Illinois General Assembly - Full Text of SB0004
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Full Text of SB0004  100th General Assembly

SB0004ham001 100TH GENERAL ASSEMBLY

Rep. Gregory Harris

Filed: 5/22/2017

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 4

2    AMENDMENT NO. ______. Amend Senate Bill 4 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The General Obligation Bond Act is amended by
5changing Sections 2, 2.5, 9, 11, 12, and 13 and by adding
6Section 7.6 as follows:
 
7    (30 ILCS 330/2)  (from Ch. 127, par. 652)
8    Sec. 2. Authorization for Bonds. The State of Illinois is
9authorized to issue, sell and provide for the retirement of
10General Obligation Bonds of the State of Illinois for the
11categories and specific purposes expressed in Sections 2
12through 8 of this Act, in the total amount of $XXXX
13$49,917,925,743.
14    The bonds authorized in this Section 2 and in Section 16 of
15this Act are herein called "Bonds".
16    Of the total amount of Bonds authorized in this Act, up to

 

 

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1$2,200,000,000 in aggregate original principal amount may be
2issued and sold in accordance with the Baccalaureate Savings
3Act in the form of General Obligation College Savings Bonds.
4    Of the total amount of Bonds authorized in this Act, up to
5$300,000,000 in aggregate original principal amount may be
6issued and sold in accordance with the Retirement Savings Act
7in the form of General Obligation Retirement Savings Bonds.
8    Of the total amount of Bonds authorized in this Act, the
9additional $10,000,000,000 authorized by Public Act 93-2, the
10$3,466,000,000 authorized by Public Act 96-43, and the
11$4,096,348,300 authorized by Public Act 96-1497 shall be used
12solely as provided in Section 7.2.
13    Of the total amount of Bonds authorized in this Act, the
14additional $XXXX authorized by this amendatory Act of the 100th
15General Assembly shall be used solely as provided in Section
167.6 and shall be issued by September 1, 2017.
17    The issuance and sale of Bonds pursuant to the General
18Obligation Bond Act is an economical and efficient method of
19financing the long-term capital needs of the State. This Act
20will permit the issuance of a multi-purpose General Obligation
21Bond with uniform terms and features. This will not only lower
22the cost of registration but also reduce the overall cost of
23issuing debt by improving the marketability of Illinois General
24Obligation Bonds.
25(Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12;
2697-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff.

 

 

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18-16-13; 98-781, eff. 7-22-14.)
 
2    (30 ILCS 330/2.5)
3    Sec. 2.5. Limitation on issuance of Bonds.
4    (a) Except as provided in subsection (b), no Bonds may be
5issued if, after the issuance, in the next State fiscal year
6after the issuance of the Bonds, the amount of debt service
7(including principal, whether payable at maturity or pursuant
8to mandatory sinking fund installments, and interest) on all
9then-outstanding Bonds, other than (i) Bonds authorized by this
10amendatory Act of the 100th General Assembly, (ii) Bonds issued
11authorized by Public Act 96-43, and (iii) other than Bonds
12authorized by Public Act 96-1497, would exceed 7% of the
13aggregate appropriations from the general funds (which consist
14of the General Revenue Fund, the Common School Fund, the
15General Revenue Common School Special Account Fund, and the
16Education Assistance Fund) and the Road Fund for the fiscal
17year immediately prior to the fiscal year of the issuance.
18    (b) If the Comptroller and Treasurer each consent in
19writing, Bonds may be issued even if the issuance does not
20comply with subsection (a). In addition, $2,000,000,000 in
21Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7,
22and $2,000,000,000 in Refunding Bonds under Section 16, may be
23issued during State fiscal year 2017 without complying with
24subsection (a).
25(Source: P.A. 99-523, eff. 6-30-16.)
 

