Full Text of SB0941 96th General Assembly
SB0941ham002 96TH GENERAL ASSEMBLY
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Rep. Elaine Nekritz
Filed: 10/27/2009
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| AMENDMENT TO SENATE BILL 941
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| AMENDMENT NO. ______. Amend Senate Bill 941, AS AMENDED, by | 3 |
| replacing everything after the enacting clause with the | 4 |
| following:
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| "Section 5. The Department of Transportation Law of the
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| Civil Administrative Code of Illinois is amended by changing | 7 |
| Section 2705-305 as follows: | 8 |
| (20 ILCS 2705/2705-305) | 9 |
| Sec. 2705-305. Grants for mass transportation. | 10 |
| (a) For the purpose of mass
transportation grants and | 11 |
| contracts, the following definitions apply: | 12 |
| "Carrier" means any corporation, authority, partnership,
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| association, person, or district authorized to provide mass
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| transportation within the State. | 15 |
| "District" means all of the following: | 16 |
| (i) Any district created pursuant to the Local Mass |
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| Transit
District Act. | 2 |
| (ii) The Authority created pursuant to the | 3 |
| Metropolitan Transit
Authority Act. | 4 |
| (iii) Any authority, commission, or other entity that | 5 |
| by
virtue of an
interstate compact approved by Congress is | 6 |
| authorized to provide mass
transportation. | 7 |
| (iv) The Authority created pursuant to the Regional
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| Transportation Authority Act. | 9 |
| "Facilities" comprise all real and personal property used | 10 |
| in or appurtenant
to a mass transportation system, including | 11 |
| parking lots. | 12 |
| "Mass transportation" means transportation provided within | 13 |
| the State of
Illinois by rail, bus, or other conveyance and | 14 |
| available to the general public
on a regular and continuing | 15 |
| basis, including the transportation of handicapped
or elderly | 16 |
| persons as provided more specifically in Section 2705-310. | 17 |
| "Unit of local government" means any city, village, | 18 |
| incorporated town, or
county. | 19 |
| (b) Grants may be made to units of local government,
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| districts, and carriers for
the acquisition, construction, | 21 |
| extension, reconstruction, and improvement
of mass | 22 |
| transportation facilities. Grants shall be made upon the
terms
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| and conditions that in the judgment of the Secretary are | 24 |
| necessary
to
ensure their proper and effective utilization. | 25 |
| (c) The Department shall make grants under this Law
in a | 26 |
| manner
designed, so far as is consistent with the maintenance |
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| and development
of a sound mass transportation system within | 2 |
| the State, to: (i)
maximize
federal funds for the assistance of | 3 |
| mass transportation in Illinois
under the Federal Transit Act | 4 |
| and other
federal Acts; (ii) facilitate the movement of persons | 5 |
| who because
of age,
economic circumstance, or physical | 6 |
| infirmity are unable to drive; (iii)
contribute to an improved | 7 |
| environment through the reduction of air,
water, and noise | 8 |
| pollution; and (iv) reduce traffic congestion. | 9 |
| (d) The Secretary shall establish procedures for making
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| application
for mass transportation grants. The procedures | 11 |
| shall provide for
public
notice of all applications and give | 12 |
| reasonable opportunity for the
submission of comments and | 13 |
| objections by interested parties. The
procedures shall be | 14 |
| designed with a view to facilitating simultaneous
application | 15 |
| for a grant to the Department and to the federal government. | 16 |
| (e) Grants may be made for mass transportation projects as
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| follows: | 18 |
| (1) In an amount not to exceed 100% of the nonfederal | 19 |
| share of
projects
for which a federal grant is made. | 20 |
| (2) In an amount not to exceed 100% of the net project | 21 |
| cost
for projects
for which a federal grant is not made. | 22 |
| (3) In an amount not to exceed five-sixths of the net | 23 |
| project
cost for
projects essential for the maintenance of | 24 |
| a sound transportation system and
eligible for federal | 25 |
| assistance for which a federal grant application has
been | 26 |
| made but a federal grant has been delayed. If and when a |
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| federal
grant is made, the amount in excess of the | 2 |
| nonfederal share shall be
promptly returned to the | 3 |
| Department. | 4 |
| In no event shall the Department make a grant that, | 5 |
| together
with any
federal funds or funds from any other source, | 6 |
| is in excess of 100% of the
net project cost. | 7 |
| (f) Regardless of whether any funds are available under a
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| federal grant,
the Department shall not make a mass | 9 |
| transportation grant unless the Secretary
finds that the | 10 |
| recipient has entered into an agreement with the Department
in | 11 |
| which the recipient agrees not to engage in school bus | 12 |
| operations
