Full Text of SB1514 96th General Assembly
SB1514enr 96TH GENERAL ASSEMBLY
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The General Obligation Bond Act is amended by | 5 |
| changing Sections 8, 9, 14, and 15 as follows:
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| (30 ILCS 330/8) (from Ch. 127, par. 658)
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| Sec. 8. Bond sale expenses. | 8 |
| (a)
An amount not to exceed
0.5 percent of the
principal | 9 |
| amount of the proceeds of sale of each bond sale is authorized
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| to be used to pay the reasonable costs of issuance and sale, | 11 |
| including, without limitation, underwriter's discounts and | 12 |
| fees, but excluding bond insurance,
of State of
Illinois | 13 |
| general obligation bonds authorized and sold pursuant to this | 14 |
| Act, provided that no salaries of State employees or other | 15 |
| State office operating expenses shall be paid out of | 16 |
| non-appropriated proceeds , provided further that the percent | 17 |
| shall be 1.0% for each sale of "Build America Bonds" or | 18 |
| "Qualified School Construction Bonds" as defined in | 19 |
| subsections (d) and (e) of Section 9, respectively . The | 20 |
| Governor's Office of Management and Budget shall compile a | 21 |
| summary of all costs of issuance on each sale (including both | 22 |
| costs paid out of proceeds and those paid out of appropriated | 23 |
| funds) and post that summary on its web site within 20 business |
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| days after the issuance of
the Bonds. The summary shall | 2 |
| include, as applicable, the respective percentages of | 3 |
| participation and compensation of each underwriter that is a | 4 |
| member of the underwriting syndicate, legal counsel, financial | 5 |
| advisors, and other professionals for the bond issue and an | 6 |
| identification of all costs of issuance paid to minority owned | 7 |
| businesses, female owned businesses, and businesses owned by | 8 |
| persons with disabilities. The terms "minority owned | 9 |
| businesses", "female owned businesses", and "business owned by | 10 |
| a person with a disability" have the meanings given to those | 11 |
| terms in the Business Enterprise for Minorities, Females, and | 12 |
| Persons with Disabilities Act. That posting shall be maintained | 13 |
| on the web site for a period of at least 30 days. In addition, | 14 |
| the Governor's Office of Management and Budget shall provide a | 15 |
| written copy of each summary of costs to the Speaker and | 16 |
| Minority Leader of the House of Representatives, the President | 17 |
| and Minority Leader of the Senate, and the Commission on | 18 |
| Government Forecasting and Accountability within 20 business | 19 |
| days after each issuance of the Bonds. In addition, the | 20 |
| Governor's Office of Management and Budget shall provide copies | 21 |
| of all contracts under which any costs of issuance are paid or | 22 |
| to be paid to the Commission on Government Forecasting and | 23 |
| Accountability within 20 business days after the issuance of | 24 |
| Bonds for which those costs are paid or to be paid. Instead of | 25 |
| filing a second or subsequent copy of the same contract, the | 26 |
| Governor's Office of Management and Budget may file a statement |
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| that specified costs are paid under specified contracts filed | 2 |
| earlier with the Commission. | 3 |
| (b) The Director of the Governor's Office of Management and | 4 |
| Budget shall not, in connection with the issuance of Bonds, | 5 |
| contract with any underwriter, financial advisor, or attorney | 6 |
| unless that underwriter, financial advisor, or attorney | 7 |
| certifies that the underwriter, financial advisor, or attorney | 8 |
| has not and will not pay a contingent fee, whether directly or | 9 |
| indirectly, to a third party for having promoted the selection | 10 |
| of the underwriter, financial advisor, or attorney for that | 11 |
| contract. In the event that the Governor's Office of Management | 12 |
| and Budget determines that an underwriter, financial advisor, | 13 |
| or attorney has filed a false certification with respect to the | 14 |
| payment of contingent fees, the Governor's Office of Management | 15 |
| and Budget shall not contract with that underwriter, financial | 16 |
| advisor, or attorney, or with any firm employing any person who | 17 |
| signed false certifications, for a period of 2 calendar years, | 18 |
| beginning with the date the determination is made. The validity | 19 |
| of Bonds issued under such circumstances of violation pursuant | 20 |
| to this Section shall not be affected.
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| (Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 93-1067, | 22 |
| eff. 1-15-05.)
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| (30 ILCS 330/9) (from Ch. 127, par. 659)
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| Sec. 9. Conditions for Issuance and Sale of Bonds - | 25 |
| Requirements for
Bonds. |
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| (a) Except as otherwise provided in this subsection, Bonds | 2 |
| shall be issued and sold from time to time, in one or
more | 3 |
| series, in such amounts and at such prices as may be directed | 4 |
| by the
Governor, upon recommendation by the Director of the
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| Governor's Office of Management and Budget.
