Full Text of SB0033 96th General Assembly
SB0033 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 SB0033
Introduced 1/30/2009, by Sen. Bill Brady SYNOPSIS AS INTRODUCED: |
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30 ILCS 330/11 |
from Ch. 127, par. 661 |
30 ILCS 425/8 |
from Ch. 127, par. 2808 |
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Amends the General Obligation Bond Act and Build Illinois Bond Act. Removes provisions authorizing the sale of bonds by negotiated sale. Eliminates certain provisions relating to compliance with the competitive request for proposal process set forth in the Illinois Procurement Code. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0033 |
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LRB096 03894 RCE 13929 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The General Obligation Bond Act is amended by | 5 |
| changing Section 11 as follows
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| (30 ILCS 330/11) (from Ch. 127, par. 661)
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| Sec. 11. Sale of Bonds. Except as otherwise provided in | 8 |
| this Section, Bonds shall be sold from time to time pursuant to
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| notice of sale and public bid or by negotiated sale
in such | 10 |
| amounts and at such
times as is directed by the Governor, upon | 11 |
| recommendation by the Director of
the
Governor's Office of | 12 |
| Management and Budget. At least 25%, based on total principal | 13 |
| amount, of all Bonds issued each fiscal year shall be sold | 14 |
| pursuant to notice of sale and public bid. At all times during | 15 |
| each fiscal year, no more than 75%, based on total principal | 16 |
| amount, of the Bonds issued each fiscal year, shall have been | 17 |
| sold by negotiated sale. Failure to satisfy the requirements in | 18 |
| the preceding 2 sentences shall not affect the validity of any | 19 |
| previously issued Bonds.
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| If
any Bonds, including refunding Bonds, are to be sold by | 21 |
| negotiated
sale, the
Director of the
Governor's Office of | 22 |
| Management and Budget
shall comply with the
competitive request | 23 |
| for proposal process set forth in the Illinois
Procurement Code |
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SB0033 |
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LRB096 03894 RCE 13929 b |
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| and all other applicable requirements of that Code.
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| The
If Bonds are to be sold pursuant to notice of sale and | 3 |
| public bid, the
Director of the
Governor's Office of Management | 4 |
| and Budget shall, from time to time, as Bonds are to be sold, | 5 |
| advertise
the sale of the Bonds in at least 2 daily newspapers, | 6 |
| one of which is
published in the City of Springfield and one in | 7 |
| the City of Chicago. The sale
of the Bonds shall also be
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| advertised in the volume of the Illinois Procurement Bulletin | 9 |
| that is
published by the Department of Central Management | 10 |
| Services. Each of
the advertisements for
proposals shall be | 11 |
| published once at least
10 days prior to the date fixed
for the | 12 |
| opening of the bids. The Director of the
Governor's Office of | 13 |
| Management and Budget may
reschedule the date of sale upon the | 14 |
| giving of such additional notice as the
Director deems adequate | 15 |
| to inform prospective bidders of
such change; provided, | 16 |
| however, that all other conditions of the sale shall
continue | 17 |
| as originally advertised.
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| Executed Bonds shall, upon payment therefor, be delivered | 19 |
| to the purchaser,
and the proceeds of Bonds shall be paid into | 20 |
| the State Treasury as directed by
Section 12 of this Act.
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| (Source: P.A. 93-839, eff. 7-30-04.)
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| Section 10. The Build Illinois Bond Act is amended by | 23 |
| changing Section 8 as follows:
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| (30 ILCS 425/8) (from Ch. 127, par. 2808)
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SB0033 |
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LRB096 03894 RCE 13929 b |
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| Sec. 8. Sale of Bonds. Bonds , except as otherwise provided | 2 |
| in this Section, shall be sold from time to time pursuant to
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| notice of sale and public bid or by negotiated sale in such | 4 |
| amounts and at such
times as are directed by the Governor, upon | 5 |
| recommendation by the Director of
the Governor's Office of | 6 |
| Management and Budget. At least 25%, based on total principal | 7 |
| amount, of all Bonds issued each fiscal year shall be sold | 8 |
| pursuant to notice of sale and public bid. At all times during | 9 |
| each fiscal year, no more than 75%, based on total principal | 10 |
| amount, of the Bonds issued each fiscal year shall have been | 11 |
| sold by negotiated sale. Failure to satisfy the requirements in | 12 |
| the preceding 2 sentences shall not affect the validity of any | 13 |
| previously issued Bonds. | 14 |
| If any Bonds are to be sold pursuant to notice of sale and | 15 |
| public bid, the Director of the
Governor's Office of Management | 16 |
| and Budget shall comply with the
competitive request for | 17 |
| proposal process set forth in the Illinois
Procurement Code and | 18 |
| all other applicable requirements of that Code. | 19 |
| The
If Bonds are to be sold pursuant to notice of sale and | 20 |
| public bid, the
Director of the
Governor's Office of Management | 21 |
| and Budget shall, from time to time, as Bonds are to be sold, | 22 |
| advertise
the sale of the Bonds in at least 2 daily newspapers, | 23 |
| one of which is
published in the City of Springfield and one in | 24 |
| the City of Chicago. The sale
of the Bonds shall also be
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| advertised in the volume of the Illinois Procurement Bulletin | 26 |
| that is
published by the Department of Central Management |
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SB0033 |
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LRB096 03894 RCE 13929 b |
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| Services. Each of
the advertisements for
proposals shall be | 2 |
| published once at least 10 days prior to the date fixed
for the | 3 |
| opening of the bids. The Director of the
Governor's Office of | 4 |
| Management and Budget may
reschedule the date of sale upon the | 5 |
| giving of such additional notice as the
Director deems adequate | 6 |
| to inform prospective bidders of
the change; provided, however, | 7 |
| that all other conditions of the sale shall
continue as | 8 |
| originally advertised.
Executed Bonds shall, upon payment
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| therefor, be delivered to the purchaser, and the proceeds of | 10 |
| Bonds shall be
paid into the State Treasury as
directed by | 11 |
| Section 9 of this Act.
The
Governor or the Director of the
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| Governor's Office of Management and Budget is hereby authorized
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| and directed to execute and
deliver contracts of sale with | 14 |
| underwriters and to execute and deliver such
certificates, | 15 |
| indentures, agreements and documents, including any
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| supplements or amendments thereto, and to take such actions and | 17 |
| do such
things as shall be necessary or desirable to carry out | 18 |
| the purposes of this
Act.
Any action authorized or permitted to | 19 |
| be taken by the Director of the
Governor's Office of Management | 20 |
| and Budget
pursuant to this Act is hereby authorized to be | 21 |
| taken
by any person specifically designated by the Governor to | 22 |
| take such action
in a certificate signed by the Governor and | 23 |
| filed with the Secretary of State.
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| (Source: P.A. 93-839, eff. 7-30-04.)
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| Section 99. Effective date. This Act takes effect upon | 26 |
| becoming law.
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