Full Text of SB1697 098th General Assembly
SB1697eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Regional Transportation Authority Act is | 5 | | amended by changing Sections 3A.09 and 3B.09 as follows:
| 6 | | (70 ILCS 3615/3A.09) (from Ch. 111 2/3, par. 703A.09)
| 7 | | Sec. 3A.09. General Powers. In addition to any powers | 8 | | elsewhere provided
to the Suburban Bus Board, it shall have all | 9 | | of the powers specified in
Section 2.20 of this Act except for | 10 | | the powers specified in Section 2.20(a)(v). The Board shall | 11 | | also have the power:
| 12 | | (a) to cooperate with the Regional Transportation | 13 | | Authority in the
exercise by the Regional Transportation | 14 | | Authority of all the powers granted
it by such Act;
| 15 | | (b) to receive funds from the Regional Transportation | 16 | | Authority pursuant
to Sections 2.02, 4.01, 4.02, 4.09 and | 17 | | 4.10 of the Regional Transportation
Authority Act, all as | 18 | | provided in the Regional Transportation Authority Act;
| 19 | | (c) to receive financial grants from the Regional | 20 | | Transportation
Authority or a Service Board, as defined in | 21 | | the Regional Transportation
Authority Act, upon such terms | 22 | | and conditions as shall be set forth in a
grant contract | 23 | | between either the Division and the Regional |
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| 1 | | Transportation
Authority or the Division and another | 2 | | Service Board, which contract or
agreement may be for such | 3 | | number of years or duration as the parties agree,
all as | 4 | | provided in the Regional Transportation Authority Act; | 5 | | (d) to perform all functions necessary for the | 6 | | provision of paratransit services under Section 2.30 of | 7 | | this Act; and
| 8 | | (e) to borrow money for the purposes of: (i) | 9 | | constructing a new garage in the northwestern Cook County | 10 | | suburbs at an estimated cost of $60,000,000, (ii) | 11 | | converting the South Cook garage in Markham to a Compressed | 12 | | Natural Gas facility at an estimated cost of $12,000,000, | 13 | | (iii) constructing a new paratransit garage in DuPage | 14 | | County at an estimated cost of $25,000,000, and (iv) | 15 | | expanding the North Shore garage in Evanston to accommodate | 16 | | additional indoor bus parking at an estimated cost of | 17 | | $3,000,000. For the purpose of evidencing the obligation of | 18 | | the Suburban Bus Board to repay any money borrowed as | 19 | | provided in this subsection, the Suburban Bus Board may | 20 | | issue revenue bonds from time to time pursuant to ordinance | 21 | | adopted by the Suburban Bus Board, subject to the approval | 22 | | of the Regional Transportation Authority of each such | 23 | | issuance by the affirmative vote of 12 of its then | 24 | | Directors; provided that the Suburban Bus Board may not | 25 | | issue bonds for the purpose of financing the acquisition, | 26 | | construction, or improvement of any facility other than |
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| 1 | | those listed in this subsection (e). All such bonds shall | 2 | | be payable solely from the revenues or income or any other | 3 | | funds that the Suburban Bus Board may receive, provided | 4 | | that the Suburban Bus Board may not pledge as security for | 5 | | such bonds the moneys, if any, that the Suburban Bus Board | 6 | | receives from the Regional Transportation Authority | 7 | | pursuant to Section 4.03.3(f) of the Regional | 8 | | Transportation Authority Act. The bonds shall bear | 9 | | interest at a rate not to exceed the maximum rate | 10 | | authorized by the Bond Authorization Act and shall mature | 11 | | at such time or times not exceeding 25 years from their | 12 | | respective dates. Bonds issued pursuant to this paragraph | 13 | | must be issued with scheduled principal or mandatory | 14 | | redemption payments in equal amounts in each fiscal year | 15 | | over the term of the bonds, with the first principal or | 16 | | mandatory redemption payment scheduled within the fiscal | 17 | | year in which bonds are issued or within the next | 18 | | succeeding fiscal year. At least 25%, based on total | 19 | | principal amount, of all bonds authorized pursuant to this | 20 | | Section shall be sold pursuant to notice of sale and public | 21 | | bid. No more than 75%, based on total principal amount, of | 22 | | all bonds authorized pursuant to this Section shall be sold | 23 | | by negotiated sale. The maximum principal amount of the | 24 | | bonds that may be issued may not exceed $100,000,000. The | 25 | | bonds shall have all the qualities of negotiable | 26 | | instruments under the laws of this State. To secure the |
