Sen. Don Harmon

Filed: 5/24/2023

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 3551

2    AMENDMENT NO. ______. Amend House Bill 3551, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5
"Article 1.

 
6    Section 1-1. References to Act. This Act may be referred
7to as the Bond Authorization Act of 2023.
 
8
Article 5.

 
9    Section 5-1. The State Finance Act is amended by changing
10Section 6z-78 as follows:
 
11    (30 ILCS 105/6z-78)
12    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
13transfers. Money in the Capital Projects Fund shall, if and

 

 

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1when the State of Illinois incurs any bonded indebtedness
2using the bond authorizations for capital projects enacted in
3Public Act 96-36, Public Act 96-1554, Public Act 97-771,
4Public Act 98-94, and using the general obligation bond
5authorizations for capital projects enacted in Public Act
6101-30 and in this amendatory Act of the 103rd General
7Assembly, be set aside and used for the purpose of paying and
8discharging annually the principal and interest on that bonded
9indebtedness then due and payable.
10    In addition to other transfers to the General Obligation
11Bond Retirement and Interest Fund made pursuant to Section 15
12of the General Obligation Bond Act, upon each delivery of
13general obligation bonds for capital projects using bond
14authorizations enacted in Public Act 96-36, Public Act
1596-1554, Public Act 97-771, Public Act 98-94, and Public Act
16101-30 (except for amounts in Public Act 101-30 that increase
17bond authorization under paragraph (1) of subsection (a) of
18Section 4 and subsection (e) of Section 4 of the General
19Obligation Bond Act), and this amendatory Act of the 103rd
20General Assembly, the State Comptroller shall compute and
21certify to the State Treasurer the total amount of principal
22of, interest on, and premium, if any, on such bonds during the
23then current and each succeeding fiscal year. With respect to
24the interest payable on variable rate bonds, such
25certifications shall be calculated at the maximum rate of
26interest that may be payable during the fiscal year, after

 

 

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1taking into account any credits permitted in the related
2indenture or other instrument against the amount of such
3interest required to be appropriated for the period.
4    (a) Except as provided for in subsection (b), on or before
5the last day of each month, the State Treasurer and State
6Comptroller shall transfer from the Capital Projects Fund to
7the General Obligation Bond Retirement and Interest Fund an
8amount sufficient to pay the aggregate of the principal of,
9interest on, and premium, if any, on the bonds payable on their
10next payment date, divided by the number of monthly transfers
11occurring between the last previous payment date (or the
12delivery date if no payment date has yet occurred) and the next
13succeeding payment date. Interest payable on variable rate
14bonds shall be calculated at the maximum rate of interest that
15may be payable for the relevant period, after taking into
16account any credits permitted in the related indenture or
17other instrument against the amount of such interest required
18to be appropriated for that period. Interest for which moneys
19have already been deposited into the capitalized interest
20account within the General Obligation Bond Retirement and
21Interest Fund shall not be included in the calculation of the
22amounts to be transferred under this subsection.
23    (b) On or before the last day of each month, the State
24Treasurer and State Comptroller shall transfer from the
25Capital Projects Fund to the General Obligation Bond
26Retirement and Interest Fund an amount sufficient to pay the

 

 

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1aggregate of the principal of, interest on, and premium, if
2any, on the bonds issued prior to January 1, 2012 pursuant to
3Section 4(d) of the General Obligation Bond Act payable on
4their next payment date, divided by the number of monthly
5transfers occurring between the last previous payment date (or
6the delivery date if no payment date has yet occurred) and the
7next succeeding payment date. If the available balance in the
8Capital Projects Fund is not sufficient for the transfer
9required in this subsection, the State Treasurer and State
10Comptroller shall transfer the difference from the Road Fund
11to the General Obligation Bond Retirement and Interest Fund;
12except that such Road Fund transfers shall constitute a debt
13of the Capital Projects Fund which shall be repaid according
14to subsection (c). Interest payable on variable rate bonds
15shall be calculated at the maximum rate of interest that may be
16payable for the relevant period, after taking into account any
17credits permitted in the related indenture or other instrument
18against the amount of such interest required to be
19appropriated for that period. Interest for which moneys have
20already been deposited into the capitalized interest account
21within the General Obligation Bond Retirement and Interest
22Fund shall not be included in the calculation of the amounts to
23be transferred under this subsection.
24    (c) On the first day of any month when the Capital Projects
25Fund is carrying a debt to the Road Fund due to the provisions
26of subsection (b), the State Treasurer and State Comptroller

 

 

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1shall transfer from the Capital Projects Fund to the Road Fund
2an amount sufficient to discharge that debt. These transfers
3to the Road Fund shall continue until the Capital Projects
4Fund has repaid to the Road Fund all transfers made from the
5Road Fund pursuant to subsection (b). Notwithstanding any
6other law to the contrary, transfers to the Road Fund from the
7Capital Projects Fund shall be made prior to any other
8expenditures or transfers out of the Capital Projects Fund.
9(Source: P.A. 101-30, eff. 6-28-19; 101-604, eff. 12-13-19.)
 
10
Article 10.

 
11    Section 10-1. The General Obligation Bond Act is amended
12by changing Sections 2, 3, 6, 7, 7.6, 8, 9, 10, 11, and 16 as
13follows:
 
14    (30 ILCS 330/2)  (from Ch. 127, par. 652)
15    Sec. 2. Authorization for Bonds. The State of Illinois is
16authorized to issue, sell and provide for the retirement of
17General Obligation Bonds of the State of Illinois for the
18categories and specific purposes expressed in Sections 2
19through 8 of this Act, in the total amount of $79,440,839,969
20$79,256,839,969.
21    The bonds authorized in this Section 2 and in Section 16 of
22this Act are herein called "Bonds".
23    Of the total amount of Bonds authorized in this Act, up to

 

 

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1$2,200,000,000 in aggregate original principal amount may be
2issued and sold in accordance with the Baccalaureate Savings
3Act in the form of General Obligation College Savings Bonds.
4    Of the total amount of Bonds authorized in this Act, up to
5$300,000,000 in aggregate original principal amount may be
6issued and sold in accordance with the Retirement Savings Act
7in the form of General Obligation Retirement Savings Bonds.
8    Of the total amount of Bonds authorized in this Act, the
9additional $10,000,000,000 authorized by Public Act 93-2, the
10$3,466,000,000 authorized by Public Act 96-43, and the
11$4,096,348,300 authorized by Public Act 96-1497 shall be used
12solely as provided in Section 7.2.
13    Of the total amount of Bonds authorized in this Act, the
14additional $6,000,000,000 authorized by Public Act 100-23
15shall be used solely as provided in Section 7.6 and shall be
16issued by December 31, 2017.
17    Of the total amount of Bonds authorized in this Act,
18$2,000,000,000 of the additional amount authorized by Public
19Act 100-587 and by Public Act 102-718 this amendatory Act of
20the 102nd General Assembly shall be used solely as provided in
21Section 7.7.
22    The issuance and sale of Bonds pursuant to the General
23Obligation Bond Act is an economical and efficient method of
24financing the long-term capital needs of the State. This Act
25will permit the issuance of a multi-purpose General Obligation
26Bond with uniform terms and features. This will not only lower

 

 

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1the cost of registration but also reduce the overall cost of
2issuing debt by improving the marketability of Illinois
3General Obligation Bonds.
4(Source: P.A. 101-30, eff. 6-28-19; 102-718, eff. 5-5-22.)
 
