearing interest at a | ||||||
6 | variable
interest rate ("Variable Rate Bonds"), in lieu of | ||||||
7 | determining the rate or
rates at which such series of Variable | ||||||
8 | Rate Bonds shall bear interest and
the price or prices
at which | ||||||
9 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
10 | (in
the event of purchase and subsequent resale), the Bond
Sale | ||||||
11 | Order may provide that such interest rates and prices may vary | ||||||
12 | from time to time
depending on criteria established in such | ||||||
13 | Bond Sale Order, which criteria
may include, without | ||||||
14 | limitation, references to indices or variations in
interest | ||||||
15 | rates as may, in the judgment of a remarketing agent, be
| ||||||
16 | necessary to cause Bonds of such series to be remarketable from | ||||||
17 | time to
time at a price equal to their principal amount (or | ||||||
18 | compound accreted
value in the case of original issue discount | ||||||
19 | Bonds), and may provide for
appointment of indexing agents and | ||||||
20 | a bank, trust company,
investment bank or other financial | ||||||
21 | institution to serve as remarketing
agent in that connection. | ||||||
22 | The Bond Sale Order may provide that alternative
interest rates | ||||||
23 | or provisions for establishing alternative interest rates,
| ||||||
24 | different security or claim priorities or different call or | ||||||
25 | amortization provisions
will apply during such times as Bonds | ||||||
26 | of any series are held by a person
providing credit or |
| |||||||
| |||||||
1 | liquidity enhancement arrangements for such Bonds as
| ||||||
2 | authorized in subsection (b) of Section 6 of this Act.
| ||||||
3 | (b) In connection with the issuance of any series of Bonds, | ||||||
4 | the State
may enter into arrangements to provide additional | ||||||
5 | security and liquidity
for such Bonds, including, without | ||||||
6 | limitation, bond or interest rate
insurance or letters of | ||||||
7 | credit, lines of credit, bond purchase contracts or
other | ||||||
8 | arrangements whereby funds are made
available to retire or | ||||||
9 | purchase Bonds, thereby assuring the ability of
owners of the | ||||||
10 | Bonds to sell or redeem their Bonds.
The State may enter into | ||||||
11 | contracts and may agree to pay fees to persons
providing such | ||||||
12 | arrangements, but only under circumstances where the
Director | ||||||
13 | of the Bureau of the Budget
(now Governor's Office of | ||||||
14 | Management and Budget)
certifies that he reasonably expects
the | ||||||
15 | total interest paid or to be paid on the Bonds, together with | ||||||
16 | the fees
for the arrangements (being treated as if interest), | ||||||
17 | would not, taken
together, cause the Bonds to bear interest, | ||||||
18 | calculated to their stated
maturity, at a rate in excess of the | ||||||
19 | rate which the Bonds would bear in the
absence of such | ||||||
20 | arrangements. Any bonds, notes or other evidences of
| ||||||
21 | indebtedness issued pursuant to any such arrangements for the | ||||||
22 | purpose of
retiring and discharging outstanding Bonds
shall | ||||||
23 | constitute refunding Bonds
under Section 15 of this Act. The | ||||||
24 | State may participate in and enter
into arrangements with | ||||||
25 | respect to interest rate swaps or guarantees or
financial | ||||||
26 | futures contracts for the
purpose of limiting or restricting |
| |||||||
| |||||||
1 | interest rate risk; provided
that such arrangements shall be | ||||||
2 | made with or executed through banks
having capital and surplus | ||||||
3 | of not less than $100,000,000 or insurance
companies holding | ||||||
4 | the
highest policyholder rating accorded insurers by A.M. Best & | ||||||
5 | Co. or any
comparable rating service or government bond | ||||||
6 | dealers reporting to, trading
with, and recognized as primary | ||||||
7 | dealers by a Federal Reserve Bank and
having capital and | ||||||
8 | surplus of not less than $100,000,000,
or other persons whose
| ||||||
9 | debt securities are rated in the highest long-term categories | ||||||
10 | by both
Moody's Investors' Services, Inc. and Standard & Poor's | ||||||
11 | Corporation.