Bonds shall be in | 6 |
| such form (either coupon, registered or book entry), in
such | 7 |
| denominations, payable within 25 years from their date, subject | 8 |
| to such
terms of redemption with or without premium, bear | 9 |
| interest payable at
such times and at such fixed or variable | 10 |
| rate or rates, and be dated
as shall be fixed and determined by | 11 |
| the Director of
the
Governor's Office of Management and Budget
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| in the order authorizing the issuance and sale
of any series of | 13 |
| Bonds, which order shall be approved by the Governor
and is | 14 |
| herein called a "Bond Sale Order"; provided however, that | 15 |
| interest
payable at fixed or variable rates shall not exceed | 16 |
| that permitted in the
Bond Authorization Act, as now or | 17 |
| hereafter amended. Bonds shall be
payable at such place or | 18 |
| places, within or without the State of Illinois, and
may be | 19 |
| made registrable as to either principal or as to both principal | 20 |
| and
interest, as shall be specified in the Bond Sale Order. | 21 |
| Bonds may be callable
or subject to purchase and retirement or | 22 |
| tender and remarketing as fixed
and determined in the Bond Sale | 23 |
| Order. Bonds, other than Bonds issued under Section 3 of this | 24 |
| Act for the costs associated with the purchase and | 25 |
| implementation of information technology, (i) except for | 26 |
| refunding Bonds satisfying the requirements of Section 16 of |
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| this Act and sold during fiscal year 2009, 2010, or 2011, must | 2 |
| be issued with principal or mandatory redemption amounts in | 3 |
| equal amounts, with the first maturity issued occurring within | 4 |
| the fiscal year in which the Bonds are issued or within the | 5 |
| next succeeding fiscal year and (ii) must mature or be subject | 6 |
| to mandatory redemption each fiscal year thereafter up to 25 | 7 |
| years, except for refunding Bonds satisfying the requirements | 8 |
| of Section 16 of this Act and sold during fiscal year 2009, | 9 |
| 2010, or 2011 which must mature or be subject to mandatory | 10 |
| redemption each fiscal year thereafter up to 16 years. Bonds | 11 |
| issued under Section 3 of this Act for the costs associated | 12 |
| with the purchase and implementation of information technology | 13 |
| must be issued with principal or mandatory redemption amounts | 14 |
| in equal amounts, with the first maturity issued occurring with | 15 |
| the fiscal year in which the respective bonds are issued or | 16 |
| with the next succeeding fiscal year, with the respective bonds | 17 |
| issued maturing or subject to mandatory redemption each fiscal | 18 |
| year thereafter up to 10 years. Notwithstanding any provision | 19 |
| of this Act to the contrary, the Bonds authorized by Public Act | 20 |
| 96-43 this amendatory Act of the 96th General Assembly shall be | 21 |
| payable within 5 years from their date and must be issued with | 22 |
| principal or mandatory redemption amounts in equal amounts, | 23 |
| with payment of principal or mandatory redemption beginning in | 24 |
| the first fiscal year following the fiscal year in which the | 25 |
| Bonds are issued.
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| In the case of any series of Bonds bearing interest at a |
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| variable interest
rate ("Variable Rate Bonds"), in lieu of | 2 |
| determining the rate or rates at which
such series of Variable | 3 |
| Rate Bonds shall bear interest and the price or prices
at which | 4 |
| such Variable Rate Bonds shall be initially sold or remarketed | 5 |
| (in the
event of purchase and subsequent resale), the Bond Sale | 6 |
| Order may provide that
such interest rates and prices may vary | 7 |
| from time to time depending on criteria
established in such | 8 |
| Bond Sale Order, which criteria may include, without
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| limitation, references to indices or variations in interest | 10 |
| rates as may, in
the judgment of a remarketing agent, be | 11 |
| necessary to cause Variable Rate Bonds
of such series to be | 12 |
| remarketable from time to time at a price equal to their
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| principal amount, and may provide for appointment of a bank, | 14 |
| trust company,
investment bank, or other financial institution | 15 |
| to serve as remarketing agent
in that connection.
The Bond Sale | 16 |
| Order may provide that alternative interest rates or provisions
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| for establishing alternative interest rates, different | 18 |
| security or claim
priorities, or different call or amortization | 19 |
| provisions will apply during
such times as Variable Rate Bonds | 20 |
| of any series are held by a person providing
credit or | 21 |
| liquidity enhancement arrangements for such Bonds as | 22 |
| authorized in
subsection (b) of this Section.
The Bond Sale | 23 |
| Order may also provide for such variable interest rates to be
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| established pursuant to a process generally known as an auction | 25 |
| rate process
and may provide for appointment of one or more | 26 |
| financial institutions to serve
as auction agents and |
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| broker-dealers in connection with the establishment of
such | 2 |
| interest rates and the sale and remarketing of such Bonds.
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| (b) In connection with the issuance of any series of Bonds, | 4 |
| the State may
enter into arrangements to provide additional | 5 |
| security and liquidity for such
Bonds, including, without | 6 |
| limitation, bond or interest rate insurance or
letters of | 7 |
| credit, lines of credit, bond purchase contracts, or other
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| arrangements whereby funds are made available to retire or | 9 |
| purchase Bonds,
thereby assuring the ability of owners of the | 10 |
| Bonds to sell or redeem their
Bonds. The State may enter into | 11 |
| contracts and may agree to pay fees to persons
providing such | 12 |
| arrangements, but only under circumstances where the Director | 13 |
| of
the
Governor's Office of Management and Budget certifies | 14 |
| that he or she reasonably expects the total
interest paid or to | 15 |
| be paid on the Bonds, together with the fees for the
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| arrangements (being treated as if interest), would not, taken | 17 |
| together, cause
the Bonds to bear interest, calculated to their | 18 |
| stated maturity, at a rate in
excess of the rate that the Bonds | 19 |
| would bear in the absence of such
arrangements.
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| The State may, with respect to Bonds issued or anticipated | 21 |
| to be issued,
participate in and enter into arrangements with | 22 |
| respect to interest rate
protection or exchange agreements, | 23 |
| guarantees, or financial futures contracts
for the purpose of | 24 |
| limiting, reducing, or managing interest rate exposure.
The | 25 |
| authority granted under this paragraph, however, shall not | 26 |
| increase the principal amount of Bonds authorized to be issued |
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| by law. The arrangements may be executed and delivered by the | 2 |
| Director
of the
Governor's Office of Management and Budget on | 3 |
| behalf of the State. Net payments for such
arrangements shall | 4 |
| constitute interest on the Bonds and shall be paid from the
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| General Obligation Bond Retirement and Interest Fund. The | 6 |
| Director of the
Governor's Office of Management and Budget | 7 |
| shall at least annually certify to the Governor and
the
State | 8 |
| Comptroller his or her estimate of the amounts of such net | 9 |
| payments to
be included in the calculation of interest required | 10 |
| to be paid by the State.