 

 

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1    (30 ILCS 330/7.6 new)
2    Sec. 7.6. State General Obligation Restructuring Bonds.
3    (a) As used in this Act, "State General Obligation
4Restructuring Bonds" means Bonds (i) authorized by this
5amendatory Act of the 100th General Assembly or any other
6Public Act of the 100th General Assembly authorizing the
7issuance of State General Obligation Restructuring Bonds and
8(ii) used for the payment of unpaid obligations of the State as
9incurred from time to time and as authorized by the General
10Assembly.
11    (b) State General Obligation Restructuring Bonds in the
12amount of $XXXX are hereby authorized to be used for purpose of
13paying vouchers incurred by the State prior to July 1, 2017.
14    (c) The proceeds of State General Obligation Restructuring
15Bonds authorized in subsection (b) of this Section, less the
16amounts authorized in the Bond Sale Order to be deposited
17directly into the capitalized interest account of the General
18Obligation Bond Retirement and Interest Fund or otherwise
19directly paid out for bond sale expenses under Section 8, shall
20be deposited into the General Revenue Fund, and the Comptroller
21and the Treasurer shall, as soon as practical, make payments as
22contemplated by this Section.
 
23    (30 ILCS 330/9)  (from Ch. 127, par. 659)
24    Sec. 9. Conditions for Issuance and Sale of Bonds -

 

 

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1Requirements for Bonds.
2    (a) Except as otherwise provided in this subsection and
3subsection (h), Bonds shall be issued and sold from time to
4time, in one or more series, in such amounts and at such prices
5as may be directed by the Governor, upon recommendation by the
6Director of the Governor's Office of Management and Budget.
7Bonds shall be in such form (either coupon, registered or book
8entry), in such denominations, payable within 25 years from
9their date, subject to such terms of redemption with or without
10premium, bear interest payable at such times and at such fixed
11or variable rate or rates, and be dated as shall be fixed and
12determined by the Director of the Governor's Office of
13Management and Budget in the order authorizing the issuance and
14sale of any series of Bonds, which order shall be approved by
15the Governor and is herein called a "Bond Sale Order"; provided
16however, that interest payable at fixed or variable rates shall
17not exceed that permitted in the Bond Authorization Act, as now
18or hereafter amended. Bonds shall be payable at such place or
19places, within or without the State of Illinois, and may be
20made registrable as to either principal or as to both principal
21and interest, as shall be specified in the Bond Sale Order.
22Bonds may be callable or subject to purchase and retirement or
23tender and remarketing as fixed and determined in the Bond Sale
24Order. Bonds, other than Bonds issued under Section 3 of this
25Act for the costs associated with the purchase and
26implementation of information technology, (i) except for

 

 

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1refunding Bonds satisfying the requirements of Section 16 of
2this Act and sold during fiscal year 2009, 2010, 2011, or 2017
3must be issued with principal or mandatory redemption amounts
4in equal amounts, with the first maturity issued occurring
5within the fiscal year in which the Bonds are issued or within
6the next succeeding fiscal year and (ii) must mature or be
7subject to mandatory redemption each fiscal year thereafter up
8to 25 years, except for refunding Bonds satisfying the
9requirements of Section 16 of this Act and sold during fiscal
10year 2009, 2010, or 2011 which must mature or be subject to
11mandatory redemption each fiscal year thereafter up to 16
12years. Bonds issued under Section 3 of this Act for the costs
13associated with the purchase and implementation of information
14technology must be issued with principal or mandatory
15redemption amounts in equal amounts, with the first maturity
16issued occurring with the fiscal year in which the respective
17bonds are issued or with the next succeeding fiscal year, with
18the respective bonds issued maturing or subject to mandatory
19redemption each fiscal year thereafter up to 10 years.
20Notwithstanding any provision of this Act to the contrary, the
21Bonds authorized by Public Act 96-43 shall be payable within 5
22years from their date and must be issued with principal or
23mandatory redemption amounts in equal amounts, with payment of
24principal or mandatory redemption beginning in the first fiscal
25year following the fiscal year in which the Bonds are issued.
26    Notwithstanding any provision of this Act to the contrary,

