HB0142sam001 101ST GENERAL ASSEMBLY

Sen. Andy Manar

Filed: 5/31/2019

 

 


 

 


 
10100HB0142sam001LRB101 02983 AWJ 61495 a

1
AMENDMENT TO HOUSE BILL 142

2    AMENDMENT NO. ______. Amend House Bill 142 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be referred to as the
5Rebuild Illinois Capital Financing Program Act of 2019.
 
6    Section 5. The State Finance Act is amended by changing
7Section 6z-78 and by adding Sections 5.891, 5.893, 5.894,
85.895, 5.896, 6z-108, 6z-109, 6z-110 and 6z-111 as follows:
 
9    (30 ILCS 105/5.891 new)
10    Sec. 5.891. The Multi-modal Transportation Bond Fund.
 
11    (30 ILCS 105/5.893 new)
12    Sec. 5.893. Transportation Renewal Fund.
 
13    (30 ILCS 105/5.894 new)

 

 

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1    Sec. 5.894. Regional Transportation Authority Capital
2Improvement Fund.
 
3    (30 ILCS 105/5.895 new)
4    Sec. 5.895. Downstate Mass Transportation Capital
5Improvement Fund.
 
6    (30 ILCS 105/5.896 new)
7    Sec. 5.896. Rebuild Illinois Projects Fund.
 
8    (30 ILCS 105/6z-78)
9    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
10transfers. Money in the Capital Projects Fund shall, if and
11when the State of Illinois incurs any bonded indebtedness using
12the bond authorizations for capital projects enacted in Public
13Act 96-36, Public Act 96-1554, Public Act 97-771, Public Act
1498-94, and this amendatory Act of the 101st 98th General
15Assembly, be set aside and used for the purpose of paying and
16discharging annually the principal and interest on that bonded
17indebtedness then due and payable.
18    In addition to other transfers to the General Obligation
19Bond Retirement and Interest Fund made pursuant to Section 15
20of the General Obligation Bond Act, upon each delivery of
21general obligation bonds for capital projects using bond
22authorizations enacted in Public Act 96-36, Public Act 96-1554,
23Public Act 97-771, Public Act 98-94, and this amendatory Act of

 

 

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1the 101st 98th General Assembly (except for amounts in this
2amendatory Act of the 101st General Assembly that increase bond
3authorization under paragraph (1) of subsection (a) of Section
44 and subsection (e) of Section 4 of the General Obligation
5Bond Act), the State Comptroller shall compute and certify to
6the State Treasurer the total amount of principal of, interest
7on, and premium, if any, on such bonds during the then current
8and each succeeding fiscal year. With respect to the interest
9payable on variable rate bonds, such certifications shall be
10calculated at the maximum rate of interest that may be payable
11during the fiscal year, after taking into account any credits
12permitted in the related indenture or other instrument against
13the amount of such interest required to be appropriated for the
14period.
15    (a) Except as provided for in subsection (b), on or before
16the last day of each month, the State Treasurer and State
17Comptroller shall transfer from the Capital Projects Fund to
18the General Obligation Bond Retirement and Interest Fund an
19amount sufficient to pay the aggregate of the principal of,
20interest on, and premium, if any, on the bonds payable on their
21next payment date, divided by the number of monthly transfers
22occurring between the last previous payment date (or the
23delivery date if no payment date has yet occurred) and the next
24succeeding payment date. Interest payable on variable rate
25bonds shall be calculated at the maximum rate of interest that
26may be payable for the relevant period, after taking into

 

 

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1account any credits permitted in the related indenture or other
2instrument against the amount of such interest required to be
3appropriated for that period. Interest for which moneys have
4already been deposited into the capitalized interest account
5within the General Obligation Bond Retirement and Interest Fund
6shall not be included in the calculation of the amounts to be
7transferred under this subsection.
8    (b) On or before the last day of each month, the State
9Treasurer and State Comptroller shall transfer from the Capital
10Projects Fund to the General Obligation Bond Retirement and
11Interest Fund an amount sufficient to pay the aggregate of the
12principal of, interest on, and premium, if any, on the bonds
13issued prior to January 1, 2012 pursuant to Section 4(d) of the
14General Obligation Bond Act payable on their next payment date,
15divided by the number of monthly transfers occurring between
16the last previous payment date (or the delivery date if no
17payment date has yet occurred) and the next succeeding payment
18date. If the available balance in the Capital Projects Fund is
19not sufficient for the transfer required in this subsection,
20the State Treasurer and State Comptroller shall transfer the
21difference from the Road Fund to the General Obligation Bond
22Retirement and Interest Fund; except that such Road Fund
23transfers shall constitute a debt of the Capital Projects Fund
24which shall be repaid according to subsection (c). Interest
25payable on variable rate bonds shall be calculated at the
26maximum rate of interest that may be payable for the relevant

 

 

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1period, after taking into account any credits permitted in the
2related indenture or other instrument against the amount of
3such interest required to be appropriated for that period.
4Interest for which moneys have already been deposited into the
5capitalized interest account within the General Obligation
6Bond Retirement and Interest Fund shall not be included in the
7calculation of the amounts to be transferred under this
8subsection.
9    (c) On the first day of any month when the Capital Projects
10Fund is carrying a debt to the Road Fund due to the provisions
11of subsection (b), the State Treasurer and State Comptroller
12shall transfer from the Capital Projects Fund to the Road Fund
13an amount sufficient to discharge that debt. These transfers to
14the Road Fund shall continue until the Capital Projects Fund
15has repaid to the Road Fund all transfers made from the Road
16Fund pursuant to subsection (b). Notwithstanding any other law
17to the contrary, transfers to the Road Fund from the Capital
18Projects Fund shall be made prior to any other expenditures or
19transfers out of the Capital Projects Fund.
20(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13.)
 
21    (30 ILCS 105/6z-108 new)
22    Sec. 6z-108. Transportation Renewal Fund.
23    (a) The Transportation Renewal Fund is created as a special
24fund in the State treasury and shall receive Motor Fuel Tax
25revenues as directed by Section 8b of the Motor Fuel Tax Law.

 

 

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1    (b) Money in the Transportation Renewal Fund shall be used
2exclusively for transportation-related purposes as described
3in Section 11 of Article IX of the Illinois Constitution of
41970.
 
5    (30 ILCS 105/6z-109 new)
6    Sec. 6z-109. Regional Transportation Authority Capital
7Improvement Fund.
8    (a) The Regional Transportation Authority Capital
9Improvement Fund is created as a special fund in the State
10treasury and shall receive a portion of the moneys deposited
11into the Transportation Renewal Fund from Motor Fuel Tax
12revenues pursuant to Section 8b of the Motor Fuel Tax Law.
13    (b) Money in the Regional Transportation Authority Capital
14Improvement Fund shall be used exclusively for
15transportation-related purposes as described in Section 11 of
16Article IX of the Illinois Constitution of 1970.
 
17    (30 ILCS 105/6z-110 new)
18    Sec. 6z-110. Downstate Mass Transportation Capital
19Improvement Fund.
20    (a) The Downstate Mass Transportation Capital Improvement
21Fund is created as a special fund in the State treasury and
22shall receive a portion of the moneys deposited into the
23Transportation Renewal Fund from Motor Fuel Tax revenues
24pursuant to Section 8b the Motor Fuel Tax Law.

 

 

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1    (b) Money in the Downstate Mass Transportation Capital
2Improvement Fund shall be used exclusively for
3transportation-related purposes as described in Section 11 of
4Article IX of the Illinois Constitution of 1970.
 
5    (30 ILCS 105/6z-111 new)
6    Sec. 6z-111. Rebuild Illinois Projects Fund.
7    (a) The Rebuild Illinois Projects Fund is created as a
8special fund in the State treasury and shall receive moneys
9from the collection of license fees on initial licenses issued
10for newly licensed gaming facilities or wagering platforms in
11Fiscal Year 2019 or thereafter, and any other moneys
12appropriated or transferred to it as provided by law.
13    (b) Money in the Rebuild Illinois Projects Fund shall be
14used, subject to appropriation, for grants that support
15community development, including capital projects and other
16purposes authorized by law.
 