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| (c) Prior to the issuance of any Variable Rate Bonds | 12 |
| pursuant to
subsection (a), the Director of the
Governor's | 13 |
| Office of Management and Budget shall adopt an
interest rate | 14 |
| risk management policy providing that the amount of the State's
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| variable rate exposure with respect to Bonds shall not exceed | 16 |
| 20%. This policy
shall remain in effect while any Bonds are | 17 |
| outstanding and the issuance of
Bonds
shall be subject to the | 18 |
| terms of such policy. The terms of this policy may be
amended | 19 |
| from time to time by the Director of the
Governor's Office of | 20 |
| Management and Budget but in no
event shall any amendment cause | 21 |
| the permitted level of the State's variable
rate exposure with | 22 |
| respect to Bonds to exceed 20%.
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| (d) "Build America Bonds" in this Section means Bonds | 24 |
| authorized by Section 54AA of the Internal Revenue Code of | 25 |
| 1986, as amended ("Internal Revenue Code"), and bonds issued | 26 |
| from time to time to refund or continue to refund "Build |
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| America Bonds". | 2 |
| (e) Notwithstanding any other provision of this Section, | 3 |
| Qualified School Construction Bonds shall be issued and sold | 4 |
| from time to time, in one or more series, in such amounts and | 5 |
| at such prices as may be directed by the Governor, upon | 6 |
| recommendation by the Director of the Governor's Office of | 7 |
| Management and Budget. Qualified School Construction Bonds | 8 |
| shall be in such form (either coupon, registered or book | 9 |
| entry), in such denominations, payable within 25 years from | 10 |
| their date, subject to such terms of redemption with or without | 11 |
| premium, and if the Qualified School Construction Bonds are | 12 |
| issued with a supplemental coupon, bear interest payable at | 13 |
| such times and at such fixed or variable rate or rates, and be | 14 |
| dated as shall be fixed and determined by the Director of the | 15 |
| Governor's Office of Management and Budget in the order | 16 |
| authorizing the issuance and sale of any series of Qualified | 17 |
| School Construction Bonds, which order shall be approved by the | 18 |
| Governor and is herein called a "Bond Sale Order"; except that | 19 |
| interest payable at fixed or variable rates, if any, shall not | 20 |
| exceed that permitted in the Bond Authorization Act, as now or | 21 |
| hereafter amended. Qualified School Construction Bonds shall | 22 |
| be payable at such place or places, within or without the State | 23 |
| of Illinois, and may be made registrable as to either principal | 24 |
| or as to both principal and interest, as shall be specified in | 25 |
| the Bond Sale Order. Qualified School Construction Bonds may be | 26 |
| callable or subject to purchase and retirement or tender and |
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| remarketing as fixed and determined in the Bond Sale Order. | 2 |
| Qualified School Construction Bonds must be issued with | 3 |
| principal or mandatory redemption amounts or sinking fund | 4 |
| payments into the General Obligation Bond Retirement and | 5 |
| Interest Fund (or subaccount therefor) in equal amounts, with | 6 |
| the first maturity issued, mandatory redemption payment or | 7 |
| sinking fund payment occurring within the fiscal year in which | 8 |
| the Qualified School Construction Bonds are issued or within | 9 |
| the next succeeding fiscal year, with Qualified School | 10 |
| Construction Bonds issued maturing or subject to mandatory | 11 |
| redemption or with sinking fund payments thereof deposited each | 12 |
| fiscal year thereafter up to 25 years. Sinking fund payments | 13 |
| set forth in this subsection shall be permitted only to the | 14 |
| extent authorized in Section 54F of the Internal Revenue Code | 15 |
| or as otherwise determined by the Director of the Governor's | 16 |
| Office of Management and Budget. "Qualified School | 17 |
| Construction Bonds" in this subsection means Bonds authorized | 18 |
| by Section 54F of the Internal Revenue Code and for bonds | 19 |
| issued from time to time to refund or continue to refund such | 20 |
| "Qualified School Construction Bonds". | 21 |
| (Source: P.A. 96-18, eff. 6-26-09; 96-37, eff. 7-13-09; 96-43, | 22 |
| eff. 7-15-09; revised 8-20-09.)
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| (30 ILCS 330/14) (from Ch. 127, par. 664)
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| Sec. 14. Repayment.
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| (a) To provide for the manner of repayment of Bonds, the |
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| Governor shall
include an appropriation in each annual State | 2 |
| Budget of monies in such amount
as shall be necessary and | 3 |
| sufficient, for the period covered by such budget,
to pay the | 4 |
| interest, as it shall accrue, on all Bonds issued under this | 5 |
| Act,
to pay and discharge the principal of such Bonds as shall, | 6 |
| by their terms,
fall due during such period, and to pay a | 7 |
| premium, if any, on Bonds to be
redeemed prior to the maturity | 8 |
| date , and to pay sinking fund payments in connection with | 9 |
| Qualified School Construction Bonds authorized by subsection | 10 |
| (e) of Section 9 . Amounts included in such appropriations
for | 11 |
| the payment of interest on variable rate bonds shall be the | 12 |
| maximum amounts
of interest that may be payable for the period | 13 |
| covered by the budget, after
taking into account any credits | 14 |
| permitted in the related indenture or other
instrument against | 15 |
| the amount of such interest required to be appropriated for
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| such period. Amounts included in such appropriations for the | 17 |
| payment of
interest shall include the amounts certified by the | 18 |
| Director of the
Governor's Office of Management and Budget | 19 |
| under subsection (b) of Section 9 of this Act.
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| (b) A separate fund in the State Treasury called the | 21 |
| "General Obligation
Bond Retirement and Interest Fund" is | 22 |
| hereby created.
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| (c) The General Assembly shall annually make | 24 |
| appropriations to pay the
principal of, interest on, and | 25 |
| premium, if any, on Bonds sold under this
Act from the General | 26 |
| Obligation Bond Retirement and Interest Fund.
Amounts included |
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| in such appropriations for the payment of interest on
variable | 2 |
| rate bonds shall be the maximum amounts of interest that may be
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| payable during the fiscal year, after taking into account any | 4 |
| credits
permitted in the related indenture or other instrument | 5 |
| against the amount
of such interest required to be appropriated | 6 |
| for such period. Amounts included
in such appropriations for | 7 |
| the payment of interest shall include the amounts
certified by | 8 |
| the Director of the
Governor's Office of Management and Budget | 9 |
| under subsection (b) of
Section 9 of this Act.