5    (30 ILCS 330/3)  (from Ch. 127, par. 653)
6    Sec. 3. Capital facilities. The amount of $18,745,011,269
7$18,580,011,269 is authorized to be used for the acquisition,
8development, construction, reconstruction, improvement,
9demolition, financing, architectural planning and installation
10of capital facilities within the State, consisting of
11buildings, structures, durable equipment, land, interests in
12land, and the costs associated with the purchase and
13implementation of information technology, including but not
14limited to the purchase of hardware and software, for the
15following specific purposes:
16        (a) $6,333,676,500 $6,268,676,500 for educational
17    purposes by State universities and public community
18    colleges, the Illinois Community College Board created by
19    the Public Community College Act and for grants to public
20    community colleges as authorized by Sections 5-11 and 5-12
21    of the Public Community College Act;
22        (b) $1,690,506,300 for correctional purposes at State
23    prison and correctional centers;
24        (c) $688,492,300 for open spaces, recreational and
25    conservation purposes and the protection of land,

 

 

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1    including expenditures and grants for the Illinois
2    Conservation Reserve Enhancement Program and for ecosystem
3    restoration and for plugging of abandoned wells;
4        (d) $1,078,503,900 for State child care facilities,
5    mental and public health facilities, and facilities for
6    the care of veterans with disabilities and their spouses,
7    and for grants to public and private community health
8    centers, hospitals, and other health care providers for
9    capital facilities;
10        (e) $7,568,753,300 $7,518,753,300 for use by the
11    State, its departments, authorities, public corporations,
12    commissions and agencies, including renewable energy
13    upgrades at State facilities;
14        (f) $818,100 for cargo handling facilities at port
15    districts and for breakwaters, including harbor entrances,
16    at port districts in conjunction with facilities for small
17    boats and pleasure crafts;
18        (g) $425,457,000 $375,457,000 for water resource
19    management projects, including flood mitigation and State
20    dam and waterway projects;
21        (h) $16,940,269 for the provision of facilities for
22    food production research and related instructional and
23    public service activities at the State universities and
24    public community colleges;
25        (i) $75,134,700 for grants by the Secretary of State,
26    as State Librarian, for central library facilities

 

 

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1    authorized by Section 8 of the Illinois Library System Act
2    and for grants by the Capital Development Board to units
3    of local government for public library facilities;
4        (j) $25,000,000 for the acquisition, development,
5    construction, reconstruction, improvement, financing,
6    architectural planning and installation of capital
7    facilities consisting of buildings, structures, durable
8    equipment and land for grants to counties, municipalities
9    or public building commissions with correctional
10    facilities that do not comply with the minimum standards
11    of the Department of Corrections under Section 3-15-2 of
12    the Unified Code of Corrections;
13        (k) $5,011,600 for grants by the Department of
14    Conservation for improvement or expansion of aquarium
15    facilities located on property owned by a park district;
16        (l) $599,590,000 to State agencies for grants to local
17    governments for the acquisition, financing, architectural
18    planning, development, alteration, installation, and
19    construction of capital facilities consisting of
20    buildings, structures, durable equipment, and land; and
21        (m) $237,127,300 for the Illinois Open Land Trust
22    Program as defined by the Illinois Open Land Trust Act.
23    The amounts authorized above for capital facilities may be
24used for the acquisition, installation, alteration,
25construction, or reconstruction of capital facilities and for
26the purchase of equipment for the purpose of major capital

 

 

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1improvements which will reduce energy consumption in State
2buildings or facilities.
3(Source: P.A. 100-587, eff. 6-4-18; 101-30, eff. 6-28-19.)
 
4    (30 ILCS 330/6)  (from Ch. 127, par. 656)
5    Sec. 6. Anti-Pollution.
6    (a) The amount of $611,814,300 $581,814,300 is authorized
7for allocation by the Environmental Protection Agency for
8grants or loans to units of local government, including grants
9to disadvantaged communities without modern sewage systems, in
10such amounts, at such times and for such purpose as the Agency
11deems necessary or desirable for the planning, financing, and
12construction of sewage treatment works and solid waste
13disposal facilities and for making of deposits into the Water
14Revolving Fund and the U.S. Environmental Protection Fund to
15provide assistance in accordance with the provisions of Title
16IV-A of the Environmental Protection Act.
17    (b) The amount of $236,500,000 is authorized for
18allocation by the Environmental Protection Agency for payment
19of claims submitted to the State and approved for payment
20under the Leaking Underground Storage Tank Program established
21in Title XVI of the Environmental Protection Act.
22(Source: P.A. 101-30, eff. 6-28-19.)
 
23    (30 ILCS 330/7)  (from Ch. 127, par. 657)
24    Sec. 7. Coal and Energy Development. The amount of

 

 

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1$212,700,000 $242,700,000 is authorized to be used by the
2Department of Commerce and Economic Opportunity (formerly
3Department of Commerce and Community Affairs) for coal and
4energy development purposes, pursuant to Sections 2, 3 and 3.1
5of the Illinois Coal and Energy Development Bond Act, for the
6purposes specified in Section 8.1 of the Energy Conservation
7and Coal Development Act, for the purposes specified in
8Section 605-332 of the Department of Commerce and Economic
9Opportunity Law of the Civil Administrative Code of Illinois,
10and for the purpose of facility cost reports prepared pursuant
11to Sections 1-58 or 1-75(d)(4) of the Illinois Power Agency
12Act and for the purpose of development costs pursuant to
13Section 8.1 of the Energy Conservation and Coal Development
14Act. Of this amount:
15    (a) $128,500,000 $143,500,000 is for the specific purposes
16of acquisition, development, construction, reconstruction,
17improvement, financing, architectural and technical planning
18and installation of capital facilities consisting of
19buildings, structures, durable equipment, and land for the
20purpose of capital development of coal resources within the
21State and for the purposes specified in Section 8.1 of the
22Energy Conservation and Coal Development Act;
23    (b) $20,000,000 $35,000,000 is for the purposes specified
24in Section 8.1 of the Energy Conservation and Coal Development
25Act and making grants to generating stations and coal
26gasification facilities within the State of Illinois and to

 

 

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1the owner of a generating station located in Illinois and
2having at least three coal-fired generating units with
3accredited summer capability greater than 500 megawatts each
4at such generating station as provided in Section 6 of that
5Bond Act;
6    (c) $13,200,000 is for research, development and
7demonstration of forms of energy other than that derived from
8coal, either on or off State property;
9    (d) $0 is for the purpose of providing financial
10assistance to new electric generating facilities as provided
11in Section 605-332 of the Department of Commerce and Economic
12Opportunity Law of the Civil Administrative Code of Illinois;
13and
14    (e) $51,000,000 is for the purpose of facility cost
15reports prepared for not more than one facility pursuant to
16Section 1-75(d)(4) of the Illinois Power Agency Act and not
17more than one facility pursuant to Section 1-58 of the
18Illinois Power Agency Act and for the purpose of up to
19$6,000,000 of development costs pursuant to Section 8.1 of the
20Energy Conservation and Coal Development Act.
21(Source: P.A. 98-94, eff. 7-17-13; 98-781, eff. 7-22-14.)
 
22    (30 ILCS 330/7.6)
23    Sec. 7.6. Income Tax Proceed Bonds.
24    (a) As used in this Act, "Income Tax Proceed Bonds" means
25Bonds (i) authorized by Public Act 100-23 this amendatory Act

 

 

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1of the 100th General Assembly or any other Public Act of the
2100th or 101st General Assembly authorizing the issuance of
3Income Tax Proceed Bonds and (ii) used for the payment of
4unpaid obligations of the State as incurred from time to time
5and as authorized by the General Assembly.
6    (b) Income Tax Proceed Bonds in the amount of
7$6,000,000,000 are hereby authorized to be used for the
8purpose of paying vouchers incurred by the State prior to July
91, 2017. Additional Income Tax Proceed Bonds in the amount of
10$1,200,000,000 are hereby authorized to be used for the
11purpose of paying vouchers incurred by the State and accruing
12interest payable by the State prior to the date on which the
13Income Tax Proceed Bonds are issued.
14    (c) The Income Tax Bond Fund is hereby created as a special
15fund in the State treasury. All moneys from the proceeds of the
16sale of the Income Tax Proceed Bonds, less the amounts
17authorized in the Bond Sale Order to be directly paid out for
18bond sale expenses under Section 8, shall be deposited into
19the Income Tax Bond Fund. All moneys in the Income Tax Bond
20Fund shall be used for the purpose of paying vouchers incurred
21by the State prior to July 1, 2017 or for paying vouchers
22incurred by the State more than 90 days prior to the date on
23which the Income Tax Proceed Bonds are issued. For the purpose
24of paying such vouchers, the Comptroller has the authority to
25transfer moneys from the Income Tax Bond Fund to general funds
26and the Health Insurance Reserve Fund. "General funds" has the

 

 

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1meaning provided in Section 50-40 of the State Budget Law.
2(Source: P.A. 100-23, eff. 7-6-17; 101-30, eff. 6-28-19;
3101-604, eff. 12-13-19.)
 
