Full Text of SB0941 96th General Assembly
SB0941ham001 96TH GENERAL ASSEMBLY
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Executive Committee
Adopted in House Comm. on Oct 14, 2009
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| AMENDMENT TO SENATE BILL 941
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| AMENDMENT NO. ______. Amend Senate Bill 941 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Regional Transportation Authority Act is | 5 |
| amended by changing Sections 2.01d, 2.30, 4.03.3, 4.04, and | 6 |
| 4.11 as follows: | 7 |
| (70 ILCS 3615/2.01d) | 8 |
| Sec. 2.01d. ADA Paratransit Fund. The Authority shall | 9 |
| establish an ADA Paratransit Fund and, each year, deposit into | 10 |
| that Fund (i) the amounts estimated by the Authority as | 11 |
| necessary to fund the operating deficit of the Suburban Bus | 12 |
| Board in the provision of ADA paratransit service, together | 13 |
| with a reserve amount described in directed by Section 4.03.3 | 14 |
| of this Act and the proceeds of any Working Cash Notes issued | 15 |
| to fund that operating deficit, and (ii) any funds received | 16 |
| from the State pursuant to appropriations for the purpose of |
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| funding ADA paratransit services. The amounts on deposit in the | 2 |
| Fund and interest and other earnings on those amounts shall be | 3 |
| used by the Authority to fund the operating deficit of make | 4 |
| grants to the Suburban Bus Board in the operation of for ADA | 5 |
| paratransit services provided pursuant to plans approved by the | 6 |
| Authority under Section 2.30 of this Act. Funds received by the | 7 |
| Suburban Bus Board from the Authority's ADA Paratransit Fund | 8 |
| shall be used only to provide ADA paratransit services to | 9 |
| individuals who are determined to be eligible for such services | 10 |
| by the Authority under the Americans with Disabilities Act of | 11 |
| 1990 and its implementing regulations. Revenues from and costs | 12 |
| of services provided by the Suburban Bus Board with grants made | 13 |
| under this Section shall be included in the Annual Budget and | 14 |
| Two-Year Financial Program of the Suburban Bus Board and shall | 15 |
| be subject to all budgetary and financial requirements under | 16 |
| this Act that apply to ADA paratransit services. Beginning in | 17 |
| 2008, the Executive Director shall, no later than August 15 of | 18 |
| each year, provide to the Board a written determination of the | 19 |
| projected annual costs of ADA paratransit services that are | 20 |
| required to be provided pursuant to the Americans with | 21 |
| Disabilities Act of 1990 and its implementing regulations. The | 22 |
| Authority shall conduct triennial financial, compliance, and | 23 |
| performance audits of ADA paratransit services to assist in | 24 |
| this determination. | 25 |
| (Source: P.A. 95-708, eff. 1-18-08.) |
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| (70 ILCS 3615/2.30) | 2 |
| Sec. 2.30. Paratransit services. | 3 |
| (a) For purposes of this Act, "ADA paratransit services" | 4 |
| shall mean those comparable or specialized transportation | 5 |
| services provided by, or under grant or purchase of service | 6 |
| contracts of, the Service Boards to individuals with | 7 |
| disabilities who are unable to use fixed route transportation | 8 |
| systems and who are determined to be eligible, for some or all | 9 |
| of their trips, for such services under the Americans with | 10 |
| Disabilities Act of 1990 and its implementing regulations. | 11 |
| (b) Beginning July 1, 2005, the Authority is responsible | 12 |
| for the funding, from amounts on deposit in the ADA Paratransit | 13 |
| Fund established under Section 2.01d of this Act, financial | 14 |
| review and oversight of all ADA paratransit services that are | 15 |
| provided by the Authority or by any of the Service Boards. The | 16 |
| Suburban Bus Board shall operate or provide for the operation | 17 |
| of all ADA paratransit services by no later than July 1, 2006, | 18 |
| except that this date may be extended to the extent necessary | 19 |
| to obtain approval from the Federal Transit Administration of | 20 |
| the plan prepared pursuant to subsection (c). | 21 |
| (c) No later than January 1, 2006, the Authority, in | 22 |
| collaboration with the Suburban Bus Board and the Chicago | 23 |
| Transit Authority, shall develop a plan for the provision of | 24 |
| ADA paratransit services and submit such plan to the Federal | 25 |
| Transit Administration for approval. Approval of such plan by | 26 |
| the Authority shall require the affirmative votes of 12
of the |
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| then Directors. The Suburban Bus Board, the Chicago Transit | 2 |
| Authority and the Authority shall comply with the requirements | 3 |
| of the Americans with Disabilities Act of 1990 and its | 4 |
| implementing regulations in developing and approving such plan | 5 |
| including, without limitation, consulting with individuals | 6 |
| with disabilities and groups representing them in the | 7 |
| community, and providing adequate opportunity for public | 8 |
| comment and public hearings. The plan shall include the | 9 |
| contents required for a paratransit plan pursuant to the | 10 |
| Americans with Disabilities Act of 1990 and its implementing | 11 |
| regulations. The plan shall also include, without limitation, | 12 |
| provisions to: | 13 |
| (1) maintain, at a minimum, the levels of ADA | 14 |
| paratransit service that are required to be provided by the | 15 |
| Service Boards pursuant to the Americans with Disabilities | 16 |
| Act of 1990 and its implementing regulations; | 17 |
| (2) transfer the appropriate ADA paratransit services, | 18 |
| management, personnel, service contracts and assets from | 19 |
| the Chicago Transit Authority to the Authority or the | 20 |
| Suburban Bus Board, as necessary, by no later than July 1, | 21 |
| 2006, except that this date may be extended to the extent | 22 |
| necessary to obtain approval from the Federal Transit | 23 |
| Administration of the plan prepared pursuant to this | 24 |
| subsection (c); | 25 |
| (3) provide for consistent policies throughout the | 26 |
| metropolitan region for scheduling of ADA paratransit |
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| service trips to and from destinations, with consideration | 2 |
| of scheduling of return trips on a "will-call" open-ended | 3 |
| basis upon request of the rider, if practicable, and with | 4 |
| consideration of an increased number of trips available by | 5 |
| subscription service than are available as of the effective | 6 |
| date of this amendatory Act; | 7 |
| (4) provide that service contracts and rates, entered | 8 |
| into or set after the approval by the Federal Transit | 9 |
| Administration of the plan prepared pursuant to subsection | 10 |
| (c) of this Section, with private carriers and taxicabs for | 11 |
| ADA paratransit service are procured by means of an open | 12 |
| procurement process; | 13 |
| (5) provide for fares, fare collection and billing | 14 |
| procedures for ADA paratransit services throughout the | 15 |
| metropolitan region; | 16 |
| (6) provide for performance standards for all ADA | 17 |
| paratransit service transportation carriers, with | 18 |
| consideration of door-to-door service; | 19 |
| (7) provide, in cooperation with the Illinois | 20 |
| Department of Transportation, the Illinois Department of | 21 |
| Public Aid and other appropriate public agencies and | 22 |
| private entities, for the application and receipt of | 23 |
| grants, including, without limitation, reimbursement from | 24 |
| Medicaid or other programs for ADA paratransit services; | 25 |
| (8) provide for a system of dispatch of ADA paratransit | 26 |
| services transportation carriers throughout the |
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| metropolitan region, with consideration of county-based | 2 |
| dispatch systems already in place as of the effective date | 3 |
| of this amendatory Act; | 4 |
| (9) provide for a process of determining eligibility | 5 |
| for ADA paratransit services that complies with the | 6 |
| Americans with Disabilities Act of 1990 and its | 7 |
| implementing regulations ; beginning no later than January | 8 |
| 1, 2010, that process shall be operated by the Suburban Bus | 9 |
| Division as part of the cost of the ADA paratransit | 10 |
| services to be paid from the ADA Paratransit Fund ; | 11 |
| (10) provide for consideration of innovative methods | 12 |
| to provide and fund ADA paratransit services; and | 13 |
| (11) provide for the creation of one or more ADA | 14 |
| advisory boards, or the reconstitution of the existing ADA | 15 |
| advisory boards for the Service Boards, to represent the | 16 |
| diversity of individuals with disabilities in the | 17 |
| metropolitan region and to provide appropriate ongoing | 18 |
| input from individuals with disabilities into the | 19 |
| operation of ADA paratransit services.
