Full Text of HB1450 99th General Assembly
HB1450ham001 99TH GENERAL ASSEMBLY | Rep. Robert W. Pritchard Filed: 3/10/2015
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| 1 | | AMENDMENT TO HOUSE BILL 1450
| 2 | | AMENDMENT NO. ______. Amend House Bill 1450 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The General Obligation Bond Act is amended by | 5 | | changing Section 15 as follows:
| 6 | | (30 ILCS 330/15) (from Ch. 127, par. 665)
| 7 | | Sec. 15. Computation of Principal and Interest; transfers.
| 8 | | (a) Upon each delivery of Bonds authorized to be issued | 9 | | under this Act,
the Comptroller shall compute and certify to | 10 | | the Treasurer the total amount
of principal of, interest on, | 11 | | and premium, if any, on Bonds issued that will
be payable in | 12 | | order to retire such Bonds, the amount of principal of,
| 13 | | interest on and premium, if any, on such Bonds that will be | 14 | | payable on each
payment date according to the tenor of such | 15 | | Bonds during the then current and
each succeeding fiscal year, | 16 | | and the amount of sinking fund payments needed to be deposited |
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| 1 | | in connection with Qualified School Construction Bonds | 2 | | authorized by subsection (e) of Section 9.
With respect to the | 3 | | interest payable on variable rate bonds, such
certifications | 4 | | shall be calculated at the maximum rate of interest that
may be | 5 | | payable during the fiscal year, after taking into account any | 6 | | credits
permitted in the related indenture or other instrument | 7 | | against the amount
of such interest required to be appropriated | 8 | | for such period pursuant to
subsection (c) of Section 14 of | 9 | | this Act. With respect to the interest
payable, such | 10 | | certifications shall include the amounts certified by the
| 11 | | Director of the
Governor's Office of Management and Budget | 12 | | under subsection (b) of Section 9 of
this Act.
| 13 | | On or before the last day of each month the State Treasurer | 14 | | and Comptroller
shall transfer from (1) the Road Fund with | 15 | | respect to Bonds issued under
paragraph (a) of Section 4 of | 16 | | this Act or Bonds issued for the purpose of
refunding such | 17 | | bonds, and from (2) the General
Revenue Fund, with respect to | 18 | | all other Bonds issued under this Act, to the
General | 19 | | Obligation Bond Retirement and Interest Fund an amount | 20 | | sufficient to
pay the aggregate of the principal of, interest | 21 | | on, and premium, if any, on
Bonds payable, by their terms on | 22 | | the next payment date divided by the number of
full calendar | 23 | | months between the date of such Bonds and the first such | 24 | | payment
date, and thereafter, divided by the number of months | 25 | | between each succeeding
payment date after the first. Such | 26 | | computations and transfers shall be
made for each series of |
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| 1 | | Bonds issued and delivered. Interest payable on
variable rate | 2 | | bonds shall be calculated at the maximum rate of interest that
| 3 | | may be payable for the relevant period, after taking into | 4 | | account any credits
permitted in the related indenture or other | 5 | | instrument against the amount of
such interest required to be | 6 | | appropriated for such period pursuant to
subsection (c) of | 7 | | Section 14 of this Act. Computations of interest shall
include | 8 | | the amounts certified by the Director of the
Governor's Office | 9 | | of Management and Budget
under subsection (b) of Section 9 of | 10 | | this Act. Interest for which moneys
have already been deposited | 11 | | into the capitalized interest account within the
General | 12 | | Obligation Bond Retirement and Interest Fund shall not be | 13 | | included
in the calculation of the amounts to be transferred | 14 | | under this subsection. Notwithstanding any other provision in | 15 | | this Section, the transfer provisions provided in this | 16 | | paragraph shall not apply to transfers made in fiscal year 2010 | 17 | | or fiscal year 2011 with respect to Bonds issued in fiscal year | 18 | | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | 19 | | In the case of transfers made in fiscal year 2010 or fiscal | 20 | | year 2011 with respect to the Bonds issued in fiscal year 2010 | 21 | | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | 22 | | before the 15th day of the month prior to the required debt | 23 | | service payment, the State Treasurer and Comptroller shall | 24 | | transfer from the General Revenue Fund to the General | 25 | | Obligation Bond Retirement and Interest Fund an amount | 26 | | sufficient to pay the aggregate of the principal of, interest |
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| 1 | | on, and premium, if any, on the Bonds payable in that next | 2 | | month.
| 3 | | The transfer of monies herein and above directed is not | 4 | | required if monies
in the General Obligation Bond Retirement | 5 | | and Interest Fund are more than
the amount otherwise to be | 6 | | transferred as herein above provided, and if the
Governor or | 7 | | his authorized representative notifies the State Treasurer and
| 8 | | Comptroller of such fact in writing.
| 9 | | (b) After the effective date of this Act, the balance of, | 10 | | and monies
directed to be included in the Capital Development | 11 | | Bond Retirement and
Interest Fund, Anti-Pollution Bond | 12 | | Retirement and Interest Fund,
Transportation Bond, Series A | 13 | | Retirement and Interest Fund, Transportation
Bond, Series B | 14 | | Retirement and Interest Fund, and Coal Development Bond
| 15 | | Retirement and Interest Fund shall be transferred to and | 16 | | deposited in the
General Obligation Bond Retirement and | 17 | | Interest Fund. This Fund shall be
used to make debt service | 18 | | payments on the State's general obligation Bonds
heretofore | 19 | | issued which are now outstanding and payable from the Funds | 20 | | herein
listed as well as on Bonds issued under this Act.
| 21 | | (c) The unused portion of federal funds received for , or as | 22 | | a reimbursement for, a capital
facilities project, as | 23 | | authorized by Section 3 of this Act, for which
monies from the | 24 | | Capital Development Fund have been expended shall remain in the | 25 | | Capital Development Board Contributory Trust Fund and shall be | 26 | | used for capital projects and for no other purpose, subject to |
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| 1 | | appropriation and as directed by the Capital Development Board. | 2 | | Any federal funds received as reimbursement
for the completed | 3 | | construction of a capital facilities project, as
authorized by | 4 | | Section 3 of this Act, for which monies from the Capital
| 5 | | Development Fund have been expended shall be deposited in the | 6 | | General
Obligation Bond Retirement and Interest Fund.
| 7 | | (Source: P.A. 98-245, eff. 1-1-14.)
| 8 | | Section 10. The Capital Development Bond Act of 1972 is | 9 | | amended by changing Section 9a as follows:
| 10 | | (30 ILCS 420/9a) (from Ch. 127, par. 759a)
| 11 | | Sec. 9a.
The unused portion of federal funds received for , | 12 | | or as a reimbursement for, a capital improvement
project for | 13 | | which moneys from the Capital Development Fund have been | 14 | | expended
shall remain in the Capital Development Board | 15 | | Contributory Trust Fund and shall be used for capital projects | 16 | | and for no other purpose, subject to appropriation and as | 17 | | directed by the Capital Development Board. Any federal funds | 18 | | received as reimbursement
for the completed construction of a | 19 | | capital improvement project for which
moneys from the Capital | 20 | | Development Fund have been expended shall be deposited
in the | 21 | | Capital Development Bond Retirement and Interest Fund.
| 22 | | (Source: P.A. 98-245, eff. 1-1-14.)
| 23 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law.".
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