Full Text of HB6240 97th General Assembly
HB6240ham001 97TH GENERAL ASSEMBLY | Rep. Esther Golar Filed: 11/26/2012
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| 1 | | AMENDMENT TO HOUSE BILL 6240
| 2 | | AMENDMENT NO. ______. Amend House Bill 6240 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by adding | 5 | | Section 5.826 as follows: | 6 | | (30 ILCS 105/5.826 new) | 7 | | Sec. 5.826. The State Fiscal Responsibility Fund. | 8 | | Section 10. The General Obligation Bond Act is amended by | 9 | | changing Sections 2 and 12 and by adding Section 7.6 as | 10 | | follows: | 11 | | (30 ILCS 330/2) (from Ch. 127, par. 652) | 12 | | Sec. 2. Authorization for Bonds. The State of Illinois is | 13 | | authorized to
issue, sell and provide for the retirement of | 14 | | General Obligation Bonds of
the State of Illinois for the |
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| 1 | | categories and specific purposes expressed in
Sections 2 | 2 | | through 8 of this Act, in the total amount of $51,092,925,743 | 3 | | $47,092,925,743 $45,476,125,743 . | 4 | | The bonds authorized in this Section 2 and in Section 16 of | 5 | | this Act are
herein called "Bonds". | 6 | | Of the total amount of Bonds authorized in this Act, up to | 7 | | $2,200,000,000
in aggregate original principal amount may be | 8 | | issued and sold in accordance
with the Baccalaureate Savings | 9 | | Act in the form of General Obligation
College Savings Bonds. | 10 | | Of the total amount of Bonds authorized in this Act, up to | 11 | | $300,000,000 in
aggregate original principal amount may be | 12 | | issued and sold in accordance
with the Retirement Savings Act | 13 | | in the form of General Obligation
Retirement Savings Bonds. | 14 | | Of the total amount of Bonds authorized in this Act, the | 15 | | additional
$10,000,000,000 authorized by Public Act 93-2, the | 16 | | $3,466,000,000 authorized by Public Act 96-43, and the | 17 | | $4,096,348,300 authorized by Public Act 96-1497 shall be used | 18 | | solely as provided in Section 7.2. | 19 | | The issuance and sale of Bonds pursuant to the General | 20 | | Obligation Bond
Act is an economical and efficient method of | 21 | | financing the long-term capital needs of
the State. This Act | 22 | | will permit the issuance of a multi-purpose General
Obligation | 23 | | Bond with uniform terms and features. This will not only lower
| 24 | | the cost of registration but also reduce the overall cost of | 25 | | issuing debt
by improving the marketability of Illinois General | 26 | | Obligation Bonds. |
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| 1 | | (Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-43, | 2 | | eff. 7-15-09; 96-885, eff. 3-11-10; 96-1000, eff. 7-2-10; | 3 | | 96-1497, eff. 1-14-11; 96-1554, eff. 3-18-11; 97-333, eff. | 4 | | 8-12-11; 97-771, eff. 7-10-12; 97-813, eff. 7-13-12; revised | 5 | | 7-23-12.) | 6 | | (30 ILCS 330/7.6 new) | 7 | | Sec. 7.6. Payments to bona fide creditors. | 8 | | (a) The amount of $4,000,000,000 is authorized to be used | 9 | | for the purpose of making payments to bona fide creditors of | 10 | | the State who: (1) have submitted a bill or invoice to the | 11 | | State that (A) was properly approved under rules adopted under | 12 | | Section 3-3 of the State Prompt Payment Act prior to September | 13 | | 1, 2012, and (B) was not paid within 30 days after the bill or | 14 | | invoice was submitted to the State Comptroller; or (2) are | 15 | | entitled to payment from State funds if the State is more than | 16 | | 30 days delinquent in the payment of those funds as of | 17 | | September 1, 2012. For the purposes of this Section, the term | 18 | | "bona fide creditor" includes, but is not limited to, | 19 | | healthcare providers, public and private universities, school | 20 | | districts, units of local government, and State vendors. The | 21 | | proceeds of the additional $4,000,000,000 of bonds authorized | 22 | | by this amendatory Act of the 97th General Assembly shall not | 23 | | be used to pay contributions to any pension or retirement | 24 | | system of the State, any unit of local government or school | 25 | | district, or any agency or instrumentality thereof. |
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| 1 | | (b) The proceeds of the additional $4,000,000,000 of bonds | 2 | | authorized by this amendatory Act of the 97th General Assembly, | 3 | | less the amounts directly paid out for bond sale expenses under | 4 | | Section 8, shall be deposited into the State Fiscal | 5 | | Responsibility Fund, a special fund created in the State | 6 | | Treasury. Moneys in the State Fiscal Responsibility Fund shall | 7 | | be used to make payments to bona fide creditors of the State, | 8 | | as defined in subsection (a). Those payments shall be made by | 9 | | the Comptroller according to the date on which the debt first | 10 | | became delinquent, with the oldest debts to be paid first. | 11 | | (c) The State Fiscal Responsibility Fund is not subject to | 12 | | administrative charges or chargebacks, including, but not | 13 | | limited to, those authorized under Section 8h of the State | 14 | | Finance Act.