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| (d) All revisions and annual updates to the ADA paratransit | 21 |
| services plan developed pursuant to subsection (c) of this | 22 |
| Section, or certifications of continued compliance in lieu of | 23 |
| plan updates, that are required to be provided to the Federal | 24 |
| Transit Administration shall be developed by the Authority, in | 25 |
| collaboration with the Suburban Bus Board and the Chicago | 26 |
| Transit Authority, and the Authority shall submit such |
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| revision, update or certification to the Federal Transit | 2 |
| Administration for approval. Approval of such revisions, | 3 |
| updates or certifications by the Authority shall require the | 4 |
| affirmative votes of 12
of the then Directors. | 5 |
| (e) The Illinois Department of Transportation, the | 6 |
| Illinois Department of Public Aid, the Authority, the Suburban | 7 |
| Bus Board and the Chicago Transit Authority shall enter into | 8 |
| intergovernmental agreements as may be necessary to provide | 9 |
| funding and accountability for, and implementation of, the | 10 |
| requirements of this Section. | 11 |
| (f) By no later than April 1, 2007, the Authority shall | 12 |
| develop and submit to the General Assembly and the Governor a | 13 |
| funding plan for ADA paratransit services. Approval of such | 14 |
| plan by the Authority shall require the affirmative votes of 12
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| of the then Directors. The funding plan shall, at a minimum, | 16 |
| contain an analysis of the current costs of providing ADA | 17 |
| paratransit services, projections of the long-term costs of | 18 |
| providing ADA paratransit services, identification of and | 19 |
| recommendations for possible cost efficiencies in providing | 20 |
| ADA paratransit services, and identification of and | 21 |
| recommendations for possible funding sources for providing ADA | 22 |
| paratransit services. The Illinois Department of | 23 |
| Transportation, the Illinois Department of Public Aid, the | 24 |
| Suburban Bus Board, the Chicago Transit Authority and other | 25 |
| State and local public agencies as appropriate shall cooperate | 26 |
| with the Authority in the preparation of such funding plan. |
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| (g) Any funds derived from the federal Medicaid program for | 2 |
| reimbursement of the costs of providing ADA paratransit | 3 |
| services within the metropolitan region shall be directed to | 4 |
| the Authority and shall be used to pay for or reimburse the | 5 |
| costs of providing such services. | 6 |
| (h) Nothing in this amendatory Act shall be construed to | 7 |
| conflict with the requirements of the Americans with | 8 |
| Disabilities Act of 1990 and its implementing regulations. | 9 |
| (Source: P.A. 94-370, eff. 7-29-05; 95-708, eff. 1-18-08.) | 10 |
| (70 ILCS 3615/4.03.3) | 11 |
| Sec. 4.03.3. Distribution of Revenues. This Section | 12 |
| applies only after the Department begins administering and | 13 |
| enforcing an increased tax under Section 4.03(m) as authorized | 14 |
| by this amendatory Act of the 95th General Assembly. After | 15 |
| providing for payment of its obligations with respect to bonds | 16 |
| and notes issued under the provisions of Section 4.04 and | 17 |
| obligations related to those bonds and notes, the Authority | 18 |
| shall disburse the remaining proceeds from taxes it has | 19 |
| received from the Department of Revenue under this Article IV | 20 |
| and the remaining proceeds it has received from the State under | 21 |
| Section 4.09(a) as follows: | 22 |
| (a) With respect to taxes imposed by the Authority under | 23 |
| Section 4.03, after withholding 15% of 80% of the receipts from | 24 |
| those taxes collected in Cook County at a rate of 1.25%, 15% of | 25 |
| 75% of the receipts from those taxes collected in Cook County |
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| at the rate of 1%, 15% of one-half of the receipts from those | 2 |
| taxes collected in DuPage, Kane, Lake, McHenry, and Will | 3 |
| Counties, and 15% of money received by the Authority from the | 4 |
| Regional Transportation Authority Occupation and Use Tax | 5 |
| Replacement Fund or from the Regional Transportation Authority | 6 |
| tax fund created in Section 4.03(n), the Board shall allocate | 7 |
| the proceeds and money remaining to the Service Boards as | 8 |
| follows:
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| (1) an amount equal to (i) 85% of 80% of the receipts | 10 |
| from those taxes collected within the City of Chicago at a | 11 |
| rate of 1.25%, (ii) 85% of 75% of the receipts from those | 12 |
| taxes collected in the City of Chicago at the rate of 1%, | 13 |
| and (iii) 85% of the money received by the Authority on | 14 |
| account of transfers to the Regional Transportation | 15 |
| Authority Occupation and Use Tax Replacement Fund or to the | 16 |
| Regional Transportation Authority tax fund created in | 17 |
| Section 4.03(n) from the County and Mass Transit District | 18 |
| Fund attributable to retail sales within the City of | 19 |
| Chicago shall be allocated to the Chicago Transit | 20 |
| Authority;
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| (2) an amount equal to (i) 85% of 80% of the receipts | 22 |
| from those taxes collected within Cook County outside of | 23 |
| the City of Chicago at a rate of 1.25%, (ii) 85% of 75% of | 24 |
| the receipts from those taxes collected within Cook County | 25 |
| outside the City of Chicago at a rate of 1%, and (iii) 85% | 26 |
| of the money received by the Authority on account of |
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| transfers to the Regional Transportation Authority | 2 |
| Occupation and Use Tax Replacement Fund or to the Regional | 3 |
| Transportation Authority tax fund created in Section | 4 |
| 4.03(n) from the County and Mass Transit District Fund | 5 |
| attributable to retail sales within Cook County outside of | 6 |
| the City of Chicago shall be allocated 30% to the Chicago | 7 |
| Transit Authority, 55% to the Commuter Rail Board, and 15% | 8 |
| to the Suburban Bus Board; and
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| (3) an amount equal to 85% of one-half of the receipts | 10 |
| from the taxes collected within the Counties of DuPage, | 11 |
| Kane, Lake, McHenry, and Will shall be allocated 70% to the | 12 |
| Commuter Rail Board and 30% to the Suburban Bus Board.