17    Section 10. The General Obligation Bond Act is amended by
18changing Sections 2, 2.5, 3, 4, 5, 6, 7.6, 9, 11, 12, 15, and 19
19as follows:
 
20    (30 ILCS 330/2)  (from Ch. 127, par. 652)
21    Sec. 2. Authorization for Bonds. The State of Illinois is
22authorized to issue, sell and provide for the retirement of
23General Obligation Bonds of the State of Illinois for the

 

 

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1categories and specific purposes expressed in Sections 2
2through 8 of this Act, in the total amount of $78,256,839,969
3$57,717,925,743.
4    The bonds authorized in this Section 2 and in Section 16 of
5this 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
8issued and sold in accordance with the Baccalaureate Savings
9Act 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
12issued and sold in accordance with the Retirement Savings Act
13in the form of General Obligation Retirement Savings Bonds.
14    Of the total amount of Bonds authorized in this Act, the
15additional $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
18solely as provided in Section 7.2.
19    Of the total amount of Bonds authorized in this Act, the
20additional $6,000,000,000 authorized by Public Act 100-23 this
21amendatory Act of the 100th General Assembly shall be used
22solely as provided in Section 7.6 and shall be issued by
23December 31, 2017.
24    Of the total amount of Bonds authorized in this Act,
25$1,000,000,000 of the additional amount authorized by Public
26Act 100-587 this amendatory Act of the 100th General Assembly

 

 

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1shall be used solely as provided in Section 7.7.
2    The issuance and sale of Bonds pursuant to the General
3Obligation Bond Act is an economical and efficient method of
4financing the long-term capital needs of the State. This Act
5will permit the issuance of a multi-purpose General Obligation
6Bond with uniform terms and features. This will not only lower
7the cost of registration but also reduce the overall cost of
8issuing debt by improving the marketability of Illinois General
9Obligation Bonds.
10(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)
 
11    (30 ILCS 330/2.5)
12    Sec. 2.5. Limitation on issuance of Bonds.
13    (a) Except as provided in subsection (b), no Bonds may be
14issued if, after the issuance, in the next State fiscal year
15after the issuance of the Bonds, the amount of debt service
16(including principal, whether payable at maturity or pursuant
17to mandatory sinking fund installments, and interest) on all
18then-outstanding Bonds, other than (i) Bonds authorized by
19Public Act 100-23, (ii) Bonds issued by Public Act 96-43, (iii)
20Bonds authorized by Public Act 96-1497, and (iv) Bonds
21authorized by Public Act 100-587 this amendatory Act of the
22100th General Assembly, would exceed 7% of the aggregate
23appropriations from the general funds, the State Construction
24Account Fund, (which consist of the General Revenue Fund, the
25Common School Fund, the General Revenue Common School Special

 

 

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1Account Fund, and the Education Assistance Fund) and the Road
2Fund for the fiscal year immediately prior to the fiscal year
3of the issuance. For the purposes of this subsection (a),
4"general funds" has the same meaning as ascribed to that term
5under Section 50-40 of the State Budget Law of the Civil
6Administrative Code of Illinois.
7    (b) If the Comptroller and Treasurer each consent in
8writing, Bonds may be issued even if the issuance does not
9comply with subsection (a). In addition, $2,000,000,000 in
10Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7,
11and $2,000,000,000 in Refunding Bonds under Section 16, may be
12issued during State fiscal year 2017 without complying with
13subsection (a). In addition, $2,000,000,000 in Bonds for the
14purposes set forth in Sections 3, 4, 5, 6, and 7, and
15$2,000,000,000 in Refunding Bonds under Section 16, may be
16issued during State fiscal year 2018 without complying with
17subsection (a).
18(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section
1925-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff.
207-6-17; 100-587, eff. 6-4-18; 100-863, eff. 8-14-18.)
 
21    (30 ILCS 330/3)  (from Ch. 127, par. 653)
22    Sec. 3. Capital facilities. The amount of $18,580,011,269
23$10,538,963,443 is authorized to be used for the acquisition,
24development, construction, reconstruction, improvement,
25financing, architectural planning and installation of capital

 

 

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1facilities within the State, consisting of buildings,
2structures, durable equipment, land, interests in land, and the
3costs associated with the purchase and implementation of
4information technology, including but not limited to the
5purchase of hardware and software, for the following specific
6purposes:
7        (a) $6,268,676,500 $3,433,228,000 for educational
8    purposes by State universities and public community
9    colleges, the Illinois Community College Board created by
10    the Public Community College Act and for grants to public
11    community colleges as authorized by Sections 5-11 and 5-12
12    of the Public Community College Act;
13        (b) $1,690,506,300 $1,648,420,000 for correctional
14    purposes at State prison and correctional centers;
15        (c) $688,492,300 $599,183,000 for open spaces,
16    recreational and conservation purposes and the protection
17    of land, including expenditures and grants for the Illinois
18    Conservation Reserve Enhancement Program and for ecosystem
19    restoration and for plugging of abandoned wells;
20        (d) $1,078,503,900 $764,317,000 for State child care
21    facilities, mental and public health facilities, and
22    facilities for the care of veterans with disabilities and
23    their spouses, and for grants to public and private
24    community health centers, hospitals, and other health care
25    providers for capital facilities;
26        (e) $7,518,753,300 $2,884,790,000 for use by the

 

 

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1    State, its departments, authorities, public corporations,
2    commissions and agencies, including renewable energy
3    upgrades at State facilities;
4        (f) $818,100 for cargo handling facilities at port
5    districts and for breakwaters, including harbor entrances,
6    at port districts in conjunction with facilities for small
7    boats and pleasure crafts;
8        (g) $375,457,000 $297,177,074 for water resource
9    management projects, including flood mitigation and State
10    dam and waterway projects;
11        (h) $16,940,269 for the provision of facilities for
12    food production research and related instructional and
13    public service activities at the State universities and
14    public community colleges;
15        (i) $75,134,700 $36,000,000 for grants by the
16    Secretary of State, as State Librarian, for central library
17    facilities authorized by Section 8 of the Illinois Library
18    System Act and for grants by the Capital Development Board
19    to units of local government for public library facilities;
20        (j) $25,000,000 for the acquisition, development,
21    construction, reconstruction, improvement, financing,
22    architectural planning and installation of capital
23    facilities consisting of buildings, structures, durable
24    equipment and land for grants to counties, municipalities
25    or public building commissions with correctional
26    facilities that do not comply with the minimum standards of

 

 

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1    the Department of Corrections under Section 3-15-2 of the
2    Unified Code of Corrections;
3        (k) $5,011,600 $5,000,000 for grants in fiscal year
4    1988 by the Department of Conservation for improvement or
5    expansion of aquarium facilities located on property owned
6    by a park district;
7        (l) $599,590,000 to State agencies for grants to local
8    governments for the acquisition, financing, architectural
9    planning, development, alteration, installation, and
10    construction of capital facilities consisting of
11    buildings, structures, durable equipment, and land; and
12        (m) $237,127,300 $228,500,000 for the Illinois Open
13    Land Trust Program as defined by the Illinois Open Land
14    Trust Act.
15    The amounts authorized above for capital facilities may be
16used for the acquisition, installation, alteration,
17construction, or reconstruction of capital facilities and for
18the purchase of equipment for the purpose of major capital
19improvements which will reduce energy consumption in State
20buildings or facilities.
21(Source: P.A. 99-143, eff. 7-27-15; 100-587, eff. 6-4-18.)
 
22    (30 ILCS 330/4)  (from Ch. 127, par. 654)
23    Sec. 4. Transportation. The amount of $27,048,062,400
24$15,948,199,000 is authorized for use by the Department of
25Transportation for the specific purpose of promoting and

 

 

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1assuring rapid, efficient, and safe highway, air and mass
2transportation for the inhabitants of the State by providing
3monies, including the making of grants and loans, for the
4acquisition, construction, reconstruction, extension and
5improvement of the following transportation facilities and
6equipment, and for the acquisition of real property and
7interests in real property required or expected to be required
8in connection therewith as follows:
9    (a) $11,921,354,200 $5,432,129,000 for State highways,
10arterial highways, freeways, roads, bridges, structures
11separating highways and railroads and roads, and bridges on
12roads maintained by counties, municipalities, townships, or
13road districts, and grants to counties, municipalities,
14townships, or road districts for planning, engineering,
15acquisition, construction, reconstruction, development,
16improvement, extension, and all construction-related expenses
17of the public infrastructure and other transportation
18improvement projects for the following specific purposes:
19        (1) $9,819,221,200 $3,330,000,000 for use statewide,
20        (2) $3,677,000 for use outside the Chicago urbanized
21    area,
22        (3) $7,543,000 for use within the Chicago urbanized
23    area,
24        (4) $13,060,600 for use within the City of Chicago,
25        (5) $58,991,500 $58,987,500 for use within the
26    counties of Cook, DuPage, Kane, Lake, McHenry and Will,

 

 

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1        (6) $18,860,900 for use outside the counties of Cook,
2    DuPage, Kane, Lake, McHenry and Will, and
3        (7) $2,000,000,000 for use on projects included in
4    either (i) the FY09-14 Proposed Highway Improvement
5    Program as published by the Illinois Department of
6    Transportation in May 2008 or (ii) the FY10-15 Proposed
7    Highway Improvement Program to be published by the Illinois
8    Department of Transportation in the spring of 2009; except
9    that all projects must be maintenance projects for the
10    existing State system with the goal of reaching 90%
11    acceptable condition in the system statewide and further
12    except that all projects must reflect the generally
13    accepted historical distribution of projects throughout
14    the State.
15    (b) $5,966,379,900 $5,379,670,000 for rail facilities and
16for mass transit facilities, as defined in Section 2705-305 of
17the Department of Transportation Law (20 ILCS 2705/2705-305),
18including rapid transit, rail, bus and other equipment used in
19connection therewith by the State or any unit of local
20government, special transportation district, municipal
21corporation or other corporation or public authority
22authorized to provide and promote public transportation within
23the State or two or more of the foregoing jointly, for the
24following specific purposes:
25        (1) $4,387,063,600 $4,283,870,000 statewide,
26        (2) $83,350,000 for use within the counties of Cook,

 

 

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1    DuPage, Kane, Lake, McHenry and Will,
2        (3) $12,450,000 for use outside the counties of Cook,
3    DuPage, Kane, Lake, McHenry and Will, and
4        (4) $1,000,916,300 $1,000,000,000 for use on projects
5    that shall reflect the generally accepted historical
6    distribution of projects throughout the State.
7    (c) $482,600,000 for airport or aviation facilities and any
8equipment used in connection therewith, including engineering
9and land acquisition costs, by the State or any unit of local
10government, special transportation district, municipal
11corporation or other corporation or public authority
12authorized to provide public transportation within the State,
13or two or more of the foregoing acting jointly, and for the
14making of deposits into the Airport Land Loan Revolving Fund
15for loans to public airport owners pursuant to the Illinois
16Aeronautics Act.
17    (d) $4,660,328,300 $4,653,800,000 for use statewide for
18State or local highways, arterial highways, freeways, roads,
19bridges, and structures separating highways and railroads and
20roads, and for grants to counties, municipalities, townships,
21or road districts for planning, engineering, acquisition,
22construction, reconstruction, development, improvement,
23extension, and all construction-related expenses of the public
24infrastructure and other transportation improvement projects
25which are related to economic development in the State of
26Illinois.

