Full Text of SB3097 93rd General Assembly
SB3097 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 SB3097
Introduced 2/6/2004, by Christine Radogno - Dave Syverson - Steven J. Rauschenberger - Pamela J. Althoff SYNOPSIS AS INTRODUCED: |
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25 ILCS 50/1 |
from Ch. 63, par. 42.31 |
25 ILCS 65/4 |
from Ch. 63, par. 42.74 |
30 ILCS 330/8 |
from Ch. 127, par. 658 |
30 ILCS 330/9 |
from Ch. 127, par. 659 |
30 ILCS 330/11 |
from Ch. 127, par. 661 |
30 ILCS 330/16 |
from Ch. 127, par. 666 |
30 ILCS 330/21 new |
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Amends the Fiscal Note Act and the State Debt Impact Note Act. Provides that if a bill authorizes the issuance of bonds, the Governor's Office of Management and Budget shall prepare a fiscal note specifying certain principal and interest payments required to be made by the State. Amends the General Obligation Bond Act. Provides that no more than 0.25% (now, 0.50%) of the principal amount of the proceeds of sale of each bond sale is authorized to be use to pay reasonable costs of issuance and sale of the bonds. Removes language authorizing the bond sale order to provide for a portion of the proceeds of the bond sale, up to 12 month's interest on the bonds, to be deposited directly into the capitalized interest account of the General Obligation Bond Retirement and Interest Fund. Provides that Bonds must be offered for sale with principal or mandatory redemption amounts in substantially equal amounts, with the first maturity offered for sale occurring within the fiscal year in which the Bonds are offered or within the next succeeding fiscal year, with bonds offered for sale maturing or subject to mandatory redemption each fiscal year thereafter up to 25 years. Provides that if more than half of the proceeds of an issue of Bonds to be offered for sale are expected to be used for refunding purposes or if more than half of the principal amount of bonds are offered for sale with a variable rate, the entire issue of the Bonds may be sold pursuant to notice of sale and public bid or by negotiated sale. Provides that all bonds in an issue that include refunding bonds must mature no later
than the final maturity date of Bonds being refunded. Requires certain "truth in borrowing disclosures" upon the issuance of bonds and refunding bonds. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB3097 |
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LRB093 18171 SJM 46518 b |
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| AN ACT concerning bonds.
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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 Fiscal Note Act is amended by changing | 5 |
| Section 1 as follows:
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| (25 ILCS 50/1) (from Ch. 63, par. 42.31)
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| Sec. 1. Every bill, except those bills making a direct | 8 |
| appropriation,
(1) the purpose or effect of which is (i) to | 9 |
| expend any State funds or
to
increase or decrease the revenues | 10 |
| of the
State, either directly or indirectly, or (ii) to require | 11 |
| the expenditure
of their own funds by, or to increase or
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| decrease the revenues of, units
of local government, school | 13 |
| districts or community college districts, or
to revise the | 14 |
| distribution of State funds among units of local government,
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| school districts, or community college districts, either | 16 |
| directly or
indirectly, or (2) that amends the Mental Health | 17 |
| and Developmental
Disabilities Code or the Developmental | 18 |
| Disability and Mental Disability
Services Act shall have | 19 |
| prepared for it prior to second reading in the
house of | 20 |
| introduction a brief explanatory statement or note which, for a | 21 |
| bill
under item (1), shall
include a reliable estimate of the | 22 |
| anticipated change in State, local
governmental, school | 23 |
| district, or community college district
expenditures or | 24 |
| revenues under its provisions and, for a bill under item (2),
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| shall include a reliable estimate of the fiscal impact of its | 26 |
| provisions upon
community agencies.
For purposes of this Act,
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| indirect revenues
include, but are not limited to, increased | 28 |
| tax revenues or other increased
revenues resulting from | 29 |
| economic development, job creation, or cost
reduction. The | 30 |
| statement or note shall also include an explanation of the
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| methodology used to determine the estimated direct and indirect | 32 |
| costs or
estimated impact on community agencies. Any
notes for |
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| bills having
a fiscal impact on units of local government, | 2 |
| school districts or community
college districts shall include | 3 |
| such cost estimates as may be required under
the State Mandates | 4 |
| Act.
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| If a bill authorizes capital expenditures or appropriates | 6 |
| funds for
capital expenditures, a statement shall be prepared | 7 |
| by the
Governor's Office of Management and Budget
Bureau of the
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| Budget specifying by year any principal and interest payments | 9 |
| required
to finance such capital expenditures.