4    (30 ILCS 330/8)  (from Ch. 127, par. 658)
5    Sec. 8. Bond sale expenses.
6    (a) An amount not to exceed 0.5 percent of the principal
7amount of the proceeds of sale of each bond sale is authorized
8to be used to pay the reasonable costs of each issuance and
9sale, including, without limitation, underwriter's discounts
10and fees, but excluding bond insurance, of State of Illinois
11general obligation bonds authorized and sold pursuant to this
12Act, including, without limitation, underwriter's discounts
13and fees, but excluding bond insurance; provided that no
14salaries of State employees or other State office operating
15expenses shall be paid out of non-appropriated proceeds, and
16provided further that the percent shall be 1.0% for each sale
17of "Build America Bonds" or "Qualified School Construction
18Bonds" as defined in subsections (d) and (e) of Section 9,
19respectively. The Governor's Office of Management and Budget
20shall compile a summary of all costs of issuance on each sale
21(including both costs paid out of proceeds and those paid out
22of appropriated funds) and post that summary on its web site
23within 20 business days after the issuance of the Bonds. The
24summary shall include, as applicable, the respective
25percentages of participation and compensation of each

 

 

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1underwriter that is a member of the underwriting syndicate,
2legal counsel, financial advisors, and other professionals for
3the bond issue and an identification of all costs of issuance
4paid to minority-owned businesses, women-owned businesses, and
5businesses owned by persons with disabilities. The terms
6"minority-owned businesses", "women-owned businesses", and
7"business owned by a person with a disability" have the
8meanings given to those terms in the Business Enterprise for
9Minorities, Women, and Persons with Disabilities Act. The
10summary That posting shall be posted maintained on the web
11site for a period of at least 30 days. In addition, the
12Governor's Office of Management and Budget shall provide a
13written copy of each summary of costs to the Speaker and
14Minority Leader of the House of Representatives, the President
15and Minority Leader of the Senate, and the Commission on
16Government Forecasting and Accountability within 20 business
17days after each issuance of the Bonds. In addition, the
18Governor's Office of Management and Budget shall provide
19copies of all contracts under which any costs of issuance are
20paid or to be paid to the Commission on Government Forecasting
21and Accountability within 20 business days after the issuance
22of Bonds for which those costs are paid or to be paid. Instead
23of filing a second or subsequent copy of the same contract, the
24Governor's Office of Management and Budget may file a
25statement that specified costs are paid under specified
26contracts filed earlier with the Commission.

 

 

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1    (b) The Director of the Governor's Office of Management
2and Budget shall not, in connection with the issuance of
3Bonds, contract with any underwriter, financial advisor, or
4attorney unless that underwriter, financial advisor, or
5attorney certifies that the underwriter, financial advisor, or
6attorney has not and will not pay a contingent fee, whether
7directly or indirectly, to a third party for having promoted
8the selection of the underwriter, financial advisor, or
9attorney for that contract. In the event that the Governor's
10Office of Management and Budget determines that an
11underwriter, financial advisor, or attorney has filed a false
12certification with respect to the payment of contingent fees,
13the Governor's Office of Management and Budget shall not
14contract with that underwriter, financial advisor, or
15attorney, or with any firm employing any person who signed
16false certifications, for a period of 2 calendar years,
17beginning with the date the determination is made. The
18validity of Bonds issued under such circumstances of violation
19pursuant to this Section shall not be affected.
20(Source: P.A. 100-391, eff. 8-25-17.)
 
21    (30 ILCS 330/9)  (from Ch. 127, par. 659)
22    Sec. 9. Conditions for issuance and sale of Bonds;
23requirements for Bonds.
24    (a) Except as otherwise provided in this subsection,
25subsection (h), and subsection (i), Bonds shall be issued and

 

 

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1sold from time to time, in one or more series, in such amounts
2and at such prices as may be directed by the Governor, upon
3recommendation by the Director of the Governor's Office of
4Management and Budget. Bonds shall be in such form (either
5coupon, registered or book entry), in such denominations,
6payable within 25 years from their date, subject to such terms
7of redemption with or without premium, bear interest payable
8at such times and at such fixed or variable rate or rates, and
9be dated as shall be fixed and determined by the Director of
10the Governor's Office of Management and Budget in the order
11authorizing the issuance and sale of any series of Bonds,
12which order shall be approved by the Governor and is herein
13called a "Bond Sale Order"; provided however, that interest
14payable at fixed or variable rates shall not exceed that
15permitted in the Bond Authorization Act, as now or hereafter
16amended. Bonds shall be payable at such place or places,
17within or without the State of Illinois, and may be made
18registrable as to either principal or as to both principal and
19interest, as shall be specified in the Bond Sale Order. Bonds
20may be callable or subject to purchase and retirement or
21tender and remarketing as fixed and determined in the Bond
22Sale Order. Bonds, other than Bonds issued under Section 3 of
23this Act for the costs associated with the purchase and
24implementation of information technology, (i) except for
25refunding Bonds satisfying the requirements of Section 16 of
26this Act must be issued with principal or mandatory redemption

 

 

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1amounts in equal amounts, with the first maturity issued
2occurring within the fiscal year in which the Bonds are issued
3or within the next succeeding fiscal year and (ii) must mature
4or be subject to mandatory redemption each fiscal year
5thereafter up to 25 years, except for refunding Bonds
6satisfying the requirements of Section 16 of this Act and sold
7during fiscal year 2009, 2010, or 2011 which must mature or be
8subject to mandatory redemption each fiscal year thereafter up
9to 16 years. Bonds issued under Section 3 of this Act for the
10costs associated with the purchase and implementation of
11information technology must be issued with principal or
12mandatory redemption amounts in equal amounts, with the first
13maturity issued occurring with the fiscal year in which the
14respective bonds are issued or with the next succeeding fiscal
15year, with the respective bonds issued maturing or subject to
16mandatory redemption each fiscal year thereafter up to 10
17years. Notwithstanding any provision of this Act to the
18contrary, the Bonds authorized by Public Act 96-43 shall be
19payable within 5 years from their date and must be issued with
20principal or mandatory redemption amounts in equal amounts,
21with payment of principal or mandatory redemption beginning in
22the first fiscal year following the fiscal year in which the
23Bonds are issued.
24    Notwithstanding any provision of this Act to the contrary,
25the Bonds authorized by Public Act 96-1497 shall be payable
26within 8 years from their date and shall be issued with payment

 

 

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1of maturing principal or scheduled mandatory redemptions in
2accordance with the following schedule, except the following
3amounts shall be prorated if less than the total additional
4amount of Bonds authorized by Public Act 96-1497 are issued:
5    Fiscal Year After Issuance    Amount
6        1-2                        $0 
7        3                          $110,712,120
8        4                          $332,136,360
9        5                          $664,272,720
10        6-8                        $996,409,080
11    Notwithstanding any provision of this Act to the contrary,
12Income Tax Proceed Bonds issued under Section 7.6 shall be
13payable 12 years from the date of sale and shall be issued with
14payment of principal or mandatory redemption.
15    In the case of any series of Bonds bearing interest at a
16variable interest rate ("Variable Rate Bonds"), in lieu of
17determining the rate or rates at which such series of Variable
18Rate Bonds shall bear interest and the price or prices at which
19such Variable Rate Bonds shall be initially sold or remarketed
20(in the event of purchase and subsequent resale), the Bond
21Sale Order may provide that such interest rates and prices may
22vary from time to time depending on criteria established in
23such Bond Sale Order, which criteria may include, without
24limitation, references to indices or variations in interest
25rates as may, in the judgment of a remarketing agent, be
26necessary to cause Variable Rate Bonds of such series to be

 

 

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1remarketable from time to time at a price equal to their
2principal amount, and may provide for appointment of a bank,
3trust company, investment bank, or other financial institution
4to serve as remarketing agent in that connection. The Bond
5Sale Order may provide that alternative interest rates or
6provisions for establishing alternative interest rates,
7different security or claim priorities, or different call or
8amortization provisions will apply during such times as
9Variable Rate Bonds of any series are held by a person
10providing credit or liquidity enhancement arrangements for
11such Bonds as authorized in subsection (b) of this Section.
12The Bond Sale Order may also provide for such variable
13interest rates to be established pursuant to a process
14generally known as an auction rate process and may provide for
15appointment of one or more financial institutions to serve as
16auction agents and broker-dealers in connection with the
17establishment of such interest rates and the sale and
18remarketing of such Bonds.
19    (b) In connection with the issuance of any series of
20Bonds, the State may enter into arrangements to provide
21additional security and liquidity for such Bonds, including,
22without limitation, bond or interest rate insurance or letters
23of credit, lines of credit, bond purchase contracts, or other
24arrangements whereby funds are made available to retire or
25purchase Bonds, thereby assuring the ability of owners of the
26Bonds to sell or redeem their Bonds. The State may enter into

