Full Text of HB4073 100th General Assembly
HB4073 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB4073 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED: |
| 30 ILCS 330/2 | from Ch. 127, par. 652 | 30 ILCS 330/4 | from Ch. 127, par. 654 | 30 ILCS 425/2 | from Ch. 127, par. 2802 | 30 ILCS 425/4 | from Ch. 127, par. 2804 |
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Amends the General Obligation Bond Act. Increases the authorization for bonds issued by the State of Illinois under the Act by $1,500,000,000, from $49,917,925,743 to $51,417,925,743, for use for certain transportation purposes statewide. Amends the Build Illinois Bond Act. Increases the authorization for bonds issued by the State of Illinois by $900,000,000, from $6,246,009,000 to $7,146,009,000, for mass transit facilities, including rapid transit, rail, and other equipment. Effective July 1, 2017.
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| 1 | | AN ACT concerning finance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The General Obligation Bond Act is amended by | 5 | | changing Sections 2 and 4 as follows: | 6 | | (30 ILCS 330/2) (from Ch. 127, par. 652) | 7 | | Sec. 2. Authorization for Bonds. The State of Illinois is | 8 | | authorized to
issue, sell and provide for the retirement of | 9 | | General Obligation Bonds of
the State of Illinois for the | 10 | | categories and specific purposes expressed in
Sections 2 | 11 | | through 8 of this Act, in the total amount of $51,417,925,743 | 12 | | $49,917,925,743 . | 13 | | The bonds authorized in this Section 2 and in Section 16 of | 14 | | this Act are
herein called "Bonds". | 15 | | Of the total amount of Bonds authorized in this Act, up to | 16 | | $2,200,000,000
in aggregate original principal amount may be | 17 | | issued and sold in accordance
with the Baccalaureate Savings | 18 | | Act in the form of General Obligation
College Savings Bonds. | 19 | | Of the total amount of Bonds authorized in this Act, up to | 20 | | $300,000,000 in
aggregate original principal amount may be | 21 | | issued and sold in accordance
with the Retirement Savings Act | 22 | | in the form of General Obligation
Retirement Savings Bonds. | 23 | | Of the total amount of Bonds authorized in this Act, the |
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| 1 | | additional
$10,000,000,000 authorized by Public Act 93-2, the | 2 | | $3,466,000,000 authorized by Public Act 96-43, and the | 3 | | $4,096,348,300 authorized by Public Act 96-1497 shall be used | 4 | | solely as provided in Section 7.2. | 5 | | The issuance and sale of Bonds pursuant to the General | 6 | | Obligation Bond
Act is an economical and efficient method of | 7 | | financing the long-term capital needs of
the State. This Act | 8 | | will permit the issuance of a multi-purpose General
Obligation | 9 | | Bond with uniform terms and features. This will not only lower
| 10 | | the cost of registration but also reduce the overall cost of | 11 | | issuing debt
by improving the marketability of Illinois General | 12 | | Obligation Bonds. | 13 | | (Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | 14 | | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. | 15 | | 8-16-13; 98-781, eff. 7-22-14.)
| 16 | | (30 ILCS 330/4) (from Ch. 127, par. 654)
| 17 | | Sec. 4. Transportation. The amount of $17,448,199,000 | 18 | | $15,948,199,000
is authorized for use by the Department of | 19 | | Transportation for the specific
purpose of promoting and | 20 | | assuring rapid, efficient, and safe highway, air and
mass | 21 | | transportation for the inhabitants of the State by providing | 22 | | monies,
including the making of grants and loans, for the | 23 | | acquisition, construction,
reconstruction, extension and | 24 | | improvement of the following transportation
facilities and | 25 | | equipment, and for the acquisition of real property and
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| 1 | | interests in real property required or expected to be required | 2 | | in connection
therewith as follows:
| 3 | | (a) $6,932,129,000 $5,432,129,000 for State highways, | 4 | | arterial
highways, freeways,
roads, bridges, structures | 5 | | separating highways and railroads and roads, and
bridges on | 6 | | roads maintained by counties, municipalities, townships or | 7 | | road
districts for the following specific purposes:
| 8 | | (1) $4,830,000,000 $3,330,000,000 for use statewide,
| 9 | | (2) $3,677,000 for use outside the Chicago urbanized
| 10 | | area,
| 11 | | (3) $7,543,000 for use within the Chicago urbanized | 12 | | area,
| 13 | | (4) $13,060,600 for use within the City of Chicago,
| 14 | | (5) $58,987,500 for use within the counties of Cook,
| 15 | | DuPage, Kane, Lake, McHenry and Will,
| 16 | | (6) $18,860,900 for use outside the counties of Cook, | 17 | | DuPage, Kane,
Lake, McHenry and Will, and