exclusively for the transportation of students and | 13 |
| school personnel in
competition with private school bus | 14 |
| operators where those private
school bus
operators are able to | 15 |
| provide adequate transportation, at reasonable rates,
in | 16 |
| conformance with applicable safety standards, provided that | 17 |
| this
requirement shall not apply to a recipient that operates a | 18 |
| school
system
in the area to be served and operates a separate | 19 |
| and exclusive school bus
program for the school system. | 20 |
| (g) Grants may be made for mass transportation purposes | 21 |
| with
funds
appropriated from the Build Illinois Bond Fund | 22 |
| consistent with the
specific purposes for which those funds are | 23 |
| appropriated by the
General
Assembly. Grants under this | 24 |
| subsection (g) are not subject to any
limitations or conditions | 25 |
| imposed upon grants by any other provision of
this Section, | 26 |
| except that the Secretary may impose the terms and
conditions |
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| that in his or her judgment are necessary to ensure
the proper | 2 |
| and
effective utilization of the grants under this subsection. | 3 |
| (h) The Department may let contracts for mass | 4 |
| transportation
purposes
and facilities for the purpose of | 5 |
| reducing urban congestion funded in whole
or in part with bonds | 6 |
| described in subdivision (b)(1) of
Section 4 of the
General | 7 |
| Obligation Bond Act, not to exceed $75,000,000 in bonds. | 8 |
| (i) The Department may make grants to carriers, districts, | 9 |
| and
units of local government for the purpose of reimbursing
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| them for providing reduced
fares for mass transportation | 11 |
| services for students, handicapped persons
and the elderly. | 12 |
| Grants shall be made upon the terms and
conditions that in
the | 13 |
| judgment of the Secretary are necessary to ensure their proper | 14 |
| and
effective utilization. | 15 |
| (j) The Department may make grants to carriers, districts, | 16 |
| and units of local government for costs of providing ADA | 17 |
| paratransit service. Subject to appropriation, the Department | 18 |
| shall make grants to the Regional Transportation Authority in | 19 |
| the amount of $8,500,000 in State fiscal year 2010 and in State | 20 |
| fiscal year 2011 in the amount determined by the Regional | 21 |
| Transportation Authority as the shortfall in the ADA | 22 |
| Paratransit Fund for calendar year 2011. These amounts granted | 23 |
| to the Regional Transportation Authority shall be deposited | 24 |
| into the ADA Paratransit Fund and used for payment to the | 25 |
| Suburban Bus Board for the provision of ADA paratransit | 26 |
| service.
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| (Source: P.A. 94-91, eff. 7-1-05.) | 2 |
| Section 10. The Downstate Public Transportation Act is | 3 |
| amended by changing Section 2-15.2 as follows: | 4 |
| (30 ILCS 740/2-15.2) | 5 |
| Sec. 2-15.2. Free services; eligibility. | 6 |
| (a) Notwithstanding any law to the contrary, no later than | 7 |
| 60 days following the effective date of this amendatory Act of | 8 |
| the 95th General Assembly and until subsection (b) is | 9 |
| implemented , any fixed route public transportation services | 10 |
| provided by, or under grant or purchase of service contracts | 11 |
| of, every participant, as defined in Section 2-2.02 (1)(a), | 12 |
| shall be provided without charge to all senior citizen | 13 |
| residents of the participant aged 65 and older, under such | 14 |
| conditions as shall be prescribed by the participant. | 15 |
| (b) Notwithstanding any law to the contrary, beginning on | 16 |
| March 1, 2010, any fixed route public transportation services | 17 |
| provided by, or under grant or purchase of service contracts | 18 |
| of, every participant, as defined in Section 2-2.02 (1)(a), | 19 |
| shall be provided without charge only to senior citizens aged | 20 |
| 65 and older who meet the income eligibility limitation set | 21 |
| forth in subsection (a-5) of Section 4 of the Senior Citizens | 22 |
| and Disabled Persons Property Tax Relief and Pharmaceutical | 23 |
| Assistance Act, under such conditions as shall be prescribed by | 24 |
| the participant. The Department on Aging shall furnish all |
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| information reasonably necessary to determine eligibility, | 2 |
| including updated lists of individuals who are eligible for | 3 |
| services without charge under this Section. Nothing in this | 4 |
| Section shall relieve the participant from providing reduced | 5 |
| fares as may be required by federal law.
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| (Source: P.A. 95-708, eff. 1-18-08.) | 7 |
| Section 15. The Metropolitan Transit Authority Act is | 8 |
| amended by changing Section 51 as follows: | 9 |
| (70 ILCS 3605/51) | 10 |
| Sec. 51. Free services; eligibility. | 11 |
| (a) Notwithstanding any law to the contrary, no later than | 12 |
| 60 days following the effective date of this amendatory Act of | 13 |
| the 95th General Assembly and until subsection (b) is | 14 |
| implemented , any fixed route public transportation services | 15 |
| provided by, or under grant or purchase of service contracts | 16 |
| of, the Board shall be provided without charge to all senior | 17 |
| citizens of the Metropolitan Region (as such term is defined in | 18 |
| 70 ILCS 3615/1.03) aged 65 and older, under such conditions as | 19 |
| shall be prescribed by the Board.
