Full Text of HB4568 97th General Assembly
HB4568sam001 97TH GENERAL ASSEMBLY | Sen. Donne E. Trotter Filed: 5/30/2012
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| 1 | | AMENDMENT TO HOUSE BILL 4568
| 2 | | AMENDMENT NO. ______. Amend House Bill 4568 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by changing | 5 | | Section 6z-78 as follows: | 6 | | (30 ILCS 105/6z-78)
| 7 | | Sec. 6z-78. Capital Projects Fund; bonded indebtedness; | 8 | | transfers. Money in the Capital Projects Fund shall, if and | 9 | | when the State of Illinois incurs any bonded indebtedness using | 10 | | the bond authorizations enacted in Public Act 96-36 , and Public | 11 | | Act 96-1554 this amendatory Act of the 96th General Assembly , | 12 | | and this amendatory Act of the 97th General Assembly, be set | 13 | | aside and used for the purpose of paying and discharging | 14 | | annually the principal and interest on that bonded indebtedness | 15 | | then due and payable. | 16 | | In addition to other transfers to the General Obligation |
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| 1 | | Bond Retirement and Interest Fund made pursuant to Section 15 | 2 | | of the General Obligation Bond Act, upon each delivery of | 3 | | general obligation bonds using bond authorizations enacted in | 4 | | Public Act 96-36 , and Public Act 96-1554 this amendatory Act of | 5 | | the 96th General Assembly , and this amendatory Act of the 97th | 6 | | General Assembly the State Comptroller shall compute and | 7 | | certify to the State Treasurer the total amount of principal | 8 | | of, interest on, and premium, if any, on such bonds during the | 9 | | then current and each succeeding fiscal year. With respect to | 10 | | the interest payable on variable rate bonds, such | 11 | | certifications shall be calculated at the maximum rate of | 12 | | interest that may be payable during the fiscal year, after | 13 | | taking into account any credits permitted in the related | 14 | | indenture or other instrument against the amount of such | 15 | | interest required to be appropriated for the 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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| 1 | | 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.
| 9 | | (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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| 1 | | 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; | 22 | | 96-1554, eff. 3-18-11.) | 23 | | Section 10. The General Obligation Bond Act is amended by | 24 | | changing Sections 2 and 4 as follows: |
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| 1 | | (30 ILCS 330/2) (from Ch. 127, par. 652) | 2 | | Sec. 2. Authorization for Bonds. The State of Illinois is | 3 | | authorized to
issue, sell and provide for the retirement of | 4 | | General Obligation Bonds of
the State of Illinois for the | 5 | | categories and specific purposes expressed in
Sections 2 | 6 | | through 8 of this Act, in the total amount of $47,346,525,743 | 7 | | $41,314,125,743 $41,379,777,443 . | 8 | | The bonds authorized in this Section 2 and in Section 16 of | 9 | | this Act are
herein called "Bonds". | 10 | | Of the total amount of Bonds authorized in this Act, up to | 11 | | $2,200,000,000
in aggregate original principal amount may be | 12 | | issued and sold in accordance
with the Baccalaureate Savings | 13 | | Act in the form of General Obligation
College Savings Bonds. | 14 | | Of the total amount of Bonds authorized in this Act, up to | 15 | | $300,000,000 in
aggregate original principal amount may be | 16 | | issued and sold in accordance
with the Retirement Savings Act | 17 | | in the form of General Obligation
Retirement Savings Bonds. | 18 | | Of the total amount of Bonds authorized in this Act, the | 19 | | additional
$10,000,000,000 authorized by Public Act 93-2, the | 20 | | $3,466,000,000 authorized by Public Act 96-43, and the | 21 | | $4,096,348,300 authorized by Public Act 96-1497 this | 22 | | amendatory Act of the 96th General Assembly shall be used | 23 | | solely as provided in Section 7.2. | 24 | | The issuance and sale of Bonds pursuant to the General | 25 | | Obligation Bond
Act is an economical and efficient method of | 26 | | financing the long-term capital needs of
the State. This Act |
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| 1 | | will permit the issuance of a multi-purpose General
Obligation | 2 | | Bond with uniform terms and features. This will not only lower
| 3 | | the cost of registration but also reduce the overall cost of | 4 | | issuing debt
by improving the marketability of Illinois General | 5 | | Obligation Bonds. | 6 | | (Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, | 7 | | eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10; | 8 | | 96-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff. | 9 | | 3-18-11; 97-333, eff. 8-12-11; revised 10-31-11.)