Agreements incorporating any of the foregoing | ||||||
12 | arrangements may be executed
and delivered by the Director of | ||||||
13 | the
Governor's Office of Management and Budget on behalf of the
| ||||||
14 | State in substantially the form approved in the Bond Sale Order | ||||||
15 | relating to
such Bonds.
| ||||||
16 | (c) "Build America Bonds" in this Section means Bonds | ||||||
17 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
18 | 1986, as amended ("Internal Revenue Code"), and bonds issued | ||||||
19 | from time to time to refund or continue to refund "Build | ||||||
20 | America Bonds". | ||||||
21 | (Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17; | ||||||
22 | 100-587, eff. 6-4-18.)
| ||||||
23 | (30 ILCS 425/8) (from Ch. 127, par. 2808)
| ||||||
24 | Sec. 8. Sale of Bonds. Bonds, except as otherwise provided | ||||||
25 | in this Section, shall be sold from time to time pursuant to
|
| |||||||
| |||||||
1 | notice of sale and public bid or by negotiated sale in such | ||||||
2 | amounts and at such
times as are 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; and further provided that refunding | ||||||
12 | Bonds satisfying the requirements of Section 15 of this Act and | ||||||
13 | sold during fiscal year 2009, 2010, 2011, 2017, 2018, or 2019 | ||||||
14 | shall not be subject to the requirements in the preceding 2 | ||||||
15 | sentences. | ||||||
16 | If any Bonds are to be sold pursuant to notice of sale and | ||||||
17 | public bid, the Director of the
Governor's Office of Management | ||||||
18 | and Budget shall comply with the
competitive request for | ||||||
19 | proposal process set forth in the Illinois
Procurement Code and | ||||||
20 | all other applicable requirements of that Code. | ||||||
21 | If Bonds are to be sold pursuant to notice of sale and | ||||||
22 | public bid, the
Director of the
Governor's Office of Management | ||||||
23 | and Budget may, from time to time, as Bonds are to be sold, | ||||||
24 | advertise
the sale of the Bonds in at least 2 daily newspapers, | ||||||
25 | one of which is
published in the City of Springfield and one in | ||||||
26 | the City of Chicago. The sale
of the Bonds shall also be
|
| |||||||
| |||||||
1 | advertised in the volume of the Illinois Procurement Bulletin | ||||||
2 | that is
published by the Department of Central Management | ||||||
3 | Services, and shall be published once at least 10 days prior to | ||||||
4 | the date fixed
for the opening of the bids. The Director of the
| ||||||
5 | Governor's Office of Management and Budget may
reschedule the | ||||||
6 | date of sale upon the giving of such additional notice as the
| ||||||
7 | Director deems adequate to inform prospective bidders of
the | ||||||
8 | change; provided, however, that all other conditions of the | ||||||
9 | sale shall
continue as originally advertised.
Executed Bonds | ||||||
10 | shall, upon payment
therefor, be delivered to the purchaser, | ||||||
11 | and the proceeds of Bonds shall be
paid into the State Treasury | ||||||
12 | as
directed by Section 9 of this Act.
The
Governor or the | ||||||
13 | Director of the
Governor's Office of Management and Budget is | ||||||
14 | hereby authorized
and directed to execute and
deliver contracts | ||||||
15 | of sale with underwriters and to execute and deliver such
| ||||||
16 | certificates, indentures, agreements and documents, including | ||||||
17 | any
supplements or amendments thereto, and to take such actions | ||||||
18 | and do such
things as shall be necessary or desirable to carry | ||||||
19 | out the purposes of this
Act.
Any action authorized or | ||||||
20 | permitted to be taken by the Director of the
Governor's Office | ||||||
21 | of Management and Budget
pursuant to this Act is hereby | ||||||
22 | authorized to be taken
by any person specifically designated by | ||||||
23 | the Governor to take such action
in a certificate signed by the | ||||||
24 | Governor and filed with the Secretary of State.
| ||||||
25 | (Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17; | ||||||
26 | 100-587, eff. 6-4-18.)
|
| |||||||
| |||||||
1 | Section 20. The Regional Transportation Authority Act is | ||||||
2 | amended by changing Section 2.32 as follows: | ||||||
3 | (70 ILCS 3615/2.32)
| ||||||
4 | Sec. 2.32. Clean/green vehicles. Any vehicles purchased | ||||||
5 | from funds made available to the Authority from the | ||||||
6 | Transportation Bond, Series B Fund or the Multi-modal | ||||||
7 | Transportation Bond Fund must incorporate clean/green | ||||||
8 | technologies and alternative fuel technologies, to the extent | ||||||
9 | practical.
| ||||||
10 | (Source: P.A. 96-8, eff. 4-28-09.)
| ||||||
11 | Section 99. Effective date. This Act takes effect upon | ||||||
12 | becoming law.
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