 

 

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1    (e) $4,500,000,000 for use statewide for grade crossings,
2port facilities, airport facilities, rail facilities, and mass
3transit facilities, as defined in Section 2705-305 of the
4Department of Transportation Law of the Civil Administrative
5Code of Illinois, including rapid transit, rail, bus and other
6equipment used in connection therewith by the State or any unit
7of local government, special transportation district,
8municipal corporation or other corporation or public authority
9authorized to provide and promote public transportation within
10the State or two or more of the foregoing jointly.
11(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13;
1298-781, eff. 7-22-14.)
 
13    (30 ILCS 330/5)  (from Ch. 127, par. 655)
14    Sec. 5. School construction.
15    (a) The amount of $58,450,000 is authorized to make grants
16to local school districts for the acquisition, development,
17construction, reconstruction, rehabilitation, improvement,
18financing, architectural planning and installation of capital
19facilities, including but not limited to those required for
20special education building projects provided for in Article 14
21of The School Code, consisting of buildings, structures, and
22durable equipment, and for the acquisition and improvement of
23real property and interests in real property required, or
24expected to be required, in connection therewith.
25    (b) $22,550,000, or so much thereof as may be necessary,

 

 

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1for grants to school districts for the making of principal and
2interest payments, required to be made, on bonds issued by such
3school districts after January 1, 1969, pursuant to any
4indenture, ordinance, resolution, agreement or contract to
5provide funds for the acquisition, development, construction,
6reconstruction, rehabilitation, improvement, architectural
7planning and installation of capital facilities consisting of
8buildings, structures, durable equipment and land for
9educational purposes or for lease payments required to be made
10by a school district for principal and interest payments on
11bonds issued by a Public Building Commission after January 1,
121969.
13    (c) $10,000,000 for grants to school districts for the
14acquisition, development, construction, reconstruction,
15rehabilitation, improvement, architectural planning and
16installation of capital facilities consisting of buildings
17structures, durable equipment and land for special education
18building projects.
19    (d) $9,000,000 for grants to school districts for the
20reconstruction, rehabilitation, improvement, financing and
21architectural planning of capital facilities, including
22construction at another location to replace such capital
23facilities, consisting of those public school buildings and
24temporary school facilities which, prior to January 1, 1984,
25were condemned by the regional superintendent under Section
263-14.22 of The School Code or by any State official having

 

 

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1jurisdiction over building safety.
2    (e) $3,109,403,700 $3,050,000,000 for grants to school
3districts for school improvement projects authorized by the
4School Construction Law. The bonds shall be sold in amounts not
5to exceed the following schedule, except any bonds not sold
6during one year shall be added to the bonds to be sold during
7the remainder of the schedule:
8    First year...................................$200,000,000
9    Second year..................................$450,000,000
10    Third year...................................$500,000,000
11    Fourth year..................................$500,000,000
12    Fifth year...................................$800,000,000
13    Sixth year and thereafter........$659,403,700 $600,000,000
14    (f) $1,615,000,000 grants to school districts for school
15implemented projects authorized by the School Construction
16Law.
17(Source: P.A. 100-587, eff. 6-4-18.)
 
18    (30 ILCS 330/6)  (from Ch. 127, par. 656)
19    Sec. 6. Anti-Pollution.
20    (a) The amount of $581,814,300 $443,215,000 is authorized
21for allocation by the Environmental Protection Agency for
22grants or loans to units of local government, including grants
23to disadvantaged communities without modern sewage systems, in
24such amounts, at such times and for such purpose as the Agency
25deems necessary or desirable for the planning, financing, and

 

 

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1construction of municipal sewage treatment works and solid
2waste disposal facilities and for making of deposits into the
3Water Revolving Fund and the U.S. Environmental Protection Fund
4to provide assistance in accordance with the provisions of
5Title IV-A of the Environmental Protection Act.
6    (b) The amount of $236,500,000 is authorized for allocation
7by the Environmental Protection Agency for payment of claims
8submitted to the State and approved for payment under the
9Leaking Underground Storage Tank Program established in Title
10XVI of the Environmental Protection Act.
11(Source: P.A. 98-94, eff. 7-17-13.)
 
12    (30 ILCS 330/7.6)
13    Sec. 7.6. Income Tax Proceed Bonds.
14    (a) As used in this Act, "Income Tax Proceed Bonds" means
15Bonds (i) authorized by this amendatory Act of the 100th
16General Assembly or any other Public Act of the 100th General
17Assembly authorizing the issuance of Income Tax Proceed Bonds
18and (ii) used for the payment of unpaid obligations of the
19State as incurred from time to time and as authorized by the
20General Assembly.
21    (b) Income Tax Proceed Bonds in the amount of
22$6,000,000,000 are hereby authorized to be used for the purpose
23of paying vouchers incurred by the State prior to July 1, 2017.
24Additional Income Tax Proceed Bonds in the amount of
25$1,200,000,000 are hereby authorized to be used for the purpose

 

 

10100HB0142sam001- 21 -LRB101 02983 AWJ 61495 a

1of paying vouchers incurred by the State more than 90 days
2prior to the date on which the Income Tax Proceed Bonds are
3issued.
4    (c) The Income Tax Bond Fund is hereby created as a special
5fund in the State treasury. All moneys from the proceeds of the
6sale of the Income Tax Proceed Bonds, less the amounts
7authorized in the Bond Sale Order to be directly paid out for
8bond sale expenses under Section 8, shall be deposited into the
9Income Tax Bond Fund. All moneys in the Income Tax Bond Fund
10shall be used for the purpose of paying vouchers incurred by
11the State prior to July 1, 2017 or for paying vouchers incurred
12by the State more than 90 days prior to the date on which the
13Income Tax Proceed Bonds are issued. For the purpose of paying
14such vouchers, the Comptroller has the authority to transfer
15moneys from the Income Tax Bond Fund to general funds and the
16Health Insurance Reserve Fund. "General funds" has the meaning
17provided in Section 50-40 of the State Budget Law.
18(Source: P.A. 100-23, eff. 7-6-17.)
 
19    (30 ILCS 330/9)  (from Ch. 127, par. 659)
20    Sec. 9. Conditions for issuance and sale of Bonds;
21requirements for Bonds.
22    (a) Except as otherwise provided in this subsection,
23subsection (h), and subsection (i), Bonds shall be issued and
24sold from time to time, in one or more series, in such amounts
25and at such prices as may be directed by the Governor, upon

 

 

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1recommendation by the Director of the Governor's Office of
2Management and Budget. Bonds shall be in such form (either
3coupon, registered or book entry), in such denominations,
4payable within 25 years from their date, subject to such terms
5of redemption with or without premium, bear interest payable at
6such times and at such fixed or variable rate or rates, and be
7dated as shall be fixed and determined by the Director of the
8Governor's Office of Management and Budget in the order
9authorizing the issuance and sale of any series of Bonds, which
10order shall be approved by the Governor and is herein called a
11"Bond Sale Order"; provided however, that interest payable at
12fixed or variable rates shall not exceed that permitted in the
13Bond Authorization Act, as now or hereafter amended. Bonds
14shall be payable at such place or places, within or without the
15State of Illinois, and may be made registrable as to either
16principal or as to both principal and interest, as shall be
17specified in the Bond Sale Order. Bonds may be callable or
18subject to purchase and retirement or tender and remarketing as
19fixed and determined in the Bond Sale Order. Bonds, other than
20Bonds issued under Section 3 of this Act for the costs
21associated with the purchase and implementation of information
22technology, (i) except for refunding Bonds satisfying the
23requirements of Section 16 of this Act and sold during fiscal
24year 2009, 2010, 2011, 2017, 2018, or 2019 must be issued with
25principal or mandatory redemption amounts in equal amounts,
26with the first maturity issued occurring within the fiscal year

 

 

10100HB0142sam001- 23 -LRB101 02983 AWJ 61495 a

1in which the Bonds are issued or within the next succeeding
2fiscal year and (ii) must mature or be subject to mandatory
3redemption each fiscal year thereafter up to 25 years, except
4for refunding Bonds satisfying the requirements of Section 16
5of this Act and sold during fiscal year 2009, 2010, or 2011
6which must mature or be subject to mandatory redemption each
7fiscal year thereafter up to 16 years. Bonds issued under
8Section 3 of this Act for the costs associated with the
9purchase and implementation of information technology must be
10issued with principal or mandatory redemption amounts in equal
11amounts, with the first maturity issued occurring with the
12fiscal year in which the respective bonds are issued or with
13the next succeeding fiscal year, with the respective bonds
14issued maturing or subject to mandatory redemption each fiscal
15year thereafter up to 10 years. Notwithstanding any provision
16of this Act to the contrary, the Bonds authorized by Public Act
1796-43 shall be payable within 5 years from their date and must
18be issued with principal or mandatory redemption amounts in
19equal amounts, with payment of principal or mandatory
20redemption beginning in the first fiscal year following the
21fiscal year in which the Bonds are issued.
22    Notwithstanding any provision of this Act to the contrary,
23the Bonds authorized by Public Act 96-1497 shall be payable
24within 8 years from their date and shall be issued with payment
25of maturing principal or scheduled mandatory redemptions in
26accordance with the following schedule, except the following