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| 1 | | payment of any or all of such bonds and for the purpose of | 2 | | setting forth the covenants and undertakings of the | 3 | | Suburban Bus Board in connection with the issuance thereof | 4 | | and the issuance of any additional bonds payable from such | 5 | | revenue or income as well as the use and application of the | 6 | | revenue or income received by the Suburban Bus Board, the | 7 | | Suburban Bus Board may execute and deliver a trust | 8 | | agreement or agreements; provided that no lien upon any | 9 | | physical property of the Suburban Bus Board shall be | 10 | | created thereby. A remedy for any breach or default of the | 11 | | terms of any such trust agreement by the Suburban Bus Board | 12 | | may be by mandamus proceedings in any court of competent | 13 | | jurisdiction to compel performance and compliance | 14 | | therewith, but the trust agreement may prescribe by whom or | 15 | | on whose behalf such action may be instituted. Under no | 16 | | circumstances shall any bonds issued by the Suburban Bus | 17 | | Board or any other obligation of the Suburban Bus Board in | 18 | | connection with the issuance of such bonds be or become an | 19 | | indebtedness or obligation of the State of Illinois, the | 20 | | Regional Transportation Authority, or any other political | 21 | | subdivision of or municipality within the State, nor shall | 22 | | any such bonds or obligations be or become an indebtedness | 23 | | of the Suburban Bus Board within the purview of any | 24 | | constitutional limitation or provision, and it shall be | 25 | | plainly stated on the face of each bond that it does not | 26 | | constitute such an indebtedness or obligation but is |
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| 1 | | payable solely from the revenues or income as aforesaid. | 2 | | (f) for the sole purposes of protecting, managing, and | 3 | | insuring against the risk associated with volatile fuel | 4 | | prices, enter into any option contract, forward contract, | 5 | | futures contract, swap, cap, or collar agreements with | 6 | | price floors or ceilings, or both, for fuel risk | 7 | | management, but only to the extent determined by the Board | 8 | | of Directors of the Regional Transportation Authority or | 9 | | the Suburban Bus Board to be in the best interests of the | 10 | | Authority or the Suburban Bus Board. | 11 | | (Source: P.A. 97-770, eff. 1-1-13.)
| 12 | | (70 ILCS 3615/3B.09) (from Ch. 111 2/3, par. 703B.09)
| 13 | | Sec. 3B.09. General Powers. In addition to any powers | 14 | | elsewhere provided
to the Commuter Rail Board, it shall have | 15 | | all of the powers specified in
Section 2.20 of this Act except | 16 | | for the powers specified in Section 2.20(a)(v).
The Board shall | 17 | | also have the power:
| 18 | | (a) to cooperate with the Regional Transportation | 19 | | Authority in the
exercise by the Regional Transportation | 20 | | Authority of all the powers granted
it by such Act;
| 21 | | (b) to receive funds from the Regional Transportation | 22 | | Authority
pursuant to Sections 2.02, 4.01, 4.02, 4.09 and
4.10 | 23 | | of the "Regional Transportation Authority Act", all as provided | 24 | | in the
"Regional Transportation Authority Act";
| 25 | | (c) to receive financial grants from the Regional |
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| 1 | | Transportation
Authority or a Service Board, as defined in the | 2 | | "Regional Transportation
Authority Act", upon such terms and | 3 | | conditions as shall be set forth in a
grant contract between | 4 | | either the Division and the Regional Transportation
Authority | 5 | | or the Division and another Service Board, which contract or
| 6 | | agreement may be for such number of years or duration as the | 7 | | parties may
agree, all as provided in the "Regional | 8 | | Transportation Authority Act"; and
| 9 | | (d) to borrow money for the purpose of acquiring, | 10 | | constructing, reconstructing, extending, or improving any | 11 | | Public Transportation Facilities (as defined in Section 1.03 of | 12 | | the Regional Transportation Authority Act) operated by or to be | 13 | | operated by or on behalf of the Commuter Rail Division. For the | 14 | | purpose of evidencing the obligation of the Commuter Rail Board | 15 | | to repay any money borrowed as provided in this subsection, the | 16 | | Commuter Rail Board may issue revenue bonds from time to time | 17 | | pursuant to ordinance adopted by the Commuter Rail Board, | 18 | | subject to the approval of the Regional Transportation | 19 | | Authority of each such issuance by the affirmative vote of 12 | 20 | | of its then Directors; provided that the Commuter Rail Board | 21 | | may not issue bonds for the purpose of financing the | 22 | | acquisition, construction, or improvement of a corporate | 23 | | headquarters building. All such bonds shall be payable solely | 24 | | from the revenues or income or any other funds that the | 25 | | Commuter Rail Board may receive, provided that the Commuter | 26 | | Rail Board may not pledge as security for such bonds the |