| 18 | | (7) $2,000,000,000 for use on projects included in | 19 | | either (i) the FY09-14 Proposed Highway Improvement | 20 | | Program as published by the Illinois Department of | 21 | | Transportation in May 2008 or (ii) the FY10-15 Proposed | 22 | | Highway Improvement Program to be published by the Illinois | 23 | | Department of Transportation in the spring of 2009; except | 24 | | that all projects must be maintenance projects for the | 25 | | existing State system with the goal of reaching 90% | 26 | | acceptable condition in the system statewide and further |
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| 1 | | except that all projects must reflect the generally | 2 | | accepted historical distribution of projects throughout | 3 | | the State. | 4 | | (b) $5,379,670,000 for rail facilities and for
mass transit | 5 | | facilities, as defined in Section 2705-305 of the Department of
| 6 | | Transportation Law (20 ILCS 2705/2705-305), including rapid | 7 | | transit, rail, bus
and other equipment used in connection | 8 | | therewith by the State or any unit of
local government, special | 9 | | transportation district, municipal corporation or
other | 10 | | corporation or public authority authorized to provide and | 11 | | promote public
transportation within the State or two or more | 12 | | of the foregoing jointly, for
the following specific purposes:
| 13 | | (1) $4,283,870,000 statewide,
| 14 | | (2) $83,350,000 for use within the counties of Cook,
| 15 | | DuPage, Kane, Lake, McHenry and Will,
| 16 | | (3) $12,450,000 for use outside the counties of Cook,
| 17 | | DuPage, Kane, Lake, McHenry and Will, and
| 18 | | (4) $1,000,000,000 for use on projects that shall | 19 | | reflect the generally accepted historical distribution of | 20 | | projects throughout the State. | 21 | | (c) $482,600,000 for airport or aviation facilities and any | 22 | | equipment used
in connection therewith, including engineering | 23 | | and land acquisition costs,
by the State or any unit of local | 24 | | government, special transportation district,
municipal | 25 | | corporation or other corporation or public authority | 26 | | authorized
to provide public transportation within the State, |
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| 1 | | or two or more of the
foregoing acting jointly, and for the | 2 | | making of deposits into the Airport
Land Loan Revolving Fund | 3 | | for loans to public airport owners pursuant to the
Illinois | 4 | | Aeronautics Act.
| 5 | | (d) $4,653,800,000 for use statewide for State or local | 6 | | highways, arterial highways, freeways, roads, bridges, and | 7 | | structures separating highways and railroads and roads, and for | 8 | | grants to counties, municipalities, townships, or road | 9 | | districts for planning, engineering, acquisition, | 10 | | construction, reconstruction, development, improvement, | 11 | | extension, and all construction-related expenses of the public | 12 | | infrastructure and other transportation improvement projects | 13 | | which are related to economic development in the State of | 14 | | Illinois. | 15 | | (Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13; | 16 | | 98-781, eff. 7-22-14.)
| 17 | | Section 10. The Build Illinois Bond Act is amended by | 18 | | changing Sections 2 and 4 as follows:
| 19 | | (30 ILCS 425/2) (from Ch. 127, par. 2802)
| 20 | | Sec. 2. Authorization for Bonds. The State of Illinois is
| 21 | | authorized to issue, sell and provide for the retirement of | 22 | | limited
obligation bonds, notes and other evidences of | 23 | | indebtedness of the State of
Illinois in the total principal | 24 | | amount of $7,146,009,000 $6,246,009,000
herein called "Bonds". |
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| 1 | | Such authorized amount of Bonds shall
be reduced from time to | 2 | | time by amounts, if any, which are equal to the
moneys received | 3 | | by the Department of Revenue in any fiscal year pursuant to
| 4 | | Section 3-1001 of the "Illinois Vehicle Code", as amended, in | 5 | | excess of the
Annual Specified Amount (as defined in Section 3 | 6 | | of the "Retailers'
Occupation Tax Act", as amended) and | 7 | | transferred at the end of such fiscal
year from the General | 8 | | Revenue Fund to the Build Illinois Purposes Fund (now | 9 | | abolished) as
provided in Section 3-1001 of said Code; | 10 | | provided, however, that no such
reduction shall affect the | 11 | | validity or enforceability of any Bonds issued
prior to such | 12 | | reduction. Such amount of authorized Bonds
shall be exclusive | 13 | | of any refunding Bonds issued pursuant to Section 15 of
this | 14 | | Act and exclusive of any Bonds issued pursuant to this Section | 15 | | which
are redeemed, purchased, advance refunded, or defeased in | 16 | | accordance with
paragraph (f) of Section 4 of this Act. Bonds | 17 | | shall be issued for the
categories and specific purposes | 18 | | expressed in Section 4 of this Act.