| 10 | | (30 ILCS 330/4) (from Ch. 127, par. 654)
| 11 | | Sec. 4. Transportation. The amount of $14,848,199,000 | 12 | | $12,443,799,000
is authorized for use by the Department of | 13 | | Transportation for the specific
purpose of promoting and | 14 | | assuring rapid, efficient, and safe highway, air and
mass | 15 | | transportation for the inhabitants of the State by providing | 16 | | monies,
including the making of grants and loans, for the | 17 | | acquisition, construction,
reconstruction, extension and | 18 | | improvement of the following transportation
facilities and | 19 | | equipment, and for the acquisition of real property and
| 20 | | interests in real property required or expected to be required | 21 | | in connection
therewith as follows:
| 22 | | (a) $5,432,129,000 for State highways, arterial
highways, | 23 | | freeways,
roads, bridges, structures separating highways and | 24 | | railroads and roads, and
bridges on roads maintained by | 25 | | counties, municipalities, townships or road
districts for the |
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| 1 | | following specific purposes:
| 2 | | (1) $3,330,000,000 for use statewide,
| 3 | | (2) $3,677,000 for use outside the Chicago urbanized
| 4 | | area,
| 5 | | (3) $7,543,000 for use within the Chicago urbanized | 6 | | area,
| 7 | | (4) $13,060,600 for use within the City of Chicago,
| 8 | | (5) $58,987,500 for use within the counties of Cook,
| 9 | | DuPage, Kane, Lake, McHenry and Will,
| 10 | | (6) $18,860,900 for use outside the counties of Cook, | 11 | | DuPage, Kane,
Lake, McHenry and Will, and
| 12 | | (7) $2,000,000,000 for use on projects included in | 13 | | either (i) the FY09-14 Proposed Highway Improvement | 14 | | Program as published by the Illinois Department of | 15 | | Transportation in May 2008 or (ii) the FY10-15 Proposed | 16 | | Highway Improvement Program to be published by the Illinois | 17 | | Department of Transportation in the spring of 2009; except | 18 | | that all projects must be maintenance projects for the | 19 | | existing State system with the goal of reaching 90% | 20 | | acceptable condition in the system statewide and further | 21 | | except that all projects must reflect the generally | 22 | | accepted historical distribution of projects throughout | 23 | | the State. | 24 | | (b) $5,379,670,000 $4,280,070,000 for rail facilities and | 25 | | for
mass transit facilities, as defined in Section 2705-305 of | 26 | | the Department of
Transportation Law (20 ILCS 2705/2705-305), |
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| 1 | | including rapid transit, rail, bus
and other equipment used in | 2 | | connection therewith by the State or any unit of
local | 3 | | government, special transportation district, municipal | 4 | | corporation or
other corporation or public authority | 5 | | authorized to provide and promote public
transportation within | 6 | | the State or two or more of the foregoing jointly, for
the | 7 | | following specific purposes:
| 8 | | (1) $4,283,870,000 $3,184,270,000 statewide,
| 9 | | (2) $83,350,000 for use within the counties of Cook,
| 10 | | DuPage, Kane, Lake, McHenry and Will,
| 11 | | (3) $12,450,000 for use outside the counties of Cook,
| 12 | | DuPage, Kane, Lake, McHenry and Will, and
| 13 | | (4) $1,000,000,000 for use on projects that shall | 14 | | reflect the generally accepted historical distribution of | 15 | | projects throughout the State. | 16 | | (c) $482,600,000 for airport or aviation facilities and any | 17 | | equipment used
in connection therewith, including engineering | 18 | | and land acquisition costs,
by the State or any unit of local | 19 | | government, special transportation district,
municipal | 20 | | corporation or other corporation or public authority | 21 | | authorized
to provide public transportation within the State, | 22 | | or two or more of the
foregoing acting jointly, and for the | 23 | | making of deposits into the Airport
Land Loan Revolving Fund | 24 | | for loans to public airport owners pursuant to the
Illinois | 25 | | Aeronautics Act.
| 26 | | (d) $3,553,800,000 $2,249,000,000 for use statewide for |
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| 1 | | State or local highways, arterial highways, freeways, roads, | 2 | | bridges, and structures separating highways and railroads and | 3 | | roads, and for grants to counties, municipalities, townships, | 4 | | or road districts for planning, engineering, acquisition, | 5 | | construction, reconstruction, development, improvement, | 6 | | extension, and all construction-related expenses of the public | 7 | | infrastructure and other transportation improvement projects | 8 | | which are related to economic development in the State of | 9 | | Illinois. | 10 | | (Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-37, | 11 | | eff. 7-13-09; 96-1554, eff. 3-18-11.)
| 12 | | Section 99. Effective date. This Act takes effect July 1, | 13 | | 2012.".
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