Full Text of SB1697 98th General Assembly
SB1697sam001 98TH GENERAL ASSEMBLY | Sen. Martin A. Sandoval Filed: 3/6/2013
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| 1 | | AMENDMENT TO SENATE BILL 1697
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1697 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Regional Transportation Authority Act is | 5 | | amended by changing Sections 3A.09 and 3B.09 as follows:
| 6 | | (70 ILCS 3615/3A.09) (from Ch. 111 2/3, par. 703A.09)
| 7 | | Sec. 3A.09. General Powers. In addition to any powers | 8 | | elsewhere provided
to the Suburban Bus Board, it shall have all | 9 | | of the powers specified in
Section 2.20 of this Act except for | 10 | | the powers specified in Section 2.20(a)(v). The Board shall | 11 | | also have the power:
| 12 | | (a) to cooperate with the Regional Transportation | 13 | | Authority in the
exercise by the Regional Transportation | 14 | | Authority of all the powers granted
it by such Act;
| 15 | | (b) to receive funds from the Regional Transportation | 16 | | Authority pursuant
to Sections 2.02, 4.01, 4.02, 4.09 and |
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| 1 | | 4.10 of the Regional Transportation
Authority Act, all as | 2 | | provided in the Regional Transportation Authority Act;
| 3 | | (c) to receive financial grants from the Regional | 4 | | Transportation
Authority or a Service Board, as defined in | 5 | | the Regional Transportation
Authority Act, upon such terms | 6 | | and conditions as shall be set forth in a
grant contract | 7 | | between either the Division and the Regional | 8 | | Transportation
Authority or the Division and another | 9 | | Service Board, which contract or
agreement may be for such | 10 | | number of years or duration as the parties agree,
all as | 11 | | provided in the Regional Transportation Authority Act; | 12 | | (d) to perform all functions necessary for the | 13 | | provision of paratransit services under Section 2.30 of | 14 | | this Act; and
| 15 | | (e) to borrow money for the purposes of: (i) | 16 | | constructing a new garage in the northwestern Cook County | 17 | | suburbs at an estimated cost of $60,000,000, (ii) | 18 | | converting the South Cook garage in Markham to a Compressed | 19 | | Natural Gas facility at an estimated cost of $12,000,000, | 20 | | (iii) constructing a new paratransit garage in DuPage | 21 | | County at an estimated cost of $25,000,000, and (iv) | 22 | | expanding the North Shore garage in Evanston to accommodate | 23 | | additional indoor bus parking at an estimated cost of | 24 | | $3,000,000. For the purpose of evidencing the obligation of | 25 | | the Suburban Bus Board to repay any money borrowed as | 26 | | provided in this subsection, the Suburban Bus Board may |
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| 1 | | issue revenue bonds from time to time pursuant to ordinance | 2 | | adopted by the Suburban Bus Board, subject to the approval | 3 | | of the Regional Transportation Authority of each such | 4 | | issuance by the affirmative vote of 12 of its then | 5 | | Directors; provided that the Suburban Bus Board may not | 6 | | issue bonds for the purpose of financing the acquisition, | 7 | | construction, or improvement of any facility other than | 8 | | those listed in this subsection (e). All such bonds shall | 9 | | be payable solely from the revenues or income or any other | 10 | | funds that the Suburban Bus Board may receive, provided | 11 | | that the Suburban Bus Board may not pledge as security for | 12 | | such bonds the moneys, if any, that the Suburban Bus Board | 13 | | receives from the Regional Transportation Authority | 14 | | pursuant to Section 4.03.3(f) of the Regional | 15 | | Transportation Authority Act. The bonds shall bear | 16 | | interest at a rate not to exceed the maximum rate | 17 | | authorized by the Bond Authorization Act and shall mature | 18 | | at such time or times not exceeding 25 years from their | 19 | | respective dates. Bonds issued pursuant to this paragraph | 20 | | must be issued with scheduled principal or mandatory | 21 | | redemption payments in equal amounts in each fiscal year | 22 | | over the term of the bonds, with the first principal or | 23 | | mandatory redemption payment scheduled within the fiscal | 24 | | year in which bonds are issued or within the next | 25 | | succeeding fiscal year. At least 25%, based on total | 26 | | principal amount, of all bonds authorized pursuant to this |