 

 

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1the Bonds authorized by Public Act 96-1497 shall be payable
2within 8 years from their date and shall be issued with payment
3of maturing principal or scheduled mandatory redemptions in
4accordance with the following schedule, except the following
5amounts shall be prorated if less than the total additional
6amount of Bonds authorized by Public Act 96-1497 are issued:
7    Fiscal Year After Issuance    Amount
8        1-2                        $0 
9        3                          $110,712,120
10        4                          $332,136,360
11        5                          $664,272,720
12        6-8                        $996,409,080
13    Notwithstanding any provision of this Act to the contrary,
14State General Obligation Restructuring Bonds issued under
15Section 7.6 shall be payable within 7 years from the date of
16sale and shall be issued with payment of principal or mandatory
17redemption as set forth in subsection (h) of this Section.
18    In the case of any series of Bonds bearing interest at a
19variable interest rate ("Variable Rate Bonds"), in lieu of
20determining the rate or rates at which such series of Variable
21Rate Bonds shall bear interest and the price or prices at which
22such Variable Rate Bonds shall be initially sold or remarketed
23(in the event of purchase and subsequent resale), the Bond Sale
24Order may provide that such interest rates and prices may vary
25from time to time depending on criteria established in such
26Bond Sale Order, which criteria may include, without

 

 

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1limitation, references to indices or variations in interest
2rates as may, in the judgment of a remarketing agent, be
3necessary to cause Variable Rate Bonds of such series to be
4remarketable from time to time at a price equal to their
5principal amount, and may provide for appointment of a bank,
6trust company, investment bank, or other financial institution
7to serve as remarketing agent in that connection. The Bond Sale
8Order may provide that alternative interest rates or provisions
9for establishing alternative interest rates, different
10security or claim priorities, or different call or amortization
11provisions will apply during such times as Variable Rate Bonds
12of any series are held by a person providing credit or
13liquidity enhancement arrangements for such Bonds as
14authorized in subsection (b) of this Section. The Bond Sale
15Order may also provide for such variable interest rates to be
16established pursuant to a process generally known as an auction
17rate process and may provide for appointment of one or more
18financial institutions to serve as auction agents and
19broker-dealers in connection with the establishment of such
20interest rates and the sale and remarketing of such Bonds.
21    (b) In connection with the issuance of any series of Bonds,
22the State may enter into arrangements to provide additional
23security and liquidity for such Bonds, including, without
24limitation, bond or interest rate insurance or letters of
25credit, lines of credit, bond purchase contracts, or other
26arrangements whereby funds are made available to retire or

 

 

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1purchase Bonds, thereby assuring the ability of owners of the
2Bonds to sell or redeem their Bonds. The State may enter into
3contracts and may agree to pay fees to persons providing such
4arrangements, but only under circumstances where the Director
5of the Governor's Office of Management and Budget certifies
6that he or she reasonably expects the total interest paid or to
7be paid on the Bonds, together with the fees for the
8arrangements (being treated as if interest), would not, taken
9together, cause the Bonds to bear interest, calculated to their
10stated maturity, at a rate in excess of the rate that the Bonds
11would bear in the absence of such arrangements.
12    The State may, with respect to Bonds issued or anticipated
13to be issued, participate in and enter into arrangements with
14respect to interest rate protection or exchange agreements,
15guarantees, or financial futures contracts for the purpose of
16limiting, reducing, or managing interest rate exposure. The
17authority granted under this paragraph, however, shall not
18increase the principal amount of Bonds authorized to be issued
19by law. The arrangements may be executed and delivered by the
20Director of the Governor's Office of Management and Budget on
21behalf of the State. Net payments for such arrangements shall
22constitute interest on the Bonds and shall be paid from the
23General Obligation Bond Retirement and Interest Fund. The
24Director of the Governor's Office of Management and Budget
25shall at least annually certify to the Governor and the State
26Comptroller his or her estimate of the amounts of such net