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| (b) Moneys received by the Authority on account of | 14 |
| transfers to the Regional Transportation Authority Occupation | 15 |
| and Use Tax Replacement Fund from the State and Local Sales Tax | 16 |
| Reform Fund shall be allocated among the Authority and the | 17 |
| Service Boards as follows: 15% of such moneys shall be retained | 18 |
| by the Authority and the remaining 85% shall be transferred to | 19 |
| the Service Boards as soon as may be practicable after the | 20 |
| Authority receives payment. Moneys which are distributable to | 21 |
| the Service Boards pursuant to the preceding sentence shall be | 22 |
| allocated among the Service Boards on the basis of each Service | 23 |
| Board's distribution ratio. The term "distribution ratio" | 24 |
| means, for purposes of this subsection (b), the ratio of the | 25 |
| total amount distributed to a Service Board pursuant to | 26 |
| subsection (a) of Section 4.03.3 for the immediately preceding |
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| calendar year to the total amount distributed to all of the | 2 |
| Service Boards pursuant to subsection (a) of Section 4.03.3 for | 3 |
| the immediately preceding calendar year.
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| (c)(i) 20% of the receipts from those taxes collected in | 5 |
| Cook County under Section 4.03 at the rate of 1.25%, (ii) 25% | 6 |
| of the receipts from those taxes collected in Cook County under | 7 |
| Section 4.03 at the rate of 1%, (iii) 50% of the receipts from | 8 |
| those taxes collected in DuPage, Kane, Lake, McHenry, and Will | 9 |
| Counties under Section 4.03, and (iv) amounts received from the | 10 |
| State under Section 4.09 (a)(2) and items (i), (ii), and (iii) | 11 |
| of Section 4.09 (a)(3) shall be allocated as follows: (A) in | 12 |
| 2008, $100,000,000 shall be deposited in the ADA Paratransit | 13 |
| Fund described in Section 2.01d, $20,000,000 shall be deposited | 14 |
| in the Suburban Community Mobility Fund described in Section | 15 |
| 2.01e, and $10,000,000 shall be deposited in the Innovation, | 16 |
| Coordination and Enhancement Fund described in Section 2.01c , | 17 |
| and the balance shall be allocated 48% to the Chicago Transit | 18 |
| Authority, 39% to the Commuter Rail Board, and 13% to the | 19 |
| Suburban Bus Board ; (B) and in 2009 and each year thereafter, | 20 |
| the amounts deposited into in the ADA Paratransit Fund in 2009, | 21 |
| and amounts deposited into , the Suburban Community Mobility | 22 |
| Fund and the Innovation, Coordination and Enhancement Fund | 23 |
| respectively in 2009 and each year thereafter shall equal the | 24 |
| amount deposited in the previous year increased or decreased by | 25 |
| the percentage growth or decline in revenues received by the | 26 |
| Authority from taxes imposed under Section 4.03 in the previous |
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| year ; (C) the amount deposited into the ADA Paratransit Fund in | 2 |
| 2010 and each year thereafter shall be the sum of the amount | 3 |
| estimated by the Board from time to time as the operating | 4 |
| deficit for ADA paratransit services for that year under | 5 |
| Section 4.11 of this Act, plus 10% of that amount as a reserve, | 6 |
| plus any amounts necessary to pay principal of and interest on | 7 |
| Working Cash Notes issued to fund cash flow deficits of the | 8 |
| Suburban Bus Board in the provision of ADA paratransit service, | 9 |
| less the amount estimated by the Board to be the surplus in the | 10 |
| ADA Paratransit Fund for the previous year; , and (D) after | 11 |
| making the deposits required in items (A) through (C) above, | 12 |
| the balance shall be allocated 48% to the Chicago Transit | 13 |
| Authority, 39% to the Commuter Rail Board and 13% to the | 14 |
| Suburban Bus Board.
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| (d) Amounts received from the State under Section 4.09 | 16 |
| (a)(3)(iv) shall be distributed 100% to the Chicago Transit | 17 |
| Authority.
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| (e) With respect to those taxes collected in DuPage, Kane, | 19 |
| Lake, McHenry, and Will Counties and paid directly to the | 20 |
| counties under Section 4.03, the County Board of each county | 21 |
| shall use those amounts to fund operating and capital costs of | 22 |
| public safety and public transportation services or facilities | 23 |
| or to fund operating, capital, right-of-way, construction, and | 24 |
| maintenance costs of other transportation purposes, including | 25 |
| road, bridge, public safety, and transit purposes intended to | 26 |
| improve mobility or reduce congestion in the county. The |
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| receipt of funding by such counties pursuant to this paragraph | 2 |
| shall not be used as the basis for reducing any funds that such | 3 |
| counties would otherwise have received from the State of | 4 |
| Illinois, any agency or instrumentality thereof, the | 5 |
| Authority, or the Service Boards.
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| (f) The Authority by ordinance adopted by 12 of its then | 7 |
| Directors shall apportion to the Service Boards funds provided | 8 |
| by the State of Illinois under Section 4.09(a)(1) as it shall | 9 |
| determine and shall make payment of the amounts to each Service | 10 |
| Board as soon as may be practicable upon their receipt provided | 11 |
| the Authority has adopted a balanced budget as required by | 12 |
| Section 4.01 and further provided the Service Board is in | 13 |
| compliance with the requirements in Section 4.11.
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| (g) Beginning January 1, 2009, before making any payments, | 15 |
| transfers, or expenditures under this Section to a Service | 16 |
| Board, the Authority must first comply with Section 4.02a or | 17 |
| 4.02b of this Act, whichever may be applicable.
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| (Source: P.A. 95-708, eff. 1-18-08.) | 19 |
| (70 ILCS 3615/4.04) (from Ch. 111 2/3, par. 704.04) | 20 |
| Sec. 4.04. Issuance and Pledge of Bonds and Notes. | 21 |
| (a) The Authority shall have the continuing power to borrow | 22 |
| money and to
issue its negotiable bonds or notes as provided in | 23 |
| this Section. Unless
otherwise indicated in this Section, the | 24 |
| term "notes" also includes bond
anticipation notes, which are | 25 |
| notes which by their terms provide for
their payment from the |
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| proceeds of bonds thereafter to be issued. Bonds
or notes of | 2 |
| the Authority may be issued for any or all of the following
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| purposes: to pay costs to the Authority or a Service Board of | 4 |
| constructing
or acquiring any public transportation facilities | 5 |
| (including funds and
rights relating thereto, as provided in | 6 |
| Section 2.05 of this Act); to repay
advances to the Authority | 7 |
| or a Service Board made for such purposes; to pay
other | 8 |
| expenses of the Authority or a Service Board incident to or | 9 |
| incurred
in connection with such construction or acquisition; | 10 |
| to provide funds for
any transportation agency to pay principal
| 11 |
| of or interest or redemption premium on any bonds or notes, | 12 |
| whether
as such amounts become due or by earlier redemption, | 13 |
| issued prior to the
date of this amendatory Act by such | 14 |
| transportation agency to construct or
acquire public | 15 |
| transportation facilities or to provide funds to purchase
such | 16 |
| bonds or notes; and to provide funds for any transportation | 17 |
| agency to
construct or acquire any public transportation | 18 |
| facilities, to repay
advances made for such purposes, and to | 19 |
| pay other expenses incident to
or incurred in connection with | 20 |
| such construction or acquisition; and to
provide funds for | 21 |
| payment of obligations, including the funding of reserves,
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| under any self-insurance plan or joint self-insurance pool or | 23 |
| entity. | 24 |
| In addition to any other borrowing as may be authorized by | 25 |
| this Section,
the Authority may issue its notes, from time to | 26 |
| time, in anticipation of
tax receipts of the Authority or of |
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| other
revenues or receipts of the Authority, in order to | 2 |
| provide money for the
Authority or the Service Boards to cover | 3 |
| any cash flow deficit which
the Authority or a Service Board | 4 |
| anticipates incurring , including, but not limited to, cash flow | 5 |
| deficits related to the provision of ADA paratransit service by | 6 |
| the Suburban Bus Board . Any such notes
are referred to in this | 7 |
| Section as "Working Cash Notes". No Working
Cash Notes shall be | 8 |
| issued for a term of longer than 24
months.