 

 

10300HB3551sam002- 21 -LRB103 30888 JDS 62500 a

1contracts and may agree to pay fees to persons providing such
2arrangements, but only under circumstances where the Director
3of the Governor's Office of Management and Budget certifies
4that he or she reasonably expects the total interest paid or to
5be paid on the Bonds, together with the fees for the
6arrangements (being treated as if interest), would not, taken
7together, cause the Bonds to bear interest, calculated to
8their stated maturity, at a rate in excess of the rate that the
9Bonds would bear in the absence of such arrangements.
10    The State may, with respect to Bonds issued or anticipated
11to be issued, participate in and enter into arrangements with
12respect to interest rate protection or exchange agreements,
13guarantees, or financial futures contracts for the purpose of
14limiting, reducing, or managing interest rate exposure. The
15authority granted under this paragraph, however, shall not
16increase the principal amount of Bonds authorized to be issued
17by law. The arrangements may be executed and delivered by the
18Director of the Governor's Office of Management and Budget on
19behalf of the State. Net payments for such arrangements shall
20constitute interest on the Bonds and shall be paid from the
21General Obligation Bond Retirement and Interest Fund. The
22Director of the Governor's Office of Management and Budget
23shall at least annually certify to the Governor and the State
24Comptroller his or her estimate of the amounts of such net
25payments to be included in the calculation of interest
26required to be paid by the State.

 

 

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1    (c) Prior to the issuance of any Variable Rate Bonds
2pursuant to subsection (a), the Director of the Governor's
3Office of Management and Budget shall adopt an interest rate
4risk management policy providing that the amount of the
5State's variable rate exposure with respect to Bonds shall not
6exceed 20%. This policy shall remain in effect while any Bonds
7are outstanding and the issuance of Bonds shall be subject to
8the terms of such policy. The terms of this policy may be
9amended from time to time by the Director of the Governor's
10Office of Management and Budget but in no event shall any
11amendment cause the permitted level of the State's variable
12rate exposure with respect to Bonds to exceed 20%.
13    (d) "Build America Bonds" in this Section means Bonds
14authorized by Section 54AA of the Internal Revenue Code of
151986, as amended ("Internal Revenue Code"), and bonds issued
16from time to time to refund or continue to refund "Build
17America Bonds".
18    (e) Notwithstanding any other provision of this Section,
19Qualified School Construction Bonds shall be issued and sold
20from time to time, in one or more series, in such amounts and
21at such prices as may be directed by the Governor, upon
22recommendation by the Director of the Governor's Office of
23Management and Budget. Qualified School Construction Bonds
24shall be in such form (either coupon, registered or book
25entry), in such denominations, payable within 25 years from
26their date, subject to such terms of redemption with or

 

 

10300HB3551sam002- 23 -LRB103 30888 JDS 62500 a

1without premium, and if the Qualified School Construction
2Bonds are issued with a supplemental coupon, bear interest
3payable at such times and at such fixed or variable rate or
4rates, and be dated as shall be fixed and determined by the
5Director of the Governor's Office of Management and Budget in
6the order authorizing the issuance and sale of any series of
7Qualified School Construction Bonds, which order shall be
8approved by the Governor and is herein called a "Bond Sale
9Order"; except that interest payable at fixed or variable
10rates, if any, shall not exceed that permitted in the Bond
11Authorization Act, as now or hereafter amended. Qualified
12School Construction Bonds shall be payable at such place or
13places, within or without the State of Illinois, and may be
14made registrable as to either principal or as to both
15principal and interest, as shall be specified in the Bond Sale
16Order. Qualified School Construction Bonds may be callable or
17subject to purchase and retirement or tender and remarketing
18as fixed and determined in the Bond Sale Order. Qualified
19School Construction Bonds must be issued with principal or
20mandatory redemption amounts or sinking fund payments into the
21General Obligation Bond Retirement and Interest Fund (or
22subaccount therefor) in equal amounts, with the first maturity
23issued, mandatory redemption payment or sinking fund payment
24occurring within the fiscal year in which the Qualified School
25Construction Bonds are issued or within the next succeeding
26fiscal year, with Qualified School Construction Bonds issued

 

 

10300HB3551sam002- 24 -LRB103 30888 JDS 62500 a

1maturing or subject to mandatory redemption or with sinking
2fund payments thereof deposited each fiscal year thereafter up
3to 25 years. Sinking fund payments set forth in this
4subsection shall be permitted only to the extent authorized in
5Section 54F of the Internal Revenue Code or as otherwise
6determined by the Director of the Governor's Office of
7Management and Budget. "Qualified School Construction Bonds"
8in this subsection means Bonds authorized by Section 54F of
9the Internal Revenue Code and for bonds issued from time to
10time to refund or continue to refund such "Qualified School
11Construction Bonds".
12    (f) Beginning with the next issuance by the Governor's
13Office of Management and Budget to the Procurement Policy
14Board of a request for qualifications quotation for the
15purpose of formulating a new pool of qualified underwriters
16underwriting banks list, all entities responding to such a
17request for qualifications quotation for inclusion on that
18list shall provide a written report to the Governor's Office
19of Management and Budget and the Illinois Comptroller. The
20written report submitted to the Comptroller shall (i) be
21published on the Comptroller's Internet website and (ii) be
22used by the Governor's Office of Management and Budget for the
23purposes of scoring such a request for qualifications
24quotation. The written report, at a minimum, shall:
25        (1) disclose whether, within the past 3 months,
26    pursuant to its credit default swap market-making

 

 

10300HB3551sam002- 25 -LRB103 30888 JDS 62500 a

1    activities, the firm has entered into any State of
2    Illinois 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,
24    the firm released any publicly available research or
25    marketing reports that reference State of Illinois CDS and
26    include those research or marketing reports as

 

 

10300HB3551sam002- 26 -LRB103 30888 JDS 62500 a

1    attachments.
2    (g) All entities included on a Governor's Office of
3Management and Budget's pool of qualified underwriters
4underwriting banks list shall, as soon as possible after March
518, 2011 (the effective date of Public Act 96-1554), but not
6later than January 21, 2011, and on a quarterly fiscal basis
7thereafter, provide a written report to the Governor's Office
8of Management and Budget and the Illinois Comptroller. The
9written reports submitted to the Comptroller shall be
10published on the Comptroller's Internet website. The written
11reports, at a minimum, shall:
12        (1) disclose whether, within the past 3 months,
13    pursuant to its credit default swap market-making
14    activities, the firm has entered into any State of
15    Illinois credit default swaps ("CDS");
16        (2) include, in the event of State of Illinois CDS
17    activity, disclosure of the firm's cumulative notional
18    volume of State of Illinois CDS trades and the firm's
19    outstanding gross and net notional amount of State of
20    Illinois CDS, as of the end of the current 3-month period;
21        (3) indicate, pursuant to the firm's proprietary
22    trading activities, disclosure of whether the firm, within
23    the past 3 months, has entered into any proprietary trades
24    for its own account in State of Illinois CDS;
25        (4) include, in the event of State of Illinois
26    proprietary trades, disclosure of the firm's outstanding

 

 

10300HB3551sam002- 27 -LRB103 30888 JDS 62500 a

1    gross and net notional amount of proprietary State of
2    Illinois CDS and whether the net position is short or long
3    credit protection, as of the end of the current 3-month
4    period;
5        (5) list all time periods during the past 3 months
6    during which the firm held net long or net short State of
7    Illinois CDS proprietary credit protection positions, the
8    amount of such positions, and whether those positions were
9    net long or net short credit protection positions; and
10        (6) indicate whether, within the previous 3 months,
11    the firm released any publicly available research or
12    marketing reports that reference State of Illinois CDS and
13    include those research or marketing reports as
14    attachments.
15    (h) Notwithstanding any other provision of this Section,
16for purposes of maximizing market efficiencies and cost
17savings, Income Tax Proceed Bonds may be issued and sold from
18time to time, in one or more series, in such amounts and at
19such prices as may be directed by the Governor, upon
20recommendation by the Director of the Governor's Office of
21Management and Budget. Income Tax Proceed Bonds shall be in
22such form, either coupon, registered, or book entry, in such
23denominations, shall bear interest payable at such times and
24at such fixed or variable rate or rates, and be dated as shall
25be fixed and determined by the Director of the Governor's
26Office of Management and Budget in the order authorizing the