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| 1 | | Section shall be sold pursuant to notice of sale and public | 2 | | bid. No more than 75%, based on total principal amount, of | 3 | | all bonds authorized pursuant to this Section shall be sold | 4 | | by negotiated sale. The maximum principal amount of the | 5 | | bonds that may be issued may not exceed $100,000,000. The | 6 | | bonds shall have all the qualities of negotiable | 7 | | instruments under the laws of this State. To secure the | 8 | | payment of any or all of such bonds and for the purpose of | 9 | | setting forth the covenants and undertakings of the | 10 | | Suburban Bus Board in connection with the issuance thereof | 11 | | and the issuance of any additional bonds payable from such | 12 | | revenue or income as well as the use and application of the | 13 | | revenue or income received by the Suburban Bus Board, the | 14 | | Suburban Bus Board may execute and deliver a trust | 15 | | agreement or agreements; provided that no lien upon any | 16 | | physical property of the Suburban Bus Board shall be | 17 | | created thereby. A remedy for any breach or default of the | 18 | | terms of any such trust agreement by the Suburban Bus Board | 19 | | may be by mandamus proceedings in any court of competent | 20 | | jurisdiction to compel performance and compliance | 21 | | therewith, but the trust agreement may prescribe by whom or | 22 | | on whose behalf such action may be instituted. Under no | 23 | | circumstances shall any bonds issued by the Suburban Bus | 24 | | Board or any other obligation of the Suburban Bus Board in | 25 | | connection with the issuance of such bonds be or become an | 26 | | indebtedness or obligation of the State of Illinois, the |
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| 1 | | Regional Transportation Authority, or any other political | 2 | | subdivision of or municipality within the State, nor shall | 3 | | any such bonds or obligations be or become an indebtedness | 4 | | of the Suburban Bus Board within the purview of any | 5 | | constitutional limitation or provision, and it shall be | 6 | | plainly stated on the face of each bond that it does not | 7 | | constitute such an indebtedness or obligation but is | 8 | | payable solely from the revenues or income as aforesaid. | 9 | | (f) for the sole purposes of protecting, managing, and | 10 | | insuring against the risk associated with volatile fuel | 11 | | prices, enter into any option contract, forward contract, | 12 | | futures contract, swap, cap, or collar agreements with | 13 | | price floors or ceilings, or both, for fuel risk | 14 | | management, but only to the extent determined by the Board | 15 | | of Directors of the Regional Transportation Authority or | 16 | | the Suburban Bus Board to be in the best interests of the | 17 | | Authority or the Suburban Bus Board. | 18 | | (Source: P.A. 97-770, eff. 1-1-13.)
| 19 | | (70 ILCS 3615/3B.09) (from Ch. 111 2/3, par. 703B.09)
| 20 | | Sec. 3B.09. General Powers. In addition to any powers | 21 | | elsewhere provided
to the Commuter Rail Board, it shall have | 22 | | all of the powers specified in
Section 2.20 of this Act except | 23 | | for the powers specified in Section 2.20(a)(v).
The Board shall | 24 | | also have the power:
| 25 | | (a) to cooperate with the Regional Transportation |
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| 1 | | Authority in the
exercise by the Regional Transportation | 2 | | Authority of all the powers granted
it by such Act;
| 3 | | (b) to receive funds from the Regional Transportation | 4 | | Authority
pursuant to Sections 2.02, 4.01, 4.02, 4.09 and
4.10 | 5 | | of the "Regional Transportation Authority Act", all as provided | 6 | | in the
"Regional Transportation Authority Act";
| 7 | | (c) to receive financial grants from the Regional | 8 | | Transportation
Authority or a Service Board, as defined in the | 9 | | "Regional Transportation
Authority Act", upon such terms and | 10 | | conditions as shall be set forth in a
grant contract between | 11 | | either the Division and the Regional Transportation
Authority | 12 | | or the Division and another Service Board, which contract or
| 13 | | agreement may be for such number of years or duration as the | 14 | | parties may
agree, all as provided in the "Regional | 15 | | Transportation Authority Act"; and
| 16 | | (d) to borrow money for the purpose of acquiring, | 17 | | constructing, reconstructing, extending, or improving any | 18 | | Public Transportation Facilities (as defined in Section 1.03 of | 19 | | the Regional Transportation Authority Act) operated by or to be | 20 | | operated by or on behalf of the Commuter Rail Division. For the | 21 | | purpose of evidencing the obligation of the Commuter Rail Board | 22 | | to repay any money borrowed as provided in this subsection, the | 23 | | Commuter Rail Board may issue revenue bonds from time to time | 24 | | pursuant to ordinance adopted by the Commuter Rail Board, | 25 | | subject to the approval of the Regional Transportation | 26 | | Authority of each such issuance by the affirmative vote of 12 |