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| If a bill authorizes the issuance of bonds, a statement or | 11 |
| note shall be prepared by the Governor's Office of Management | 12 |
| and Budget specifying the estimated total principal and | 13 |
| interest payments (assuming interest is paid at a fixed rate) | 14 |
| if all of the bonds authorized were issued. The statement or | 15 |
| note shall include estimated principal and interest payments to | 16 |
| be made by each fiscal year over all years that the proposed | 17 |
| bonds would be expected to be outstanding and total principal | 18 |
| and interest payments to be made by each fiscal year on all | 19 |
| other then-outstanding bonds of the State.
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| These statements or notes shall be known as "fiscal notes".
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| (Source: P.A. 92-567, eff. 1-1-03; revised 8-23-03.)
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| Section 10. The State Debt Impact Note Act is amended by | 23 |
| changing Section 4 as follows:
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| (25 ILCS 65/4) (from Ch. 63, par. 42.74)
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| Sec. 4. The State Debt Impact Note shall be factual in | 26 |
| nature and as
brief and concise as possible. For bills which | 27 |
| would appropriate from bond
funds, the note shall provide a | 28 |
| reliable estimate of the impact of the bill
on the State's debt | 29 |
| service requirements; a description of the estimated
useful | 30 |
| life and intended use of the project; and maintenance and | 31 |
| operating
costs associated with the project. For bills which | 32 |
| would add new or increase
existing bond authorization levels | 33 |
| the note shall assess current outstanding,
unissued, and | 34 |
| retired bond authorization levels and make reasonable |
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| projections
of the cost associated with the retirement of the | 2 |
| additional bonds. The estimated costs shall specify the | 3 |
| estimated total principal and interest payments (assuming | 4 |
| interest is paid at a fixed rate) if all of the bonds | 5 |
| authorized were issued. The statement or note shall include | 6 |
| estimated principal and interest payments to be made by each | 7 |
| fiscal year over all years that the proposed bonds would be | 8 |
| expected to be outstanding and total principal and interest | 9 |
| payments to be made by each fiscal year on all other | 10 |
| then-outstanding bonds of the State. A brief
summary or work | 11 |
| sheet of computations used in arriving at State Debt Impact
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| Notes shall be attached.
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| (Source: P.A. 81-615.)
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| Section 15. The General Obligation Bond Act is amended by | 15 |
| changing Sections 8, 9, 11, and 16 and by adding Section 21 as | 16 |
| follows:
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| (30 ILCS 330/8) (from Ch. 127, par. 658)
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| Sec. 8. Bond sale expenses; capitalized interest. (a) An | 19 |
| amount not to exceed 0.25%
0.5 percent of the
principal amount | 20 |
| of the proceeds of sale of each bond sale is authorized
to be | 21 |
| used to pay the reasonable costs of issuance and sale of State | 22 |
| of
Illinois general obligation bonds authorized and sold | 23 |
| pursuant to this Act. (b) The Bond Sale Order may provide for a | 24 |
| portion of the proceeds of
the bond sale, representing up to 12 | 25 |
| months' interest on the bonds, to be
deposited directly into | 26 |
| the capitalized interest account of the General
Obligation Bond | 27 |
| Retirement and Interest Fund.
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| (Source: P.A. 93-2, eff. 4-7-03.)
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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 - | 31 |
| Requirements for
Bonds.
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| (a) Except as otherwise provided in this subsection, bonds | 33 |
| shall be issued and sold from time to time, in one or
more |
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| series, in such amounts and at such prices as may be directed | 2 |
| by the
Governor, upon recommendation by the Director of the
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| Governor's Office of Management and Budget
Bureau of the | 4 |
| Budget .
Bonds shall be in such form (either coupon, registered | 5 |
| or book entry), in
such denominations, payable within 25
30
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| years from their date, subject to such
terms of redemption with | 7 |
| or without premium, bear interest payable at
such times and at | 8 |
| such fixed or variable rate or rates, and be dated
as shall be | 9 |
| fixed and determined by the Director of
the
Governor's Office | 10 |
| of Management and Budget
Bureau of the Budget in the order | 11 |
| authorizing the issuance and sale
of any series of Bonds, which | 12 |
| order shall be approved by the Governor
and is herein called a | 13 |
| "Bond Sale Order"; provided however, that interest
payable at | 14 |
| fixed or variable rates shall not exceed that permitted in the
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| Bond Authorization Act, as now or hereafter amended. Bonds | 16 |
| shall be
payable at such place or places, within or without the | 17 |
| State of Illinois, and
may be made registrable as to either | 18 |
| principal or as to both principal and
interest, as shall be | 19 |
| specified in the Bond Sale Order. Bonds may be callable
or | 20 |
| subject to purchase and retirement or tender and remarketing as | 21 |
| fixed
and determined in the Bond Sale Order. Bonds must be | 22 |
| offered for sale with principal or mandatory redemption amounts | 23 |
| in substantially equal amounts, with the first maturity offered | 24 |
| for sale occurring within the fiscal year in which the Bonds | 25 |
| are offered or within the next succeeding fiscal year, with | 26 |
| bonds offered for sale maturing or subject to mandatory | 27 |
| redemption each fiscal year thereafter up to 25 years.