 

 

10100HB0142sam001- 24 -LRB101 02983 AWJ 61495 a

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

 

 

10100HB0142sam001- 25 -LRB101 02983 AWJ 61495 a

1trust company, investment bank, or other financial institution
2to serve as remarketing agent in that connection. The Bond Sale
3Order may provide that alternative interest rates or provisions
4for establishing alternative interest rates, different
5security or claim priorities, or different call or amortization
6provisions will apply during such times as Variable Rate Bonds
7of any series are held by a person providing credit or
8liquidity enhancement arrangements for such Bonds as
9authorized in subsection (b) of this Section. The Bond Sale
10Order may also provide for such variable interest rates to be
11established pursuant to a process generally known as an auction
12rate process and may provide for appointment of one or more
13financial institutions to serve as auction agents and
14broker-dealers in connection with the establishment of such
15interest rates and the sale and remarketing of such Bonds.
16    (b) In connection with the issuance of any series of Bonds,
17the State may enter into arrangements to provide additional
18security and liquidity for such Bonds, including, without
19limitation, bond or interest rate insurance or letters of
20credit, lines of credit, bond purchase contracts, or other
21arrangements whereby funds are made available to retire or
22purchase Bonds, thereby assuring the ability of owners of the
23Bonds to sell or redeem their Bonds. The State may enter into
24contracts and may agree to pay fees to persons providing such
25arrangements, but only under circumstances where the Director
26of the Governor's Office of Management and Budget certifies

 

 

10100HB0142sam001- 26 -LRB101 02983 AWJ 61495 a

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

 

 

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1risk management policy providing that the amount of the State's
2variable rate exposure with respect to Bonds shall not exceed
320%. This policy shall remain in effect while any Bonds are
4outstanding and the issuance of Bonds shall be subject to the
5terms of such policy. The terms of this policy may be amended
6from time to time by the Director of the Governor's Office of
7Management and Budget but in no event shall any amendment cause
8the permitted level of the State's variable rate exposure with
9respect to Bonds to exceed 20%.
10    (d) "Build America Bonds" in this Section means Bonds
11authorized by Section 54AA of the Internal Revenue Code of
121986, as amended ("Internal Revenue Code"), and bonds issued
13from time to time to refund or continue to refund "Build
14America Bonds".
15    (e) Notwithstanding any other provision of this Section,
16Qualified School Construction Bonds shall be issued and sold
17from time to time, in one or more series, in such amounts and
18at such prices as may be directed by the Governor, upon
19recommendation by the Director of the Governor's Office of
20Management and Budget. Qualified School Construction Bonds
21shall be in such form (either coupon, registered or book
22entry), in such denominations, payable within 25 years from
23their date, subject to such terms of redemption with or without
24premium, and if the Qualified School Construction Bonds are
25issued with a supplemental coupon, bear interest payable at
26such times and at such fixed or variable rate or rates, and be

 

 

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

 

 

10100HB0142sam001- 29 -LRB101 02983 AWJ 61495 a

1extent authorized in Section 54F of the Internal Revenue Code
2or as otherwise determined by the Director of the Governor's
3Office of Management and Budget. "Qualified School
4Construction Bonds" in this subsection means Bonds authorized
5by Section 54F of the Internal Revenue Code and for bonds
6issued from time to time to refund or continue to refund such
7"Qualified School Construction Bonds".
8    (f) Beginning with the next issuance by the Governor's
9Office of Management and Budget to the Procurement Policy Board
10of a request for quotation for the purpose of formulating a new
11pool of qualified underwriting banks list, all entities
12responding to such a request for quotation for inclusion on
13that list shall provide a written report to the Governor's
14Office of Management and Budget and the Illinois Comptroller.
15The written report submitted to the Comptroller shall (i) be
16published on the Comptroller's Internet website and (ii) be
17used by the Governor's Office of Management and Budget for the
18purposes of scoring such a request for quotation. The written
19report, at a minimum, shall:
20        (1) disclose whether, within the past 3 months,
21    pursuant to its credit default swap market-making
22    activities, the firm has entered into any State of Illinois
23    credit default swaps ("CDS");
24        (2) include, in the event of State of Illinois CDS
25    activity, disclosure of the firm's cumulative notional
26    volume of State of Illinois CDS trades and the firm's

 

 

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1    outstanding gross and net notional amount of State of
2    Illinois CDS, as of the end of the current 3-month period;
3        (3) indicate, pursuant to the firm's proprietary
4    trading activities, disclosure of whether the firm, within
5    the past 3 months, has entered into any proprietary trades
6    for its own account in State of Illinois CDS;
7        (4) include, in the event of State of Illinois
8    proprietary trades, disclosure of the firm's outstanding
9    gross and net notional amount of proprietary State of
10    Illinois CDS and whether the net position is short or long
11    credit protection, as of the end of the current 3-month
12    period;
13        (5) list all time periods during the past 3 months
14    during which the firm held net long or net short State of
15    Illinois CDS proprietary credit protection positions, the
16    amount of such positions, and whether those positions were
17    net long or net short credit protection positions; and
18        (6) indicate whether, within the previous 3 months, the
19    firm released any publicly available research or marketing
20    reports that reference State of Illinois CDS and include
21    those research or marketing reports as attachments.
22    (g) All entities included on a Governor's Office of
23Management and Budget's pool of qualified underwriting banks
24list shall, as soon as possible after March 18, 2011 (the
25effective date of Public Act 96-1554), but not later than
26January 21, 2011, and on a quarterly fiscal basis thereafter,

 

 

10100HB0142sam001- 31 -LRB101 02983 AWJ 61495 a

1provide a written report to the Governor's Office of Management
2and Budget and the Illinois Comptroller. The written reports
3submitted to the Comptroller shall be published on the
4Comptroller's Internet website. The written reports, at a
5minimum, shall:
6        (1) disclose whether, within the past 3 months,
7    pursuant to its credit default swap market-making
8    activities, the firm has entered into any State of Illinois
9    credit default swaps ("CDS");
10        (2) include, in the event of State of Illinois CDS
11    activity, disclosure of the firm's cumulative notional
12    volume of State of Illinois CDS trades and the firm's
13    outstanding gross and net notional amount of State of
14    Illinois CDS, as of the end of the current 3-month period;
15        (3) indicate, pursuant to the firm's proprietary
16    trading activities, disclosure of whether the firm, within
17    the past 3 months, has entered into any proprietary trades
18    for its own account in State of Illinois CDS;
19        (4) include, in the event of State of Illinois
20    proprietary trades, disclosure of the firm's outstanding
21    gross and net notional amount of proprietary State of
22    Illinois CDS and whether the net position is short or long
23    credit protection, as of the end of the current 3-month
24    period;
25        (5) list all time periods during the past 3 months
26    during which the firm held net long or net short State of

 

 

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1    Illinois CDS proprietary credit protection positions, the
2    amount of such positions, and whether those positions were
3    net long or net short credit protection positions; and
4        (6) indicate whether, within the previous 3 months, the
5    firm released any publicly available research or marketing
6    reports that reference State of Illinois CDS and include
7    those research or marketing reports as attachments.
8    (h) Notwithstanding any other provision of this Section,
9for purposes of maximizing market efficiencies and cost
10savings, Income Tax Proceed Bonds may be issued and sold from
11time to time, in one or more series, in such amounts and at
12such prices as may be directed by the Governor, upon
13recommendation by the Director of the Governor's Office of
14Management and Budget. Income Tax Proceed Bonds shall be in
15such form, either coupon, registered, or book entry, in such
16denominations, shall bear interest payable at such times and at
17such fixed or variable rate or rates, and be dated as shall be
18fixed and determined by the Director of the Governor's Office
19of Management and Budget in the order authorizing the issuance
20and sale of any series of Income Tax Proceed Bonds, which order
21shall be approved by the Governor and is herein called a "Bond
22Sale Order"; provided, however, that interest payable at fixed
23or variable rates shall not exceed that permitted in the Bond
24Authorization Act. Income Tax Proceed Bonds shall be payable at
25such place or places, within or without the State of Illinois,
26and may be made registrable as to either principal or as to

 

 

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1both principal and interest, as shall be specified in the Bond
2Sale Order. Income Tax Proceed Bonds may be callable or subject
3to purchase and retirement or tender and remarketing as fixed
4and determined in the Bond Sale Order.
5    (i) Notwithstanding any other provision of this Section,
6for purposes of maximizing market efficiencies and cost
7savings, State Pension Obligation Acceleration Bonds may be
8issued and sold from time to time, in one or more series, in
9such amounts and at such prices as may be directed by the
10Governor, upon recommendation by the Director of the Governor's
11Office of Management and Budget. State Pension Obligation
12Acceleration Bonds shall be in such form, either coupon,
13registered, or book entry, in such denominations, shall bear
14interest payable at such times and at such fixed or variable
15rate or rates, and be dated as shall be fixed and determined by
16the Director of the Governor's Office of Management and Budget
17in the order authorizing the issuance and sale of any series of
18State Pension Obligation Acceleration Bonds, which order shall
19be approved by the Governor and is herein called a "Bond Sale
20Order"; provided, however, that interest payable at fixed or
21variable rates shall not exceed that permitted in the Bond
22Authorization Act. State Pension Obligation Acceleration Bonds
23shall be payable at such place or places, within or without the
24State of Illinois, and may be made registrable as to either
25principal or as to both principal and interest, as shall be
26specified in the Bond Sale Order. State Pension Obligation

 

 

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1Acceleration Bonds may be callable or subject to purchase and
2retirement or tender and remarketing as fixed and determined in
3the Bond Sale Order.
4(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section
525-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff.
67-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18;
7100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863,
8eff. 8-14-18; revised 10-17-18.)
 