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| 1 | | of its then Directors; provided that the Commuter Rail Board | 2 | | may not issue bonds for the purpose of financing the | 3 | | acquisition, construction, or improvement of a corporate | 4 | | headquarters building. All such bonds shall be payable solely | 5 | | from the revenues or income or any other funds that the | 6 | | Commuter Rail Board may receive, provided that the Commuter | 7 | | Rail Board may not pledge as security for such bonds the | 8 | | moneys, if any, that the Commuter Rail Board receives from the | 9 | | Regional Transportation Authority pursuant to Section | 10 | | 4.03.3(f) of the Regional Transportation Authority Act. The | 11 | | bonds shall bear interest at a rate not to exceed the maximum | 12 | | rate authorized by the Bond Authorization Act and shall mature | 13 | | at such time or times not exceeding 25 years from their | 14 | | respective dates. Bonds issued pursuant to this paragraph must | 15 | | be issued with scheduled principal or mandatory redemption | 16 | | payments in equal amounts in each fiscal year over the term of | 17 | | the bonds, with the first principal or mandatory redemption | 18 | | payment scheduled within the fiscal year in which bonds are | 19 | | issued or within the next succeeding fiscal year. At least 25%, | 20 | | based on total principal amount, of all bonds authorized | 21 | | pursuant to this Section shall be sold pursuant to notice of | 22 | | sale and public bid. No more than 75%, based on total principal | 23 | | amount, of all bonds authorized pursuant to this Section shall | 24 | | be sold by negotiated sale. The maximum principal amount of the | 25 | | bonds that may be issued and outstanding at any time may not | 26 | | exceed $1,000,000,000. The bonds shall have all the qualities |
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| 1 | | of negotiable instruments under the laws of this State. To | 2 | | secure the payment of any or all of such bonds and for the | 3 | | purpose of setting forth the covenants and undertakings of the | 4 | | Commuter Rail Board in connection with the issuance thereof and | 5 | | the issuance of any additional bonds payable from such revenue | 6 | | or income as well as the use and application of the revenue or | 7 | | income received by the Commuter Rail Board, the Commuter Rail | 8 | | Board may execute and deliver a trust agreement or agreements; | 9 | | provided that no lien upon any physical property of the | 10 | | Commuter Rail Board shall be created thereby. A remedy for any | 11 | | breach or default of the terms of any such trust agreement by | 12 | | the Commuter Rail Board may be by mandamus proceedings in any | 13 | | court of competent jurisdiction to compel performance and | 14 | | compliance therewith, but the trust agreement may prescribe by | 15 | | whom or on whose behalf such action may be instituted. Under no | 16 | | circumstances shall any bonds issued by the Commuter Rail Board | 17 | | or any other obligation of the Commuter Rail Board in | 18 | | connection with the issuance of such bonds be or become an | 19 | | indebtedness or obligation of the State of Illinois, the | 20 | | Regional Transportation Authority, or any other political | 21 | | subdivision of or municipality within the State, nor shall any | 22 | | such bonds or obligations be or become an indebtedness of the | 23 | | Commuter Rail Board within the purview of any constitutional | 24 | | limitation or provision, and it shall be plainly stated on the | 25 | | face of each bond that it does not constitute such an | 26 | | indebtedness or obligation but is payable solely from the |
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| 1 | | revenues or income as aforesaid.
| 2 | | (e) for the sole purposes of protecting, managing, and | 3 | | insuring against the risk associated with volatile fuel prices, | 4 | | enter into any option contract, forward contract, futures | 5 | | contract, swap, cap, or collar agreements with price floors or | 6 | | ceilings, or both, for fuel risk management, but only to the | 7 | | extent determined by the Board of Directors of the Regional | 8 | | Transportation Authority or the Commuter Rail Board to be in | 9 | | the best interests of the Authority or the Commuter Rail Board. | 10 | | (Source: P.A. 95-708, eff. 1-18-08.)".
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.".
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