 

 

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1payments to be included in the calculation of interest required
2to be paid by the State.
3    (c) Prior to the issuance of any Variable Rate Bonds
4pursuant to subsection (a), the Director of the Governor's
5Office of Management and Budget shall adopt an interest rate
6risk management policy providing that the amount of the State's
7variable rate exposure with respect to Bonds shall not exceed
820%. This policy shall remain in effect while any Bonds are
9outstanding and the issuance of Bonds shall be subject to the
10terms of such policy. The terms of this policy may be amended
11from time to time by the Director of the Governor's Office of
12Management and Budget but in no event shall any amendment cause
13the permitted level of the State's variable rate exposure with
14respect to Bonds to exceed 20%.
15    (d) "Build America Bonds" in this Section means Bonds
16authorized by Section 54AA of the Internal Revenue Code of
171986, as amended ("Internal Revenue Code"), and bonds issued
18from time to time to refund or continue to refund "Build
19America Bonds".
20    (e) Notwithstanding any other provision of this Section,
21Qualified School Construction Bonds shall be issued and sold
22from time to time, in one or more series, in such amounts and
23at such prices as may be directed by the Governor, upon
24recommendation by the Director of the Governor's Office of
25Management and Budget. Qualified School Construction Bonds
26shall be in such form (either coupon, registered or book

 

 

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1entry), in such denominations, payable within 25 years from
2their date, subject to such terms of redemption with or without
3premium, and if the Qualified School Construction Bonds are
4issued with a supplemental coupon, bear interest payable at
5such times and at such fixed or variable rate or rates, and be
6dated as shall be fixed and determined by the Director of the
7Governor's Office of Management and Budget in the order
8authorizing the issuance and sale of any series of Qualified
9School Construction Bonds, which order shall be approved by the
10Governor and is herein called a "Bond Sale Order"; except that
11interest payable at fixed or variable rates, if any, shall not
12exceed that permitted in the Bond Authorization Act, as now or
13hereafter amended. Qualified School Construction Bonds shall
14be payable at such place or places, within or without the State
15of Illinois, and may be made registrable as to either principal
16or as to both principal and interest, as shall be specified in
17the Bond Sale Order. Qualified School Construction Bonds may be
18callable or subject to purchase and retirement or tender and
19remarketing as fixed and determined in the Bond Sale Order.
20Qualified School Construction Bonds must be issued with
21principal or mandatory redemption amounts or sinking fund
22payments into the General Obligation Bond Retirement and
23Interest Fund (or subaccount therefor) in equal amounts, with
24the first maturity issued, mandatory redemption payment or
25sinking fund payment occurring within the fiscal year in which
26the Qualified School Construction Bonds are issued or within

 

 

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1the next succeeding fiscal year, with Qualified School
2Construction Bonds issued maturing or subject to mandatory
3redemption or with sinking fund payments thereof deposited each
4fiscal year thereafter up to 25 years. Sinking fund payments
5set forth in this subsection shall be permitted only to the
6extent authorized in Section 54F of the Internal Revenue Code
7or as otherwise determined by the Director of the Governor's
8Office of Management and Budget. "Qualified School
9Construction Bonds" in this subsection means Bonds authorized
10by Section 54F of the Internal Revenue Code and for bonds
11issued from time to time to refund or continue to refund such
12"Qualified School Construction Bonds".
13    (f) Beginning with the next issuance by the Governor's
14Office of Management and Budget to the Procurement Policy Board
15of a request for quotation for the purpose of formulating a new
16pool of qualified underwriting banks list, all entities
17responding to such a request for quotation for inclusion on
18that list shall provide a written report to the Governor's
19Office of Management and Budget and the Illinois Comptroller.
20The written report submitted to the Comptroller shall (i) be
21published on the Comptroller's Internet website and (ii) be
22used by the Governor's Office of Management and Budget for the
23purposes of scoring such a request for quotation. The written
24report, at a minimum, shall:
25        (1) disclose whether, within the past 3 months,
26    pursuant to its credit default swap market-making