9    (30 ILCS 330/11)  (from Ch. 127, par. 661)
10    Sec. 11. Sale of Bonds. Except as otherwise provided in
11this Section, Bonds shall be sold from time to time pursuant to
12notice of sale and public bid or by negotiated sale in such
13amounts and at such times as is directed by the Governor, upon
14recommendation by the Director of the Governor's Office of
15Management and Budget. At least 25%, based on total principal
16amount, of all Bonds issued each fiscal year shall be sold
17pursuant to notice of sale and public bid. At all times during
18each fiscal year, no more than 75%, based on total principal
19amount, of the Bonds issued each fiscal year, shall have been
20sold by negotiated sale. Failure to satisfy the requirements in
21the preceding 2 sentences shall not affect the validity of any
22previously issued Bonds; provided that all Bonds authorized by
23Public Act 96-43 and Public Act 96-1497 shall not be included
24in determining compliance for any fiscal year with the
25requirements of the preceding 2 sentences; and further provided

 

 

10100HB0142sam001- 35 -LRB101 02983 AWJ 61495 a

1that refunding Bonds satisfying the requirements of Section 16
2of this Act and sold during fiscal year 2009, 2010, 2011, 2017,
32018, or 2019 shall not be subject to the requirements in the
4preceding 2 sentences.
5    If any Bonds, including refunding Bonds, are to be sold by
6negotiated sale, the Director of the Governor's Office of
7Management and Budget shall comply with the competitive request
8for proposal process set forth in the Illinois Procurement Code
9and all other applicable requirements of that Code.
10    If Bonds are to be sold pursuant to notice of sale and
11public bid, the Director of the Governor's Office of Management
12and Budget may, from time to time, as Bonds are to be sold,
13advertise the sale of the Bonds in at least 2 daily newspapers,
14one of which is published in the City of Springfield and one in
15the City of Chicago. The sale of the Bonds shall also be
16advertised in the volume of the Illinois Procurement Bulletin
17that is published by the Department of Central Management
18Services, and shall be published once at least 10 days prior to
19the date fixed for the opening of the bids. The Director of the
20Governor's Office of Management and Budget may reschedule the
21date of sale upon the giving of such additional notice as the
22Director deems adequate to inform prospective bidders of such
23change; provided, however, that all other conditions of the
24sale shall continue as originally advertised.
25    Executed Bonds shall, upon payment therefor, be delivered
26to the purchaser, and the proceeds of Bonds shall be paid into

 

 

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1the State Treasury as directed by Section 12 of this Act.
2    All Income Tax Proceed Bonds shall comply with this
3Section. Notwithstanding anything to the contrary, however,
4for purposes of complying with this Section, Income Tax Proceed
5Bonds, regardless of the number of series or issuances sold
6thereunder, shall be considered a single issue or series.
7Furthermore, for purposes of complying with the competitive
8bidding requirements of this Section, the words "at all times"
9shall not apply to any such sale of the Income Tax Proceed
10Bonds. The Director of the Governor's Office of Management and
11Budget shall determine the time and manner of any competitive
12sale of the Income Tax Proceed Bonds; however, that sale shall
13under no circumstances take place later than 60 days after the
14State closes the sale of 75% of the Income Tax Proceed Bonds by
15negotiated sale.
16    All State Pension Obligation Acceleration Bonds shall
17comply with this Section. Notwithstanding anything to the
18contrary, however, for purposes of complying with this Section,
19State Pension Obligation Acceleration Bonds, regardless of the
20number 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 Pension Obligation Acceleration 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 Pension Obligation Acceleration Bonds; however, that
2sale shall under no circumstances take place later than 60 days
3after the State closes the sale of 75% of the State Pension
4Obligation Acceleration Bonds by negotiated sale.
5(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section
625-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff.
77-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18;
8100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863,
9eff. 8-4-18; revised 10-10-18.)
 
10    (30 ILCS 330/12)  (from Ch. 127, par. 662)
11    Sec. 12. Allocation of proceeds from sale of Bonds.
12    (a) Proceeds from the sale of Bonds, authorized by Section
133 of this Act, shall be deposited in the separate fund known as
14the Capital Development Fund.
15    (b) Proceeds from the sale of Bonds, authorized by
16paragraph (a) of Section 4 of this Act, shall be deposited in
17the separate fund known as the Transportation Bond, Series A
18Fund.
19    (c) Proceeds from the sale of Bonds, authorized by
20paragraphs (b) and (c) of Section 4 of this Act, shall be
21deposited in the separate fund known as the Transportation
22Bond, Series B Fund.
23    (c-1) Proceeds from the sale of Bonds, authorized by
24paragraph (d) of Section 4 of this Act, shall be deposited into
25the Transportation Bond Series D Fund, which is hereby created.

 

 

10100HB0142sam001- 38 -LRB101 02983 AWJ 61495 a

1    (c-2) Proceeds from the sale of Bonds, authorized by
2paragraph (e) of Section 4 of this Act, shall be deposited into
3the Multi-modal Transportation Bond Fund, which is hereby
4created.
5    (d) Proceeds from the sale of Bonds, authorized by Section
65 of this Act, shall be deposited in the separate fund known as
7the School Construction Fund.
8    (e) Proceeds from the sale of Bonds, authorized by Section
96 of this Act, shall be deposited in the separate fund known as
10the Anti-Pollution Fund.
11    (f) Proceeds from the sale of Bonds, authorized by Section
127 of this Act, shall be deposited in the separate fund known as
13the Coal Development Fund.
14    (f-2) Proceeds from the sale of Bonds, authorized by
15Section 7.2 of this Act, shall be deposited as set forth in
16Section 7.2.
17    (f-5) Proceeds from the sale of Bonds, authorized by
18Section 7.5 of this Act, shall be deposited as set forth in
19Section 7.5.
20    (f-7) Proceeds from the sale of Bonds, authorized by
21Section 7.6 of this Act, shall be deposited as set forth in
22Section 7.6.
23    (f-8) Proceeds from the sale of Bonds, authorized by
24Section 7.7 of this Act, shall be deposited as set forth in
25Section 7.7.
26    (g) Proceeds from the sale of Bonds, authorized by Section

 

 

10100HB0142sam001- 39 -LRB101 02983 AWJ 61495 a

18 of this Act, shall be deposited in the Capital Development
2Fund.
3    (h) Subsequent to the issuance of any Bonds for the
4purposes described in Sections 2 through 8 of this Act, the
5Governor and the Director of the Governor's Office of
6Management and Budget may provide for the reallocation of
7unspent proceeds of such Bonds to any other purposes authorized
8under said Sections of this Act, subject to the limitations on
9aggregate principal amounts contained therein. Upon any such
10reallocation, such unspent proceeds shall be transferred to the
11appropriate funds as determined by reference to paragraphs (a)
12through (g) of this Section.
13(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)
 
14    (30 ILCS 330/15)  (from Ch. 127, par. 665)
15    Sec. 15. Computation of principal and interest; transfers.
16    (a) Upon each delivery of Bonds authorized to be issued
17under this Act, the Comptroller shall compute and certify to
18the Treasurer the total amount of principal of, interest on,
19and premium, if any, on Bonds issued that will be payable in
20order to retire such Bonds, the amount of principal of,
21interest on and premium, if any, on such Bonds that will be
22payable on each payment date according to the tenor of such
23Bonds during the then current and each succeeding fiscal year,
24and the amount of sinking fund payments needed to be deposited
25in connection with Qualified School Construction Bonds

 

 

10100HB0142sam001- 40 -LRB101 02983 AWJ 61495 a

1authorized by subsection (e) of Section 9. With respect to the
2interest payable on variable rate bonds, such certifications
3shall be calculated at the maximum rate of interest that may be
4payable during the fiscal year, after taking into account any
5credits permitted in the related indenture or other instrument
6against the amount of such interest required to be appropriated
7for such period pursuant to subsection (c) of Section 14 of
8this Act. With respect to the interest payable, such
9certifications shall include the amounts certified by the
10Director of the Governor's Office of Management and Budget
11under subsection (b) of Section 9 of this Act.
12    On or before the last day of each month the State Treasurer
13and Comptroller shall transfer from (1) the Road Fund with
14respect to Bonds issued under paragraphs paragraph (a) and (e)
15of Section 4 of this Act, or Bonds issued under authorization
16in Public Act 98-781, or Bonds issued for the purpose of
17refunding such bonds, and from (2) the General Revenue Fund,
18with respect to all other Bonds issued under this Act, to the
19General Obligation Bond Retirement and Interest Fund an amount
20sufficient to pay the aggregate of the principal of, interest
21on, and premium, if any, on Bonds payable, by their terms on
22the next payment date divided by the number of full calendar
23months between the date of such Bonds and the first such
24payment date, and thereafter, divided by the number of months
25between each succeeding payment date after the first. Such
26computations and transfers shall be made for each series of