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| In the case of any series of Bonds bearing interest at a | 29 |
| variable interest
rate ("Variable Rate Bonds"), in lieu of | 30 |
| determining the rate or rates at which
such series of Variable | 31 |
| Rate Bonds shall bear interest and the price or prices
at which | 32 |
| such Variable Rate Bonds shall be initially sold or remarketed | 33 |
| (in the
event of purchase and subsequent resale), the Bond Sale | 34 |
| Order may provide that
such interest rates and prices may vary | 35 |
| from time to time depending on criteria
established in such | 36 |
| Bond Sale Order, which criteria may include, without
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| limitation, references to indices or variations in interest | 2 |
| rates as may, in
the judgment of a remarketing agent, be | 3 |
| necessary to cause Variable Rate Bonds
of such series to be | 4 |
| 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, | 6 |
| trust company,
investment bank, or other financial institution | 7 |
| to serve as remarketing agent
in that connection.
The Bond Sale | 8 |
| Order may provide that alternative interest rates or provisions
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| for establishing alternative interest rates, different | 10 |
| security or claim
priorities, or different call or amortization | 11 |
| provisions will apply during
such times as Variable Rate Bonds | 12 |
| of any series are held by a person providing
credit or | 13 |
| liquidity enhancement arrangements for such Bonds as | 14 |
| authorized in
subsection (b) of this Section.
The Bond Sale | 15 |
| 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 | 17 |
| rate process
and may provide for appointment of one or more | 18 |
| financial institutions to serve
as auction agents and | 19 |
| broker-dealers in connection with the establishment of
such | 20 |
| 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, | 22 |
| the State may
enter into arrangements to provide additional | 23 |
| security and liquidity for such
Bonds, including, without | 24 |
| limitation, bond or interest rate insurance or
letters of | 25 |
| credit, lines of credit, bond purchase contracts, or other
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| arrangements whereby funds are made available to retire or | 27 |
| purchase Bonds,
thereby assuring the ability of owners of the | 28 |
| Bonds to sell or redeem their
Bonds. The State may enter into | 29 |
| contracts and may agree to pay fees to persons
providing such | 30 |
| arrangements, but only under circumstances where the Director | 31 |
| of
the
Governor's Office of Management and Budget
Bureau of the | 32 |
| Budget certifies that he or she reasonably expects the total
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| interest paid or to be paid on the Bonds, together with the | 34 |
| fees for the
arrangements (being treated as if interest), would | 35 |
| not, taken together, cause
the Bonds to bear interest, | 36 |
| calculated to their stated maturity, at a rate in
excess of the |
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| rate that the Bonds would bear in the absence of such
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| arrangements.
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| The State may, with respect to Bonds issued or anticipated | 4 |
| to be issued,
participate in and enter into arrangements with | 5 |
| respect to interest rate
protection or exchange agreements, | 6 |
| guarantees, or financial futures contracts
for the purpose of | 7 |
| limiting or restricting interest rate risk.
The arrangements | 8 |
| may be executed and delivered by the Director
of the
Governor's | 9 |
| Office of Management and Budget
Bureau of the Budget on behalf | 10 |
| of the State. Net payments for such
arrangements shall | 11 |
| constitute interest on the Bonds and shall be paid from the
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| General Obligation Bond Retirement and Interest Fund. The | 13 |
| Director of the
Governor's Office of Management and Budget
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| Bureau of the Budget shall at least annually certify to the | 15 |
| Governor and
the
State Comptroller his or her estimate of the | 16 |
| amounts of such net payments to
be included in the calculation | 17 |
| of interest required to be paid by the State.
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| (c) Prior to the issuance of any Variable Rate Bonds | 19 |
| pursuant to
subsection (a), the Director of the
Governor's | 20 |
| Office of Management and Budget
Bureau of the Budget shall | 21 |
| adopt an
interest rate risk management policy providing that | 22 |
| the amount of the State's
variable rate exposure with respect | 23 |
| to Bonds shall not exceed 20%. This policy
shall remain in | 24 |
| effect while any Bonds are outstanding and the issuance of
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| Bonds
shall be subject to the terms of such policy. The terms | 26 |
| of this policy may be
amended from time to time by the Director | 27 |
| of the
Governor's Office of Management and Budget
Bureau of the | 28 |
| Budget but in no
event shall any amendment cause the permitted | 29 |
| level of the State's variable
rate exposure with respect to | 30 |
| Bonds to exceed 20%.