 

 

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1    activities, the firm has entered into any State of Illinois
2    credit default swaps ("CDS");
3        (2) include, in the event of State of Illinois CDS
4    activity, disclosure of the firm's cumulative notional
5    volume of State of Illinois CDS trades and the firm's
6    outstanding gross and net notional amount of State of
7    Illinois CDS, as of the end of the current 3-month period;
8        (3) indicate, pursuant to the firm's proprietary
9    trading activities, disclosure of whether the firm, within
10    the past 3 months, has entered into any proprietary trades
11    for its own account in State of Illinois CDS;
12        (4) include, in the event of State of Illinois
13    proprietary trades, disclosure of the firm's outstanding
14    gross and net notional amount of proprietary State of
15    Illinois CDS and whether the net position is short or long
16    credit protection, as of the end of the current 3-month
17    period;
18        (5) list all time periods during the past 3 months
19    during which the firm held net long or net short State of
20    Illinois CDS proprietary credit protection positions, the
21    amount of such positions, and whether those positions were
22    net long or net short credit protection positions; and
23        (6) indicate whether, within the previous 3 months, the
24    firm released any publicly available research or marketing
25    reports that reference State of Illinois CDS and include
26    those research or marketing reports as attachments.

 

 

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1    (g) All entities included on a Governor's Office of
2Management and Budget's pool of qualified underwriting banks
3list shall, as soon as possible after March 18, 2011 (the
4effective date of Public Act 96-1554), but not later than
5January 21, 2011, and on a quarterly fiscal basis thereafter,
6provide a written report to the Governor's Office of Management
7and Budget and the Illinois Comptroller. The written reports
8submitted to the Comptroller shall be published on the
9Comptroller's Internet website. The written reports, at a
10minimum, shall:
11        (1) disclose whether, within the past 3 months,
12    pursuant to its credit default swap market-making
13    activities, the firm has entered into any State of Illinois
14    credit default swaps ("CDS");
15        (2) include, in the event of State of Illinois CDS
16    activity, disclosure of the firm's cumulative notional
17    volume of State of Illinois CDS trades and the firm's
18    outstanding gross and net notional amount of State of
19    Illinois CDS, as of the end of the current 3-month period;
20        (3) indicate, pursuant to the firm's proprietary
21    trading activities, disclosure of whether the firm, within
22    the past 3 months, has entered into any proprietary trades
23    for its own account in State of Illinois CDS;
24        (4) include, in the event of State of Illinois
25    proprietary trades, disclosure of the firm's outstanding
26    gross and net notional amount of proprietary State of

 

 

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1    Illinois CDS and whether the net position is short or long
2    credit protection, as of the end of the current 3-month
3    period;
4        (5) list all time periods during the past 3 months
5    during which the firm held net long or net short State of
6    Illinois CDS proprietary credit protection positions, the
7    amount of such positions, and whether those positions were
8    net long or net short credit protection positions; and
9        (6) indicate whether, within the previous 3 months, the
10    firm released any publicly available research or marketing
11    reports that reference State of Illinois CDS and include
12    those research or marketing reports as attachments.
13    (h) Notwithstanding any other provision of this Section,
14for purposes of maximizing market efficiencies and cost
15savings, State General Obligation Restructuring Bonds may be
16issued and sold from time to time, in one or more series, in
17such amounts and at such prices as may be directed by the
18Governor, upon recommendation by the Director of the Governor's
19Office of Management and Budget. State General Obligation
20Restructuring Bonds shall be in such form, either coupon,
21registered, or book entry, in such denominations, shall bear
22interest payable at such times and at such fixed or variable
23rate or rates, and be dated as shall be fixed and determined by
24the Director of the Governor's Office of Management and Budget
25in the order authorizing the issuance and sale of any series of
26State General Obligation Restructuring Bonds, which order