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| (b) Notwithstanding any law to the contrary, beginning on | 21 |
| March 1, 2010, any fixed route public transportation services | 22 |
| provided by, or under grant or purchase of service contracts | 23 |
| of, the Board shall be provided without charge only to senior | 24 |
| citizens aged 65 and older who meet the income eligibility |
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| limitation set forth in subsection (a-5) of Section 4 of the | 2 |
| Senior Citizens and Disabled Persons Property Tax Relief and | 3 |
| Pharmaceutical Assistance Act, under such conditions as shall | 4 |
| be prescribed by the Board. The Department on Aging shall | 5 |
| furnish all information reasonably necessary to determine | 6 |
| eligibility, including updated lists of individuals who are | 7 |
| eligible for services without charge under this Section. | 8 |
| Nothing in this Section shall relieve the Board from providing | 9 |
| reduced fares as may be required by federal law. | 10 |
| (Source: P.A. 95-708, eff. 1-18-08.) | 11 |
| Section 20. The Local Mass Transit District Act is amended | 12 |
| by changing Section 8.6 as follows: | 13 |
| (70 ILCS 3610/8.6) | 14 |
| Sec. 8.6. Free services; eligibility. | 15 |
| (a) Notwithstanding any law to the contrary, no later than | 16 |
| 60 days following the effective date of this amendatory Act of | 17 |
| the 95th General Assembly and until subsection (b) is | 18 |
| implemented , any fixed route public transportation services | 19 |
| provided by, or under grant or purchase of service contracts | 20 |
| of, every District shall be provided without charge to all | 21 |
| senior citizens of the District aged 65 and older, under such | 22 |
| conditions as shall be prescribed by the District.
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| (b) Notwithstanding any law to the contrary, beginning on | 24 |
| March 1, 2010, any fixed route public transportation services |
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| provided by, or under grant or purchase of service contracts | 2 |
| of, every District shall be provided without charge only to | 3 |
| senior citizens aged 65 and older who meet the income | 4 |
| eligibility limitation set forth in subsection (a-5) of Section | 5 |
| 4 of the Senior Citizens and Disabled Persons Property Tax | 6 |
| Relief and Pharmaceutical Assistance Act, under such | 7 |
| conditions as shall be prescribed by the District. The | 8 |
| Department on Aging shall furnish all information reasonably | 9 |
| necessary to determine eligibility, including updated lists of | 10 |
| individuals who are eligible for services without charge under | 11 |
| this Section. Nothing in this Section shall relieve the | 12 |
| District from providing reduced fares as may be required by | 13 |
| federal law. | 14 |
| (Source: P.A. 95-708, eff. 1-18-08.) | 15 |
| Section 25. The Regional Transportation Authority Act is | 16 |
| amended by changing Sections 2.01d, 3A.15, 3B.14, and 4.04 as | 17 |
| follows: | 18 |
| (70 ILCS 3615/2.01d) | 19 |
| Sec. 2.01d. ADA Paratransit Fund. The Authority shall | 20 |
| establish an ADA Paratransit Fund and, each year, deposit into | 21 |
| that Fund the amounts directed by Section 4.03.3 of this Act | 22 |
| and any funds received from the State pursuant to | 23 |
| appropriations for the purpose of funding ADA paratransit | 24 |
| services. The amounts on deposit in the Fund and interest and |
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| other earnings on those amounts shall be used by the Authority | 2 |
| to make grants to the Suburban Bus Board for ADA paratransit | 3 |
| services provided pursuant to plans approved by the Authority | 4 |
| under Section 2.30 of this Act. Funds received by the Suburban | 5 |
| Bus Board from the Authority's ADA Paratransit Fund shall be | 6 |
| used only to provide ADA paratransit services to individuals | 7 |
| who are determined to be eligible for such services by the | 8 |
| Authority under the Americans with Disabilities Act of 1990 and | 9 |
| its implementing regulations. Revenues from and costs of | 10 |
| services provided by the Suburban Bus Board with grants made | 11 |
| under this Section shall be included in the Annual Budget and | 12 |
| Two-Year Financial Program of the Suburban Bus Board and shall | 13 |
| be subject to all budgetary and financial requirements under | 14 |
| this Act that apply to ADA paratransit services. Beginning in | 15 |
| 2008, the Executive Director shall, no later than August 15 of | 16 |
| each year, provide to the Board a written determination of the | 17 |
| projected annual costs of ADA paratransit services that are | 18 |
| required to be provided pursuant to the Americans with | 19 |
| Disabilities Act of 1990 and its implementing regulations. The | 20 |
| Board shall advise the Service Boards of the estimated | 21 |
| operating deficit of the Suburban Bus Board in the provision of | 22 |
| ADA paratransit service in 2011, the amount estimated to be | 23 |
| deposited into the ADA Paratransit Fund during that year under | 24 |
| Section 4.03.3, and any projected shortfall in funding for ADA | 25 |
| paratransit services for that year. The Authority shall advise | 26 |
| the Illinois Department of Transportation of the projected |
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| shortfall and request a grant of $8,500,000 in 2010 and the | 2 |
| shortfall amount in 2011. The Authority shall conduct triennial | 3 |
| financial, compliance, and performance audits of ADA | 4 |
| paratransit services to assist in this determination. | 5 |
| (Source: P.A. 95-708, eff. 1-18-08.) | 6 |
| (70 ILCS 3615/3A.15) | 7 |
| Sec. 3A.15. Free services; eligibility. | 8 |
| (a) Notwithstanding any law to the contrary, no later than | 9 |
| 60 days following the effective date of this amendatory Act of | 10 |
| the 95th General Assembly and until subsection (b) is | 11 |
| implemented , any fixed route public transportation services | 12 |
| provided by, or under grant or purchase of service contracts | 13 |
| of, the Suburban Bus Board shall be provided without charge to | 14 |
| all senior citizens of the Metropolitan Region aged 65 and | 15 |
| older, under such conditions as shall be prescribed by the | 16 |
| Suburban Bus Board. | 17 |
| (b) Notwithstanding any law to the contrary, beginning on | 18 |
| March 1, 2010, any fixed route public transportation services | 19 |
| provided by, or under grant or purchase of service contracts | 20 |
| of, the Suburban Bus Board shall be provided without charge | 21 |
| only to senior citizens aged 65 and older who meet the income | 22 |
| eligibility limitation set forth in subsection (a-5) of Section | 23 |
| 4 of the Senior Citizens and Disabled Persons Property Tax | 24 |
| Relief and Pharmaceutical Assistance Act, under such | 25 |
| conditions as shall be prescribed by the Suburban Bus Board. |
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| The Department on Aging shall furnish all information | 2 |
| reasonably necessary to determine eligibility, including | 3 |
| updated lists of individuals who are eligible for services | 4 |
| without charge under this Section. Nothing in this Section | 5 |
| shall relieve the Suburban Bus Board from providing reduced | 6 |
| fares as may be required by federal law.