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| If for any reason there are insufficient funds in either | 11 |
| the General
Revenue Fund or the Road Fund to make
transfers to | 12 |
| the General Obligation Bond Retirement and Interest Fund as
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| required by Section 15 of this Act, or if for any reason the | 14 |
| General Assembly
fails to make appropriations sufficient to pay | 15 |
| the principal of, interest on,
and premium, if any, on the | 16 |
| Bonds, as the same by their terms shall become due,
this Act | 17 |
| shall constitute an irrevocable and continuing appropriation | 18 |
| of all
amounts necessary for that purpose, and the irrevocable | 19 |
| and continuing
authority for and direction to the State | 20 |
| Treasurer and the Comptroller to make
the necessary transfers, | 21 |
| as directed by the Governor, out of and disbursements
from the | 22 |
| revenues and funds of the
State.
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| (d) If, because of insufficient funds in either the General | 24 |
| Revenue Fund
or the Road Fund, monies have been transferred to | 25 |
| the General Obligation
Bond Retirement and Interest Fund, as | 26 |
| required by subsection (c) of this
Section, this Act shall |
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| constitute the irrevocable and continuing authority
for and | 2 |
| direction to the State Treasurer and Comptroller to reimburse | 3 |
| these
funds of the State from the General Revenue Fund or the | 4 |
| Road Fund, as
appropriate, by transferring, at such times and | 5 |
| in such amounts, as directed by
the Governor, an amount to | 6 |
| these funds equal to that transferred from them.
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| (Source: P.A. 93-9, eff. 6-3-03; 94-793, eff. 5-19-06.)
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| (30 ILCS 330/15) (from Ch. 127, par. 665)
| 9 |
| Sec. 15. Computation of Principal and Interest; transfers.
| 10 |
| (a) Upon each delivery of Bonds authorized to be issued | 11 |
| under this Act,
the Comptroller shall compute and certify to | 12 |
| the Treasurer the total amount
of principal of, interest on, | 13 |
| and premium, if any, on Bonds issued that will
be payable in | 14 |
| order to retire such Bonds , and the amount of principal of,
| 15 |
| interest on and premium, if any, on such Bonds that will be | 16 |
| payable on each
payment date according to the tenor of such | 17 |
| Bonds during the then current and
each succeeding fiscal year , | 18 |
| and the amount of sinking fund payments needed to be deposited | 19 |
| in connection with Qualified School Construction Bonds | 20 |
| authorized by subsection (e) of Section 9 .
With respect to the | 21 |
| interest payable on variable rate bonds, such
certifications | 22 |
| shall be calculated at the maximum rate of interest that
may be | 23 |
| payable during the fiscal year, after taking into account any | 24 |
| credits
permitted in the related indenture or other instrument | 25 |
| against the amount
of such interest required to be appropriated |
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| for such period pursuant to
subsection (c) of Section 14 of | 2 |
| this Act. With respect to the interest
payable, such | 3 |
| certifications shall include the amounts certified by the
| 4 |
| Director of the
Governor's Office of Management and Budget | 5 |
| under subsection (b) of Section 9 of
this Act.
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| On or before the last day of each month the State Treasurer | 7 |
| and Comptroller
shall transfer from (1) the Road Fund with | 8 |
| respect to Bonds issued under
paragraph (a) of Section 4 of | 9 |
| this Act or Bonds issued for the purpose of
refunding such | 10 |
| bonds, and from (2) the General
Revenue Fund, with respect to | 11 |
| all other Bonds issued under this Act, to the
General | 12 |
| Obligation Bond Retirement and Interest Fund an amount | 13 |
| sufficient to
pay the aggregate of the principal of, interest | 14 |
| on, and premium, if any, on
Bonds payable, by their terms on | 15 |
| the next payment date divided by the number of
full calendar | 16 |
| months between the date of such Bonds and the first such | 17 |
| payment
date, and thereafter, divided by the number of months | 18 |
| between each succeeding
payment date after the first. Such | 19 |
| computations and transfers shall be
made for each series of | 20 |
| Bonds issued and delivered. Interest payable on
variable rate | 21 |
| bonds shall be calculated at the maximum rate of interest that
| 22 |
| may be payable for the relevant period, after taking into | 23 |
| account any credits
permitted in the related indenture or other | 24 |
| instrument against the amount of
such interest required to be | 25 |
| appropriated for such period pursuant to
subsection (c) of | 26 |
| Section 14 of this Act. Computations of interest shall
include |
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| the amounts certified by the Director of the
Governor's Office | 2 |
| of Management and Budget
under subsection (b) of Section 9 of | 3 |
| this Act. Interest for which moneys
have already been deposited | 4 |
| into the capitalized interest account within the
General | 5 |
| Obligation Bond Retirement and Interest Fund shall not be | 6 |
| included
in the calculation of the amounts to be transferred | 7 |
| under this subsection. Notwithstanding any other provision in | 8 |
| this Section, the transfer provisions provided in this | 9 |
| paragraph shall not apply to transfers made in fiscal year 2010 | 10 |
| with respect to Bonds issued in fiscal year 2010 pursuant to | 11 |
| Section 7.2 of this Act. In the case of transfers made in | 12 |
| fiscal year 2010 with respect to the Bonds issued in fiscal | 13 |
| year 2010 pursuant to Section 7.2 of this Act, on or before the | 14 |
| 15th day of the month prior to the required debt service | 15 |
| payment, the State Treasurer and Comptroller shall transfer | 16 |
| from the General Revenue Fund to the General Obligation Bond | 17 |
| Retirement and Interest Fund an amount sufficient to pay the | 18 |
| aggregate of the principal of, interest on, and premium, if | 19 |
| any, on the Bonds payable in that next month.
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| The transfer of monies herein and above directed is not | 21 |
| required if monies
in the General Obligation Bond Retirement | 22 |
| and Interest Fund are more than
the amount otherwise to be | 23 |
| transferred as herein above provided, and if the
Governor or | 24 |
| his authorized representative notifies the State Treasurer and
| 25 |
| Comptroller of such fact in writing.