 

 

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1shall be approved by the Governor and is herein called a "Bond
2Sale Order"; provided, however, that interest payable at fixed
3or variable rates shall not exceed that permitted in the Bond
4Authorization Act. State General Obligation Restructuring
5Bonds shall be payable at such place or places, within or
6without the State of Illinois, and may be made registrable as
7to either principal or as to both principal and interest, as
8shall be specified in the Bond Sale Order. State General
9Obligation Restructuring Bonds may be callable or subject to
10purchase and retirement or tender and remarketing as fixed and
11determined in the Bond Sale Order.
12    The aggregate principal and interest amounts of State
13General Obligation Restructuring Bonds authorized by and
14issued pursuant to this amendatory Act of the 100th General
15Assembly or other such amendatory Acts of the 100th General
16Assembly authorizing the issuance of State General Obligation
17Restructuring Bonds shall, in the aggregate, mature or be
18subject to redemption in the annual percentages set forth in
19the following schedule:
20        (1) for fiscal year 2019, 14.2857%;
21        (2) for fiscal year 2020, 14.2857%;
22        (3) for fiscal year 2021, 14.2857%;
23        (4) for fiscal year 2022, 14.2857%;
24        (5) for fiscal year 2023, 14.2857%;
25        (6) for fiscal year 2024, 14.2857%; and
26        (7) for fiscal year 2025, 14.2858%.

 

 

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1    Notwithstanding the foregoing, the principal amounts
2calculated above shall be in increments of $5,000. Moreover,
3the percentages set forth in items (1) through (7) shall be
4applicable to the aggregate principal amount of State General
5Obligation Restructuring Bonds authorized by this amendatory
6Act of the 100th General Assembly and any other amendatory Acts
7of the 100th General Assembly authorizing State General
8Obligation Restructuring Bonds. While individual series of
9State General Obligation Restructuring Bonds as may be sold
10from time to time need not be scheduled to mature or be subject
11to redemption in accordance with the percentages above,
12redemptions whether by maturity or sinking fund, in any fiscal
13year for all State General Obligation Restructuring Bonds, in
14the aggregate, shall be no less than the percentages shown
15above. Notwithstanding the foregoing, in the event that fewer
16than all of the State General Obligation Restructuring Bonds
17authorized by this amendatory Act of the 100th General Assembly
18have been issued by September 1, 2017, failure of the
19then-outstanding State General Obligation Restructuring Bonds
20to satisfy the repayment schedule set forth above shall not
21affect the validity of any of those outstanding Bonds.
22(Source: P.A. 99-523, eff. 6-30-16.)
 
23    (30 ILCS 330/11)  (from Ch. 127, par. 661)
24    Sec. 11. Sale of Bonds. Except as otherwise provided in
25this Section, Bonds shall be sold from time to time pursuant to

 

 

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1notice of sale and public bid or by negotiated sale in such
2amounts and at such times as is directed by the Governor, upon
3recommendation by the Director of the Governor's Office of
4Management and Budget. At least 25%, based on total principal
5amount, of all Bonds issued each fiscal year shall be sold
6pursuant to notice of sale and public bid. At all times during
7each fiscal year, no more than 75%, based on total principal
8amount, of the Bonds issued each fiscal year, shall have been
9sold by negotiated sale. Failure to satisfy the requirements in
10the preceding 2 sentences shall not affect the validity of any
11previously issued Bonds; provided that all Bonds authorized by
12Public Act 96-43 and Public Act 96-1497 shall not be included
13in determining compliance for any fiscal year with the
14requirements of the preceding 2 sentences; and further provided
15that refunding Bonds satisfying the requirements of Section 16
16of this Act and sold during fiscal year 2009, 2010, 2011, or
172017 shall not be subject to the requirements in the preceding
182 sentences.
19    If any Bonds, including refunding Bonds, are to be sold by
20negotiated sale, the Director of the Governor's Office of
21Management and Budget shall comply with the competitive request
22for proposal process set forth in the Illinois Procurement Code
23and all other applicable requirements of that Code.
24    If Bonds are to be sold pursuant to notice of sale and
25public bid, the Director of the Governor's Office of Management
26and Budget may, from time to time, as Bonds are to be sold,