 

 

10100HB0142sam001- 41 -LRB101 02983 AWJ 61495 a

1Bonds issued and delivered. Interest payable on variable rate
2bonds shall be calculated at the maximum rate of interest that
3may be payable for the relevant period, after taking into
4account any credits permitted in the related indenture or other
5instrument against the amount of such interest required to be
6appropriated for such period pursuant to subsection (c) of
7Section 14 of this Act. Computations of interest shall include
8the amounts certified by the Director of the Governor's Office
9of Management and Budget under subsection (b) of Section 9 of
10this Act. Interest for which moneys have already been deposited
11into the capitalized interest account within the General
12Obligation Bond Retirement and Interest Fund shall not be
13included in the calculation of the amounts to be transferred
14under this subsection. Notwithstanding any other provision in
15this Section, the transfer provisions provided in this
16paragraph shall not apply to transfers made in fiscal year 2010
17or fiscal year 2011 with respect to Bonds issued in fiscal year
182010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
19In the case of transfers made in fiscal year 2010 or fiscal
20year 2011 with respect to the Bonds issued in fiscal year 2010
21or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
22before the 15th day of the month prior to the required debt
23service payment, the State Treasurer and Comptroller shall
24transfer from the General Revenue Fund to the General
25Obligation Bond Retirement and Interest Fund an amount
26sufficient to pay the aggregate of the principal of, interest

 

 

10100HB0142sam001- 42 -LRB101 02983 AWJ 61495 a

1on, and premium, if any, on the Bonds payable in that next
2month.
3    The transfer of monies herein and above directed is not
4required if monies in the General Obligation Bond Retirement
5and Interest Fund are more than the amount otherwise to be
6transferred as herein above provided, and if the Governor or
7his authorized representative notifies the State Treasurer and
8Comptroller of such fact in writing.
9    (b) After the effective date of this Act, the balance of,
10and monies directed to be included in the Capital Development
11Bond Retirement and Interest Fund, Anti-Pollution Bond
12Retirement and Interest Fund, Transportation Bond, Series A
13Retirement and Interest Fund, Transportation Bond, Series B
14Retirement and Interest Fund, and Coal Development Bond
15Retirement and Interest Fund shall be transferred to and
16deposited in the General Obligation Bond Retirement and
17Interest Fund. This Fund shall be used to make debt service
18payments on the State's general obligation Bonds heretofore
19issued which are now outstanding and payable from the Funds
20herein listed as well as on Bonds issued under this Act.
21    (c) The unused portion of federal funds received for or as
22reimbursement for a capital facilities project, as authorized
23by Section 3 of this Act, for which monies from the Capital
24Development Fund have been expended shall remain in the Capital
25Development Board Contributory Trust Fund and shall be used for
26capital projects and for no other purpose, subject to

 

 

10100HB0142sam001- 43 -LRB101 02983 AWJ 61495 a

1appropriation and as directed by the Capital Development Board.
2Any federal funds received as reimbursement for the completed
3construction of a capital facilities project, as authorized by
4Section 3 of this Act, for which monies from the Capital
5Development Fund have been expended may be used for any expense
6or project necessary for implementation of the Quincy Veterans'
7Home Rehabilitation and Rebuilding Act for a period of 5 years
8from the effective date of this amendatory Act of the 100th
9General Assembly, and any remaining funds shall be deposited in
10the General Obligation Bond Retirement and Interest Fund.
11(Source: P.A. 100-23, eff. 7-6-17; 100-610, eff. 7-17-18.)
 
12    (30 ILCS 330/19)  (from Ch. 127, par. 669)
13    Sec. 19. Investment of Money Not Needed for Current
14Expenditures - Application of Earnings. (a) The State Treasurer
15may, with the Governor's approval, invest and reinvest any
16money from the Capital Development Fund, the Transportation
17Bond, Series A Fund, the Transportation Bond, Series B Fund,
18the Multi-modal Transportation Bond Fund, the School
19Construction Fund, the Anti-Pollution Fund, the Coal
20Development Fund and the General Obligation Bond Retirement and
21Interest Fund, in the State Treasury, which is not needed for
22current expenditures due or about to become due from these
23funds.
24    (b) Monies received from the sale or redemption of
25investments from the Transportation Bond, Series A Fund and the

 

 

10100HB0142sam001- 44 -LRB101 02983 AWJ 61495 a

1Multi-modal Transportation Bond Fund shall be deposited by the
2State Treasurer in the Road Fund.
3    Monies received from the sale or redemption of investments
4from the Capital Development Fund, the Transportation Bond,
5Series B Fund, the School Construction Fund, the Anti-Pollution
6Fund, and the Coal Development Fund shall be deposited by the
7State Treasurer in the General Revenue Fund.
8    Monies from the sale or redemption of investments from the
9General Obligation Bond Retirement and Interest Fund shall be
10deposited in the General Obligation Bond Retirement and
11Interest Fund.
12    (c) Monies from the Capital Development Fund, the
13Transportation Bond, Series A Fund, the Transportation Bond,
14Series B Fund, the Multi-modal Transportation Bond Fund, the
15School Construction Fund, the Anti-Pollution Fund, and the Coal
16Development Fund may be invested as permitted in "AN ACT in
17relation to State moneys", approved June 28, 1919, as amended
18and in "AN ACT relating to certain investments of public funds
19by public agencies", approved July 23, 1943, as amended. Monies
20from the General Obligation Bond Retirement and Interest Fund
21may be invested in securities constituting direct obligations
22of the United States Government, or obligations, the principal
23of and interest on which are guaranteed by the United States
24Government, or certificates of deposit of any state or national
25bank or savings and loan association. For amounts not insured
26by the Federal Deposit Insurance Corporation or the Federal

 

 

10100HB0142sam001- 45 -LRB101 02983 AWJ 61495 a

1Savings and Loan Insurance Corporation, as security the State
2Treasurer shall accept securities constituting direct
3obligations of the United States Government, or obligations,
4the principal of and interest on which are guaranteed by the
5United States Government.
6    (d) Accrued interest paid to the State at the time of the
7delivery of the Bonds shall be deposited into the General
8Obligation Bond Retirement and Interest Fund in the State
9Treasury.
10(Source: P.A. 84-1248; 84-1474.)
 
11    Section 15. The Build Illinois Bond Act is amended by
12changing Sections 2, 4, 6, and 8 as follows:
 
13    (30 ILCS 425/2)  (from Ch. 127, par. 2802)
14    Sec. 2. Authorization for Bonds. The State of Illinois is
15authorized to issue, sell and provide for the retirement of
16limited obligation bonds, notes and other evidences of
17indebtedness of the State of Illinois in the total principal
18amount of $9,484,681,100 $6,246,009,000 herein called "Bonds".
19Such authorized amount of Bonds shall be reduced from time to
20time by amounts, if any, which are equal to the moneys received
21by the Department of Revenue in any fiscal year pursuant to
22Section 3-1001 of the "Illinois Vehicle Code", as amended, in
23excess of the Annual Specified Amount (as defined in Section 3
24of the "Retailers' Occupation Tax Act", as amended) and

 

 

10100HB0142sam001- 46 -LRB101 02983 AWJ 61495 a

1transferred at the end of such fiscal year from the General
2Revenue Fund to the Build Illinois Purposes Fund (now
3abolished) as provided in Section 3-1001 of said Code;
4provided, however, that no such reduction shall affect the
5validity or enforceability of any Bonds issued prior to such
6reduction. Such amount of authorized Bonds shall be exclusive
7of any refunding Bonds issued pursuant to Section 15 of this
8Act and exclusive of any Bonds issued pursuant to this Section
9which are redeemed, purchased, advance refunded, or defeased in
10accordance with paragraph (f) of Section 4 of this Act. Bonds
11shall be issued for the categories and specific purposes
12expressed in Section 4 of this Act.
13(Source: P.A. 98-94, eff. 7-17-13.)
 