 

 

10300HB3551sam002- 28 -LRB103 30888 JDS 62500 a

1issuance and sale of any series of Income Tax Proceed Bonds,
2which order shall be approved by the Governor and is herein
3called a "Bond Sale Order"; provided, however, that interest
4payable at fixed or variable rates shall not exceed that
5permitted in the Bond Authorization Act. Income Tax Proceed
6Bonds shall be payable at such place or places, within or
7without the State of Illinois, and may be made registrable as
8to either principal or as to both principal and interest, as
9shall be specified in the Bond Sale Order. Income Tax Proceed
10Bonds may be callable or subject to purchase and retirement or
11tender and remarketing as fixed and determined in the Bond
12Sale Order.
13    (i) Notwithstanding any other provision of this Section,
14for purposes of maximizing market efficiencies and cost
15savings, State Pension Obligation Acceleration Bonds may be
16issued and sold from time to time, in one or more series, in
17such amounts and at such prices as may be directed by the
18Governor, upon recommendation by the Director of the
19Governor's Office of Management and Budget. State Pension
20Obligation Acceleration Bonds shall be in such form, either
21coupon, registered, or book entry, in such denominations,
22shall bear interest payable at such times and at such fixed or
23variable rate or rates, and be dated as shall be fixed and
24determined by the Director of the Governor's Office of
25Management and Budget in the order authorizing the issuance
26and sale of any series of State Pension Obligation

 

 

10300HB3551sam002- 29 -LRB103 30888 JDS 62500 a

1Acceleration Bonds, which order shall be approved by the
2Governor and is herein called a "Bond Sale Order"; provided,
3however, that interest payable at fixed or variable rates
4shall not exceed that permitted in the Bond Authorization Act.
5State Pension Obligation Acceleration Bonds shall be payable
6at such place or places, within or without the State of
7Illinois, and may be made registrable as to either principal
8or as to both principal and interest, as shall be specified in
9the Bond Sale Order. State Pension Obligation Acceleration
10Bonds may be callable or subject to purchase and retirement or
11tender and remarketing as fixed and determined in the Bond
12Sale Order.
13(Source: P.A. 100-23, Article 25, Section 25-5, eff. 7-6-17;
14100-23, Article 75, Section 75-10, eff. 7-6-17; 100-587,
15Article 60, Section 60-5, eff. 6-4-18; 100-587, Article 110,
16Section 110-15, eff. 6-4-18; 100-863, eff. 8-14-18; 101-30,
17eff. 6-28-19; 101-81, eff. 7-12-19.)
 
18    (30 ILCS 330/10)  (from Ch. 127, par. 660)
19    Sec. 10. Execution of Bonds. Bonds shall be signed by the
20Governor and attested by the Secretary of State under the
21printed facsimile seal of the State and countersigned by the
22State Treasurer by his manual signature or by his duly
23authorized deputy. If Bonds are issued in registered form
24pursuant to the Registered Bond Act, the signatures of the
25Governor, the Secretary of State and the State Treasurer may

 

 

10300HB3551sam002- 30 -LRB103 30888 JDS 62500 a

1be printed facsimile signatures. Unless Bonds are issued in
2fully registered form, interest coupons with facsimile
3signatures of the Governor, Secretary of State and State
4Treasurer may be attached to the Bonds. The fact that an
5officer whose signature or facsimile thereof appears on a Bond
6or interest coupon no longer holds such office at the time the
7Bond or coupon is delivered shall not invalidate such Bond or
8interest coupon.
9(Source: P.A. 83-1490.)
 
10    (30 ILCS 330/11)  (from Ch. 127, par. 661)
11    Sec. 11. Sale of Bonds. Except as otherwise provided in
12this Section, Bonds shall be sold from time to time pursuant to
13notice of sale and public bid or by negotiated sale in such
14amounts and at such times as is directed by the Governor, upon
15recommendation by the Director of the Governor's Office of
16Management and Budget. At least 25%, based on total principal
17amount, of all Bonds issued each fiscal year shall be sold
18pursuant to notice of sale and public bid. At all times during
19each fiscal year, no more than 75%, based on total principal
20amount, of the Bonds issued each fiscal year, shall have been
21sold by negotiated sale. Failure to satisfy the requirements
22in the preceding 2 sentences shall not affect the validity of
23any previously issued Bonds; provided that all Bonds
24authorized by Public Act 96-43 and Public Act 96-1497 shall
25not be included in determining compliance for any fiscal year

 

 

10300HB3551sam002- 31 -LRB103 30888 JDS 62500 a

1with the requirements of the preceding 2 sentences; and
2further provided that refunding Bonds satisfying the
3requirements of Section 16 of this Act shall not be subject to
4the requirements in the preceding 2 sentences.
5    The If any Bonds, including refunding Bonds, are to be
6sold by negotiated sale, the Director of the Governor's Office
7of Management and Budget shall comply in the selection of any
8bond counsel with the competitive request for proposal process
9set forth in the Illinois Procurement Code and all other
10applicable requirements of that Code. The Director of the
11Governor's Office of Management and Budget may select any
12financial advisor from a pool of qualified advisors
13established pursuant to a request for qualifications. If any
14Bonds, including refunding Bonds, are to be sold by negotiated
15sale, the Director of the Governor's Office of Management and
16Budget shall select any underwriter from a pool of qualified
17underwriters established pursuant to a request for
18qualifications.
19    If Bonds are to be sold pursuant to notice of sale and
20public bid, the Director of the Governor's Office of
21Management and Budget may, from time to time, as Bonds are to
22be sold, advertise the sale of the Bonds in at least 2 daily
23newspapers, one of which is published in the City of
24Springfield and one in the City of Chicago. The sale of the
25Bonds shall also be advertised in the BidBuy eProcurement
26System or any successor procurement platform maintained volume

 

 

10300HB3551sam002- 32 -LRB103 30888 JDS 62500 a

1of the Illinois Procurement Bulletin that is published by the
2Chief Procurement Officer for General Services Department of
3Central Management Services, and shall be published once at
4least 10 days prior to the date fixed for the opening of the
5bids. The Director of the Governor's Office of Management and
6Budget may reschedule the date of sale upon the giving of such
7additional notice as the Director deems adequate to inform
8prospective bidders of such change; provided, however, that
9all other conditions of the sale shall continue as originally
10advertised.
11    Executed Bonds shall, upon payment therefor, be delivered
12to the purchaser, and the proceeds of Bonds shall be paid into
13the State Treasury as directed by Section 12 of this Act.
14    All Income Tax Proceed Bonds shall comply with this
15Section. Notwithstanding anything to the contrary, however,
16for purposes of complying with this Section, Income Tax
17Proceed Bonds, regardless of the number of series or issuances
18sold thereunder, shall be considered a single issue or series.
19Furthermore, for purposes of complying with the competitive
20bidding requirements of this Section, the words "at all times"
21shall not apply to any such sale of the Income Tax Proceed
22Bonds. The Director of the Governor's Office of Management and
23Budget shall determine the time and manner of any competitive
24sale of the Income Tax Proceed Bonds; however, that sale shall
25under no circumstances take place later than 60 days after the
26State closes the sale of 75% of the Income Tax Proceed Bonds by

 

 

10300HB3551sam002- 33 -LRB103 30888 JDS 62500 a

1negotiated sale.
2    All State Pension Obligation Acceleration Bonds shall
3comply with this Section. Notwithstanding anything to the
4contrary, however, for purposes of complying with this
5Section, State Pension Obligation Acceleration Bonds,
6regardless of the number of series or issuances sold
7thereunder, shall be considered a single issue or series.
8Furthermore, for purposes of complying with the competitive
9bidding requirements of this Section, the words "at all times"
10shall not apply to any such sale of the State Pension
11Obligation Acceleration Bonds. The Director of the Governor's
12Office of Management and Budget shall determine the time and
13manner of any competitive sale of the State Pension Obligation
14Acceleration Bonds; however, that sale shall under no
15circumstances take place later than 60 days after the State
16closes the sale of 75% of the State Pension Obligation
17Acceleration Bonds by negotiated sale.
18(Source: P.A. 100-23, Article 25, Section 25-5, eff. 7-6-17;
19100-23, Article 75, Section 75-10, eff. 7-6-17; 100-587,
20Article 60, Section 60-5, eff. 6-4-18; 100-587, Article 110,
21Section 110-15, eff. 6-4-18; 100-863, eff. 8-4-18; 101-30,
22eff. 6-28-19; 101-81, eff. 7-12-19.)
 
