SB0324 Engrossed LRB096 08002 RCE 18106 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Short Term Borrowing Act is amended by
5 changing Sections 2 and 3 and by adding Section 1.2 as follows:
 
6     (30 ILCS 340/1.2 new)
7     Sec. 1.2. Borrowing authorized. Borrowing pursuant to this
8 Section is authorized under subsection (b) of Section 9 of
9 Article IX of the Illinois Constitution. The purposes of the
10 borrowing shall be to pay hospital access improvement payments
11 as set forth in the Title XIX State plan amendments submitted
12 by the Department of Healthcare and Family Services and
13 approved by the Center for Medicaid and State Operations as
14 required in 305 ILCS 5/5a-12.2 and to obtain any additional
15 federal funds available to the State under the American
16 Recovery and Reinvestment Act of 2009 enacted by the 111th
17 United States Congress. Through June 30, 2013, the Governor,
18 Comptroller, and Treasurer may contract debts under this
19 Section for principal amounts not to exceed a total of
20 $1,500,000,000, at any time and from time to time outstanding.
21 Moneys thus borrowed shall be applied to the purposes of paying
22 the hospital access improvement payments and in order to obtain
23 all available federal funds, together with paying debts and

 

 

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1 associated expenses incurred in connection with the borrowing.
2 All moneys so borrowed shall be borrowed for a period not to
3 exceed one year.
 
4     (30 ILCS 340/2)  (from Ch. 120, par. 407)
5     Sec. 2. Sale of certificates. For borrowing authorized
6 under Sections 1, and 1.1, and 1.2 of this Act, certificates
7 may be issued and sold from time to time, in one or more
8 series, in amounts, at prices and at interest rates, all as
9 directed by the Governor, Comptroller, and Treasurer. Bidders
10 shall submit sealed bids to the Director of the Governor's
11 Office of Management and Budget upon such terms as shall be
12 approved by the Governor, Comptroller, and Treasurer after such
13 notice as shall be determined to be reasonable by the Director
14 of the Governor's Office of Management and Budget. The loan
15 shall be awarded to the bidder offering the lowest effective
16 rate of interest not exceeding the maximum rate authorized by
17 the Bond Authorization Act as amended at the time of the making
18 of the contract.
19     With respect to instruments for the payment of money issued
20 under this Section either before, on, or after the effective
21 date of this amendatory Act of 1989, it is and always has been
22 the intention of the General Assembly (i) that the Omnibus Bond
23 Acts are and always have been supplementary grants of power to
24 issue instruments in accordance with the Omnibus Bond Acts,
25 regardless of any provision of this Act that may appear to be

 

 

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1 or to have been more restrictive than those Acts, (ii) that the
2 provisions of this Section are not a limitation on the
3 supplementary authority granted by the Omnibus Bond Acts, and
4 (iii) that instruments issued under this Section within the
5 supplementary authority granted by the Omnibus Bond Acts are
6 not invalid because of any provision of this Act that may
7 appear to be or to have been more restrictive than those Acts.
8 (Source: P.A. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)
 
9     (30 ILCS 340/3)  (from Ch. 120, par. 408)
10     Sec. 3. There shall be prepared under the direction of the
11 officers named in this Act such form of bonds or certificates
12 as they shall deem advisable, which, when issued, shall be
13 signed by the Governor, Comptroller and Treasurer, and shall be
14 recorded by the Comptroller in a book to be kept by him or her
15 for that purpose. The interest and principal of such loan shall
16 be paid by the treasurer out of the General Obligation Bond
17 Retirement and Interest Fund.
18     There is hereby appropriated out of any money in the
19 Treasury a sum sufficient for the payment of the interest and
20 principal of any debts contracted under this Act.
21     The Governor, Comptroller, and Treasurer are authorized to
22 order pursuant to the proceedings authorizing those debts the
23 transfer of any moneys on deposit in the treasury into the
24 General Obligation Bond Retirement and Interest Fund at times
25 and in amounts they deem necessary to provide for the payment

 

 

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1 of that interest and principal.
2     The Comptroller is hereby authorized and directed to draw
3 his warrant on the State Treasurer for the amount of all such
4 payments.
5     The directive authorizing borrowing under Section 1, or
6 1.1, and 1.2 of this Act shall set forth a pro forma cash flow
7 statement that identifies estimated monthly receipts and
8 expenditures with identification of sources for repaying the
9 borrowed funds.
10     All proceeds from any borrowing under this Act received by
11 the State on or after June 10, 2004 and before July 1, 2004
12 shall be deposited into the Medicaid Provider Relief Fund.
13 (Source: P.A. 88-669, eff. 11-29-94; 93-674, eff. 6-10-04;
14 93-1046, eff. 10-15-04.)
 
15     Section 99. Effective date. This Act takes effect upon
16 becoming law.