| 19 | | (Source: P.A. 98-94, eff. 7-17-13.)
| 20 | | (30 ILCS 425/4) (from Ch. 127, par. 2804)
| 21 | | Sec. 4. Purposes of Bonds. Bonds shall be issued for the | 22 | | following
purposes and in the approximate amounts as set forth | 23 | | below:
| 24 | | (a) $3,222,800,000 for the expenses of issuance and
sale of | 25 | | Bonds, including bond discounts, and for planning, |
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| 1 | | engineering,
acquisition, construction, reconstruction, | 2 | | development, improvement and
extension of the public | 3 | | infrastructure in the State of Illinois, including: the
making | 4 | | of loans or grants to local governments for waste disposal | 5 | | systems,
water and sewer line extensions and water distribution | 6 | | and purification
facilities, rail or air or water port | 7 | | improvements, gas and electric utility
extensions, publicly | 8 | | owned industrial and commercial sites, buildings
used for | 9 | | public administration purposes and other public infrastructure | 10 | | capital
improvements; the making of loans or grants to units of | 11 | | local government
for financing and construction of wastewater | 12 | | facilities, including grants to serve unincorporated areas; | 13 | | refinancing or
retiring bonds issued between January 1, 1987 | 14 | | and January 1,
1990 by home rule municipalities, debt service | 15 | | on which is provided from a
tax imposed by home rule | 16 | | municipalities prior to January 1, 1990 on the
sale of food and | 17 | | drugs pursuant to Section 8-11-1 of the Home Rule
Municipal | 18 | | Retailers' Occupation Tax Act or Section 8-11-5 of the Home
| 19 | | Rule Municipal Service Occupation Tax Act; the making of | 20 | | deposits not
to exceed $70,000,000 in the aggregate into
the | 21 | | Water Pollution Control Revolving Fund to provide assistance in
| 22 | | accordance with the provisions of Title IV-A of the | 23 | | Environmental
Protection Act; the planning, engineering, | 24 | | acquisition,
construction, reconstruction, alteration, | 25 | | expansion, extension and
improvement of highways, bridges, | 26 | | structures separating highways and
railroads, rest areas, |
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| 1 | | interchanges, access
roads to and from any State or local | 2 | | highway and other transportation
improvement projects which | 3 | | are related to
economic development activities; the making of | 4 | | loans or grants for
planning, engineering, rehabilitation, | 5 | | improvement or construction of rail
and transit facilities; the | 6 | | planning, engineering, acquisition,
construction, | 7 | | reconstruction and improvement of watershed, drainage, flood
| 8 | | control, recreation and related improvements and facilities, | 9 | | including
expenses related to land and easement acquisition, | 10 | | relocation, control
structures, channel work and clearing and | 11 | | appurtenant work; the making of
grants for improvement and | 12 | | development of zoos and park district field
houses and related | 13 | | structures; and the making of grants for improvement and
| 14 | | development of Navy Pier and related structures.
| 15 | | (b) $849,000,000 for fostering economic development and
| 16 | | increased employment and the well being of the citizens of | 17 | | Illinois, including:
the making of grants for improvement and | 18 | | development of McCormick Place and
related structures; the
| 19 | | planning and construction of a microelectronics research | 20 | | center, including
the planning, engineering, construction, | 21 | | improvement, renovation and
acquisition of buildings, | 22 | | equipment and related utility support systems;
the making of | 23 | | loans to businesses and investments in small businesses;
| 24 | | acquiring real properties for industrial or commercial site | 25 | | development;
acquiring, rehabilitating and reconveying | 26 | | industrial and commercial
properties for the purpose of |
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| 1 | | expanding employment and encouraging private
and other public | 2 | | sector investment in the economy of Illinois; the payment
of | 3 | | expenses associated with siting the Superconducting Super | 4 | | Collider Particle
Accelerator in Illinois and with its | 5 | | acquisition, construction,
maintenance, operation, promotion | 6 | | and support; the making of loans for the
planning, engineering, | 7 | | acquisition, construction, improvement and
conversion of | 8 | | facilities and equipment which will foster the use of
Illinois | 9 | | coal; the payment of expenses associated with the
promotion, | 10 | | establishment, acquisition and operation of small business
| 11 | | incubator facilities and agribusiness research facilities, | 12 | | including the lease,
purchase, renovation, planning, | 13 | | engineering, construction and maintenance of
buildings, | 14 | | utility support systems and equipment designated for such
| 15 | | purposes and the establishment and maintenance of centralized | 16 | | support
services within such facilities; and the making of | 17 | | grants or loans to
units of local government for Urban | 18 | | Development Action Grant and Housing
Partnership programs.