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| (b) After the effective date of this Act, the balance of, |
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| and monies
directed to be included in the Capital Development | 2 |
| Bond Retirement and
Interest Fund, Anti-Pollution Bond | 3 |
| Retirement and Interest Fund,
Transportation Bond, Series A | 4 |
| Retirement and Interest Fund, Transportation
Bond, Series B | 5 |
| Retirement and Interest Fund, and Coal Development Bond
| 6 |
| Retirement and Interest Fund shall be transferred to and | 7 |
| deposited in the
General Obligation Bond Retirement and | 8 |
| Interest Fund. This Fund shall be
used to make debt service | 9 |
| payments on the State's general obligation Bonds
heretofore | 10 |
| issued which are now outstanding and payable from the Funds | 11 |
| herein
listed as well as on Bonds issued under this Act.
| 12 |
| (c) The unused portion of federal funds received for a | 13 |
| capital
facilities project, as authorized by Section 3 of this | 14 |
| Act, for which
monies from the Capital Development Fund have | 15 |
| been expended shall be
deposited upon completion of the project | 16 |
| in the General Obligation Bond
Retirement and Interest Fund. | 17 |
| Any federal funds received as reimbursement
for the completed | 18 |
| construction of a capital facilities project, as
authorized by | 19 |
| Section 3 of this Act, for which monies from the Capital
| 20 |
| Development Fund have been expended shall be deposited in the | 21 |
| General
Obligation Bond Retirement and Interest Fund.
| 22 |
| (Source: P.A. 96-43, eff. 7-15-09.)
| 23 |
| Section 10. The Build Illinois Bond Act is amended by | 24 |
| changing Sections 5 and 6 as follows:
|
|
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LRB096 10283 RLJ 20453 b |
|
| 1 |
| (30 ILCS 425/5) (from Ch. 127, par. 2805)
| 2 |
| Sec. 5. Bond Sale Expenses. | 3 |
| (a) An amount not to exceed 0.5% of the principal amount of | 4 |
| the proceeds of the sale of each bond sale is authorized to be | 5 |
| used to pay
reasonable costs of each issuance and sale of Bonds | 6 |
| authorized and sold
pursuant to this Act, including, without | 7 |
| limitation, underwriter's discounts and fees, but excluding | 8 |
| bond insurance, advertising, printing, bond rating, travel of | 9 |
| outside vendors,
security, delivery, legal and financial | 10 |
| advisory services, initial fees
of trustees, registrars, | 11 |
| paying agents and other fiduciaries, initial costs
of credit or | 12 |
| liquidity enhancement arrangements, initial fees of indexing
| 13 |
| and remarketing agents, and initial costs of interest rate | 14 |
| swaps,
guarantees or arrangements to limit interest rate risk, | 15 |
| as determined in
the related Bond Sale Order,
from
the proceeds | 16 |
| of each Bond sale, provided that no salaries of State employees | 17 |
| or other State office operating expenses shall be paid out of | 18 |
| non-appropriated proceeds , and provided further that the | 19 |
| percent shall be 1.0% for each sale of “Build America Bonds” as | 20 |
| defined in subsection (c) of Section 6 . The Governor's Office | 21 |
| of Management and Budget shall compile a summary of all costs | 22 |
| of issuance on each sale (including both costs paid out of | 23 |
| proceeds and those paid out of appropriated funds) and post | 24 |
| that summary on its web site within 20 business days after the | 25 |
| issuance of the bonds. That posting shall be maintained on the | 26 |
| web site for a period of at least 30 days. In addition, the |
|
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LRB096 10283 RLJ 20453 b |
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| 1 |
| Governor's Office of Management and Budget shall provide a | 2 |
| written copy of each summary of costs to the Speaker and | 3 |
| Minority Leader of the House of Representatives, the President | 4 |
| and Minority Leader of the Senate, and the Commission on | 5 |
| Government Forecasting and Accountability within 20 business | 6 |
| days after each issuance of the bonds. This summary shall | 7 |
| include, as applicable, the respective percentage of | 8 |
| participation and compensation of each underwriter that is a | 9 |
| member of the underwriting syndicate, legal counsel, financial | 10 |
| advisors, and other professionals for the Bond issue, and an | 11 |
| identification of all costs of issuance paid to minority owned | 12 |
| businesses, female owned businesses, and businesses owned by | 13 |
| persons with disabilities. The terms "minority owned | 14 |
| businesses", "female owned businesses", and "business owned by | 15 |
| a person with a disability" have the meanings given to those | 16 |
| terms in the Business Enterprise for Minorities, Females, and | 17 |
| Persons with Disabilities Act. In addition, the Governor's | 18 |
| Office of Management and Budget shall provide copies of all | 19 |
| contracts under which any costs of issuance are paid or to be | 20 |
| paid to the Commission on Government Forecasting and | 21 |
| Accountability within 20 business days after the issuance of | 22 |
| Bonds for which those costs are paid or to be paid. Instead of | 23 |
| filing a second or subsequent copy of the same contract, the | 24 |
| Governor's Office of Management and Budget may file a statement | 25 |
| that specified costs are paid under specified contracts filed | 26 |
| earlier with the Commission.
|
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LRB096 10283 RLJ 20453 b |
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| 1 |
| (b) The Director of the Governor's Office of Management and | 2 |
| Budget shall not, in connection with the issuance of Bonds, | 3 |
| contract with any underwriter, financial advisor, or attorney | 4 |
| unless that underwriter, financial advisor, or attorney | 5 |
| certifies that the underwriter, financial advisor, or attorney | 6 |
| has not and will not pay a contingent fee, whether directly or | 7 |
| indirectly, to any third party for having promoted the | 8 |
| selection of the underwriter, financial advisor, or attorney | 9 |
| for that contract. In the event that the Governor's Office of | 10 |
| Management and Budget determines that an underwriter, | 11 |
| financial advisor, or attorney has filed a false certification | 12 |
| with respect to the payment of contingent fees, the Governor's | 13 |
| Office of Management and Budget shall not contract with that | 14 |
| underwriter, financial advisor, or attorney, or with any firm | 15 |
| employing any person who signed false certifications, for a | 16 |
| period of 2 calendar years, beginning with the date the | 17 |
| determination is made. The validity of Bonds issued under such | 18 |
| circumstances of violation pursuant to this Section shall not | 19 |
| be affected. | 20 |
| (Source: P.A. 93-839, eff. 7-30-04; 93-1067, eff. 1-15-05.)
