HB4568 EnrolledLRB097 16852 PJG 62035 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 6z-78 as follows:
 
6    (30 ILCS 105/6z-78)
7    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
8transfers. Money in the Capital Projects Fund shall, if and
9when the State of Illinois incurs any bonded indebtedness using
10the bond authorizations enacted in Public Act 96-36, and Public
11Act 96-1554 this amendatory Act of the 96th General Assembly,
12and this amendatory Act of the 97th General Assembly, be set
13aside and used for the purpose of paying and discharging
14annually the principal and interest on that bonded indebtedness
15then due and payable.
16    In addition to other transfers to the General Obligation
17Bond Retirement and Interest Fund made pursuant to Section 15
18of the General Obligation Bond Act, upon each delivery of
19general obligation bonds using bond authorizations enacted in
20Public Act 96-36, and Public Act 96-1554 this amendatory Act of
21the 96th General Assembly , and this amendatory Act of the 97th
22General Assembly the State Comptroller shall compute and
23certify to the State Treasurer the total amount of principal

 

 

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

 

 

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

 

 

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1calculation of the amounts to be transferred under this
2subsection.
3    (c) On the first day of any month when the Capital Projects
4Fund is carrying a debt to the Road Fund due to the provisions
5of subsection (b), the State Treasurer and State Comptroller
6shall transfer from the Capital Projects Fund to the Road Fund
7an amount sufficient to discharge that debt. These transfers to
8the Road Fund shall continue until the Capital Projects Fund
9has repaid to the Road Fund all transfers made from the Road
10Fund pursuant to subsection (b). Notwithstanding any other law
11to the contrary, transfers to the Road Fund from the Capital
12Projects Fund shall be made prior to any other expenditures or
13transfers out of the Capital Projects Fund.
14(Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09;
1596-1554, eff. 3-18-11.)
 
16    Section 10. The General Obligation Bond Act is amended by
17changing Sections 2 and 4 as follows:
 
18    (30 ILCS 330/2)  (from Ch. 127, par. 652)
19    Sec. 2. Authorization for Bonds. The State of Illinois is
20authorized to issue, sell and provide for the retirement of
21General Obligation Bonds of the State of Illinois for the
22categories and specific purposes expressed in Sections 2
23through 8 of this Act, in the total amount of $47,092,925,743
24$41,314,125,743 $41,379,777,443.

 

 

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1    The bonds authorized in this Section 2 and in Section 16 of
2this Act are herein called "Bonds".
3    Of the total amount of Bonds authorized in this Act, up to
4$2,200,000,000 in aggregate original principal amount may be
5issued and sold in accordance with the Baccalaureate Savings
6Act in the form of General Obligation College Savings Bonds.
7    Of the total amount of Bonds authorized in this Act, up to
8$300,000,000 in aggregate original principal amount may be
9issued and sold in accordance with the Retirement Savings Act
10in the form of General Obligation Retirement Savings Bonds.
11    Of the total amount of Bonds authorized in this Act, the
12additional $10,000,000,000 authorized by Public Act 93-2, the
13$3,466,000,000 authorized by Public Act 96-43, and the
14$4,096,348,300 authorized by Public Act 96-1497 this
15amendatory Act of the 96th General Assembly shall be used
16solely as provided in Section 7.2.
17    The issuance and sale of Bonds pursuant to the General
18Obligation Bond Act is an economical and efficient method of
19financing the long-term capital needs of the State. This Act
20will permit the issuance of a multi-purpose General Obligation
21Bond with uniform terms and features. This will not only lower
22the cost of registration but also reduce the overall cost of
23issuing debt by improving the marketability of Illinois General
24Obligation Bonds.
25(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
26eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;

 

 

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196-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff.
23-18-11; 97-333, eff. 8-12-11; revised 10-31-11.)
 
3    (30 ILCS 330/4)  (from Ch. 127, par. 654)
4    Sec. 4. Transportation. The amount of $14,060,599,000
5$12,443,799,000 is authorized for use by the Department of
6Transportation for the specific purpose of promoting and
7assuring rapid, efficient, and safe highway, air and mass
8transportation for the inhabitants of the State by providing
9monies, including the making of grants and loans, for the
10acquisition, construction, reconstruction, extension and
11improvement of the following transportation facilities and
12equipment, and for the acquisition of real property and
13interests in real property required or expected to be required
14in connection therewith as follows:
15    (a) $5,432,129,000 for State highways, arterial highways,
16freeways, roads, bridges, structures separating highways and
17railroads and roads, and bridges on roads maintained by
18counties, municipalities, townships or road districts for the
19following specific purposes:
20        (1) $3,330,000,000 for use statewide,
21        (2) $3,677,000 for use outside the Chicago urbanized
22    area,
23        (3) $7,543,000 for use within the Chicago urbanized
24    area,
25        (4) $13,060,600 for use within the City of Chicago,

 

 

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1        (5) $58,987,500 for use within the counties of Cook,
2    DuPage, Kane, Lake, McHenry and Will,
3        (6) $18,860,900 for use outside the counties of Cook,
4    DuPage, Kane, Lake, McHenry and Will, and
5        (7) $2,000,000,000 for use on projects included in
6    either (i) the FY09-14 Proposed Highway Improvement
7    Program as published by the Illinois Department of
8    Transportation in May 2008 or (ii) the FY10-15 Proposed
9    Highway Improvement Program to be published by the Illinois
10    Department of Transportation in the spring of 2009; except
11    that all projects must be maintenance projects for the
12    existing State system with the goal of reaching 90%
13    acceptable condition in the system statewide and further
14    except that all projects must reflect the generally
15    accepted historical distribution of projects throughout
16    the State.
17    (b) $5,079,570,000 $4,280,070,000 for rail facilities and
18for mass transit facilities, as defined in Section 2705-305 of
19the Department of Transportation Law (20 ILCS 2705/2705-305),
20including rapid transit, rail, bus and other equipment used in
21connection therewith by the State or any unit of local
22government, special transportation district, municipal
23corporation or other corporation or public authority
24authorized to provide and promote public transportation within
25the State or two or more of the foregoing jointly, for the
26following specific purposes:

 

 

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1        (1) $3,983,770,000 $3,184,270,000 statewide,
2        (2) $83,350,000 for use within the counties of Cook,
3    DuPage, Kane, Lake, McHenry and Will,
4        (3) $12,450,000 for use outside the counties of Cook,
5    DuPage, Kane, Lake, McHenry and Will, and
6        (4) $1,000,000,000 for use on projects that shall
7    reflect the generally accepted historical distribution of
8    projects throughout the State.
9    (c) $482,600,000 for airport or aviation facilities and any
10equipment used in connection therewith, including engineering
11and land acquisition costs, by the State or any unit of local
12government, special transportation district, municipal
13corporation or other corporation or public authority
14authorized to provide public transportation within the State,
15or two or more of the foregoing acting jointly, and for the
16making of deposits into the Airport Land Loan Revolving Fund
17for loans to public airport owners pursuant to the Illinois
18Aeronautics Act.
19    (d) $3,066,300,000 $2,249,000,000 for use statewide for
20State or local highways, arterial highways, freeways, roads,
21bridges, and structures separating highways and railroads and
22roads, and for grants to counties, municipalities, townships,
23or road districts for planning, engineering, acquisition,
24construction, reconstruction, development, improvement,
25extension, and all construction-related expenses of the public
26infrastructure and other transportation improvement projects

 

 

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1which are related to economic development in the State of
2Illinois.
3(Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-37,
4eff. 7-13-09; 96-1554, eff. 3-18-11.)
 
5    Section 99. Effective date. This Act takes effect July 1,
62012.