| 19 | | (b-1) $900,000,000 for mass transit facilities, including | 20 | | rapid transit, rail, and other equipment. | 21 | | (c) $1,944,058,100 for the development and
improvement of | 22 | | educational,
scientific, technical and vocational programs and | 23 | | facilities and the
expansion of health and human services for | 24 | | all citizens of Illinois,
including: the making of construction | 25 | | and improvement grants and loans
to public libraries
and | 26 | | library systems; the making of grants and loans for planning,
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| 1 | | engineering, acquisition and construction
of a new State | 2 | | central library in Springfield; the planning, engineering,
| 3 | | acquisition and construction of an animal and dairy sciences | 4 | | facility; the
planning, engineering, acquisition and | 5 | | construction of a campus and all
related buildings, facilities, | 6 | | equipment and materials for Richland
Community College; the | 7 | | acquisition, rehabilitation and installation of
equipment and | 8 | | materials for scientific and historical surveys; the making of
| 9 | | grants or loans for distribution to eligible vocational | 10 | | education instructional
programs for the upgrading of | 11 | | vocational education programs, school shops
and laboratories, | 12 | | including the acquisition, rehabilitation and
installation of | 13 | | technical equipment and materials; the making of grants or
| 14 | | loans for distribution to eligible local educational agencies | 15 | | for the
upgrading of math and science instructional programs, | 16 | | including the
acquisition of instructional equipment and | 17 | | materials; miscellaneous capital
improvements for universities | 18 | | and community colleges including the
planning, engineering,
| 19 | | construction, reconstruction, remodeling, improvement, repair | 20 | | and
installation of capital facilities and costs of planning, | 21 | | supplies,
equipment, materials, services, and all other | 22 | | required expenses; the
making of grants or loans for repair, | 23 | | renovation and miscellaneous capital
improvements for | 24 | | privately operated colleges and universities and community
| 25 | | colleges, including the planning, engineering, acquisition, | 26 | | construction,
reconstruction, remodeling,
improvement, repair |
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| 1 | | and installation of capital facilities and costs of
planning, | 2 | | supplies, equipment, materials, services, and all other | 3 | | required
expenses; and the making of grants or loans for | 4 | | distribution to local
governments for hospital and other health | 5 | | care facilities including the
planning, engineering, | 6 | | acquisition, construction, reconstruction,
remodeling, | 7 | | improvement, repair and installation of capital facilities and
| 8 | | costs of planning, supplies, equipment, materials, services | 9 | | and all other
required expenses.
| 10 | | (d) $230,150,900 for protection, preservation,
restoration | 11 | | and conservation of environmental and natural resources,
| 12 | | including: the making of grants to soil and water conservation | 13 | | districts
for the planning and implementation of conservation | 14 | | practices and for
funding contracts with the Soil Conservation | 15 | | Service for watershed
planning; the making of grants to units | 16 | | of local government for the
capital development and improvement | 17 | | of recreation areas, including
planning and engineering costs, | 18 | | sewer projects, including planning and
engineering costs and | 19 | | water projects, including planning
and engineering costs, and | 20 | | for the acquisition of open space lands,
including the | 21 | | acquisition of easements and other property interests of less
| 22 | | than fee simple ownership; the acquisition and related costs | 23 | | and development
and management of natural heritage lands, | 24 | | including natural areas and areas
providing habitat for
| 25 | | endangered species and nongame wildlife, and buffer area lands; | 26 | | the
acquisition and related costs and development and |
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| 1 | | management of
habitat lands, including forest, wildlife | 2 | | habitat and wetlands;
and the removal and disposition of | 3 | | hazardous substances, including the cost of
project | 4 | | management, equipment, laboratory analysis, and contractual | 5 | | services
necessary for preventative and corrective actions | 6 | | related to the preservation,
restoration and conservation of | 7 | | the environment, including deposits not to
exceed $60,000,000 | 8 | | in the aggregate into the Hazardous Waste Fund and the
| 9 | | Brownfields Redevelopment Fund for improvements in accordance | 10 | | with the
provisions of Titles V and XVII of the Environmental | 11 | | Protection Act.
| 12 | | (e) The amount specified in paragraph (a) above
shall | 13 | | include an amount necessary to pay reasonable expenses of each
| 14 | | issuance and sale of the Bonds, as specified in the related | 15 | | Bond Sale Order
(hereinafter defined).
| 16 | | (f) Any unexpended proceeds from any sale of
Bonds which | 17 | | are held in the Build Illinois Bond Fund may be used to redeem,
| 18 | | purchase, advance refund, or defease any Bonds outstanding.
| 19 | | (Source: P.A. 98-94, eff. 7-17-13.)
| 20 | | Section 99. Effective date. This Act takes effect July 1, | 21 | | 2017. |
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