Proceeds of Working | 9 |
| Cash Notes may be used to pay day to day operating
expenses of | 10 |
| the Authority or the Service Boards, consisting of wages,
| 11 |
| salaries and fringe benefits, professional and technical | 12 |
| services
(including legal, audit, engineering and other | 13 |
| consulting services), office
rental, furniture, fixtures and | 14 |
| equipment, insurance premiums, claims for
self-insured amounts | 15 |
| under insurance policies, public utility
obligations for | 16 |
| telephone, light, heat and similar items, travel expenses,
| 17 |
| office supplies, postage, dues, subscriptions, public hearings | 18 |
| and information
expenses, fuel purchases, and payments of | 19 |
| grants and payments under purchase
of service agreements for | 20 |
| operations of transportation agencies, prior to
the receipt by | 21 |
| the Authority or a Service Board from time to time of
funds for | 22 |
| paying such expenses. In addition to any Working Cash Notes
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| that the Board of the Authority may determine to issue, the | 24 |
| Suburban Bus
Board, the Commuter Rail Board or the Board of the | 25 |
| Chicago Transit Authority
may demand and direct that the | 26 |
| Authority issue its Working Cash Notes in
such amounts and |
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| having such maturities as the Service Board may determine. | 2 |
| Notwithstanding any other provision of this Act, any | 3 |
| amounts necessary to
pay principal of and interest on any
| 4 |
| Working Cash Notes issued at the demand
and direction of a | 5 |
| Service Board or any Working Cash Notes the proceeds of
which | 6 |
| were used for the direct benefit of a Service Board or any | 7 |
| other
Bonds or Notes of the Authority the proceeds of which | 8 |
| were used for the
direct benefit of a Service Board shall | 9 |
| constitute a reduction of the amount
of any other funds | 10 |
| provided by the Authority to that Service
Board , except any | 11 |
| amounts necessary to pay principal of and interest on Working | 12 |
| Cash Notes issued to fund cash flow deficits of the Suburban | 13 |
| Bus Board in the provision of ADA paratransit service shall be | 14 |
| accounted for as paid from amounts deposited in the ADA | 15 |
| Paratransit Fund under Section 4.03.3 . The Authority shall, | 16 |
| after deducting any costs of issuance, tender
the net proceeds | 17 |
| of any Working Cash Notes issued at the demand and
direction of | 18 |
| a Service Board to such Service Board as soon as may be
| 19 |
| practicable after the proceeds are received. The Authority may | 20 |
| also issue
notes or bonds to pay, refund or redeem any of its | 21 |
| notes and bonds,
including to pay redemption premiums or | 22 |
| accrued interest on such bonds or
notes being renewed, paid or | 23 |
| refunded, and other costs in connection
therewith. The | 24 |
| Authority may also utilize the proceeds of any such bonds or
| 25 |
| notes to pay the legal, financial, administrative and other | 26 |
| expenses of
such authorization, issuance, sale or delivery of |
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| bonds or notes or to
provide or increase a debt service reserve | 2 |
| fund with respect to any or all
of its bonds or notes. The | 3 |
| Authority may also issue and deliver
its bonds or notes in | 4 |
| exchange for any public transportation facilities,
(including | 5 |
| funds and rights relating thereto, as provided in Section
2.05 | 6 |
| of this Act) or in exchange for outstanding bonds or notes of | 7 |
| the
Authority, including any accrued interest or redemption | 8 |
| premium thereon,
without advertising or submitting such notes | 9 |
| or bonds for public bidding. | 10 |
| (b) The ordinance providing for the issuance of any such | 11 |
| bonds or
notes shall fix the date or dates of maturity, the | 12 |
| dates on which
interest is payable, any sinking fund account or | 13 |
| reserve fund account
provisions and all other details of such | 14 |
| bonds or notes and may provide
for such covenants or agreements | 15 |
| necessary or desirable with regard to
the issue, sale and | 16 |
| security of such bonds or notes. The rate or rates of
interest | 17 |
| on its bonds or notes may be fixed or variable and the | 18 |
| Authority
shall determine or provide for the determination of | 19 |
| the rate or
rates of interest of its bonds or notes
issued | 20 |
| under this Act in an ordinance adopted by the Authority prior | 21 |
| to
the issuance thereof, none of which rates of interest shall | 22 |
| exceed
that permitted in the Bond Authorization Act. Interest | 23 |
| may be payable at such times as are provided for
by the Board. | 24 |
| Bonds and notes issued under this Section may
be issued as | 25 |
| serial or term obligations, shall be of such denomination
or | 26 |
| denominations and form, including interest coupons to be |
|
|
|
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| attached
thereto, be executed in such manner, shall be payable | 2 |
| at such place or
places and bear such date as the Authority | 3 |
| shall fix by the ordinance
authorizing such bond or note and | 4 |
| shall mature at such time or times,
within a period not to | 5 |
| exceed forty years from the date of issue, and
may be | 6 |
| redeemable prior to maturity with or without premium, at the
| 7 |
| option of the Authority, upon such terms and conditions as the | 8 |
| Authority
shall fix by the ordinance authorizing the issuance | 9 |
| of such bonds or
notes. No bond anticipation note or any | 10 |
| renewal thereof shall mature at
any time or times exceeding 5 | 11 |
| years from the date of the first issuance
of such note. The | 12 |
| Authority may provide for the registration of bonds or
notes in | 13 |
| the name of the owner as to the principal alone or as to both
| 14 |
| principal and interest, upon such terms and conditions as the | 15 |
| Authority
may determine. The ordinance authorizing bonds or | 16 |
| notes may provide for
the exchange of such bonds or notes which | 17 |
| are fully registered, as to
both principal and interest, with | 18 |
| bonds or notes which are registerable
as to principal only. All | 19 |
| bonds or notes issued under this Section by
the Authority other | 20 |
| than those issued in exchange for property or for
bonds or | 21 |
| notes of the Authority shall be sold at a price which may be at
| 22 |
| a premium or discount but such that the interest cost | 23 |
| (excluding any
redemption premium) to the Authority of the | 24 |
| proceeds of an issue of such
bonds or notes, computed to stated | 25 |
| maturity according to standard tables
of bond values, shall not | 26 |
| exceed that permitted in the Bond Authorization
Act. The |
|
|
|
09600SB0941ham001 |
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| 1 |
| Authority shall notify
the
Governor's Office of Management and | 2 |
| Budget and the State Comptroller at least 30 days
before any | 3 |
| bond sale and shall file with the
Governor's Office of | 4 |
| Management and Budget and the
State Comptroller a certified | 5 |
| copy of any ordinance authorizing the issuance
of bonds at or | 6 |
| before the issuance of the bonds.
After December 31, 1994, any | 7 |
| such bonds or notes shall be sold
to the highest and best | 8 |
| bidder on sealed bids as the Authority shall deem.