| 15 | | (30 ILCS 330/12) (from Ch. 127, par. 662)
| 16 | | Sec. 12. Allocation of Proceeds from Sale of Bonds.
| 17 | | (a) Proceeds from the sale of Bonds, authorized by Section | 18 | | 3 of this Act,
shall be deposited in the separate fund known as | 19 | | the Capital Development Fund.
| 20 | | (b) Proceeds from the sale of Bonds, authorized by | 21 | | paragraph (a) of Section
4 of this Act, shall be deposited in | 22 | | the separate fund known as the
Transportation Bond, Series A | 23 | | Fund.
| 24 | | (c) Proceeds from the sale of Bonds, authorized by | 25 | | paragraphs (b) and (c)
of Section 4 of this Act, shall be |
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| 1 | | deposited in the separate fund known
as the Transportation | 2 | | Bond, Series B Fund.
| 3 | | (c-1) Proceeds from the sale of Bonds, authorized by | 4 | | paragraph (d) of Section 4 of this Act, shall be deposited into | 5 | | the Transportation Bond Series D Fund, which is hereby created. | 6 | | (d) Proceeds from the sale of Bonds, authorized by Section | 7 | | 5 of this
Act, shall be deposited in the separate fund known as | 8 | | the School Construction
Fund.
| 9 | | (e) Proceeds from the sale of Bonds, authorized by Section | 10 | | 6 of this Act,
shall be deposited in the separate fund known as | 11 | | the Anti-Pollution Fund.
| 12 | | (f) Proceeds from the sale of Bonds, authorized by Section | 13 | | 7 of this Act,
shall be deposited in the separate fund known as | 14 | | the Coal Development Fund.
| 15 | | (f-2) Proceeds from the sale of Bonds, authorized by | 16 | | Section 7.2 of this
Act, shall be deposited as set forth in | 17 | | Section 7.2.
| 18 | | (f-5) Proceeds from the sale of Bonds, authorized by | 19 | | Section 7.5 of this
Act, shall be deposited as set forth in | 20 | | Section 7.5.
| 21 | | (f-6) Proceeds from the sale of Bonds authorized by Section | 22 | | 7.6 of this
Act shall be deposited as set forth in Section 7.6. | 23 | | (g) Proceeds from the sale of Bonds, authorized by Section | 24 | | 8 of this Act,
shall be deposited in
the Capital Development | 25 | | Fund.
| 26 | | (h) Subsequent to the issuance of any Bonds for the |
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| 1 | | purposes described
in Sections 2 through 8 of this Act, the | 2 | | Governor and the Director of the
Governor's Office of | 3 | | Management and Budget may provide for the reallocation of | 4 | | unspent proceeds
of such Bonds to any other purposes authorized | 5 | | under said Sections of this
Act, subject to the limitations on | 6 | | aggregate principal amounts contained
therein. Upon any such | 7 | | reallocation, such unspent proceeds shall be
transferred to the | 8 | | appropriate funds as determined by reference to
paragraphs (a) | 9 | | through (g) of this Section.
| 10 | | (Source: P.A. 96-36, eff. 7-13-09.)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.".
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