23    (30 ILCS 330/16)  (from Ch. 127, par. 666)
24    Sec. 16. Refunding Bonds. The State of Illinois is
25authorized to issue, sell, and provide for the retirement of

 

 

10300HB3551sam002- 34 -LRB103 30888 JDS 62500 a

1General Obligation Bonds of the State of Illinois in the
2amount of $4,839,025,000, at any time and from time to time
3outstanding, for the purpose of refunding any State of
4Illinois general obligation Bonds then outstanding, including
5(i) the payment of any redemption premium thereon, (ii) any
6reasonable expenses of such refunding, (iii) any interest
7accrued or to accrue to the earliest or any subsequent date of
8redemption or maturity of such outstanding Bonds, (iv) for
9fiscal year 2019 only, any necessary payments to providers of
10interest rate exchange agreements in connection with the
11termination of such agreements by the State in connection with
12the refunding, and (v) any interest to accrue to the first
13interest payment on the refunding Bonds; provided that all
14non-refunding Bonds in an issue that includes refunding Bonds
15shall mature no later than the final maturity date of Bonds
16being refunded; provided that no refunding Bonds shall be
17offered for sale unless the net present value of debt service
18savings to be achieved by the issuance of the refunding Bonds
19is 3% or more of the principal amount of the refunded Bonds or
20the principal amount of the refunding Bonds to be issued;
21refunding Bonds shall mature within the term of the Bonds
22being refunded in compliance with paragraph (e) of Section 9
23of Article IX of the Illinois Constitution of 1970 and further
24provided that, except for refunding Bonds sold in fiscal year
252009, 2010, 2011, 2017, 2018, 2019, or 2022, the maturities of
26the refunding Bonds shall not extend beyond the maturities of

 

 

10300HB3551sam002- 35 -LRB103 30888 JDS 62500 a

1the Bonds they refund, so that for each fiscal year in the
2maturity schedule of a particular issue of refunding Bonds,
3the total amount of refunding principal maturing and
4redemption amounts due in that fiscal year and all prior
5fiscal years in that schedule shall be greater than or equal to
6the total amount of refunded principal and redemption amounts
7that had been due over that year and all prior fiscal years
8prior to the refunding.
9    The Governor shall notify the State Treasurer and
10Comptroller of such refunding. The proceeds received from the
11sale of refunding Bonds shall be used for the retirement at
12maturity or redemption of such outstanding Bonds on any
13maturity or redemption date and, pending such use, shall be
14placed in escrow, subject to such terms and conditions as
15shall be provided for in the Bond Sale Order relating to the
16Refunding Bonds. Proceeds not needed for deposit in an escrow
17account shall be deposited in the General Obligation Bond
18Retirement and Interest Fund. This Act shall constitute an
19irrevocable and continuing appropriation of all amounts
20necessary to establish an escrow account for the purpose of
21refunding outstanding general obligation Bonds and to pay the
22reasonable expenses of such refunding and of the issuance and
23sale of the refunding Bonds. Any such escrowed proceeds may be
24invested and reinvested in direct obligations of the United
25States of America, maturing at such time or times as shall be
26appropriate to assure the prompt payment, when due, of the

 

 

10300HB3551sam002- 36 -LRB103 30888 JDS 62500 a

1principal of and interest and redemption premium, if any, on
2the refunded Bonds. After the terms of the escrow have been
3fully satisfied, any remaining balance of such proceeds and
4interest, income and profits earned or realized on the
5investments thereof shall be paid into the General Revenue
6Fund. The liability of the State upon the Bonds shall
7continue, provided that the holders thereof shall thereafter
8be entitled to payment only out of the moneys deposited in the
9escrow account.
10    Except as otherwise herein provided in this Section, such
11refunding Bonds shall in all other respects be subject to the
12terms and conditions of this Act.
13(Source: P.A. 102-16, eff. 6-17-21.)
 
14
Article 15.

 
15    Section 15-1. The Build Illinois Bond Act is amended by
16changing Sections 2, 4, 5, 8, and 15 as follows:
 
17    (30 ILCS 425/2)  (from Ch. 127, par. 2802)
18    Sec. 2. Authorization for Bonds. The State of Illinois is
19authorized to issue, sell and provide for the retirement of
20limited obligation bonds, notes and other evidences of
21indebtedness of the State of Illinois in the total principal
22amount of $10,019,681,100 $9,484,681,100 herein called
23"Bonds". Such amount of authorized Bonds shall be exclusive of

 

 

10300HB3551sam002- 37 -LRB103 30888 JDS 62500 a

1any refunding Bonds issued pursuant to Section 15 of this Act
2and exclusive of any Bonds issued pursuant to this Section
3which are redeemed, purchased, advance refunded, or defeased
4in accordance with paragraph (f) of Section 4 of this Act.
5Bonds shall be issued for the categories and specific purposes
6expressed in Section 4 of this Act.
7(Source: P.A. 101-30, eff. 6-28-19; 102-1071, eff. 6-10-22.)
 
8    (30 ILCS 425/4)  (from Ch. 127, par. 2804)
9    Sec. 4. Purposes of Bonds. Bonds shall be issued for the
10following purposes and in the approximate amounts as set forth
11below:
12    (a) $4,506,094,533 $4,372,761,200 for the expenses of
13issuance and sale of Bonds, including bond discounts, and for
14planning, engineering, acquisition, construction,
15reconstruction, development, improvement, demolition, and
16extension of the public infrastructure in the State of
17Illinois, including: the making of loans or grants to local
18governments for waste disposal systems, water and sewer line
19extensions and water distribution and purification facilities,
20rail or air or water port improvements, gas and electric
21utility extensions, publicly owned industrial and commercial
22sites, buildings used for public administration purposes and
23other public infrastructure capital improvements; the making
24of loans or grants to units of local government for financing
25and construction of wastewater facilities, including grants to

 

 

10300HB3551sam002- 38 -LRB103 30888 JDS 62500 a

1serve unincorporated areas; refinancing or retiring bonds
2issued between January 1, 1987 and January 1, 1990 by home rule
3municipalities, debt service on which is provided from a tax
4imposed by home rule municipalities prior to January 1, 1990
5on the sale of food and drugs pursuant to Section 8-11-1 of the
6Home Rule Municipal Retailers' Occupation Tax Act or Section
78-11-5 of the Home Rule Municipal Service Occupation Tax Act;
8the making of deposits not to exceed $70,000,000 in the
9aggregate into the Water Pollution Control Revolving Fund to
10provide assistance in accordance with the provisions of Title
11IV-A of the Environmental Protection Act; the planning,
12engineering, acquisition, construction, reconstruction,
13alteration, expansion, extension and improvement of highways,
14bridges, structures separating highways and railroads, rest
15areas, interchanges, access roads to and from any State or
16local highway and other transportation improvement projects
17which are related to economic development activities; the
18making of loans or grants for planning, engineering,
19rehabilitation, improvement or construction of rail and
20transit facilities; the planning, engineering, acquisition,
21construction, reconstruction and improvement of watershed,
22drainage, flood control, recreation and related improvements
23and facilities, including expenses related to land and
24easement acquisition, relocation, control structures, channel
25work and clearing and appurtenant work; the planning,
26engineering, acquisition, construction, reconstruction and

 

 

10300HB3551sam002- 39 -LRB103 30888 JDS 62500 a

1improvement of State facilities and related infrastructure;
2the making of Park and Recreational Facilities Construction
3(PARC) grants; the making of grants to units of local
4government for community development capital projects; the
5making of grants for improvement and development of zoos and
6park district field houses and related structures; and the
7making of grants for improvement and development of Navy Pier
8and related structures.
9    (b) $2,474,636,967 $2,122,970,300 for fostering economic
10development and increased employment and fostering the well
11being of the citizens of Illinois through community
12development, including: the making of grants for improvement
13and development of McCormick Place and related structures; the
14planning and construction of a microelectronics research
15center, including the planning, engineering, construction,
16improvement, renovation and acquisition of buildings,
17equipment and related utility support systems; the making of
18loans to businesses and investments in small businesses;
19acquiring real properties for industrial or commercial site
20development; acquiring, rehabilitating and reconveying
21industrial and commercial properties for the purpose of
22expanding employment and encouraging private and other public
23sector investment in the economy of Illinois; the payment of
24expenses associated with siting the Superconducting Super
25Collider Particle Accelerator in Illinois and with its
26acquisition, construction, maintenance, operation, promotion