| 21 |
| (30 ILCS 425/6) (from Ch. 127, par. 2806)
| 22 |
| Sec. 6. Conditions for Issuance and Sale of Bonds - | 23 |
| Requirements for
Bonds - Master and Supplemental Indentures - | 24 |
| Credit and Liquidity
Enhancement. | 25 |
| (a) Bonds shall be issued and sold from time to time, in |
|
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LRB096 10283 RLJ 20453 b |
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| 1 |
| one
or more series, in such amounts and at such prices as | 2 |
| directed by the
Governor, upon recommendation by the Director | 3 |
| of the
Governor's Office of Management and Budget.
Bonds shall | 4 |
| be payable only from the specific sources and secured in the
| 5 |
| manner provided in this Act. Bonds shall be in such form, in | 6 |
| such
denominations, mature on such dates within 25 years from | 7 |
| their date of
issuance, be subject to optional or mandatory | 8 |
| redemption, bear interest
payable at such times and at such | 9 |
| rate or rates, fixed or variable, and be
dated as shall be | 10 |
| fixed and determined by the Director of the
Governor's Office | 11 |
| of Management and Budget
in an order authorizing the
issuance | 12 |
| and sale of any series of
Bonds, which order shall be approved | 13 |
| by the Governor and is herein called a
"Bond Sale Order"; | 14 |
| provided, however, that interest payable at fixed rates
shall | 15 |
| not exceed that permitted in "An Act to authorize public | 16 |
| corporations
to issue bonds, other evidences of indebtedness | 17 |
| and tax anticipation
warrants subject to interest rate | 18 |
| limitations set forth therein", approved
May 26, 1970, as now | 19 |
| or hereafter amended, and interest payable at variable
rates | 20 |
| shall not exceed the maximum rate permitted in the Bond Sale | 21 |
| Order.
Said Bonds shall be payable at such place or places, | 22 |
| within or without the
State of Illinois,
and may be made | 23 |
| registrable
as to either principal only or as to both principal | 24 |
| and interest, as shall
be specified in the Bond Sale
Order. | 25 |
| Bonds may be callable or subject to purchase and retirement or
| 26 |
| remarketing as fixed and determined in the Bond Sale Order. |
|
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LRB096 10283 RLJ 20453 b |
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| 1 |
| Bonds (i) except for refunding Bonds satisfying the | 2 |
| requirements of Section 15 of this Act and sold during fiscal | 3 |
| year 2009, 2010, or 2011, must be issued with principal or | 4 |
| mandatory redemption amounts in equal amounts, with the first | 5 |
| maturity issued occurring within the fiscal year in which the | 6 |
| Bonds are issued or within the next succeeding fiscal year and | 7 |
| (ii) must mature or be subject to mandatory redemption each | 8 |
| fiscal year thereafter up to 25 years, except for refunding | 9 |
| Bonds satisfying the requirements of Section 16 of this Act and | 10 |
| sold during fiscal year 2009, 2010, or 2011 which must mature | 11 |
| or be subject to mandatory redemption each fiscal year | 12 |
| thereafter up to 16 years.
| 13 |
| All Bonds authorized under this Act shall be issued | 14 |
| pursuant
to a master trust indenture ("Master Indenture") | 15 |
| executed and delivered on
behalf of the State by the Director | 16 |
| of the
Governor's Office of Management and Budget, such
Master | 17 |
| Indenture to be in substantially the form approved in the Bond | 18 |
| Sale
Order authorizing the issuance and sale of the initial | 19 |
| series of Bonds
issued under this Act. Such initial series of | 20 |
| Bonds may, and each
subsequent series of Bonds shall, also be | 21 |
| issued pursuant to a supplemental
trust indenture | 22 |
| ("Supplemental Indenture") executed and delivered on behalf
of | 23 |
| the State by the Director of the
Governor's Office of | 24 |
| Management and Budget, each such
Supplemental
Indenture to be | 25 |
| in substantially the form approved in the Bond Sale Order
| 26 |
| relating to such series. The Master Indenture and any |
|
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LRB096 10283 RLJ 20453 b |
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| 1 |
| Supplemental
Indenture shall be entered into with a bank or | 2 |
| trust company in the State
of Illinois having trust powers and | 3 |
| possessing capital and surplus of not
less than $100,000,000. | 4 |
| Such indentures shall set forth the terms and
conditions of the | 5 |
| Bonds and provide for payment of and security for the
Bonds, | 6 |
| including the establishment and maintenance of debt service and
| 7 |
| reserve funds, and for other protections for holders of the | 8 |
| Bonds.
The term "reserve funds" as used in this Act shall | 9 |
| include funds and
accounts established under indentures to | 10 |
| provide for the payment of
principal of and premium and | 11 |
| interest on Bonds, to provide for the purchase,
retirement or | 12 |
| defeasance of Bonds, to provide for fees of
trustees, | 13 |
| registrars, paying agents and other fiduciaries and to provide
| 14 |
| for payment of costs of and debt service payable in respect of | 15 |
| credit or
liquidity enhancement arrangements, interest rate | 16 |
| swaps or guarantees or
financial futures contracts and
indexing | 17 |
| and remarketing agents' services.