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| (Source: P.A. 95-708, eff. 1-18-08.) | 8 |
| (70 ILCS 3615/3B.14) | 9 |
| Sec. 3B.14. Free services; eligibility. | 10 |
| (a) Notwithstanding any law to the contrary, no later than | 11 |
| 60 days following the effective date of this amendatory Act of | 12 |
| the 95th General Assembly and until subsection (b) is | 13 |
| implemented , any fixed route public transportation services | 14 |
| provided by, or under grant or purchase of service contracts | 15 |
| of, the Commuter Rail Board shall be provided without charge to | 16 |
| all senior citizens of the Metropolitan Region aged 65 and | 17 |
| older, under such conditions as shall be prescribed by the | 18 |
| Commuter Rail Board. | 19 |
| (b) Notwithstanding any law to the contrary, beginning on | 20 |
| March 1, 2010, any fixed route public transportation services | 21 |
| provided by, or under grant or purchase of service contracts | 22 |
| of, the Commuter Rail Board shall be provided without charge | 23 |
| only to senior citizens aged 65 and older who meet the income | 24 |
| eligibility limitation set forth in subsection (a-5) of Section | 25 |
| 4 of the Senior Citizens and Disabled Persons Property Tax |
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| Relief and Pharmaceutical Assistance Act, under such | 2 |
| conditions as shall be prescribed by the Commuter Rail Board. | 3 |
| The Department on Aging shall furnish all information | 4 |
| reasonably necessary to determine eligibility, including | 5 |
| updated lists of individuals who are eligible for services | 6 |
| without charge under this Section. Nothing in this Section | 7 |
| shall relieve the Commuter Rail Board from providing reduced | 8 |
| fares as may be required by federal law.
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| (Source: P.A. 95-708, eff. 1-18-08.) | 10 |
| (70 ILCS 3615/4.04) (from Ch. 111 2/3, par. 704.04) | 11 |
| Sec. 4.04. Issuance and Pledge of Bonds and Notes. | 12 |
| (a) The Authority shall have the continuing power to borrow | 13 |
| money and to
issue its negotiable bonds or notes as provided in | 14 |
| this Section. Unless
otherwise indicated in this Section, the | 15 |
| term "notes" also includes bond
anticipation notes, which are | 16 |
| notes which by their terms provide for
their payment from the | 17 |
| proceeds of bonds thereafter to be issued. Bonds
or notes of | 18 |
| the Authority may be issued for any or all of the following
| 19 |
| purposes: to pay costs to the Authority or a Service Board of | 20 |
| constructing
or acquiring any public transportation facilities | 21 |
| (including funds and
rights relating thereto, as provided in | 22 |
| Section 2.05 of this Act); to repay
advances to the Authority | 23 |
| or a Service Board made for such purposes; to pay
other | 24 |
| expenses of the Authority or a Service Board incident to or | 25 |
| incurred
in connection with such construction or acquisition; |
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| to provide funds for
any transportation agency to pay principal
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| of or interest or redemption premium on any bonds or notes, | 3 |
| whether
as such amounts become due or by earlier redemption, | 4 |
| issued prior to the
date of this amendatory Act by such | 5 |
| transportation agency to construct or
acquire public | 6 |
| transportation facilities or to provide funds to purchase
such | 7 |
| bonds or notes; and to provide funds for any transportation | 8 |
| agency to
construct or acquire any public transportation | 9 |
| facilities, to repay
advances made for such purposes, and to | 10 |
| pay other expenses incident to
or incurred in connection with | 11 |
| such construction or acquisition; and to
provide funds for | 12 |
| payment of obligations, including the funding of reserves,
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| under any self-insurance plan or joint self-insurance pool or | 14 |
| entity. | 15 |
| In addition to any other borrowing as may be authorized by | 16 |
| this Section,
the Authority may issue its notes, from time to | 17 |
| time, in anticipation of
tax receipts of the Authority or of | 18 |
| other
revenues or receipts of the Authority, in order to | 19 |
| provide money for the
Authority or the Service Boards to cover | 20 |
| any cash flow deficit which
the Authority or a Service Board | 21 |
| anticipates incurring. Any such notes
are referred to in this | 22 |
| Section as "Working Cash Notes". No Working
Cash Notes shall be | 23 |
| issued for a term of longer than 24
months.