 

 

10300HB3551sam002- 40 -LRB103 30888 JDS 62500 a

1and support; the making of loans for the planning,
2engineering, acquisition, construction, improvement and
3conversion of facilities and equipment which will foster the
4use of Illinois coal; the payment of expenses associated with
5the promotion, establishment, acquisition and operation of
6small business incubator facilities and agribusiness research
7facilities, including the lease, purchase, renovation,
8planning, engineering, construction and maintenance of
9buildings, utility support systems and equipment designated
10for such purposes and the establishment and maintenance of
11centralized support services within such facilities; the
12making of grants for transportation electrification
13infrastructure projects that promote use of clean and
14renewable energy; the making of capital expenditures and
15grants for broadband development and for a statewide broadband
16deployment grant program; the making of grants to public
17entities and private persons and entities for community
18development capital projects; the making of grants to public
19entities and private persons and entities for capital projects
20in the context of grant programs focused on assisting
21economically depressed areas, expanding affordable housing,
22supporting the provision of human services, supporting
23emerging technology enterprises, and supporting minority owned
24businesses; and the making of grants or loans to units of local
25government for Urban Development Action Grant and Housing
26Partnership programs.

 

 

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1    (c) $2,761,076,600 $2,711,076,600 for the development and
2improvement of educational, scientific, technical and
3vocational programs and facilities and the expansion of health
4and human services for all citizens of Illinois, including:
5the making of grants to school districts and not-for-profit
6organizations for early childhood construction projects
7pursuant to Section 5-300 of the School Construction Law; the
8making of grants to educational institutions for educational,
9scientific, technical and vocational program equipment and
10facilities; the making of grants to museums for equipment and
11facilities; the making of construction and improvement grants
12and loans to public libraries and library systems; the making
13of grants and loans for planning, engineering, acquisition and
14construction of a new State central library in Springfield;
15the planning, engineering, acquisition and construction of an
16animal and dairy sciences facility; the planning, engineering,
17acquisition and construction of a campus and all related
18buildings, facilities, equipment and materials for Richland
19Community College; the acquisition, rehabilitation and
20installation of equipment and materials for scientific and
21historical surveys; the making of grants or loans for
22distribution to eligible vocational education instructional
23programs for the upgrading of vocational education programs,
24school shops and laboratories, including the acquisition,
25rehabilitation and installation of technical equipment and
26materials; the making of grants or loans for distribution to

 

 

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1eligible local educational agencies for the upgrading of math
2and science instructional programs, including the acquisition
3of instructional equipment and materials; miscellaneous
4capital improvements for universities and community colleges
5including the planning, engineering, construction,
6reconstruction, remodeling, improvement, repair and
7installation of capital facilities and costs of planning,
8supplies, equipment, materials, services, and all other
9required expenses; the making of grants or loans for repair,
10renovation and miscellaneous capital improvements for
11privately operated colleges and universities and community
12colleges, including the planning, engineering, acquisition,
13construction, reconstruction, remodeling, improvement, repair
14and installation of capital facilities and costs of planning,
15supplies, equipment, materials, services, and all other
16required expenses; and the making of grants or loans for
17distribution to local governments for hospital and other
18health care facilities including the planning, engineering,
19acquisition, construction, reconstruction, remodeling,
20improvement, repair and installation of capital facilities and
21costs of planning, supplies, equipment, materials, services
22and all other required expenses.
23    (d) $277,873,000 for protection, preservation, restoration
24and conservation of environmental and natural resources,
25including: the making of grants to soil and water conservation
26districts for the planning and implementation of conservation

 

 

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1practices and for funding contracts with the Soil Conservation
2Service for watershed planning; the making of grants to units
3of local government for the capital development and
4improvement of recreation areas, including planning and
5engineering costs, sewer projects, including planning and
6engineering costs and water projects, including planning and
7engineering costs, and for the acquisition of open space
8lands, including the acquisition of easements and other
9property interests of less than fee simple ownership; the
10making of grants to units of local government through the
11Illinois Green Infrastructure Grant Program to protect water
12quality and mitigate flooding; the acquisition and related
13costs and development and management of natural heritage
14lands, including natural areas and areas providing habitat for
15endangered species and nongame wildlife, and buffer area
16lands; the acquisition and related costs and development and
17management of habitat lands, including forest, wildlife
18habitat and wetlands; and the removal and disposition of
19hazardous substances, including the cost of project
20management, equipment, laboratory analysis, and contractual
21services necessary for preventative and corrective actions
22related to the preservation, restoration and conservation of
23the environment, including deposits not to exceed $60,000,000
24in the aggregate into the Hazardous Waste Fund and the
25Brownfields Redevelopment Fund for improvements in accordance
26with the provisions of Titles V and XVII of the Environmental

 

 

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1Protection Act.
2    (e) The amount specified in paragraph (a) above shall
3include an amount necessary to pay reasonable expenses of each
4issuance and sale of the Bonds, as specified in the related
5Bond Sale Order (hereinafter defined).
6    (f) Any unexpended proceeds from any sale of Bonds which
7are held in the Build Illinois Bond Fund may be used to redeem,
8purchase, advance refund, or defease any Bonds outstanding.
9(Source: P.A. 101-30, eff. 6-28-19.)
 
10    (30 ILCS 425/5)  (from Ch. 127, par. 2805)
11    Sec. 5. Bond sale expenses.
12    (a) Costs for advertising, printing, bond rating, travel
13of outside vendors, security, delivery, and legal and
14financial advisory services, initial fees of trustees,
15registrars, paying agents and other fiduciaries, initial costs
16of credit or liquidity enhancement arrangements, initial fees
17of indexing and remarketing agents, and initial costs of
18interest rate swaps, guarantees or arrangements to limit
19interest rate risk, as determined in the related Bond Sale
20Order, may be paid as reasonable costs of issuance and sale
21from the proceeds of each Bond sale. An amount not to exceed 1%
220.5% of the principal amount of the proceeds of the sale of
23each bond sale is authorized to be used to pay additional
24reasonable costs of each issuance and sale of Bonds authorized
25and sold pursuant to this Act, including, without limitation,

 

 

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1underwriter's discounts and fees, but excluding bond
2insurance; , advertising, printing, bond rating, travel of
3outside vendors, security, delivery, legal and financial
4advisory services, initial fees of trustees, registrars,
5paying agents and other fiduciaries, initial costs of credit
6or liquidity enhancement arrangements, initial fees of
7indexing and remarketing agents, and initial costs of interest
8rate swaps, guarantees or arrangements to limit interest rate
9risk, as determined in the related Bond Sale Order, from the
10proceeds of each Bond sale, provided that no salaries of State
11employees or other State office operating expenses shall be
12paid out of non-appropriated proceeds, and provided further
13that the percent shall be 1.0% for each sale of "Build America
14Bonds" as defined in subsection (c) of Section 6. The
15Governor's Office of Management and Budget shall compile a
16summary of all costs of issuance on each sale (including both
17costs paid out of proceeds and those paid out of appropriated
18funds) and post that summary on its web site within 20 business
19days after the issuance of the bonds. That posting shall be
20maintained on the web site for a period of at least 30 days. In
21addition, the Governor's Office of Management and Budget shall
22provide a written copy of each summary of costs to the Speaker
23and Minority Leader of the House of Representatives, the
24President and Minority Leader of the Senate, and the
25Commission on Government Forecasting and Accountability within
2620 business days after each issuance of the bonds. The This

 

 

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1summary shall include, as applicable, the respective
2percentage of participation and compensation of each
3underwriter that is a member of the underwriting syndicate,
4legal counsel, financial advisors, and other professionals for
5the Bond issue, and an identification of all costs of issuance
6paid to minority-owned businesses, women-owned businesses, and
7businesses owned by persons with disabilities. The terms
8"minority-owned businesses", "women-owned businesses", and
9"business owned by a person with a disability" have the
10meanings given to those terms in the Business Enterprise for
11Minorities, Women, and Persons with Disabilities Act. The
12summary shall be posted on the website for a period of at least
1330 days. In addition, the Governor's Office of Management and
14Budget shall provide a written copy of each summary of costs to
15the Speaker and Minority Leader of the House of
16Representatives, the President and Minority Leader of the
17Senate, and the Commission on Government Forecasting and
18Accountability within 20 business days after each issuance of
19the bonds. In addition, the Governor's Office of Management
20and Budget shall provide copies of all contracts under which
21any costs of issuance are paid or to be paid to the Commission
22on Government Forecasting and Accountability within 20
23business days after the issuance of Bonds for which those
24costs are paid or to be paid. Instead of filing a second or
25subsequent copy of the same contract, the Governor's Office of
26Management and Budget may file a statement that specified