| 18 |
| In the case of any series of Bonds bearing interest at a | 19 |
| variable
interest rate ("Variable Rate Bonds"), in lieu of | 20 |
| determining the rate or
rates at which such series of Variable | 21 |
| Rate Bonds shall bear interest and
the price or prices
at which | 22 |
| such Variable Rate Bonds shall be initially sold or remarketed | 23 |
| (in
the event of purchase and subsequent resale), the Bond
Sale | 24 |
| Order may provide that such interest rates and prices may vary | 25 |
| from time to time
depending on criteria established in such | 26 |
| Bond Sale Order, which criteria
may include, without |
|
|
|
SB1514 Enrolled |
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LRB096 10283 RLJ 20453 b |
|
| 1 |
| limitation, references to indices or variations in
interest | 2 |
| rates as may, in the judgment of a remarketing agent, be
| 3 |
| necessary to cause Bonds of such series to be remarketable from | 4 |
| time to
time at a price equal to their principal amount (or | 5 |
| compound accreted
value in the case of original issue discount | 6 |
| Bonds), and may provide for
appointment of indexing agents and | 7 |
| a bank, trust company,
investment bank or other financial | 8 |
| institution to serve as remarketing
agent in that connection. | 9 |
| The Bond Sale Order may provide that alternative
interest rates | 10 |
| or provisions for establishing alternative interest rates,
| 11 |
| different security or claim priorities or different call or | 12 |
| amortization provisions
will apply during such times as Bonds | 13 |
| of any series are held by a person
providing credit or | 14 |
| liquidity enhancement arrangements for such Bonds as
| 15 |
| authorized in subsection (b) of Section 6 of this Act.
| 16 |
| (b) In connection with the issuance of any series of Bonds, | 17 |
| the State
may enter into arrangements to provide additional | 18 |
| security and liquidity
for such Bonds, including, without | 19 |
| limitation, bond or interest rate
insurance or letters of | 20 |
| credit, lines of credit, bond purchase contracts or
other | 21 |
| arrangements whereby funds are made
available to retire or | 22 |
| purchase Bonds, thereby assuring the ability of
owners of the | 23 |
| Bonds to sell or redeem their Bonds.
The State may enter into | 24 |
| contracts and may agree to pay fees to persons
providing such | 25 |
| arrangements, but only under circumstances where the
Director | 26 |
| of the Bureau of the Budget
(now Governor's Office of |
|
|
|
SB1514 Enrolled |
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LRB096 10283 RLJ 20453 b |
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| 1 |
| Management and Budget)
certifies that he reasonably expects
the | 2 |
| total interest paid or to be paid on the Bonds, together with | 3 |
| the fees
for the arrangements (being treated as if interest), | 4 |
| would not, taken
together, cause the Bonds to bear interest, | 5 |
| calculated to their stated
maturity, at a rate in excess of the | 6 |
| rate which the Bonds would bear in the
absence of such | 7 |
| arrangements. Any bonds, notes or other evidences of
| 8 |
| indebtedness issued pursuant to any such arrangements for the | 9 |
| purpose of
retiring and discharging outstanding Bonds
shall | 10 |
| constitute refunding Bonds
under Section 15 of this Act. The | 11 |
| State may participate in and enter
into arrangements with | 12 |
| respect to interest rate swaps or guarantees or
financial | 13 |
| futures contracts for the
purpose of limiting or restricting | 14 |
| interest rate risk; provided
that such arrangements shall be | 15 |
| made with or executed through banks
having capital and surplus | 16 |
| of not less than $100,000,000 or insurance
companies holding | 17 |
| the
highest policyholder rating accorded insurers by A.M. Best & | 18 |
| Co. or any
comparable rating service or government bond | 19 |
| dealers reporting to, trading
with, and recognized as primary | 20 |
| dealers by a Federal Reserve Bank and
having capital and | 21 |
| surplus of not less than $100,000,000,
or other persons whose
| 22 |
| debt securities are rated in the highest long-term categories | 23 |
| by both
Moody's Investors' Services, Inc. and Standard & Poor's | 24 |
| Corporation.
Agreements incorporating any of the foregoing | 25 |
| arrangements may be executed
and delivered by the Director of | 26 |
| the
Governor's Office of Management and Budget on behalf of the
|
|
|
|
SB1514 Enrolled |
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LRB096 10283 RLJ 20453 b |
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| 1 |
| State in substantially the form approved in the Bond Sale Order | 2 |
| relating to
such Bonds.
| 3 |
| (c) "Build America Bonds" in this Section means Bonds | 4 |
| authorized by Section 54AA of the Internal Revenue Code of | 5 |
| 1986, as amended ("Internal Revenue Code"), and bonds issued | 6 |
| from time to time to refund or continue to refund "Build | 7 |
| America Bonds". | 8 |
| (Source: P.A. 96-18, eff. 6-26-09.)
| 9 |
| Section 15. The Downstate Forest Preserve District Act is | 10 |
| amended by changing Section 13 as follows:
| 11 |
| (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323)
| 12 |
| Sec. 13. Bonds; limitation on indebtedness.
