Full Text of HB5960 96th General Assembly
HB5960sam003 96TH GENERAL ASSEMBLY | Sen. Donne E. Trotter Filed: 1/11/2011
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| 1 | | AMENDMENT TO HOUSE BILL 5960
| 2 | | AMENDMENT NO. ______. Amend House Bill 5960, AS AMENDED, | 3 | | with reference to page and line numbers of Senate Amendment No. | 4 | | 2 as follows:
| 5 | | on page 1, immediately below line 4, by inserting the | 6 | | following: | 7 | | "Section 3. The State Finance Act is amended by changing | 8 | | Section 6z-78 as follows: | 9 | | (30 ILCS 105/6z-78)
| 10 | | Sec. 6z-78. Capital Projects Fund; bonded indebtedness; | 11 | | transfers. Money in the Capital Projects Fund shall, if and | 12 | | when the State of Illinois incurs any bonded indebtedness using | 13 | | the bond authorizations authorization enacted in Public Act | 14 | | 96-36 and this amendatory Act of the 96th General Assembly, be | 15 | | set aside and used for the purpose of paying and discharging |
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| 1 | | annually the principal and interest on that bonded indebtedness | 2 | | then due and payable. | 3 | | In addition to other transfers to the General Obligation | 4 | | Bond Retirement and Interest Fund made pursuant to Section 15 | 5 | | of the General Obligation Bond Act, upon each delivery of | 6 | | general obligation bonds using bond authorizations | 7 | | authorization enacted in Public Act 96-36 and this amendatory | 8 | | Act of the 96th General Assembly the State Comptroller shall | 9 | | compute and certify to the State Treasurer the total amount of | 10 | | principal of, interest on, and premium, if any, on such bonds | 11 | | during the then current and each succeeding fiscal year. With | 12 | | respect to the interest payable on variable rate bonds, such | 13 | | certifications shall be calculated at the maximum rate of | 14 | | interest that may be payable during the fiscal year, after | 15 | | taking into account any credits permitted in the related | 16 | | indenture or other instrument against the amount of such | 17 | | interest required to be appropriated for the period. | 18 | | (a) Except as provided for in subsection (b), on or before | 19 | | the last day of each month, the State Treasurer and State | 20 | | Comptroller shall transfer from the Capital Projects Fund to | 21 | | the General Obligation Bond Retirement and Interest Fund an | 22 | | amount sufficient to pay the aggregate of the principal of, | 23 | | interest on, and premium, if any, on the bonds payable on their | 24 | | next payment date, divided by the number of monthly transfers | 25 | | occurring between the last previous payment date (or the | 26 | | delivery date if no payment date has yet occurred) and the next |
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| 1 | | succeeding payment date. Interest payable on variable rate | 2 | | bonds shall be calculated at the maximum rate of interest that | 3 | | may be payable for the relevant period, after taking into | 4 | | account any credits permitted in the related indenture or other | 5 | | instrument against the amount of such interest required to be | 6 | | appropriated for that period. Interest for which moneys have | 7 | | already been deposited into the capitalized interest account | 8 | | within the General Obligation Bond Retirement and Interest Fund | 9 | | shall not be included in the calculation of the amounts to be | 10 | | transferred under this subsection.
| 11 | | (b) On or before the last day of each month, the State | 12 | | Treasurer and State Comptroller shall transfer from the Capital | 13 | | Projects Fund to the General Obligation Bond Retirement and | 14 | | Interest Fund an amount sufficient to pay the aggregate of the | 15 | | principal of, interest on, and premium, if any, on the bonds | 16 | | issued prior to January 1, 2012 pursuant to Section 4(d) of the | 17 | | General Obligation Bond Act payable on their next payment date, | 18 | | divided by the number of monthly transfers occurring between | 19 | | the last previous payment date (or the delivery date if no | 20 | | payment date has yet occurred) and the next succeeding payment | 21 | | date. If the available balance in the Capital Projects Fund is | 22 | | not sufficient for the transfer required in this subsection, | 23 | | the State Treasurer and State Comptroller shall transfer the | 24 | | difference from the Road Fund to the General Obligation Bond | 25 | | Retirement and Interest Fund; except that such Road Fund | 26 | | transfers shall constitute a debt of the Capital Projects Fund |
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| 1 | | which shall be repaid according to subsection (c). Interest | 2 | | payable on variable rate bonds shall be calculated at the | 3 | | maximum rate of interest that may be payable for the relevant | 4 | | period, after taking into account any credits permitted in the | 5 | | related indenture or other instrument against the amount of | 6 | | such interest required to be appropriated for that period. | 7 | | Interest for which moneys have already been deposited into the | 8 | | capitalized interest account within the General Obligation | 9 | | Bond Retirement and Interest Fund shall not be included in the | 10 | | calculation of the amounts to be transferred under this | 11 | | subsection. | 12 | | (c) On the first day of any month when the Capital Projects | 13 | | Fund is carrying a debt to the Road Fund due to the provisions | 14 | | of subsection (b), the State Treasurer and State Comptroller | 15 | | shall transfer from the Capital Projects Fund to the Road Fund | 16 | | an amount sufficient to discharge that debt. These transfers to | 17 | | the Road Fund shall continue until the Capital Projects Fund | 18 | | has repaid to the Road Fund all transfers made from the Road | 19 | | Fund pursuant to subsection (b). Notwithstanding any other law | 20 | | to the contrary, transfers to the Road Fund from the Capital | 21 | | Projects Fund shall be made prior to any other expenditures or | 22 | | transfers out of the Capital Projects Fund. | 23 | | (Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09.)"; | 24 | | and
| 25 | | on page 20, by deleting line 26, and on page 21, by deleting |
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| 1 | | lines 1 through 3, and inserting instead the following: | 2 | | " (1) disclose whether, within the past 3 months, | 3 | | pursuant to its credit default swap market-making | 4 | | activities, the firm has entered into any State of Illinois | 5 | | credit default swaps ("CDS"); "; and | 6 | | on page 21, by deleting lines 19 through 23 and inserting | 7 | | instead the following: | 8 | | " (5) list all time periods during the past 3 months | 9 | | during which the firm held net long or net short State of | 10 | | Illinois CDS proprietary credit protection positions, the | 11 | | amount of such positions, and whether those positions were | 12 | | net long or net short credit protection positions; and "; | 13 | | and | 14 | | on page 22, by deleting lines 12 through 15 and inserting | 15 | | instead the following: | 16 | | " (1) disclose whether, within the past 3 months, | 17 | | pursuant to its credit default swap market-making | 18 | | activities, the firm has entered into any State of Illinois | 19 | | credit default swaps ("CDS"); "; and | 20 | | on page 23, by deleting lines 5 through 9 and inserting instead | 21 | | the following: | 22 | | " (5) list all time periods during the past 3 months | 23 | | during which the firm held net long or net short State of |
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| 1 | | Illinois CDS proprietary credit protection positions, the | 2 | | amount of such positions, and whether those positions were | 3 | | net long or net short credit protection positions; and ".
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