As such | 9 |
| bonds or notes are to be sold the Authority shall advertise for
| 10 |
| proposals to purchase the bonds or notes which advertisement | 11 |
| shall be published
at least once in a daily newspaper of | 12 |
| general circulation published in the
metropolitan region at | 13 |
| least 10 days before the time set for the submission
of bids. | 14 |
| The Authority shall have the right to reject any or all bids.
| 15 |
| Notwithstanding any other provisions of this Section, Working | 16 |
| Cash Notes or
bonds or notes to provide funds for | 17 |
| self-insurance or a joint self-insurance
pool or entity may be | 18 |
| sold either upon competitive bidding or by negotiated
sale
| 19 |
| (without any requirement of publication of intention to | 20 |
| negotiate the sale
of such Notes), as the Board shall determine | 21 |
| by ordinance adopted with the
affirmative votes of at least 9
| 22 |
| Directors. In case any officer whose signature
appears on any | 23 |
| bonds, notes or coupons authorized pursuant to this
Section | 24 |
| shall cease to be such officer before delivery of such bonds or
| 25 |
| notes, such signature shall nevertheless be valid and | 26 |
| sufficient for all
purposes, the same as if such officer had |
|
|
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09600SB0941ham001 |
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| remained in office until such
delivery. Neither the Directors | 2 |
| of the Authority nor any person
executing any bonds or notes | 3 |
| thereof shall be liable personally on any
such bonds or notes | 4 |
| or coupons by reason of the issuance thereof. | 5 |
| (c) All bonds or notes of the Authority issued pursuant to | 6 |
| this Section
shall be general obligations
of the Authority to | 7 |
| which shall be pledged the full faith and credit of the
| 8 |
| Authority, as provided in this Section. Such bonds or notes
| 9 |
| shall be secured
as provided in the authorizing ordinance, | 10 |
| which may, notwithstanding any other
provision of this Act, | 11 |
| include in addition to any other security, a specific
pledge or | 12 |
| assignment of and lien on or security interest in any or all | 13 |
| tax
receipts of the Authority and on any or all other revenues | 14 |
| or moneys of the
Authority from whatever source, which may by | 15 |
| law be utilized for debt
service purposes and a specific pledge | 16 |
| or assignment of and lien on or security
interest in any funds | 17 |
| or accounts established or provided for by the ordinance
of the | 18 |
| Authority authorizing the issuance of such bonds or notes. Any | 19 |
| such
pledge, assignment, lien or security interest for the | 20 |
| benefit of holders of
bonds or notes of the Authority shall be | 21 |
| valid and binding from the time the
bonds or notes are issued | 22 |
| without any physical delivery or further act
and shall be valid | 23 |
| and binding as against and prior to the claims of all
other | 24 |
| parties having claims of any kind against the Authority or any | 25 |
| other
person irrespective of whether such other parties have | 26 |
| notice of such pledge,
assignment, lien or security interest. |
|
|
|
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| 1 |
| The obligations of the Authority
incurred pursuant to this | 2 |
| Section shall be superior to and have priority over
any other | 3 |
| obligations of the Authority. | 4 |
| The Authority may provide in the
ordinance authorizing the | 5 |
| issuance of any bonds or notes issued pursuant to
this Section | 6 |
| for the creation of, deposits in, and regulation and | 7 |
| disposition
of sinking fund or reserve accounts relating to | 8 |
| such bonds or notes. The
ordinance authorizing the issuance of | 9 |
| any bonds or notes pursuant to this
Section may contain | 10 |
| provisions as part of the contract with the holders
of the | 11 |
| bonds or notes, for the creation of a separate fund to provide
| 12 |
| for the payment of principal and interest on such bonds or | 13 |
| notes
and for the deposit in such fund from any or all the tax | 14 |
| receipts of the
Authority and from any or all such other moneys | 15 |
| or revenues of the
Authority from whatever source which may by | 16 |
| law be utilized for debt
service purposes, all as provided in | 17 |
| such ordinance, of amounts to meet
the debt service | 18 |
| requirements on such bonds or notes, including
principal and | 19 |
| interest, and any sinking fund or reserve fund account
| 20 |
| requirements as may be provided by such ordinance, and all | 21 |
| expenses
incident to or in connection with such fund and | 22 |
| accounts or the payment
of such bonds or notes.
Such ordinance | 23 |
| may also provide limitations on the issuance of additional
| 24 |
| bonds or notes of the Authority. No such bonds or notes of the | 25 |
| Authority
shall constitute a debt of the State of Illinois. | 26 |
| Nothing in this Act shall
be construed to enable the Authority |
|
|
|
09600SB0941ham001 |
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|
| 1 |
| to impose any ad valorem tax on property. | 2 |
| (d) The ordinance of the Authority authorizing the issuance | 3 |
| of any bonds
or notes may provide additional security for such | 4 |
| bonds or notes by providing
for appointment of a corporate | 5 |
| trustee (which may be any trust company or
bank having the | 6 |
| powers of a trust company within the state) with respect
to | 7 |
| such bonds or notes. The ordinance shall prescribe the rights, | 8 |
| duties
and powers of the trustee to be exercised for the | 9 |
| benefit of the Authority
and the protection of the holders of | 10 |
| such bonds or notes. The ordinance
may provide for the trustee | 11 |
| to hold in trust, invest and use amounts in
funds and accounts | 12 |
| created as provided by the ordinance with respect to
the bonds | 13 |
| or notes. The ordinance may provide for the assignment and | 14 |
| direct
payment to the trustee of any or all amounts produced | 15 |
| from the sources
provided in Section 4.03 and Section 4.09 of | 16 |
| this Act and provided in Section 6z-17 of "An Act
in relation | 17 |
| to State finance", approved June 10, 1919, as amended.
Upon | 18 |
| receipt of notice of any such assignment, the Department of | 19 |
| Revenue and
the Comptroller of the State of Illinois shall | 20 |
| thereafter, notwithstanding the
provisions of Section 4.03 and | 21 |
| Section 4.09 of this Act and Section 6z-17 of "An Act in | 22 |
| relation
to State finance", approved June 10, 1919, as amended, | 23 |
| provide for such
assigned amounts to be paid directly to the | 24 |
| trustee instead of the Authority,
all in accordance with the | 25 |
| terms of the ordinance making the assignment. The
ordinance | 26 |
| shall provide that
amounts so paid to the trustee which are not |
|
|
|
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|
| 1 |
| required to be deposited, held
or invested in funds and | 2 |
| accounts created by the ordinance with respect
to bonds or | 3 |
| notes or used for paying bonds or notes to be paid by the | 4 |
| trustee
to the Authority. | 5 |
| (e) Any bonds or notes of the Authority issued pursuant to | 6 |
| this
Section shall constitute a contract between the Authority | 7 |
| and the
holders from time to time of such bonds or notes. In | 8 |
| issuing any bond or
note, the Authority may include in the | 9 |
| ordinance authorizing such issue
a covenant as part of the | 10 |
| contract with the holders of the bonds or
notes, that as long | 11 |
| as such obligations are outstanding, it shall make
such | 12 |
| deposits, as provided in paragraph (c) of this Section. It may | 13 |
| also
so covenant that it shall impose and continue to impose | 14 |
| taxes, as
provided in Section 4.03 of this Act and in addition | 15 |
| thereto as
subsequently authorized by law, sufficient to make | 16 |
| such deposits and pay
the principal and interest and to meet | 17 |
| other debt service requirements
of such bonds or notes as they | 18 |
| become due. A certified copy of the
ordinance authorizing the | 19 |
| issuance of any such obligations shall be
filed at or prior to | 20 |
| the issuance of such obligations with the Comptroller
of the | 21 |
| State of Illinois and the Illinois Department of Revenue. | 22 |
| (f) The State of Illinois pledges to and agrees with the | 23 |
| holders of
the bonds and notes of the Authority issued pursuant | 24 |
| to this Section
that the State will not limit or alter the | 25 |
| rights and powers vested in
the Authority by this Act so as to | 26 |
| impair the terms of any contract made
by the Authority with |
|
|
|
09600SB0941ham001 |
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|
| 1 |
| such holders or in any way impair the rights and
remedies of | 2 |
| such holders until such bonds and notes, together with
interest | 3 |
| thereon, with interest on any unpaid installments of interest,
| 4 |
| and all costs and expenses in connection with any action or | 5 |
| proceedings
by or on behalf of such holders, are fully met and | 6 |
| discharged. In
addition, the State pledges to and agrees with | 7 |
| the holders of the bonds
and notes of the Authority issued | 8 |
| pursuant to this Section that the
State will not limit or alter | 9 |
| the basis on which State funds are to be
paid to the Authority | 10 |
| as provided in this Act, or the use of such funds,
so as to | 11 |
| impair the terms of any such contract. The Authority is
| 12 |
| authorized to include these pledges and agreements of the State | 13 |
| in any
contract with the holders of bonds or notes issued | 14 |
| pursuant to this
Section. | 15 |
| (g) (1) Except as provided in subdivisions (g)(2) and | 16 |
| (g)(3) of Section
4.04 of this Act, the Authority shall not | 17 |
| at any time issue, sell or deliver
any bonds or notes | 18 |
| (other than Working Cash Notes) pursuant to this Section
| 19 |
| 4.04 which will cause
it to have issued and outstanding at | 20 |
| any time in excess of $800,000,000 of such
bonds and notes | 21 |
| (other than Working Cash Notes).