The board of | 13 |
| any forest preserve district organized
hereunder may, for any | 14 |
| of the purposes enumerated in this Act, borrow
money upon the | 15 |
| faith and credit of such district, and may issue bonds
| 16 |
| therefor. However, a district with a population of less than | 17 |
| 3,000,000
may not become indebted in any manner or for any | 18 |
| purpose to an amount
including existing indebtedness in the | 19 |
| aggregate exceeding 2.3% of the
assessed value of the taxable | 20 |
| property therein, as ascertained by the
last equalized | 21 |
| assessment for State and county purposes. No district
may incur | 22 |
| (i) indebtedness
in excess of .3% of the assessed value of | 23 |
| taxable property in the district,
as ascertained by the last | 24 |
| equalized assessment for State and county purposes,
for the |
|
|
|
SB1514 Enrolled |
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LRB096 10283 RLJ 20453 b |
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| 1 |
| development of forest preserve lands held by the district, or | 2 |
| (ii)
indebtedness for any other purpose except the acquisition | 3 |
| of land
including acquiring lands in fee simple along or | 4 |
| enclosing water
courses, drainage ways, lakes, ponds, planned | 5 |
| impoundments or elsewhere
which are required to store flood | 6 |
| waters or control other drainage and
water conditions necessary | 7 |
| for the preservation and management of the
water resources of | 8 |
| the District, unless the proposition to issue bonds
or | 9 |
| otherwise incur indebtedness is certified by the board to the | 10 |
| proper
election officials who shall submit the proposition at | 11 |
| an election in accordance
with the general election law, and | 12 |
| approved by a majority of those voting upon the
proposition. No | 13 |
| district containing fewer than 3,000,000 inhabitants may
incur | 14 |
| indebtedness for the acquisition of land or lands for any | 15 |
| purpose
in excess of 55,000 acres, including all lands | 16 |
| theretofore acquired,
unless the proposition to issue bonds or | 17 |
| otherwise incur indebtedness is
first submitted to the voters | 18 |
| of the district at a referendum in accordance
with the general | 19 |
| election law and approved by a
majority of those voting upon | 20 |
| the proposition. Before or at the time of
issuing bonds, the | 21 |
| board shall provide by ordinance for the collection
of an | 22 |
| annual tax sufficient to pay the interest on the bonds as it | 23 |
| falls
due, and to pay the bonds as they mature. All bonds | 24 |
| issued by any forest
preserve district must be divided into | 25 |
| series, the first of which
matures not later than 5 years after | 26 |
| the date of issue and the last of
which matures not later than |
|
|
|
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LRB096 10283 RLJ 20453 b |
|
| 1 |
| 20 years after the date of issue , or for bonds issued prior to | 2 |
| January 1, 2011, commonly known as "Build America Bonds" as | 3 |
| authorized by Section 54AA of the Internal Revenue Code of | 4 |
| 1986, as amended, and for bonds issued from time to time to | 5 |
| refund "Build America Bonds", not later than 25 years after the | 6 |
| date of issue .
| 7 |
| This Section does not apply to a forest preserve district | 8 |
| created under Section 18.5 of the Conservation District Act.
| 9 |
| (Source: P.A. 94-617, eff. 8-18-05.)
| 10 |
| Section 20. The Metropolitan Water Reclamation District | 11 |
| Act is amended by changing Section 9.6a as follows:
| 12 |
| (70 ILCS 2605/9.6a) (from Ch. 42, par. 328.6a)
| 13 |
| Sec. 9.6a. The corporate authorities of a sanitary | 14 |
| district, in
order to provide funds required for the replacing, | 15 |
| remodeling,
completing, altering, constructing and enlarging | 16 |
| of sewage treatment
works, water quality improvement projects, | 17 |
| or flood control facilities, and additions therefor, pumping
| 18 |
| stations, tunnels, conduits, intercepting sewers and outlet | 19 |
| sewers,
together with the equipment, including air pollution | 20 |
| equipment, and
appurtenances thereto, to acquire property, | 21 |
| real, personal or mixed,
necessary for said purposes, for costs | 22 |
| and expenses for the acquisition
of the sites and rights-of-way | 23 |
| necessary thereto, and for engineering
expenses for designing | 24 |
| and supervising the construction of such works,
may issue on or |
|
|
|
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LRB096 10283 RLJ 20453 b |
|
| 1 |
| before December 31, 2016, in addition to all
other obligations | 2 |
| heretofore or herein authorized, bonds, notes or
other | 3 |
| evidences of indebtedness for such purposes in an aggregate
| 4 |
| amount at any one time outstanding not to exceed 3.35% of the | 5 |
| equalized
assessed valuation of all taxable property within the | 6 |
| sanitary district,
to be ascertained by the last assessment for | 7 |
| State and local taxes
previous to the issuance of any such | 8 |
| obligations. Such obligations shall be
issued without | 9 |
| submitting the question of such issuance to the legal voters
of | 10 |
| such sanitary district for approval.
| 11 |
| The corporate authorities may sell such obligations at | 12 |
| private or
public sale and enter into any contract or agreement | 13 |
| necessary, appropriate
or incidental to the exercise of the | 14 |
| powers granted by this Act, including,
without limitation, | 15 |
| contracts or agreements for the sale and purchase of
such | 16 |
| obligations and the payment of costs and expenses incident | 17 |
| thereto.
The corporate authorities may pay such costs and | 18 |
| expenses, in whole or in
part, from the corporate fund.
| 19 |
| Such obligations shall be issued from time to time only in | 20 |
| amounts as may
be required for such purposes but the amount of | 21 |
| such obligations issued during
any one budget year shall not | 22 |
| exceed $150,000,000 plus
the amount of any obligations | 23 |
| authorized by this Act to be issued during the 3
budget years | 24 |
| next preceding the year of issuance but which were not issued,
| 25 |
| provided, however, that this limitation shall not be applicable | 26 |
| (i) to the issuance
of obligations to refund bonds, notes or |
|
|
|
SB1514 Enrolled |
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LRB096 10283 RLJ 20453 b |
|
| 1 |
| other evidences of indebtedness,
(ii) nor to obligations issued | 2 |
| to provide for the repayment of money received
from the Water | 3 |
| Pollution Control Revolving Fund for the construction or
repair | 4 |
| of wastewater treatment works , and (iii) to obligations issued | 5 |
| as part of the American Recovery and Reinvestment Act of 2009, | 6 |
| issued prior to January 1, 2011, that are commonly known as | 7 |
| "Build America Bonds" as authorized by Section 54AA of the | 8 |
| Internal Revenue Code of 1986, as amended . Each ordinance | 9 |
| authorizing the
issuance of the obligations shall state the | 10 |
| general purpose or purposes for
which they are to be issued, | 11 |
| and the corporate authorities may at any time
thereafter pass | 12 |
| supplemental appropriations ordinances appropriating the
| 13 |
| proceeds from the sale of such obligations for such purposes.
| 14 |
| The corporate authorities may issue bonds, notes or other | 15 |
| evidences of
indebtedness in an amount necessary to provide | 16 |
| funds to refund outstanding
obligations issued pursuant to this | 17 |
| Section, including interest accrued or
to accrue thereon.
| 18 |
| (Source: P.A. 95-125, eff. 8-13-07; 95-412, eff. 8-24-07.)
| 19 |
| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law.
|
|