Proceeds of Working | 24 |
| Cash Notes may be used to pay day to day operating
expenses of | 25 |
| the Authority or the Service Boards, consisting of wages,
| 26 |
| salaries and fringe benefits, professional and technical |
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| services
(including legal, audit, engineering and other | 2 |
| consulting services), office
rental, furniture, fixtures and | 3 |
| equipment, insurance premiums, claims for
self-insured amounts | 4 |
| under insurance policies, public utility
obligations for | 5 |
| telephone, light, heat and similar items, travel expenses,
| 6 |
| office supplies, postage, dues, subscriptions, public hearings | 7 |
| and information
expenses, fuel purchases, and payments of | 8 |
| grants and payments under purchase
of service agreements for | 9 |
| operations of transportation agencies, prior to
the receipt by | 10 |
| the Authority or a Service Board from time to time of
funds for | 11 |
| 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 | 13 |
| Suburban Bus
Board, the Commuter Rail Board or the Board of the | 14 |
| Chicago Transit Authority
may demand and direct that the | 15 |
| Authority issue its Working Cash Notes in
such amounts and | 16 |
| having such maturities as the Service Board may determine. | 17 |
| Notwithstanding any other provision of this Act, any | 18 |
| amounts necessary to
pay principal of and interest on any
| 19 |
| Working Cash Notes issued at the demand
and direction of a | 20 |
| Service Board or any Working Cash Notes the proceeds of
which | 21 |
| were used for the direct benefit of a Service Board or any | 22 |
| other
Bonds or Notes of the Authority the proceeds of which | 23 |
| were used for the
direct benefit of a Service Board shall | 24 |
| constitute a reduction of the amount
of any other funds | 25 |
| provided by the Authority to that Service
Board. The Authority | 26 |
| shall, after deducting any costs of issuance, tender
the net |
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| proceeds of any Working Cash Notes issued at the demand and
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| direction of a Service Board to such Service Board as soon as | 3 |
| may be
practicable after the proceeds are received. The | 4 |
| Authority may also issue
notes or bonds to pay, refund or | 5 |
| redeem any of its notes and bonds,
including to pay redemption | 6 |
| premiums or accrued interest on such bonds or
notes being | 7 |
| renewed, paid or refunded, and other costs in connection
| 8 |
| therewith. The Authority may also utilize the proceeds of any | 9 |
| such bonds or
notes to pay the legal, financial, administrative | 10 |
| and other expenses of
such authorization, issuance, sale or | 11 |
| delivery of bonds or notes or to
provide or increase a debt | 12 |
| service reserve fund with respect to any or all
of its bonds or | 13 |
| notes. The Authority may also issue and deliver
its bonds or | 14 |
| notes in exchange for any public transportation facilities,
| 15 |
| (including funds and rights relating thereto, as provided in | 16 |
| Section
2.05 of this Act) or in exchange for outstanding bonds | 17 |
| or notes of the
Authority, including any accrued interest or | 18 |
| redemption premium thereon,
without advertising or submitting | 19 |
| such notes or bonds for public bidding. | 20 |
| (b) The ordinance providing for the issuance of any such | 21 |
| bonds or
notes shall fix the date or dates of maturity, the | 22 |
| dates on which
interest is payable, any sinking fund account or | 23 |
| reserve fund account
provisions and all other details of such | 24 |
| bonds or notes and may provide
for such covenants or agreements | 25 |
| necessary or desirable with regard to
the issue, sale and | 26 |
| security of such bonds or notes. The rate or rates of
interest |
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| on its bonds or notes may be fixed or variable and the | 2 |
| Authority
shall determine or provide for the determination of | 3 |
| the rate or
rates of interest of its bonds or notes
issued | 4 |
| under this Act in an ordinance adopted by the Authority prior | 5 |
| to
the issuance thereof, none of which rates of interest shall | 6 |
| exceed
that permitted in the Bond Authorization Act. Interest | 7 |
| may be payable at such times as are provided for
by the Board. | 8 |
| Bonds and notes issued under this Section may
be issued as | 9 |
| serial or term obligations, shall be of such denomination
or | 10 |
| denominations and form, including interest coupons to be | 11 |
| attached
thereto, be executed in such manner, shall be payable | 12 |
| at such place or
places and bear such date as the Authority | 13 |
| shall fix by the ordinance
authorizing such bond or note and | 14 |
| shall mature at such time or times,
within a period not to | 15 |
| exceed forty years from the date of issue, and
may be | 16 |
| redeemable prior to maturity with or without premium, at the
| 17 |
| option of the Authority, upon such terms and conditions as the | 18 |
| Authority
shall fix by the ordinance authorizing the issuance | 19 |
| of such bonds or
notes. No bond anticipation note or any | 20 |
| renewal thereof shall mature at
any time or times exceeding 5 | 21 |
| years from the date of the first issuance
of such note. The | 22 |
| Authority may provide for the registration of bonds or
notes in | 23 |
| the name of the owner as to the principal alone or as to both
| 24 |
| principal and interest, upon such terms and conditions as the | 25 |
| Authority
may determine. The ordinance authorizing bonds or | 26 |
| notes may provide for
the exchange of such bonds or notes which |
|
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| are fully registered, as to
both principal and interest, with | 2 |
| bonds or notes which are registerable
as to principal only. All | 3 |
| bonds or notes issued under this Section by
the Authority other | 4 |
| than those issued in exchange for property or for
bonds or | 5 |
| notes of the Authority shall be sold at a price which may be at
| 6 |
| a premium or discount but such that the interest cost | 7 |
| (excluding any
redemption premium) to the Authority of the | 8 |
| proceeds of an issue of such
bonds or notes, computed to stated | 9 |
| maturity according to standard tables
of bond values, shall not | 10 |
| exceed that permitted in the Bond Authorization
Act. The | 11 |
| Authority shall notify
the
Governor's Office of Management and | 12 |
| Budget and the State Comptroller at least 30 days
before any | 13 |
| bond sale and shall file with the
Governor's Office of | 14 |
| Management and Budget and the
State Comptroller a certified | 15 |
| copy of any ordinance authorizing the issuance
of bonds at or | 16 |
| before the issuance of the bonds.