The Authority shall not at | 22 |
| any time issue, sell, or deliver any Working Cash Notes | 23 |
| pursuant to this Section that will cause it to have issued | 24 |
| and outstanding at any time in excess of $400,000,000 | 25 |
| $100,000,000 . Notwithstanding the foregoing, before July | 26 |
| 1, 2009, the Authority may issue, sell, and deliver an |
|
|
|
09600SB0941ham001 |
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LRB096 07050 HLH 29919 a |
|
| 1 |
| additional $300,000,000 in Working Cash Notes, provided | 2 |
| that any such additional notes shall mature on or before | 3 |
| June 30, 2011.
Bonds or notes which are being paid or | 4 |
| retired by
such issuance, sale or delivery of bonds or | 5 |
| notes, and bonds or notes for
which sufficient funds have | 6 |
| been deposited with the paying agency of
such bonds or | 7 |
| notes to provide for payment of principal and interest
| 8 |
| thereon or to provide for the redemption thereof, all | 9 |
| pursuant to the
ordinance authorizing the issuance of such | 10 |
| bonds or notes, shall not be
considered to be outstanding | 11 |
| for the purposes of the first two sentences
of this | 12 |
| subsection. | 13 |
| (2) In addition to the authority provided by paragraphs
| 14 |
| (1) and (3), the Authority is authorized to issue, sell and | 15 |
| deliver bonds
or notes for Strategic Capital Improvement | 16 |
| Projects approved pursuant to
Section 4.13 as follows: | 17 |
| $100,000,000 is authorized to be issued on or after | 18 |
| January 1, 1990; | 19 |
| an additional $100,000,000 is authorized to be issued | 20 |
| on or after
January 1, 1991; | 21 |
| an additional $100,000,000 is authorized to be issued | 22 |
| on or after
January 1, 1992; | 23 |
| an additional $100,000,000 is authorized to be issued | 24 |
| on or after
January 1, 1993; | 25 |
| an additional $100,000,000 is authorized to be issued | 26 |
| on or after
January 1, 1994; and |
|
|
|
09600SB0941ham001 |
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LRB096 07050 HLH 29919 a |
|
| 1 |
| the aggregate total authorization of bonds and notes | 2 |
| for Strategic
Capital Improvement Projects as of January 1, | 3 |
| 1994, shall be $500,000,000. | 4 |
| The Authority is also authorized to issue, sell, and | 5 |
| deliver bonds or
notes in such amounts as are necessary to | 6 |
| provide for the refunding or advance
refunding of bonds or | 7 |
| notes issued for Strategic Capital Improvement Projects
| 8 |
| under this subdivision (g)(2), provided that no such | 9 |
| refunding bond or note
shall mature later than the final | 10 |
| maturity date of the series of bonds or notes
being | 11 |
| refunded, and provided further that the debt service | 12 |
| requirements for
such refunding bonds or notes in the | 13 |
| current or any future fiscal year shall
not exceed the debt | 14 |
| service requirements for that year on the refunded bonds
or | 15 |
| notes. | 16 |
| (3) In addition to the authority provided by paragraphs | 17 |
| (1) and (2),
the Authority is authorized to issue, sell, | 18 |
| and deliver bonds or notes for
Strategic Capital | 19 |
| Improvement Projects approved pursuant to Section 4.13 as
| 20 |
| follows: | 21 |
| $260,000,000 is authorized to be issued on or after | 22 |
| January 1, 2000; | 23 |
| an additional $260,000,000 is authorized to be issued | 24 |
| on or after
January 1, 2001; | 25 |
| an additional $260,000,000 is authorized to be issued | 26 |
| on or after
January 1, 2002; |
|
|
|
09600SB0941ham001 |
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|
| 1 |
| an additional $260,000,000 is authorized to be issued | 2 |
| on or after
January 1, 2003; | 3 |
| an additional $260,000,000 is authorized to be issued | 4 |
| on or after
January 1, 2004; and | 5 |
| the aggregate total authorization of bonds and notes | 6 |
| for Strategic
Capital Improvement Projects pursuant to | 7 |
| this paragraph (3) as of
January 1, 2004 shall be | 8 |
| $1,300,000,000. | 9 |
| The Authority is also authorized to issue, sell, and | 10 |
| deliver bonds or notes
in such amounts as are necessary to | 11 |
| provide for the refunding or advance
refunding of bonds or | 12 |
| notes issued for Strategic Capital Improvement projects
| 13 |
| under this subdivision (g)(3), provided that no such | 14 |
| refunding bond or note
shall mature later than the final | 15 |
| maturity date of the series of bonds or notes
being | 16 |
| refunded, and provided further that the debt service | 17 |
| requirements for
such refunding bonds or notes in the | 18 |
| current or any future fiscal year shall
not exceed the debt | 19 |
| service requirements for that year on the refunded bonds or
| 20 |
| notes. | 21 |
| (h) The Authority, subject to the terms of any agreements | 22 |
| with noteholders
or bond holders as may then exist, shall have | 23 |
| power, out of any funds
available therefor, to purchase notes | 24 |
| or bonds of the Authority, which
shall thereupon be cancelled. | 25 |
| (i) In addition to any other authority granted by law, the | 26 |
| State Treasurer
may, with the approval of the Governor, invest |
|
|
|
09600SB0941ham001 |
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| 1 |
| or reinvest, at a price not
to exceed par, any State money in | 2 |
| the State Treasury which is not needed
for current expenditures | 3 |
| due or about to become due in Working Cash Notes. | 4 |
| (Source: P.A. 94-793, eff. 5-19-06; 95-708, eff. 1-18-08.) | 5 |
| (70 ILCS 3615/4.11) (from Ch. 111 2/3, par. 704.11) | 6 |
| Sec. 4.11. Budget Review Powers. | 7 |
| (a) Based
upon estimates which shall be given to the | 8 |
| Authority by the Director of
the
Governor's Office of | 9 |
| Management and Budget (formerly
Bureau of the Budget) of the | 10 |
| receipts to be received by the
Authority from the taxes imposed
| 11 |
| by the Authority and the authorized estimates of amounts
to be | 12 |
| available from State and other sources to the Service Boards, | 13 |
| and
the times at which such receipts and amounts will be | 14 |
| available, the Board
shall, not later than the next preceding | 15 |
| September 15th prior to the beginning
of the Authority's next | 16 |
| fiscal year,
advise each Service Board of the amounts estimated | 17 |
| by the Board to be available
for such Service Board during such | 18 |