14    (30 ILCS 425/4)  (from Ch. 127, par. 2804)
15    Sec. 4. Purposes of Bonds. Bonds shall be issued for the
16following purposes and in the approximate amounts as set forth
17below:
18    (a) $4,372,761,200 $3,222,800,000 for the expenses of
19issuance and sale of Bonds, including bond discounts, and for
20planning, engineering, acquisition, construction,
21reconstruction, development, improvement and extension of the
22public infrastructure in the State of Illinois, including: the
23making of loans or grants to local governments for waste
24disposal systems, water and sewer line extensions and water
25distribution and purification facilities, rail or air or water

 

 

10100HB0142sam001- 47 -LRB101 02983 AWJ 61495 a

1port improvements, gas and electric utility extensions,
2publicly owned industrial and commercial sites, buildings used
3for public administration purposes and other public
4infrastructure capital improvements; the making of loans or
5grants to units of local government for financing and
6construction of wastewater facilities, including grants to
7serve unincorporated areas; refinancing or retiring bonds
8issued between January 1, 1987 and January 1, 1990 by home rule
9municipalities, debt service on which is provided from a tax
10imposed by home rule municipalities prior to January 1, 1990 on
11the sale of food and drugs pursuant to Section 8-11-1 of the
12Home Rule Municipal Retailers' Occupation Tax Act or Section
138-11-5 of the Home Rule Municipal Service Occupation Tax Act;
14the making of deposits not to exceed $70,000,000 in the
15aggregate into the Water Pollution Control Revolving Fund to
16provide assistance in accordance with the provisions of Title
17IV-A of the Environmental Protection Act; the planning,
18engineering, acquisition, construction, reconstruction,
19alteration, expansion, extension and improvement of highways,
20bridges, structures separating highways and railroads, rest
21areas, interchanges, access roads to and from any State or
22local highway and other transportation improvement projects
23which are related to economic development activities; the
24making of loans or grants for planning, engineering,
25rehabilitation, improvement or construction of rail and
26transit facilities; the planning, engineering, acquisition,

 

 

10100HB0142sam001- 48 -LRB101 02983 AWJ 61495 a

1construction, reconstruction and improvement of watershed,
2drainage, flood control, recreation and related improvements
3and facilities, including expenses related to land and easement
4acquisition, relocation, control structures, channel work and
5clearing and appurtenant work; the planning, engineering,
6acquisition, construction, reconstruction and improvement of
7State facilities and related infrastructure; the making of Park
8and Recreational Facilities Construction (PARC) grants; the
9making of grants to units of local government for community
10development capital projects; the making of grants for
11improvement and development of zoos and park district field
12houses and related structures; and the making of grants for
13improvement and development of Navy Pier and related
14structures.
15    (b) $2,122,970,300 $849,000,000 for fostering economic
16development and increased employment and fostering the well
17being of the citizens of Illinois through community
18development, including: the making of grants for improvement
19and development of McCormick Place and related structures; the
20planning and construction of a microelectronics research
21center, including the planning, engineering, construction,
22improvement, renovation and acquisition of buildings,
23equipment and related utility support systems; the making of
24loans to businesses and investments in small businesses;
25acquiring real properties for industrial or commercial site
26development; acquiring, rehabilitating and reconveying

 

 

10100HB0142sam001- 49 -LRB101 02983 AWJ 61495 a

1industrial and commercial properties for the purpose of
2expanding employment and encouraging private and other public
3sector investment in the economy of Illinois; the payment of
4expenses associated with siting the Superconducting Super
5Collider Particle Accelerator in Illinois and with its
6acquisition, construction, maintenance, operation, promotion
7and support; the making of loans for the planning, engineering,
8acquisition, construction, improvement and conversion of
9facilities and equipment which will foster the use of Illinois
10coal; the payment of expenses associated with the promotion,
11establishment, acquisition and operation of small business
12incubator facilities and agribusiness research facilities,
13including the lease, purchase, renovation, planning,
14engineering, construction and maintenance of buildings,
15utility support systems and equipment designated for such
16purposes and the establishment and maintenance of centralized
17support services within such facilities; the making of grants
18for transportation electrification infrastructure projects
19that promote use of clean and renewable energy; the making of
20capital expenditures and grants for broadband development and
21for a statewide broadband deployment grant program; the making
22of grants to public entities and private persons and entities
23for community development capital projects; the making of
24grants to public entities and private persons and entities for
25capital projects in the context of grant programs focused on
26assisting economically depressed areas, expanding affordable

 

 

10100HB0142sam001- 50 -LRB101 02983 AWJ 61495 a

1housing, supporting the provision of human services,
2supporting emerging technology enterprises, and supporting
3minority owned businesses; and the making of grants or loans to
4units of local government for Urban Development Action Grant
5and Housing Partnership programs.
6    (c) $2,711,076,600 $1,944,058,100 for the development and
7improvement of educational, scientific, technical and
8vocational programs and facilities and the expansion of health
9and human services for all citizens of Illinois, including: the
10making of grants to school districts and not-for-profit
11organizations for early childhood construction projects
12pursuant to Section 5-300 of the School Construction Law; the
13making of grants to educational institutions for educational,
14scientific, technical and vocational program equipment and
15facilities; the making of grants to museums for equipment and
16facilities; the making of construction and improvement grants
17and loans to public libraries and library systems; the making
18of grants and loans for planning, engineering, acquisition and
19construction of a new State central library in Springfield; the
20planning, engineering, acquisition and construction of an
21animal and dairy sciences facility; the planning, engineering,
22acquisition and construction of a campus and all related
23buildings, facilities, equipment and materials for Richland
24Community College; the acquisition, rehabilitation and
25installation of equipment and materials for scientific and
26historical surveys; the making of grants or loans for

 

 

10100HB0142sam001- 51 -LRB101 02983 AWJ 61495 a

1distribution to eligible vocational education instructional
2programs for the upgrading of vocational education programs,
3school shops and laboratories, including the acquisition,
4rehabilitation and installation of technical equipment and
5materials; the making of grants or loans for distribution to
6eligible local educational agencies for the upgrading of math
7and science instructional programs, including the acquisition
8of instructional equipment and materials; miscellaneous
9capital improvements for universities and community colleges
10including the planning, engineering, construction,
11reconstruction, remodeling, improvement, repair and
12installation of capital facilities and costs of planning,
13supplies, equipment, materials, services, and all other
14required expenses; the making of grants or loans for repair,
15renovation and miscellaneous capital improvements for
16privately operated colleges and universities and community
17colleges, including the planning, engineering, acquisition,
18construction, reconstruction, remodeling, improvement, repair
19and installation of capital facilities and costs of planning,
20supplies, equipment, materials, services, and all other
21required expenses; and the making of grants or loans for
22distribution to local governments for hospital and other health
23care facilities including the planning, engineering,
24acquisition, construction, reconstruction, remodeling,
25improvement, repair and installation of capital facilities and
26costs of planning, supplies, equipment, materials, services

 

 

10100HB0142sam001- 52 -LRB101 02983 AWJ 61495 a

1and all other required expenses.
2    (d) $277,873,000 $230,150,900 for protection,
3preservation, restoration and conservation of environmental
4and natural resources, including: the making of grants to soil
5and water conservation districts for the planning and
6implementation of conservation practices and for funding
7contracts with the Soil Conservation Service for watershed
8planning; the making of grants to units of local government for
9the capital development and improvement of recreation areas,
10including planning and engineering costs, sewer projects,
11including planning and engineering costs and water projects,
12including planning and engineering costs, and for the
13acquisition of open space lands, including the acquisition of
14easements and other property interests of less than fee simple
15ownership; the making of grants to units of local government
16through the Illinois Green Infrastructure Grant Program to
17protect water quality and mitigate flooding; the acquisition
18and related costs and development and management of natural
19heritage lands, including natural areas and areas providing
20habitat for endangered species and nongame wildlife, and buffer
21area lands; the acquisition and related costs and development
22and management of habitat lands, including forest, wildlife
23habitat and wetlands; and the removal and disposition of
24hazardous substances, including the cost of project
25management, equipment, laboratory analysis, and contractual
26services necessary for preventative and corrective actions

 

 

10100HB0142sam001- 53 -LRB101 02983 AWJ 61495 a

1related to the preservation, restoration and conservation of
2the environment, including deposits not to exceed $60,000,000
3in the aggregate into the Hazardous Waste Fund and the
4Brownfields Redevelopment Fund for improvements in accordance
5with the provisions of Titles V and XVII of the Environmental
6Protection Act.
7    (e) The amount specified in paragraph (a) above shall
8include an amount necessary to pay reasonable expenses of each
9issuance and sale of the Bonds, as specified in the related
10Bond Sale Order (hereinafter defined).
11    (f) Any unexpended proceeds from any sale of Bonds which
12are held in the Build Illinois Bond Fund may be used to redeem,
13purchase, advance refund, or defease any Bonds outstanding.
14(Source: P.A. 98-94, eff. 7-17-13.)
 
15    (30 ILCS 425/6)  (from Ch. 127, par. 2806)
16    Sec. 6. Conditions for issuance and sale of Bonds -
17requirements for Bonds - master and supplemental indentures -
18credit and liquidity enhancement.
19    (a) Bonds shall be issued and sold from time to time, in
20one or more series, in such amounts and at such prices as
21directed by the Governor, upon recommendation by the Director
22of the Governor's Office of Management and Budget. Bonds shall
23be payable only from the specific sources and secured in the
24manner provided in this Act. Bonds shall be in such form, in
25such denominations, mature on such dates within 25 years from

 

 

10100HB0142sam001- 54 -LRB101 02983 AWJ 61495 a

1their date of issuance, be subject to optional or mandatory
2redemption, bear interest payable at such times and at such
3rate or rates, fixed or variable, and be dated as shall be
4fixed and determined by the Director of the Governor's Office
5of Management and Budget in an order authorizing the issuance
6and sale of any series of Bonds, which order shall be approved
7by the Governor and is herein called a "Bond Sale Order";
8provided, however, that interest payable at fixed rates shall
9not exceed that permitted in "An Act to authorize public
10corporations to issue bonds, other evidences of indebtedness
11and tax anticipation warrants subject to interest rate
12limitations set forth therein", approved May 26, 1970, as now
13or hereafter amended, and interest payable at variable rates
14shall not exceed the maximum rate permitted in the Bond Sale
15Order. Said Bonds shall be payable at such place or places,
16within or without the State of Illinois, and may be made
17registrable as to either principal only or as to both principal
18and interest, as shall be specified in the Bond Sale Order.
19Bonds may be callable or subject to purchase and retirement or
20remarketing as fixed and determined in the Bond Sale Order.
21Bonds (i) except for refunding Bonds satisfying the
22requirements of Section 15 of this Act and sold during fiscal
23year 2009, 2010, 2011, 2017, 2018, or 2019, must be issued with
24principal or mandatory redemption amounts in equal amounts,
25with the first maturity issued occurring within the fiscal year
26in which the Bonds are issued or within the next succeeding