After December 31, 1994, any | 17 |
| such bonds or notes shall be sold
to the highest and best | 18 |
| bidder on sealed bids as the Authority shall deem.
As such | 19 |
| bonds or notes are to be sold the Authority shall advertise for
| 20 |
| proposals to purchase the bonds or notes which advertisement | 21 |
| shall be published
at least once in a daily newspaper of | 22 |
| general circulation published in the
metropolitan region at | 23 |
| least 10 days before the time set for the submission
of bids. | 24 |
| The Authority shall have the right to reject any or all bids.
| 25 |
| Notwithstanding any other provisions of this Section, Working | 26 |
| Cash Notes or
bonds or notes to provide funds for |
|
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| self-insurance or a joint self-insurance
pool or entity may be | 2 |
| sold either upon competitive bidding or by negotiated
sale
| 3 |
| (without any requirement of publication of intention to | 4 |
| negotiate the sale
of such Notes), as the Board shall determine | 5 |
| by ordinance adopted with the
affirmative votes of at least 9
| 6 |
| Directors. In case any officer whose signature
appears on any | 7 |
| bonds, notes or coupons authorized pursuant to this
Section | 8 |
| shall cease to be such officer before delivery of such bonds or
| 9 |
| notes, such signature shall nevertheless be valid and | 10 |
| sufficient for all
purposes, the same as if such officer had | 11 |
| remained in office until such
delivery. Neither the Directors | 12 |
| of the Authority nor any person
executing any bonds or notes | 13 |
| thereof shall be liable personally on any
such bonds or notes | 14 |
| or coupons by reason of the issuance thereof. | 15 |
| (c) All bonds or notes of the Authority issued pursuant to | 16 |
| this Section
shall be general obligations
of the Authority to | 17 |
| which shall be pledged the full faith and credit of the
| 18 |
| Authority, as provided in this Section. Such bonds or notes
| 19 |
| shall be secured
as provided in the authorizing ordinance, | 20 |
| which may, notwithstanding any other
provision of this Act, | 21 |
| include in addition to any other security, a specific
pledge or | 22 |
| assignment of and lien on or security interest in any or all | 23 |
| tax
receipts of the Authority and on any or all other revenues | 24 |
| or moneys of the
Authority from whatever source, which may by | 25 |
| law be utilized for debt
service purposes and a specific pledge | 26 |
| or assignment of and lien on or security
interest in any funds |
|
|
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| or accounts established or provided for by the ordinance
of the | 2 |
| Authority authorizing the issuance of such bonds or notes. Any | 3 |
| such
pledge, assignment, lien or security interest for the | 4 |
| benefit of holders of
bonds or notes of the Authority shall be | 5 |
| valid and binding from the time the
bonds or notes are issued | 6 |
| without any physical delivery or further act
and shall be valid | 7 |
| and binding as against and prior to the claims of all
other | 8 |
| parties having claims of any kind against the Authority or any | 9 |
| other
person irrespective of whether such other parties have | 10 |
| notice of such pledge,
assignment, lien or security interest. | 11 |
| The obligations of the Authority
incurred pursuant to this | 12 |
| Section shall be superior to and have priority over
any other | 13 |
| obligations of the Authority. | 14 |
| The Authority may provide in the
ordinance authorizing the | 15 |
| issuance of any bonds or notes issued pursuant to
this Section | 16 |
| for the creation of, deposits in, and regulation and | 17 |
| disposition
of sinking fund or reserve accounts relating to | 18 |
| such bonds or notes. The
ordinance authorizing the issuance of | 19 |
| any bonds or notes pursuant to this
Section may contain | 20 |
| provisions as part of the contract with the holders
of the | 21 |
| bonds or notes, for the creation of a separate fund to provide
| 22 |
| for the payment of principal and interest on such bonds or | 23 |
| notes
and for the deposit in such fund from any or all the tax | 24 |
| receipts of the
Authority and from any or all such other moneys | 25 |
| or revenues of the
Authority from whatever source which may by | 26 |
| law be utilized for debt
service purposes, all as provided in |
|
|
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| 1 |
| such ordinance, of amounts to meet
the debt service | 2 |
| requirements on such bonds or notes, including
principal and | 3 |
| interest, and any sinking fund or reserve fund account
| 4 |
| requirements as may be provided by such ordinance, and all | 5 |
| expenses
incident to or in connection with such fund and | 6 |
| accounts or the payment
of such bonds or notes.