| fiscal year and the two following fiscal
years and the times at | 19 |
| which such amounts will be available. The Board shall also | 20 |
| advise the Service Boards of the estimated operating deficit of | 21 |
| the Suburban Bus Board in the provision of ADA paratransit | 22 |
| service during the next fiscal year, and the amount estimated | 23 |
| to be deposited into the ADA Paratransit Fund during that | 24 |
| fiscal year under Section 4.03.3. The Board
shall, at the same | 25 |
| time, also advise each Service Board of its required
system |
|
|
|
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| 1 |
| generated revenues recovery ratio for the next fiscal year | 2 |
| which
shall be the percentage of the aggregate costs of | 3 |
| providing public
transportation by or under jurisdiction of | 4 |
| that Service Board which must be
recovered from system | 5 |
| generated revenues. The Board shall, at the same time, | 6 |
| beginning with the 2007 fiscal year, also advise each Service | 7 |
| Board that provides ADA paratransit services of its required | 8 |
| system generated ADA paratransit services revenue recovery | 9 |
| ratio for the next fiscal year which shall be the percentage of | 10 |
| the aggregate costs of providing ADA paratransit services by or | 11 |
| under jurisdiction of that Service Board which must be | 12 |
| recovered from fares charged for such services, except that | 13 |
| such required system generated ADA paratransit services | 14 |
| revenue recovery ratio shall not exceed the minimum percentage | 15 |
| established pursuant to Section 4.01(b)(ii) of this Act. In | 16 |
| determining
a Service Board's system generated revenue | 17 |
| recovery ratio, the Board shall
consider the historical system | 18 |
| generated revenues recovery ratio for the
services subject to | 19 |
| the jurisdiction of that
Service Board. The Board shall not | 20 |
| increase a Service Board's system generated
revenues recovery | 21 |
| ratio for the next fiscal year over such ratio for the
current | 22 |
| fiscal year disproportionately or prejudicially to increases | 23 |
| in
such ratios for other Service Boards. The Board may, by | 24 |
| ordinance,
provide that (i) the cost of research and | 25 |
| development projects in the
fiscal year beginning January 1, | 26 |
| 1986 and ending December 31, 1986
conducted pursuant to Section |
|
|
|
09600SB0941ham001 |
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|
| 1 |
| 2.09 of this Act, (ii) the costs for passenger security, and | 2 |
| (iii) expenditures of amounts granted to a Service Board from | 3 |
| the Innovation, Coordination, and Enhancement Fund for | 4 |
| operating purposes may be exempted from the
farebox recovery | 5 |
| ratio or the system generated revenues recovery ratio of
the | 6 |
| Chicago Transit Authority, the Suburban Bus Board, and the | 7 |
| Commuter
Rail Board, or any of them. During fiscal years 2008 | 8 |
| through 2012, the Board may also allocate the exemption of | 9 |
| $200,000,000 and the reducing amounts of costs provided by this | 10 |
| amendatory Act of the 95th General Assembly from the farebox | 11 |
| recovery ratio or system generated revenues recovery ratio of | 12 |
| each Service Board. | 13 |
| (b)(1) Not later than the next preceding November 15 prior | 14 |
| to the
commencement of such fiscal year, each Service Board | 15 |
| shall submit to the
Authority its proposed budget for such | 16 |
| fiscal year and its proposed
financial plan for the two | 17 |
| following fiscal years. Such budget and
financial plan shall | 18 |
| (i) be prepared in the format, follow the financial and | 19 |
| budgetary practices, and be based on any assumptions and | 20 |
| projections required by the Authority and (ii) not project or | 21 |
| assume a receipt of revenues from the
Authority in amounts | 22 |
| greater than those set forth in the estimates provided
by the | 23 |
| Authority pursuant to subsection (a) of this Section and, for | 24 |
| ADA paratransit service, the budget and financial plan of the | 25 |
| Suburban Bus Board shall not project or assume a receipt of | 26 |
| revenues from the Authority in amounts greater than the |
|
|
|
09600SB0941ham001 |
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|
| 1 |
| operating deficit estimated by the Board . | 2 |
| (2) The Board shall review the proposed budget and two-year
| 3 |
| financial plan submitted
by each Service Board. The Board shall | 4 |
| approve the budget and two-year financial plan of a Service | 5 |
| Board if: | 6 |
| (i)
such budget and plan show a balance between (A) | 7 |
| anticipated revenues
from all sources including operating | 8 |
| subsidies and (B) the costs of providing
the services | 9 |
| specified and of funding any operating deficits or | 10 |
| encumbrances
incurred in prior periods, including | 11 |
| provision for payment when due of
principal and interest on | 12 |
| outstanding indebtedness; | 13 |
| (ii)
such budget and plan show cash balances including | 14 |
| the proceeds of
any anticipated cash flow borrowing | 15 |
| sufficient to pay with reasonable
promptness all costs and | 16 |
| expenses as incurred; | 17 |
| (iii)
such budget and plan provide for a level of fares | 18 |
| or charges and
operating or administrative costs for the | 19 |
| public transportation provided
by or subject to the | 20 |
| jurisdiction of such Service Board sufficient to allow
the | 21 |
| Service Board to meet its required system generated revenue | 22 |
| recovery ratio and, beginning with the 2007 fiscal year, | 23 |
| system generated ADA paratransit services revenue recovery | 24 |
| ratio; | 25 |
| (iv)
such budget and plan are based upon and employ | 26 |
| assumptions and
projections which are reasonable and |
|
|
|
09600SB0941ham001 |
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|
| 1 |
| prudent; | 2 |
| (v)
such budget and plan have been prepared in | 3 |
| accordance with sound
financial practices as determined by | 4 |
| the Board; | 5 |
| (vi)
such budget and plan meet such other financial, | 6 |
| budgetary, or fiscal
requirements that the Board may by | 7 |
| rule or regulation establish; and
| 8 |
| (vii) such budget and plan are consistent with the | 9 |
| goals and objectives adopted by the Authority in the | 10 |
| Strategic Plan.