 

 

10100HB0142sam001- 55 -LRB101 02983 AWJ 61495 a

1fiscal year and (ii) must mature or be subject to mandatory
2redemption each fiscal year thereafter up to 25 years, except
3for refunding Bonds satisfying the requirements of Section 15
4of this Act and sold during fiscal year 2009, 2010, or 2011
5which must mature or be subject to mandatory redemption each
6fiscal year thereafter up to 16 years.
7    All Bonds authorized under this Act shall be issued
8pursuant to a master trust indenture ("Master Indenture")
9executed and delivered on behalf of the State by the Director
10of the Governor's Office of Management and Budget, such Master
11Indenture to be in substantially the form approved in the Bond
12Sale Order authorizing the issuance and sale of the initial
13series of Bonds issued under this Act. Such initial series of
14Bonds may, and each subsequent series of Bonds shall, also be
15issued pursuant to a supplemental trust indenture
16("Supplemental Indenture") executed and delivered on behalf of
17the State by the Director of the Governor's Office of
18Management and Budget, each such Supplemental Indenture to be
19in substantially the form approved in the Bond Sale Order
20relating to such series. The Master Indenture and any
21Supplemental Indenture shall be entered into with a bank or
22trust company in the State of Illinois having trust powers and
23possessing capital and surplus of not less than $100,000,000.
24Such indentures shall set forth the terms and conditions of the
25Bonds and provide for payment of and security for the Bonds,
26including the establishment and maintenance of debt service and

 

 

10100HB0142sam001- 56 -LRB101 02983 AWJ 61495 a

1reserve funds, and for other protections for holders of the
2Bonds. The term "reserve funds" as used in this Act shall
3include funds and accounts established under indentures to
4provide for the payment of principal of and premium and
5interest on Bonds, to provide for the purchase, retirement or
6defeasance of Bonds, to provide for fees of trustees,
7registrars, paying agents and other fiduciaries and to provide
8for payment of costs of and debt service payable in respect of
9credit or liquidity enhancement arrangements, interest rate
10swaps or guarantees or financial futures contracts and indexing
11and remarketing agents' services.
12    In the case of any series of Bonds bearing interest at a
13variable interest rate ("Variable Rate Bonds"), in lieu of
14determining the rate or rates at which such series of Variable
15Rate Bonds shall bear interest and the price or prices at which
16such Variable Rate Bonds shall be initially sold or remarketed
17(in the event of purchase and subsequent resale), the Bond Sale
18Order may provide that such interest rates and prices may vary
19from time to time depending on criteria established in such
20Bond Sale Order, which criteria may include, without
21limitation, references to indices or variations in interest
22rates as may, in the judgment of a remarketing agent, be
23necessary to cause Bonds of such series to be remarketable from
24time to time at a price equal to their principal amount (or
25compound accreted value in the case of original issue discount
26Bonds), and may provide for appointment of indexing agents and

 

 

10100HB0142sam001- 57 -LRB101 02983 AWJ 61495 a

1a bank, trust company, investment bank or other financial
2institution to serve as remarketing agent in that connection.
3The Bond Sale Order may provide that alternative interest rates
4or provisions for establishing alternative interest rates,
5different security or claim priorities or different call or
6amortization provisions will apply during such times as Bonds
7of any series are held by a person providing credit or
8liquidity enhancement arrangements for such Bonds as
9authorized in subsection (b) of Section 6 of this Act.
10    (b) In connection with the issuance of any series of Bonds,
11the State may enter into arrangements to provide additional
12security and liquidity for such Bonds, including, without
13limitation, bond or interest rate insurance or letters of
14credit, lines of credit, bond purchase contracts or other
15arrangements whereby funds are made available to retire or
16purchase Bonds, thereby assuring the ability of owners of the
17Bonds to sell or redeem their Bonds. The State may enter into
18contracts and may agree to pay fees to persons providing such
19arrangements, but only under circumstances where the Director
20of the Bureau of the Budget (now Governor's Office of
21Management and Budget) certifies that he reasonably expects the
22total interest paid or to be paid on the Bonds, together with
23the fees for the arrangements (being treated as if interest),
24would not, taken together, cause the Bonds to bear interest,
25calculated to their stated maturity, at a rate in excess of the
26rate which the Bonds would bear in the absence of such

 

 

10100HB0142sam001- 58 -LRB101 02983 AWJ 61495 a

1arrangements. Any bonds, notes or other evidences of
2indebtedness issued pursuant to any such arrangements for the
3purpose of retiring and discharging outstanding Bonds shall
4constitute refunding Bonds under Section 15 of this Act. The
5State may participate in and enter into arrangements with
6respect to interest rate swaps or guarantees or financial
7futures contracts for the purpose of limiting or restricting
8interest rate risk; provided that such arrangements shall be
9made with or executed through banks having capital and surplus
10of not less than $100,000,000 or insurance companies holding
11the highest policyholder rating accorded insurers by A.M. Best &
12 Co. or any comparable rating service or government bond
13dealers reporting to, trading with, and recognized as primary
14dealers by a Federal Reserve Bank and having capital and
15surplus of not less than $100,000,000, or other persons whose
16debt securities are rated in the highest long-term categories
17by both Moody's Investors' Services, Inc. and Standard & Poor's
18Corporation. Agreements incorporating any of the foregoing
19arrangements may be executed and delivered by the Director of
20the Governor's Office of Management and Budget on behalf of the
21State in substantially the form approved in the Bond Sale Order
22relating to such Bonds.
23    (c) "Build America Bonds" in this Section means Bonds
24authorized by Section 54AA of the Internal Revenue Code of
251986, as amended ("Internal Revenue Code"), and bonds issued
26from time to time to refund or continue to refund "Build

 

 

10100HB0142sam001- 59 -LRB101 02983 AWJ 61495 a

1America Bonds".
2(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17;
3100-587, eff. 6-4-18.)
 
4    (30 ILCS 425/8)  (from Ch. 127, par. 2808)
5    Sec. 8. Sale of Bonds. Bonds, except as otherwise provided
6in this Section, shall be sold from time to time pursuant to
7notice of sale and public bid or by negotiated sale in such
8amounts and at such times as are directed by the Governor, upon
9recommendation by the Director of the Governor's Office of
10Management and Budget. At least 25%, based on total principal
11amount, of all Bonds issued each fiscal year shall be sold
12pursuant to notice of sale and public bid. At all times during
13each fiscal year, no more than 75%, based on total principal
14amount, of the Bonds issued each fiscal year shall have been
15sold by negotiated sale. Failure to satisfy the requirements in
16the preceding 2 sentences shall not affect the validity of any
17previously issued Bonds; and further provided that refunding
18Bonds satisfying the requirements of Section 15 of this Act and
19sold during fiscal year 2009, 2010, 2011, 2017, 2018, or 2019
20shall not be subject to the requirements in the preceding 2
21sentences.
22    If any Bonds are to be sold pursuant to notice of sale and
23public bid, the Director of the Governor's Office of Management
24and Budget shall comply with the competitive request for
25proposal process set forth in the Illinois Procurement Code and

 

 

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1all other applicable requirements of that Code.
2    If Bonds are to be sold pursuant to notice of sale and
3public bid, the Director of the Governor's Office of Management
4and Budget may, from time to time, as Bonds are to be sold,
5advertise the sale of the Bonds in at least 2 daily newspapers,
6one of which is published in the City of Springfield and one in
7the City of Chicago. The sale of the Bonds shall also be
8advertised in the volume of the Illinois Procurement Bulletin
9that is published by the Department of Central Management
10Services, and shall be published once at least 10 days prior to
11the date fixed for the opening of the bids. The Director of the
12Governor's Office of Management and Budget may reschedule the
13date of sale upon the giving of such additional notice as the
14Director deems adequate to inform prospective bidders of the
15change; provided, however, that all other conditions of the
16sale shall continue as originally advertised. Executed Bonds
17shall, upon payment therefor, be delivered to the purchaser,
18and the proceeds of Bonds shall be paid into the State Treasury
19as directed by Section 9 of this Act. The Governor or the
20Director of the Governor's Office of Management and Budget is
21hereby authorized and directed to execute and deliver contracts
22of sale with underwriters and to execute and deliver such
23certificates, indentures, agreements and documents, including
24any supplements or amendments thereto, and to take such actions
25and do such things as shall be necessary or desirable to carry
26out the purposes of this Act. Any action authorized or

 

 

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1permitted to be taken by the Director of the Governor's Office
2of Management and Budget pursuant to this Act is hereby
3authorized to be taken by any person specifically designated by
4the Governor to take such action in a certificate signed by the
5Governor and filed with the Secretary of State.
6(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17;
7100-587, eff. 6-4-18.)
 
8    Section 20. The Regional Transportation Authority Act is
9amended by changing Section 2.32 as follows:
 
10    (70 ILCS 3615/2.32)
11    Sec. 2.32. Clean/green vehicles. Any vehicles purchased
12from funds made available to the Authority from the
13Transportation Bond, Series B Fund or the Multi-modal
14Transportation Bond Fund must incorporate clean/green
15technologies and alternative fuel technologies, to the extent
16practical.
17(Source: P.A. 96-8, eff. 4-28-09.)
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.".