Full Text of SB3812 96th General Assembly
SB3812sam001 96TH GENERAL ASSEMBLY
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Sen. Mike Jacobs
Filed: 2/24/2010
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| AMENDMENT TO SENATE BILL 3812
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| AMENDMENT NO. ______. Amend Senate Bill 3812 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The State Finance Act is amended by changing | 5 |
| Sections 6z-77 and 6z-78 as follows: | 6 |
| (30 ILCS 105/6z-77) | 7 |
| Sec. 6z-77. The Capital Projects Fund. The Capital Projects | 8 |
| Fund is created as a special fund in the State Treasury. The | 9 |
| State Comptroller and State Treasurer shall transfer from the | 10 |
| Capital Projects Fund to the General Revenue Fund $61,294,550 | 11 |
| on October 1, 2009, $122,589,100 on January 1, 2010, and | 12 |
| $61,294,550 on April 1, 2010. Beginning on July 1, 2010, and on | 13 |
| July 1 and January 1 of each year thereafter, the State | 14 |
| Comptroller and State Treasurer shall transfer the sum of | 15 |
| $122,589,100 from the Capital Projects Fund to the General | 16 |
| Revenue Fund. Subject to appropriation, the Capital Projects |
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| Fund may be used only for capital projects and the payment of | 2 |
| debt service on bonds issued for capital projects ; however, if | 3 |
| a municipality or county prohibits video gaming pursuant to | 4 |
| Section 27 or 70 of the Video Gaming Act, then capital projects | 5 |
| and the payment of debt service on bonds issued for capital | 6 |
| projects within the municipality or county may not be funded | 7 |
| from proceeds of video gaming that are deposited into the | 8 |
| Capital Projects Fund . All interest earned on moneys in the | 9 |
| Fund shall be deposited into the Fund. The Fund shall not be | 10 |
| subject to administrative charges or chargebacks, such as but | 11 |
| not limited to those authorized under Section 8h.
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| (Source: P.A. 96-34, eff. 7-13-09.) | 13 |
| (30 ILCS 105/6z-78)
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| Sec. 6z-78. Capital Projects Fund; bonded indebtedness; | 15 |
| transfers. Money in the Capital Projects Fund shall, if and | 16 |
| when the State of Illinois incurs any bonded indebtedness using | 17 |
| the bond authorization enacted in this amendatory Act of the | 18 |
| 96th General Assembly, be set aside and used for the purpose of | 19 |
| paying and discharging annually the principal and interest on | 20 |
| that bonded indebtedness then due and payable. If a | 21 |
| municipality or county prohibits video gaming pursuant to | 22 |
| Section 27 or 70 of the Video Gaming Act, then the proceeds of | 23 |
| video gaming that are deposited into the Capital Projects Fund | 24 |
| may not be used for the purpose of paying for bonds issued for | 25 |
| capital projects within the municipality or county. |
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| In addition to other transfers to the General Obligation | 2 |
| Bond Retirement and Interest Fund made pursuant to Section 15 | 3 |
| of the General Obligation Bond Act, upon each delivery of | 4 |
| general obligation bonds using bond authorization enacted in | 5 |
| Public Act 96-36 this amendatory Act of the 96th General | 6 |
| Assembly the State Comptroller shall compute and certify to the | 7 |
| State Treasurer the total amount of principal of, interest on, | 8 |
| and premium, if any, on such bonds during the then current and | 9 |
| each succeeding fiscal year. With respect to the interest | 10 |
| payable on variable rate bonds, such certifications shall be | 11 |
| calculated at the maximum rate of interest that may be payable | 12 |
| during the fiscal year, after taking into account any credits | 13 |
| permitted in the related indenture or other instrument against | 14 |
| the amount of such interest required to be appropriated for the | 15 |
| period. | 16 |
| (a) Except as provided for in subsection (b), on or before | 17 |
| the last day of each month, the State Treasurer and State | 18 |
| Comptroller shall transfer from the Capital Projects Fund to | 19 |
| the General Obligation Bond Retirement and Interest Fund an | 20 |
| amount sufficient to pay the aggregate of the principal of, | 21 |
| interest on, and premium, if any, on the bonds payable on their | 22 |
| next payment date, divided by the number of monthly transfers | 23 |
| occurring between the last previous payment date (or the | 24 |
| delivery date if no payment date has yet occurred) and the next | 25 |
| succeeding payment date. Interest payable on variable rate | 26 |
| bonds shall be calculated at the maximum rate of interest that |
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| may be payable for the relevant period, after taking into | 2 |
| account any credits permitted in the related indenture or other | 3 |
| instrument against the amount of such interest required to be | 4 |
| appropriated for that period. Interest for which moneys have | 5 |
| already been deposited into the capitalized interest account | 6 |
| within the General Obligation Bond Retirement and Interest Fund | 7 |
| shall not be included in the calculation of the amounts to be | 8 |
| transferred under this subsection.
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| (b) On or before the last day of each month, the State | 10 |
| Treasurer and State Comptroller shall transfer from the Capital | 11 |
| Projects Fund to the General Obligation Bond Retirement and | 12 |
| Interest Fund an amount sufficient to pay the aggregate of the | 13 |
| principal of, interest on, and premium, if any, on the bonds | 14 |
| issued prior to January 1, 2012 pursuant to Section 4(d) of the | 15 |
| General Obligation Bond Act payable on their next payment date, | 16 |
| divided by the number of monthly transfers occurring between | 17 |
| the last previous payment date (or the delivery date if no | 18 |
| payment date has yet occurred) and the next succeeding payment | 19 |
| date. If the available balance in the Capital Projects Fund is | 20 |
| not sufficient for the transfer required in this subsection, | 21 |
| the State Treasurer and State Comptroller shall transfer the | 22 |
| difference from the Road Fund to the General Obligation Bond | 23 |
| Retirement and Interest Fund; except that such Road Fund | 24 |
| transfers shall constitute a debt of the Capital Projects Fund | 25 |
| which shall be repaid according to subsection (c). Interest | 26 |
| payable on variable rate bonds shall be calculated at the |
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| maximum rate of interest that may be payable for the relevant | 2 |
| period, after taking into account any credits permitted in the | 3 |
| related indenture or other instrument against the amount of | 4 |
| such interest required to be appropriated for that period. | 5 |
| Interest for which moneys have already been deposited into the | 6 |
| capitalized interest account within the General Obligation | 7 |
| Bond Retirement and Interest Fund shall not be included in the | 8 |
| calculation of the amounts to be transferred under this | 9 |
| subsection. | 10 |
| (c) On the first day of any month when the Capital Projects | 11 |
| Fund is carrying a debt to the Road Fund due to the provisions | 12 |
| of subsection (b), the State Treasurer and State Comptroller | 13 |
| shall transfer from the Capital Projects Fund to the Road Fund | 14 |
| an amount sufficient to discharge that debt. These transfers to | 15 |
| the Road Fund shall continue until the Capital Projects Fund | 16 |
| has repaid to the Road Fund all transfers made from the Road | 17 |
| Fund pursuant to subsection (b). Notwithstanding any other law | 18 |
| to the contrary, transfers to the Road Fund from the Capital | 19 |
| Projects Fund shall be made prior to any other expenditures or | 20 |
| transfers out of the Capital Projects Fund. | 21 |
| (Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09.)
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| Section 99. Effective date. This Act takes effect upon | 23 |
| becoming law.".
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