Illinois General Assembly - Bill Status for SB1072

Amends the Department of Transportation Law of the Civil Administrative Code of Illinois, the State Finance Act, and the General Obligation Bond Act. Requires the Department to establish the Build Illinois Transit Program for the construction and acquisition of property and equipment for new mass transportation facilities and new or expanded mass transportation service by the State, a public or private entity, or 2 or more of these entities. Provides that the Department may (i) enter into contracts for new mass transportation facilities and new or expanded mass transportation service and (ii) make grants to units of local government and mass transit carriers. Lists specific projects to be funded and the specific funding amounts for fiscal years 2004 through 2008. Creates special funds within the State treasury for these purposes and to provide supplemental operating funds to entities authorized to provide and promote public transportation within the State for new or expanded mass transportation service and facilities created under the Build Illinois Transit Program. Increases by $5,550,000,000 the State's general bond authorization for mass transportation facilities under the Build Illinois Transit Program. Requires transfers from the General Revenue Fund to one of the newly-created special funds for the payment of the principal and interest on the bonds. Effective July 1, 2003.

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