Such ordinance | 7 |
| may also provide limitations on the issuance of additional
| 8 |
| bonds or notes of the Authority. No such bonds or notes of the | 9 |
| Authority
shall constitute a debt of the State of Illinois. | 10 |
| Nothing in this Act shall
be construed to enable the Authority | 11 |
| to impose any ad valorem tax on property. | 12 |
| (d) The ordinance of the Authority authorizing the issuance | 13 |
| of any bonds
or notes may provide additional security for such | 14 |
| bonds or notes by providing
for appointment of a corporate | 15 |
| trustee (which may be any trust company or
bank having the | 16 |
| powers of a trust company within the state) with respect
to | 17 |
| such bonds or notes. The ordinance shall prescribe the rights, | 18 |
| duties
and powers of the trustee to be exercised for the | 19 |
| benefit of the Authority
and the protection of the holders of | 20 |
| such bonds or notes. The ordinance
may provide for the trustee | 21 |
| to hold in trust, invest and use amounts in
funds and accounts | 22 |
| created as provided by the ordinance with respect to
the bonds | 23 |
| or notes. The ordinance may provide for the assignment and | 24 |
| direct
payment to the trustee of any or all amounts produced | 25 |
| from the sources
provided in Section 4.03 and Section 4.09 of | 26 |
| this Act and provided in Section 6z-17 of "An Act
in relation |
|
|
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| to State finance", approved June 10, 1919, as amended.
Upon | 2 |
| receipt of notice of any such assignment, the Department of | 3 |
| Revenue and
the Comptroller of the State of Illinois shall | 4 |
| thereafter, notwithstanding the
provisions of Section 4.03 and | 5 |
| Section 4.09 of this Act and Section 6z-17 of "An Act in | 6 |
| relation
to State finance", approved June 10, 1919, as amended, | 7 |
| provide for such
assigned amounts to be paid directly to the | 8 |
| trustee instead of the Authority,
all in accordance with the | 9 |
| terms of the ordinance making the assignment. The
ordinance | 10 |
| shall provide that
amounts so paid to the trustee which are not | 11 |
| required to be deposited, held
or invested in funds and | 12 |
| accounts created by the ordinance with respect
to bonds or | 13 |
| notes or used for paying bonds or notes to be paid by the | 14 |
| trustee
to the Authority. | 15 |
| (e) Any bonds or notes of the Authority issued pursuant to | 16 |
| this
Section shall constitute a contract between the Authority | 17 |
| and the
holders from time to time of such bonds or notes. In | 18 |
| issuing any bond or
note, the Authority may include in the | 19 |
| ordinance authorizing such issue
a covenant as part of the | 20 |
| contract with the holders of the bonds or
notes, that as long | 21 |
| as such obligations are outstanding, it shall make
such | 22 |
| deposits, as provided in paragraph (c) of this Section. It may | 23 |
| also
so covenant that it shall impose and continue to impose | 24 |
| taxes, as
provided in Section 4.03 of this Act and in addition | 25 |
| thereto as
subsequently authorized by law, sufficient to make | 26 |
| such deposits and pay
the principal and interest and to meet |
|
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| 1 |
| other debt service requirements
of such bonds or notes as they | 2 |
| become due. A certified copy of the
ordinance authorizing the | 3 |
| issuance of any such obligations shall be
filed at or prior to | 4 |
| the issuance of such obligations with the Comptroller
of the | 5 |
| State of Illinois and the Illinois Department of Revenue. | 6 |
| (f) The State of Illinois pledges to and agrees with the | 7 |
| holders of
the bonds and notes of the Authority issued pursuant | 8 |
| to this Section
that the State will not limit or alter the | 9 |
| rights and powers vested in
the Authority by this Act so as to | 10 |
| impair the terms of any contract made
by the Authority with | 11 |
| such holders or in any way impair the rights and
remedies of | 12 |
| such holders until such bonds and notes, together with
interest | 13 |
| thereon, with interest on any unpaid installments of interest,
| 14 |
| and all costs and expenses in connection with any action or | 15 |
| proceedings
by or on behalf of such holders, are fully met and | 16 |
| discharged. In
addition, the State pledges to and agrees with | 17 |
| the holders of the bonds
and notes of the Authority issued | 18 |
| pursuant to this Section that the
State will not limit or alter | 19 |
| the basis on which State funds are to be
paid to the Authority | 20 |
| as provided in this Act, or the use of such funds,
so as to | 21 |
| impair the terms of any such contract. The Authority is
| 22 |
| authorized to include these pledges and agreements of the State | 23 |
| in any
contract with the holders of bonds or notes issued | 24 |
| pursuant to this
Section. | 25 |
| (g) (1) Except as provided in subdivisions (g)(2) and | 26 |
| (g)(3) of Section
4.04 of this Act, the Authority shall not |
|
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09600SB0941ham002 |
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|
| 1 |
| at any time issue, sell or deliver
any bonds or notes | 2 |
| (other than Working Cash Notes) pursuant to this Section
| 3 |
| 4.04 which will cause
it to have issued and outstanding at | 4 |
| any time in excess of $800,000,000 of such
bonds and notes | 5 |
| (other than Working Cash Notes).
The Authority shall not at | 6 |
| any time issue, sell, or deliver any Working Cash Notes | 7 |
| pursuant to this Section before January 1, 2012, that will | 8 |
| cause it to have issued and outstanding at any time in | 9 |
| excess of $400,000,000. The Authority shall not issue, | 10 |
| sell, or deliver any Working Cash Notes pursuant to this | 11 |
| Section on or after January 1, 2012, that will cause it to | 12 |
| have issued and outstanding at any time in excess of | 13 |
| $100,000,000. Notwithstanding the foregoing, before July | 14 |
| 1, 2009, the Authority may issue, sell, and deliver an | 15 |
| additional $300,000,000 in Working Cash Notes, provided | 16 |
| that any such additional notes shall mature on or before | 17 |
| June 30, 2011.