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| (Source: P.A. 92-16, eff. 6-28-01; 93-9, eff. 6-3-03; revised | 32 |
| 8-23-03.)
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| (30 ILCS 330/11) (from Ch. 127, par. 661)
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| Sec. 11. Sale of Bonds. Bonds ,except as otherwise provided | 35 |
| in this Section, shall be sold from time to time pursuant to
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| notice of sale and public bid or by negotiated sale in such | 2 |
| amounts and at such
times as is directed by the Governor, upon | 3 |
| recommendation by the Director of
the
Governor's Office of | 4 |
| Management and Budget
Bureau of the Budget .
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| If more than half of the proceeds of an issue of Bonds to | 6 |
| be offered for sale are expected to be used for refunding | 7 |
| purposes or if more than half of the principal amount of bonds | 8 |
| are offered for sale with a variable rate, the entire issue of | 9 |
| the Bonds may be sold pursuant to notice of sale and public bid | 10 |
| or by negotiated sale. In the case of a
any Bonds, including | 11 |
| refunding Bonds, are to be sold by negotiated
sale, the | 12 |
| Director of the
Governor's Office of Management and Budget
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| Bureau of the Budget shall comply with the
competitive request | 14 |
| for proposal process set forth in the Illinois
Procurement Code | 15 |
| and all other applicable requirements of that Code.
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| If Bonds are to be sold pursuant to notice of sale and | 17 |
| public bid, the
Director of the
Governor's Office of Management | 18 |
| and Budget
Bureau
of the Budget shall, from time to time, as | 19 |
| Bonds are to be sold, advertise
the sale of the Bonds in at | 20 |
| least two daily newspapers, one of which is
published in the | 21 |
| City of Springfield and one in the City of Chicago. The sale
of | 22 |
| the Bonds shall also be
advertised in the volume of the | 23 |
| Illinois Procurement Bulletin that is
published by the | 24 |
| Department of Central Management Services. Each of
the | 25 |
| advertisements for
proposals shall be published once at least | 26 |
| 10 days prior to the date fixed
for the opening of the bids. | 27 |
| The Director of the
Governor's Office of Management and Budget
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| Bureau of the Budget may
reschedule the date of sale upon the | 29 |
| giving of such additional notice as the
Director deems adequate | 30 |
| to inform prospective bidders of
such change; provided, | 31 |
| however, that all other conditions of the sale shall
continue | 32 |
| as originally advertised.
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| Executed Bonds shall, upon payment therefor, be delivered | 34 |
| to the purchaser,
and the proceeds of Bonds shall be paid into | 35 |
| the State Treasury as directed by
Section 12 of this Act.
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| (Source: P.A. 91-39, eff. 6-15-99; revised 8-23-03.)
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| (30 ILCS 330/16) (from Ch. 127, par. 666)
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| Sec. 16. Refunding Bonds. The State of Illinois is | 3 |
| authorized to issue,
sell, and provide for the retirement of | 4 |
| General Obligation Bonds of the State
of Illinois in the amount | 5 |
| of $2,839,025,000, at any time and
from time to time | 6 |
| outstanding, for the purpose of refunding
any State of Illinois | 7 |
| general obligation Bonds then outstanding, including
the | 8 |
| payment of any redemption premium thereon, any reasonable | 9 |
| expenses of
such refunding, any interest accrued or to accrue | 10 |
| to the earliest
or any subsequent date of redemption or | 11 |
| maturity of such outstanding
Bonds and any interest to accrue | 12 |
| to the first interest payment on the
refunding Bonds; provided | 13 |
| that all Bonds in an issue that includes
such refunding Bonds | 14 |
| shall mature no later
than the final maturity date of Bonds | 15 |
| being refunded , and further provided that no refunding Bonds | 16 |
| shall be offered for sale that are expected to refund Bonds | 17 |
| under a refunding plan that would have the effect of decreasing | 18 |
| the State's principal payments on all Bonds in the fiscal year | 19 |
| in which the refunding Bonds are offered or in the next | 20 |
| succeeding fiscal year by a total of more than 5% of the | 21 |
| principal or redemption amounts due on all then-outstanding | 22 |
| Bonds in the fiscal year next succeeding the fiscal year in | 23 |
| which the refunding Bonds are offered .
