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
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