Full Text of SB0324 96th General Assembly
SB0324eng 96TH GENERAL ASSEMBLY
|
|
|
SB0324 Engrossed |
|
LRB096 08002 RCE 18106 b |
|
| 1 |
| AN ACT concerning finance.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Short Term Borrowing Act is amended by | 5 |
| changing Sections 2 and 3 and by adding Section 1.2 as follows: | 6 |
| (30 ILCS 340/1.2 new) | 7 |
| Sec. 1.2. Borrowing authorized. Borrowing pursuant to this | 8 |
| Section is authorized under subsection (b) of Section 9 of | 9 |
| Article IX of the Illinois Constitution. The purposes of the | 10 |
| borrowing shall be to pay hospital access improvement payments | 11 |
| as set forth in the Title XIX State plan amendments submitted | 12 |
| by the Department of Healthcare and Family Services and | 13 |
| approved by the Center for Medicaid and State Operations as | 14 |
| required in 305 ILCS 5/5a-12.2 and to obtain any additional | 15 |
| federal funds available to the State under the American | 16 |
| Recovery and Reinvestment Act of 2009 enacted by the 111th | 17 |
| United States Congress. Through June 30, 2013, the Governor, | 18 |
| Comptroller, and Treasurer may contract debts under this | 19 |
| Section for principal amounts not to exceed a total of | 20 |
| $1,500,000,000, at any time and from time to time outstanding. | 21 |
| Moneys thus borrowed shall be applied to the purposes of paying | 22 |
| the hospital access improvement payments and in order to obtain | 23 |
| all available federal funds, together with paying debts and |
|
|
|
SB0324 Engrossed |
- 2 - |
LRB096 08002 RCE 18106 b |
|
| 1 |
| associated expenses incurred in connection with the borrowing. | 2 |
| All moneys so borrowed shall be borrowed for a period not to | 3 |
| exceed one year.
| 4 |
| (30 ILCS 340/2) (from Ch. 120, par. 407)
| 5 |
| Sec. 2. Sale of certificates. For borrowing authorized | 6 |
| under Sections 1 ,
and 1.1 , and 1.2 of this Act, certificates | 7 |
| may be issued and sold from time to time, in
one or more | 8 |
| series, in amounts, at prices and at interest rates, all as
| 9 |
| directed by the Governor, Comptroller, and Treasurer. Bidders | 10 |
| shall submit
sealed bids to the
Director of the
Governor's | 11 |
| Office of Management and Budget upon such terms as shall be | 12 |
| approved by
the Governor, Comptroller, and Treasurer after such | 13 |
| notice as shall be
determined to be reasonable by the Director | 14 |
| of the
Governor's Office of Management and Budget. The
loan | 15 |
| shall be awarded to the bidder offering the lowest effective | 16 |
| rate of
interest not exceeding the maximum rate authorized by | 17 |
| the Bond Authorization
Act as amended at the time of the making | 18 |
| of the contract.
| 19 |
| With respect to instruments for the payment of money issued | 20 |
| under this
Section either before, on, or after the effective | 21 |
| date of this amendatory
Act of 1989, it is and always has been | 22 |
| the intention of the General
Assembly (i) that the Omnibus Bond | 23 |
| Acts are and always have been
supplementary grants of power to | 24 |
| issue instruments in accordance with the
Omnibus Bond Acts, | 25 |
| regardless of any provision of this Act that may appear
to be |
|
|
|
SB0324 Engrossed |
- 3 - |
LRB096 08002 RCE 18106 b |
|
| 1 |
| or to have been more restrictive than those Acts, (ii) that the
| 2 |
| provisions of this Section are not a limitation on the | 3 |
| supplementary
authority granted by the Omnibus Bond Acts, and | 4 |
| (iii) that instruments
issued under this Section within the | 5 |
| supplementary authority granted
by the Omnibus Bond Acts are | 6 |
| not invalid because of any provision of
this Act that may | 7 |
| appear to be or to have been more restrictive than
those Acts.
| 8 |
| (Source: P.A. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)
| 9 |
| (30 ILCS 340/3) (from Ch. 120, par. 408)
| 10 |
| Sec. 3. There shall be prepared under the direction of the | 11 |
| officers
named in this Act such form of bonds or certificates | 12 |
| as they shall deem
advisable, which, when issued, shall be | 13 |
| signed by the Governor, Comptroller
and Treasurer, and shall be | 14 |
| recorded by the Comptroller in a
book to be kept by him or her | 15 |
| for that purpose. The interest and principal
of such loan shall | 16 |
| be paid by the treasurer out of the General Obligation Bond
| 17 |
| Retirement and Interest Fund.
| 18 |
| There is hereby appropriated out of any money in the | 19 |
| Treasury a sum
sufficient for the payment of the interest and | 20 |
| principal of any debts
contracted under this Act.
| 21 |
| The Governor, Comptroller, and Treasurer are
authorized to | 22 |
| order pursuant to the proceedings authorizing those debts the
| 23 |
| transfer of any moneys on deposit in the treasury into the | 24 |
| General
Obligation Bond Retirement and Interest Fund at times | 25 |
| and in amounts they
deem necessary to provide for the payment |
|
|
|
SB0324 Engrossed |
- 4 - |
LRB096 08002 RCE 18106 b |
|
| 1 |
| of that interest and principal.
| 2 |
| The Comptroller is hereby authorized and directed to draw | 3 |
| his warrant on
the State Treasurer for the amount of all such | 4 |
| payments.
| 5 |
| The directive authorizing borrowing under Section 1 , or | 6 |
| 1.1 , and 1.2 of this Act
shall set forth a pro forma cash flow | 7 |
| statement that identifies estimated
monthly receipts and | 8 |
| expenditures with identification of sources for
repaying the | 9 |
| borrowed funds.
| 10 |
| All proceeds from any borrowing under this Act received by | 11 |
| the State on or after June 10, 2004 and before July 1, 2004 | 12 |
| shall be deposited into the Medicaid Provider Relief Fund.
| 13 |
| (Source: P.A. 88-669, eff. 11-29-94; 93-674, eff. 6-10-04; | 14 |
| 93-1046, eff. 10-15-04.)
| 15 |
| Section 99. Effective date. This Act takes effect upon | 16 |
| becoming law.
|
|