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| If more than half of the proceeds of an issue of Bonds to | 25 |
| be offered for sale are expected to be used for refunding | 26 |
| purposes, those
Refunding Bonds may be sold from time to time | 27 |
| pursuant to notice of sale
and public bid or by negotiated sale | 28 |
| in such amounts and at such times, as
directed by the Governor, | 29 |
| upon recommendation by the Director of the
Governor's Office of | 30 |
| Management and Budget
Bureau
of the Budget . The Governor shall | 31 |
| notify the State Treasurer and
Comptroller of such refunding. | 32 |
| The proceeds received from the sale
of refunding Bonds shall be | 33 |
| used for the retirement at maturity or
redemption of such | 34 |
| outstanding Bonds on any maturity or redemption date
and, | 35 |
| pending such use, shall be placed in escrow, subject to such |
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| terms and
conditions as shall be provided for in the Bond Sale | 2 |
| Order relating to the
Refunding Bonds. Proceeds not needed for | 3 |
| deposit in an escrow account shall
be deposited in the General | 4 |
| Obligation Bond Retirement and Interest Fund.
This Act shall | 5 |
| constitute an irrevocable and continuing appropriation of all
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| amounts necessary to establish an escrow account for the | 7 |
| purpose of refunding
outstanding general obligation Bonds and | 8 |
| to pay the reasonable expenses of such
refunding and of the | 9 |
| issuance and sale of the refunding Bonds. Any such
escrowed | 10 |
| proceeds may be invested and reinvested
in direct obligations | 11 |
| of the United States of America, maturing at such
time or times | 12 |
| as shall be appropriate to assure the
prompt payment, when due, | 13 |
| of the principal of and interest and redemption
premium, if | 14 |
| any,
on the refunded Bonds. After the terms of the escrow have | 15 |
| been fully
satisfied, any remaining balance of such proceeds | 16 |
| and interest, income and
profits earned or realized on the | 17 |
| investments thereof shall be paid into
the General Revenue | 18 |
| Fund. The liability of the State upon the Bonds shall
continue, | 19 |
| provided that the holders thereof shall thereafter be entitled | 20 |
| to
payment only out of the moneys deposited in the escrow | 21 |
| account.
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| Except as otherwise herein provided in this Section, such | 23 |
| refunding Bonds
shall in all other respects be subject to the | 24 |
| terms and conditions of this Act.
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| (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99; 91-710, | 26 |
| eff.
5-17-00; revised 8-23-03.)
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| (30 ILCS 330/21 new) | 28 |
| Sec. 21. Truth in borrowing disclosures. | 29 |
| (a) Within 10 days after the issuance of any Bonds under | 30 |
| this Act, the Director of the Governor's Office of Management | 31 |
| and Budget shall publish a truth in borrowing disclosure that | 32 |
| discloses the total principal and interest payments to be paid | 33 |
| on the Bonds over the full stated term of the Bonds. The | 34 |
| disclosure also shall include principal and interest payments | 35 |
| to be made by each fiscal year over the full stated term of the |
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| Bonds and total principal and interest payments to be made by | 2 |
| each fiscal year on all other outstanding Bonds issued under | 3 |
| this Act over the full stated terms of those Bonds. | 4 |
| (b) Within 10 days after the issuance of any refunding | 5 |
| bonds under Section 16 of this Act, the Director of the | 6 |
| Governor's Office of Management and Budget shall publish a | 7 |
| truth in borrowing disclosure that discloses the estimated | 8 |
| present-valued savings to be obtained through the refunding, in | 9 |
| total and by each fiscal year that the refunding bonds may be | 10 |
| outstanding.
| 11 |
| (c) The disclosures required in subsections (a) and (b) | 12 |
| shall be published by posting the disclosures for no less than | 13 |
| 30 days on the web site of the Governor's Office of Management | 14 |
| and Budget and by providing the disclosures in written form to | 15 |
| the Illinois Economic and Fiscal Commission. These disclosures | 16 |
| shall be calculated assuming Bonds are not redeemed or refunded | 17 |
| prior to their stated maturities. Amounts included in these | 18 |
| disclosures as payment of interest on variable rate Bonds shall | 19 |
| be the maximum amounts of interest that may be payable during | 20 |
| each fiscal year, after taking into account any credits | 21 |
| permitted in the related indenture or other instrument against | 22 |
| the amount of such interest for each fiscal year. Amounts | 23 |
| included in these disclosures as payment of interest on | 24 |
| variable rate Bonds shall include the amounts certified by the | 25 |
| Director of the Governor's Office of Management and Budget | 26 |
| under subsection (b) of Section 9 of this Act.
| 27 |
| Section 99. Effective date. This Act takes effect upon | 28 |
| becoming law.
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