 

 

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1advertise the sale of the Bonds in at least 2 daily newspapers,
2one of which is published in the City of Springfield and one in
3the City of Chicago. The sale of the Bonds shall also be
4advertised in the volume of the Illinois Procurement Bulletin
5that is published by the Department of Central Management
6Services, and shall be published once at least 10 days prior to
7the date fixed for the opening of the bids. The Director of the
8Governor's Office of Management and Budget may reschedule the
9date of sale upon the giving of such additional notice as the
10Director deems adequate to inform prospective bidders of such
11change; provided, however, that all other conditions of the
12sale shall continue as originally advertised.
13    Executed Bonds shall, upon payment therefor, be delivered
14to the purchaser, and the proceeds of Bonds shall be paid into
15the State Treasury as directed by Section 12 of this Act.
16    All State General Obligation Restructuring Bonds shall
17comply with this Section. Notwithstanding anything to the
18contrary, however, for purposes of complying with this Section,
19State General Obligation Restructuring Bonds, regardless of
20the number of series or issuances sold thereunder, shall be
21considered a single issue or series. Furthermore, for purposes
22of complying with the competitive bidding requirements of this
23Section, the words "at all times" shall not apply to any such
24sale of the State General Obligation Restructuring Bonds. The
25Director of the Governor's Office of Management and Budget
26shall determine the time and manner of any competitive sale of

 

 

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1the State General Obligation Restructuring Bonds; however,
2that sale shall under no circumstances take place later than 60
3days after the State closes the sale of 75% of the State
4General Obligation Restructuring Bonds by negotiated sale.
5(Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
 
6    (30 ILCS 330/12)  (from Ch. 127, par. 662)
7    Sec. 12. Allocation of Proceeds from Sale of Bonds.
8    (a) Proceeds from the sale of Bonds, authorized by Section
93 of this Act, shall be deposited in the separate fund known as
10the Capital Development Fund.
11    (b) Proceeds from the sale of Bonds, authorized by
12paragraph (a) of Section 4 of this Act, shall be deposited in
13the separate fund known as the Transportation Bond, Series A
14Fund.
15    (c) Proceeds from the sale of Bonds, authorized by
16paragraphs (b) and (c) of Section 4 of this Act, shall be
17deposited in the separate fund known as the Transportation
18Bond, Series B Fund.
19    (c-1) Proceeds from the sale of Bonds, authorized by
20paragraph (d) of Section 4 of this Act, shall be deposited into
21the Transportation Bond Series D Fund, which is hereby created.
22    (d) Proceeds from the sale of Bonds, authorized by Section
235 of this Act, shall be deposited in the separate fund known as
24the School Construction Fund.
25    (e) Proceeds from the sale of Bonds, authorized by Section

 

 

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16 of this Act, shall be deposited in the separate fund known as
2the Anti-Pollution Fund.
3    (f) Proceeds from the sale of Bonds, authorized by Section
47 of this Act, shall be deposited in the separate fund known as
5the Coal Development Fund.
6    (f-2) Proceeds from the sale of Bonds, authorized by
7Section 7.2 of this Act, shall be deposited as set forth in
8Section 7.2.
9    (f-5) Proceeds from the sale of Bonds, authorized by
10Section 7.5 of this Act, shall be deposited as set forth in
11Section 7.5.
12    (f-7) Proceeds from the sale of Bonds, authorized by
13Section 7.6 of this Act, shall be deposited as set forth in
14Section 7.6.
15    (g) Proceeds from the sale of Bonds, authorized by Section
168 of this Act, shall be deposited in the Capital Development
17Fund.
18    (h) Subsequent to the issuance of any Bonds for the
19purposes described in Sections 2 through 8 of this Act, the
20Governor and the Director of the Governor's Office of
21Management and Budget may provide for the reallocation of
22unspent proceeds of such Bonds to any other purposes authorized
23under said Sections of this Act, subject to the limitations on
24aggregate principal amounts contained therein. Upon any such
25reallocation, such unspent proceeds shall be transferred to the
26appropriate funds as determined by reference to paragraphs (a)