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| 1 | | moneys, if any, that the Commuter Rail Board receives from the | 2 | | Regional Transportation Authority pursuant to Section | 3 | | 4.03.3(f) of the Regional Transportation Authority Act. The | 4 | | bonds shall bear interest at a rate not to exceed the maximum | 5 | | rate authorized by the Bond Authorization Act and shall mature | 6 | | at such time or times not exceeding 25 years from their | 7 | | respective dates. Bonds issued pursuant to this paragraph must | 8 | | be issued with scheduled principal or mandatory redemption | 9 | | payments in equal amounts in each fiscal year over the term of | 10 | | the bonds, with the first principal or mandatory redemption | 11 | | payment scheduled within the fiscal year in which bonds are | 12 | | issued or within the next succeeding fiscal year. At least 25%, | 13 | | based on total principal amount, of all bonds authorized | 14 | | pursuant to this Section shall be sold pursuant to notice of | 15 | | sale and public bid. No more than 75%, based on total principal | 16 | | amount, of all bonds authorized pursuant to this Section shall | 17 | | be sold by negotiated sale. The maximum principal amount of the | 18 | | bonds that may be issued and outstanding at any time may not | 19 | | exceed $1,000,000,000. The bonds shall have all the qualities | 20 | | of negotiable instruments under the laws of this State. To | 21 | | secure the payment of any or all of such bonds and for the | 22 | | purpose of setting forth the covenants and undertakings of the | 23 | | Commuter Rail Board in connection with the issuance thereof and | 24 | | the issuance of any additional bonds payable from such revenue | 25 | | or income as well as the use and application of the revenue or | 26 | | income received by the Commuter Rail Board, the Commuter Rail |
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| 1 | | Board may execute and deliver a trust agreement or agreements; | 2 | | provided that no lien upon any physical property of the | 3 | | Commuter Rail Board shall be created thereby. A remedy for any | 4 | | breach or default of the terms of any such trust agreement by | 5 | | the Commuter Rail Board may be by mandamus proceedings in any | 6 | | court of competent jurisdiction to compel performance and | 7 | | compliance therewith, but the trust agreement may prescribe by | 8 | | whom or on whose behalf such action may be instituted. Under no | 9 | | circumstances shall any bonds issued by the Commuter Rail Board | 10 | | or any other obligation of the Commuter Rail Board in | 11 | | connection with the issuance of such bonds be or become an | 12 | | indebtedness or obligation of the State of Illinois, the | 13 | | Regional Transportation Authority, or any other political | 14 | | subdivision of or municipality within the State, nor shall any | 15 | | such bonds or obligations be or become an indebtedness of the | 16 | | Commuter Rail Board within the purview of any constitutional | 17 | | limitation or provision, and it shall be plainly stated on the | 18 | | face of each bond that it does not constitute such an | 19 | | indebtedness or obligation but is payable solely from the | 20 | | revenues or income as aforesaid.
| 21 | | (e) for the sole purposes of protecting, managing, and | 22 | | insuring against the risk associated with volatile fuel prices, | 23 | | enter into any option contract, forward contract, futures | 24 | | contract, swap, cap, or collar agreements with price floors or | 25 | | ceilings, or both, for fuel risk management, but only to the | 26 | | extent determined by the Board of Directors of the Regional |
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| 1 | | Transportation Authority or the Commuter Rail Board to be in | 2 | | the best interests of the Authority or the Commuter Rail Board. | 3 | | (Source: P.A. 95-708, eff. 1-18-08.)
| 4 | | Section 99. Effective date. This Act takes effect upon | 5 | | becoming law.
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