Bonds or notes which are being paid or | 18 |
| retired by
such issuance, sale or delivery of bonds or | 19 |
| notes, and bonds or notes for
which sufficient funds have | 20 |
| been deposited with the paying agency of
such bonds or | 21 |
| notes to provide for payment of principal and interest
| 22 |
| thereon or to provide for the redemption thereof, all | 23 |
| pursuant to the
ordinance authorizing the issuance of such | 24 |
| bonds or notes, shall not be
considered to be outstanding | 25 |
| for the purposes of the first two sentences
of this | 26 |
| subsection. |
|
|
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09600SB0941ham002 |
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|
| 1 |
| (2) In addition to the authority provided by paragraphs
| 2 |
| (1) and (3), the Authority is authorized to issue, sell and | 3 |
| deliver bonds
or notes for Strategic Capital Improvement | 4 |
| Projects approved pursuant to
Section 4.13 as follows: | 5 |
| $100,000,000 is authorized to be issued on or after | 6 |
| January 1, 1990; | 7 |
| an additional $100,000,000 is authorized to be issued | 8 |
| on or after
January 1, 1991; | 9 |
| an additional $100,000,000 is authorized to be issued | 10 |
| on or after
January 1, 1992; | 11 |
| an additional $100,000,000 is authorized to be issued | 12 |
| on or after
January 1, 1993; | 13 |
| an additional $100,000,000 is authorized to be issued | 14 |
| on or after
January 1, 1994; and | 15 |
| the aggregate total authorization of bonds and notes | 16 |
| for Strategic
Capital Improvement Projects as of January 1, | 17 |
| 1994, shall be $500,000,000. | 18 |
| The Authority is also authorized to issue, sell, and | 19 |
| deliver bonds or
notes in such amounts as are necessary to | 20 |
| provide for the refunding or advance
refunding of bonds or | 21 |
| notes issued for Strategic Capital Improvement Projects
| 22 |
| under this subdivision (g)(2), provided that no such | 23 |
| refunding bond or note
shall mature later than the final | 24 |
| maturity date of the series of bonds or notes
being | 25 |
| refunded, and provided further that the debt service | 26 |
| requirements for
such refunding bonds or notes in the |
|
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|
| 1 |
| current or any future fiscal year shall
not exceed the debt | 2 |
| service requirements for that year on the refunded bonds
or | 3 |
| notes. | 4 |
| (3) In addition to the authority provided by paragraphs | 5 |
| (1) and (2),
the Authority is authorized to issue, sell, | 6 |
| and deliver bonds or notes for
Strategic Capital | 7 |
| Improvement Projects approved pursuant to Section 4.13 as
| 8 |
| follows: | 9 |
| $260,000,000 is authorized to be issued on or after | 10 |
| January 1, 2000; | 11 |
| an additional $260,000,000 is authorized to be issued | 12 |
| on or after
January 1, 2001; | 13 |
| an additional $260,000,000 is authorized to be issued | 14 |
| on or after
January 1, 2002; | 15 |
| an additional $260,000,000 is authorized to be issued | 16 |
| on or after
January 1, 2003; | 17 |
| an additional $260,000,000 is authorized to be issued | 18 |
| on or after
January 1, 2004; and | 19 |
| the aggregate total authorization of bonds and notes | 20 |
| for Strategic
Capital Improvement Projects pursuant to | 21 |
| this paragraph (3) as of
January 1, 2004 shall be | 22 |
| $1,300,000,000. | 23 |
| The Authority is also authorized to issue, sell, and | 24 |
| deliver bonds or notes
in such amounts as are necessary to | 25 |
| provide for the refunding or advance
refunding of bonds or | 26 |
| notes issued for Strategic Capital Improvement projects
|
|
|
|
09600SB0941ham002 |
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|
| 1 |
| under this subdivision (g)(3), provided that no such | 2 |
| refunding bond or note
shall mature later than the final | 3 |
| maturity date of the series of bonds or notes
being | 4 |
| refunded, and provided further that the debt service | 5 |
| requirements for
such refunding bonds or notes in the | 6 |
| current or any future fiscal year shall
not exceed the debt | 7 |
| service requirements for that year on the refunded bonds or
| 8 |
| notes. | 9 |
| (h) The Authority, subject to the terms of any agreements | 10 |
| with noteholders
or bond holders as may then exist, shall have | 11 |
| power, out of any funds
available therefor, to purchase notes | 12 |
| or bonds of the Authority, which
shall thereupon be cancelled. | 13 |
| (i) In addition to any other authority granted by law, the | 14 |
| State Treasurer
may, with the approval of the Governor, invest | 15 |
| or reinvest, at a price not
to exceed par, any State money in | 16 |
| the State Treasury which is not needed
for current expenditures | 17 |
| due or about to become due in Working Cash Notes. | 18 |
| (Source: P.A. 94-793, eff. 5-19-06; 95-708, eff. 1-18-08.)
| 19 |
| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law.".
|
|