| 11 |
| (3) (Blank). | 12 |
| (4) Unless the Board by an affirmative vote of 12
of the | 13 |
| then Directors
determines that the budget and financial plan of | 14 |
| a Service Board meets the
criteria specified in clauses (i)
| 15 |
| through (vii) of subparagraph (2) of
this paragraph (b), the | 16 |
| Board shall withhold from that Service Board 25% of
the cash | 17 |
| proceeds of taxes imposed by the Authority under Section 4.03
| 18 |
| and Section 4.03.1 and received after February 1 and 25% of the | 19 |
| amounts transferred to the Authority from the Public | 20 |
| Transportation Fund under Section 4.09(a) (but not including | 21 |
| Section 4.09(a)(3)(iv)) after February 1 that the Board has | 22 |
| estimated to be available to that Service Board under Section | 23 |
| 4.11(a). Such funding shall be released to the Service Board | 24 |
| only upon approval of a budget and financial plan under this | 25 |
| Section or adoption of a budget and financial plan on behalf of | 26 |
| the Service Board by the Authority. |
|
|
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| (5) If the Board has not found that the budget and | 2 |
| financial plan of a
Service Board meets the criteria specified | 3 |
| in clauses (i) through (vii)
of subparagraph (2) of this | 4 |
| paragraph (b), the Board, by the affirmative vote of at least | 5 |
| 12 of its then Directors, shall
adopt a budget and
financial | 6 |
| plan meeting such criteria for that Service Board. | 7 |
| (c)(1) If the Board shall at any time have received a
| 8 |
| revised estimate, or revises any estimate the Board has made, | 9 |
| pursuant to
this Section of the receipts to be collected by the | 10 |
| Authority which, in
the judgment of the Board, requires a | 11 |
| change in the estimates on which the
budget of any Service | 12 |
| Board is based, the Board shall advise the affected
Service | 13 |
| Board of such revised estimates, and such Service Board shall | 14 |
| within
30 days after receipt of such advice submit a revised | 15 |
| budget incorporating
such revised estimates. If the revised | 16 |
| estimates require, in the judgment
of the Board, that the | 17 |
| system generated revenues recovery ratio of one or
more Service | 18 |
| Boards be revised in order to allow the Authority to meet its
| 19 |
| required ratio, the Board shall advise any such Service Board | 20 |
| of its revised
ratio and such Service Board shall within 30 | 21 |
| days after receipt of such
advice submit a revised budget | 22 |
| incorporating such revised estimates or ratio. | 23 |
| (2) Each Service Board shall, within such period after the | 24 |
| end of each
fiscal quarter as shall be specified by the Board, | 25 |
| report to the Authority
its financial condition and results of | 26 |
| operations and the financial condition
and results of |
|
|
|
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| operations of the public transportation services subject
to its | 2 |
| jurisdiction, as at the end of and for such quarter. If in the | 3 |
| judgment
of the Board such condition and results are not | 4 |
| substantially in accordance
with such Service Board's budget | 5 |
| for such period, the Board shall so advise
such Service Board | 6 |
| and such Service Board shall within the period specified
by the | 7 |
| Board submit a revised budget incorporating such results. | 8 |
| (2-5) If the Executive Director, at any time after | 9 |
| reviewing the financial condition and results of operations of | 10 |
| ADA paratransit services, revises the estimate of the operating | 11 |
| deficit in the provision of ADA paratransit service and | 12 |
| determines that amounts on deposit in the ADA Paratransit Fund | 13 |
| and other resources are inadequate to fund that revised | 14 |
| operating deficit, then, unless such determination is rejected | 15 |
| by a vote of 12 of the members of the Board, the Board shall | 16 |
| authorize the issuance of Working Cash Notes to fund that | 17 |
| operating deficit. | 18 |
| (3) If the Board shall determine that a revised budget | 19 |
| submitted by a
Service Board pursuant to subparagraph (1) or | 20 |
| (2) of this paragraph (c)
does not meet the criteria specified | 21 |
| in clauses (i)
through (vii) of
subparagraph
(2) of paragraph | 22 |
| (b) of this Section, the Board shall withhold from that Service | 23 |
| Board 25% of the cash proceeds of taxes imposed by the | 24 |
| Authority
under Section 4.03 or 4.03.1 and received by the | 25 |
| Authority after February 1 and 25% of the amounts transferred | 26 |
| to the Authority from the Public Transportation Fund under |
|
|
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| 1 |
| Section 4.09(a) (but not including Section 4.09(a)(3)(iv)) | 2 |
| after February 1 that the Board has estimated to be available | 3 |
| to that Service Board under
Section 4.11(a). If the Service | 4 |
| Board submits a revised financial plan and
budget which plan | 5 |
| and budget shows that the criteria will be met within
a four | 6 |
| quarter period, the Board shall release any such withheld funds | 7 |
| to the
Service Board. The Board by the affirmative vote of at | 8 |
| least 12
of its then Directors may
require a Service Board to | 9 |
| submit a revised financial plan and budget which
shows that the | 10 |
| criteria will be met in a time period less than four quarters. | 11 |
| (d) All budgets and financial plans, financial statements, | 12 |
| audits and
other information presented to the Authority | 13 |
| pursuant to this Section or
which may be required by the Board | 14 |
| to permit it to monitor compliance with
the provisions of this | 15 |
| Section shall be prepared and presented in such
manner and | 16 |
| frequency and in such detail as shall have been prescribed by
| 17 |
| the Board, shall be prepared on both an accrual and cash flow | 18 |
| basis as
specified by the Board, shall present such information | 19 |
| as the Authority shall prescribe that fairly presents the | 20 |
| condition of any pension plan or trust for health care benefits | 21 |
| with respect to retirees established by the Service Board and | 22 |
| describes the plans of the Service Board to meet the | 23 |
| requirements of Sections 4.02a and 4.02b, and shall identify | 24 |
| and describe the assumptions and
projections employed in the | 25 |
| preparation
thereof to the extent required by the Board. If the | 26 |
| Executive Director certifies that a Service Board has not |
|
|
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| 1 |
| presented its budget and two-year financial plan in conformity | 2 |
| with the rules adopted by the Authority under the provisions of | 3 |
| Section 4.01(f) and this subsection (d), and such certification | 4 |
| is accepted by the affirmative vote of at least 12 of the then | 5 |
| Directors of the Authority, the Authority shall not distribute | 6 |
| to that Service Board any funds for operating purposes in | 7 |
| excess of the amounts distributed for such purposes to the | 8 |
| Service Board in the previous fiscal year. Except when the | 9 |
| Board adopts
a budget and a financial plan for a Service Board | 10 |
| under paragraph (b)(5),
a Service Board shall provide for such | 11 |
| levels of transportation services
and fares or charges therefor | 12 |
| as it deems appropriate and necessary in the
preparation of a | 13 |
| budget and financial plan meeting the criteria set forth
in | 14 |
| clauses (i)
through (vii) of subparagraph (2) of paragraph (b) | 15 |
| of this
Section. The Authority
shall have access to and the | 16 |
| right to examine and copy
all books, documents, papers, | 17 |
| records, or other source data of a Service
Board relevant to | 18 |
| any information submitted pursuant to this Section. | 19 |
| (e) Whenever this Section requires the Board to make | 20 |
| determinations with
respect to estimates, budgets or financial | 21 |
| plans, or rules or regulations
with respect thereto such | 22 |
| determinations shall be made upon the affirmative
vote of at | 23 |
| least 12
of the then Directors and shall be incorporated in a
| 24 |
| written report of the Board and such report shall be submitted | 25 |
| within 10
days after such determinations are made to
the | 26 |
| Governor, the Mayor of Chicago (if such determinations relate |
|
|
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| 1 |
| to the
Chicago Transit Authority), and the Auditor General of | 2 |
| Illinois. | 3 |
| (Source: P.A. 94-370, eff. 7-29-05; 95-708, eff. 1-18-08.)
| 4 |
| Section 99. Effective date. This Act takes effect upon | 5 |
| becoming law.".
|
|