August 17, 2007

 

 

To the Honorable Members of the

Illinois House of Representatives

95th General Assembly

 

Pursuant to Article IV, Section 9(e) of the Illinois Constitution of 1970, I hereby return

House Bill 1497, entitled “AN ACT concerning urban development.” with the following specific recommendation for change:

 

on page 27, after line 19, by inserting “(d) In the event that the Authority determines that monies of the Authority will not be sufficient for the payment of the principal of and interest on its bonds during the next State fiscal year, the Chairperson, as soon as practicable, shall certify to the Governor the amount required by the Authority to enable it to pay such principal of and interest on the bonds. The Governor shall submit the amount so certified to the General Assembly as soon as practicable, but no later than the end of the current State fiscal year. This subsection shall apply only to any bonds or notes as to which the Authority shall have determined, in the resolution authorizing the issuance of the bonds or notes, that this subsection shall apply. Whenever the Authority makes such a determination, that fact shall be plainly stated on the face of the bonds or notes and that fact shall also be reported to the Governor. In the event of a withdrawal of moneys from a reserve fund established with respect to any issue or issues of bonds of the Authority to pay principal or interest on those bonds, the Chairperson of the Authority, as soon as practicable, shall certify to the Governor the amount required to restore the reserve fund to the level required in the resolution or indenture securing those bonds. The Governor shall submit the amount so certified to the General Assembly as soon as practicable, but no later than the end of the current State fiscal year. The Authority shall obtain written approval from the Governor for any bonds and notes to be issued under this Section for purposes of developing biofuels projects. In addition to any other bonds authorized to be issued under Sections 825‑60, 825‑65(e), 830‑25 and 845‑5, the principal amount of Authority bonds outstanding issued under this Section 825-13.5, which have been assumed by the Authority, shall not exceed $150,000,000 for purposes of developing biofuels projects.”.

 

With this change, House Bill 1497 will have my approval. I respectfully request your concurrence. 

 

 

Sincerely,

 

 

 

 

ROD R. BLAGOJEVICH

Governor