 

 

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1costs are paid under specified contracts filed earlier with
2the Commission.
3    (b) The Director of the Governor's Office of Management
4and Budget shall not, in connection with the issuance of
5Bonds, contract with any underwriter, financial advisor, or
6attorney unless that underwriter, financial advisor, or
7attorney certifies that the underwriter, financial advisor, or
8attorney has not and will not pay a contingent fee, whether
9directly or indirectly, to any third party for having promoted
10the selection of the underwriter, financial advisor, or
11attorney for that contract. In the event that the Governor's
12Office of Management and Budget determines that an
13underwriter, financial advisor, or attorney has filed a false
14certification with respect to the payment of contingent fees,
15the Governor's Office of Management and Budget shall not
16contract with that underwriter, financial advisor, or
17attorney, or with any firm employing any person who signed
18false certifications, for a period of 2 calendar years,
19beginning with the date the determination is made. The
20validity of Bonds issued under such circumstances of violation
21pursuant to this Section shall not be affected.
22(Source: P.A. 100-391, eff. 8-25-17.)
 
23    (30 ILCS 425/8)  (from Ch. 127, par. 2808)
24    Sec. 8. Sale of Bonds. Bonds, except as otherwise provided
25in this Section, shall be sold from time to time pursuant to

 

 

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1notice of sale and public bid or by negotiated sale in such
2amounts and at such times as are directed by the Governor, upon
3recommendation by the Director of the Governor's Office of
4Management and Budget. At least 25%, based on total principal
5amount, of all Bonds issued each fiscal year shall be sold
6pursuant to notice of sale and public bid. At all times during
7each fiscal year, no more than 75%, based on total principal
8amount, of the Bonds issued each fiscal year shall have been
9sold by negotiated sale. Failure to satisfy the requirements
10in the preceding 2 sentences shall not affect the validity of
11any previously issued Bonds; and further provided that
12refunding Bonds satisfying the requirements of Section 15 of
13this Act shall not be subject to the requirements in the
14preceding 2 sentences.
15    The If any Bonds are to be sold pursuant to notice of sale
16and public bid, the Director of the Governor's Office of
17Management and Budget shall comply in the selection of any
18bond counsel with the competitive request for proposal process
19set forth in the Illinois Procurement Code and all other
20applicable requirements of that Code. The Director of the
21Governor's Office of Management and Budget may select any
22financial advisor from a pool of qualified advisors
23established pursuant to a request for qualifications. If any
24Bonds, including refunding Bonds, are to be sold by negotiated
25sale, the Director of the Governor's Office of Management and
26Budget shall select any underwriters from a pool of qualified

 

 

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1underwriters established pursuant to a request for
2qualifications.
3    If Bonds are to be sold pursuant to notice of sale and
4public bid, the Director of the Governor's Office of
5Management and Budget may, from time to time, as Bonds are to
6be sold, advertise the sale of the Bonds in at least 2 daily
7newspapers, one of which is published in the City of
8Springfield and one in the City of Chicago. The sale of the
9Bonds shall also be advertised in the BidBuy eProcurement
10System or any successor procurement platform maintained volume
11of the Illinois Procurement Bulletin that is published by the
12Chief Procurement Officer for General Services Department of
13Central Management Services, and shall be published once at
14least 10 days prior to the date fixed for the opening of the
15bids. The Director of the Governor's Office of Management and
16Budget may reschedule the date of sale upon the giving of such
17additional notice as the Director deems adequate to inform
18prospective bidders of the change; provided, however, that all
19other conditions of the sale shall continue as originally
20advertised. Executed Bonds shall, upon payment therefor, be
21delivered to the purchaser, and the proceeds of Bonds shall be
22paid into the State Treasury as directed by Section 9 of this
23Act. The Governor or the Director of the Governor's Office of
24Management and Budget are is hereby authorized and directed to
25execute and deliver contracts of sale with underwriters and to
26execute and deliver such certificates, indentures, agreements

 

 

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1and documents, including any supplements or amendments
2thereto, and to take such actions and do such things as shall
3be necessary or desirable to carry out the purposes of this
4Act. Any action authorized or permitted to be taken by the
5Director of the Governor's Office of Management and Budget
6pursuant to this Act is hereby authorized to be taken by any
7person specifically designated by the Governor to take such
8action in a certificate signed by the Governor and filed with
9the Secretary of State.
10(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
11101-30, eff. 6-28-19.)
 
12    (30 ILCS 425/15)  (from Ch. 127, par. 2815)
13    Sec. 15. Refunding Bonds. Refunding Bonds are hereby
14authorized for the purpose of refunding any outstanding Bonds,
15including the payment of any redemption premium thereon, any
16reasonable expenses of such refunding, and any interest
17accrued or to accrue to the earliest or any subsequent date of
18redemption or maturity of outstanding Bonds; provided that all
19non-refunding Bonds in an issue that includes refunding Bonds
20shall mature no later than the final maturity date of Bonds
21being refunded; provided that no refunding Bonds shall be
22offered for sale unless the net present value of debt service
23savings to be achieved by the issuance of the refunding Bonds
24is 3% or more of the principal amount of the refunded Bonds or
25the principal amount of the refunding Bonds to be issued; and

 

 

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1further provided that refunding Bonds shall mature within the
2term of the Bonds being refunded in compliance with paragraph
3(e) of Section 9 of Article IX of the Illinois Constitution of
41970 , except for refunding Bonds sold in fiscal years 2009,
52010, 2011, 2017, 2018, 2019, or 2022 the maturities of the
6refunding Bonds shall not extend beyond the maturities of the
7Bonds they refund, so that for each fiscal year in the maturity
8schedule of a particular issue of refunding Bonds, the total
9amount of refunding principal maturing and redemption amounts
10due in that fiscal year and all prior fiscal years in that
11schedule shall be greater than or equal to the total amount of
12refunded principal and redemption amounts that had been due
13over that year and all prior fiscal years prior to the
14refunding.
15    Refunding Bonds may be sold in such amounts and at such
16times, as directed by the Governor upon recommendation by the
17Director of the Governor's Office of Management and Budget.
18The Governor shall notify the State Treasurer and Comptroller
19of such refunding. The proceeds received from the sale of
20refunding Bonds shall be used for the retirement at maturity
21or redemption of such outstanding Bonds on any maturity or
22redemption date and, pending such use, shall be placed in
23escrow, subject to such terms and conditions as shall be
24provided for in the Bond Sale Order relating to the refunding
25Bonds. This Act shall constitute an irrevocable and continuing
26appropriation of all amounts necessary to establish an escrow

 

 

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1account for the purpose of refunding outstanding Bonds and to
2pay the reasonable expenses of such refunding and of the
3issuance and sale of the refunding Bonds. Any such escrowed
4proceeds may be invested and reinvested in direct obligations
5of the United States of America, maturing at such time or times
6as shall be appropriate to assure the prompt payment, when
7due, of the principal of and interest and redemption premium,
8if any, on the refunded Bonds. After the terms of the escrow
9have been fully satisfied, any remaining balance of such
10proceeds and interest, income and profits earned or realized
11on the investments thereof shall be paid into the General
12Revenue Fund. The liability of the State upon the refunded
13Bonds shall continue, provided that the holders thereof shall
14thereafter be entitled to payment only out of the moneys
15deposited in the escrow account and the refunded Bonds shall
16be deemed paid, discharged and no longer to be outstanding.
17    Except as otherwise herein provided in this Section, such
18refunding Bonds shall in all other respects be issued pursuant
19to and subject to the terms and conditions of this Act and
20shall be secured by and payable from only the funds and sources
21which are provided under this Act.
22(Source: P.A. 102-16, eff. 6-17-21.)
 
23
Article 99.

 
24    Section 99-99. Effective date. This Act takes effect July

 

 

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11, 2023.".