 

 

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1through (g) of this Section.
2(Source: P.A. 96-36, eff. 7-13-09.)
 
3    (30 ILCS 330/13)  (from Ch. 127, par. 663)
4    Sec. 13. Appropriation of Proceeds from Sale of Bonds.
5    (a) At all times, the proceeds from the sale of Bonds
6issued pursuant to this Act are subject to appropriation by the
7General Assembly and, except as provided in Sections Section
87.2 and 7.6, may be obligated or expended only with the written
9approval of the Governor, in such amounts, at such times, and
10for such purposes as the respective State agencies, as defined
11in Section 1-7 of the Illinois State Auditing Act, as amended,
12deem necessary or desirable for the specific purposes
13contemplated in Sections 2 through 8 of this Act.
14Notwithstanding any other provision of this Act, proceeds from
15the sale of Bonds issued pursuant to this Act appropriated by
16the General Assembly to the Architect of the Capitol may be
17obligated or expended by the Architect of the Capitol without
18the written approval of the Governor.
19    (b) Proceeds from the sale of Bonds for the purpose of
20development of coal and alternative forms of energy shall be
21expended in such amounts and at such times as the Department of
22Commerce and Economic Opportunity, with the advice and
23recommendation of the Illinois Coal Development Board for coal
24development projects, may deem necessary and desirable for the
25specific purpose contemplated by Section 7 of this Act. In

 

 

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1considering the approval of projects to be funded, the
2Department of Commerce and Economic Opportunity shall give
3special consideration to projects designed to remove sulfur and
4other pollutants in the preparation and utilization of coal,
5and in the use and operation of electric utility generating
6plants and industrial facilities which utilize Illinois coal as
7their primary source of fuel.
8    (c) Except as directed in subsection (c-1) or (c-2), any
9monies received by any officer or employee of the state
10representing a reimbursement of expenditures previously paid
11from general obligation bond proceeds shall be deposited into
12the General Obligation Bond Retirement and Interest Fund
13authorized in Section 14 of this Act.
14    (c-1) Any money received by the Department of
15Transportation as reimbursement for expenditures for high
16speed rail purposes pursuant to appropriations from the
17Transportation Bond, Series B Fund for (i) CREATE (Chicago
18Region Environmental and Transportation Efficiency), (ii) High
19Speed Rail, or (iii) AMTRAK projects authorized by the federal
20government under the provisions of the American Recovery and
21Reinvestment Act of 2009 or the Safe Accountable Flexible
22Efficient Transportation Equity Act—A Legacy for Users
23(SAFETEA-LU), or any successor federal transportation
24authorization Act, shall be deposited into the Federal High
25Speed Rail Trust Fund.
26    (c-2) Any money received by the Department of

 

 

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1Transportation as reimbursement for expenditures for transit
2capital purposes pursuant to appropriations from the
3Transportation Bond, Series B Fund for projects authorized by
4the federal government under the provisions of the American
5Recovery and Reinvestment Act of 2009 or the Safe Accountable
6Flexible Efficient Transportation Equity Act—A Legacy for
7Users (SAFETEA-LU), or any successor federal transportation
8authorization Act, shall be deposited into the Federal Mass
9Transit Trust Fund.
10(Source: P.A. 98-674, eff. 6-30-14.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.".