Full Text of HB4631 100th General Assembly
HB4631 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB4631 Introduced , by Rep. Sam Yingling SYNOPSIS AS INTRODUCED: | | 70 ILCS 3615/3B.09 | from Ch. 111 2/3, par. 703B.09 |
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Amends the Regional Transportation Authority Act. Makes a technical change
in
a Section concerning the general powers of the Commuter Rail Board.
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| | A BILL FOR |
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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 Section 3B.09 as follows:
| 6 | | (70 ILCS 3615/3B.09) (from Ch. 111 2/3, par. 703B.09)
| 7 | | Sec. 3B.09. General Powers. In addition to any powers | 8 | | elsewhere provided
to the
the Commuter Rail Board, it shall | 9 | | have all of the powers specified in
Section 2.20 of this Act | 10 | | except for the powers specified in Section 2.20(a)(v).
The | 11 | | Board shall 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
4.10 | 17 | | of the "Regional Transportation Authority Act", all as provided | 18 | | 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 the | 21 | | "Regional Transportation
Authority Act", upon such terms and | 22 | | conditions as shall be set forth in a
grant contract between | 23 | | either the Division and the Regional Transportation
Authority |
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| 1 | | or the Division and another Service Board, which contract or
| 2 | | agreement may be for such number of years or duration as the | 3 | | parties may
agree, all as provided in the "Regional | 4 | | Transportation Authority Act"; and
| 5 | | (d) to borrow money for the purpose of acquiring, | 6 | | constructing, reconstructing, extending, or improving any | 7 | | Public Transportation Facilities (as defined in Section 1.03 of | 8 | | the Regional Transportation Authority Act) operated by or to be | 9 | | operated by or on behalf of the Commuter Rail Division. For the | 10 | | purpose of evidencing the obligation of the Commuter Rail Board | 11 | | to repay any money borrowed as provided in this subsection, the | 12 | | Commuter Rail Board may issue revenue bonds from time to time | 13 | | pursuant to ordinance adopted by the Commuter Rail Board, | 14 | | subject to the approval of the Regional Transportation | 15 | | Authority of each such issuance by the affirmative vote of 12 | 16 | | of its then Directors; provided that the Commuter Rail Board | 17 | | may not issue bonds for the purpose of financing the | 18 | | acquisition, construction, or improvement of a corporate | 19 | | headquarters building. All such bonds shall be payable solely | 20 | | from the revenues or income or any other funds that the | 21 | | Commuter Rail Board may receive, provided that the Commuter | 22 | | Rail Board may not pledge as security for such bonds the | 23 | | moneys, if any, that the Commuter Rail Board receives from the | 24 | | Regional Transportation Authority pursuant to Section | 25 | | 4.03.3(f) of the Regional Transportation Authority Act. The | 26 | | bonds shall bear interest at a rate not to exceed the maximum |
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| 1 | | rate authorized by the Bond Authorization Act and shall mature | 2 | | at such time or times not exceeding 25 years from their | 3 | | respective dates. Bonds issued pursuant to this paragraph must | 4 | | be issued with scheduled principal or mandatory redemption | 5 | | payments in equal amounts in each fiscal year over the term of | 6 | | the bonds, with the first principal or mandatory redemption | 7 | | payment scheduled within the fiscal year in which bonds are | 8 | | issued or within the next succeeding fiscal year. At least 25%, | 9 | | based on total principal amount, of all bonds authorized | 10 | | pursuant to this Section shall be sold pursuant to notice of | 11 | | sale and public bid. No more than 75%, based on total principal | 12 | | amount, of all bonds authorized pursuant to this Section shall | 13 | | be sold by negotiated sale. The maximum principal amount of the | 14 | | bonds that may be issued and outstanding at any time may not | 15 | | exceed $1,000,000,000. The bonds shall have all the qualities | 16 | | of negotiable instruments under the laws of this State. To | 17 | | secure the payment of any or all of such bonds and for the | 18 | | purpose of setting forth the covenants and undertakings of the | 19 | | Commuter Rail Board in connection with the issuance thereof and | 20 | | the issuance of any additional bonds payable from such revenue | 21 | | or income as well as the use and application of the revenue or | 22 | | income received by the Commuter Rail Board, the Commuter Rail | 23 | | Board may execute and deliver a trust agreement or agreements; | 24 | | provided that no lien upon any physical property of the | 25 | | Commuter Rail Board shall be created thereby. A remedy for any | 26 | | breach or default of the terms of any such trust agreement by |
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| 1 | | the Commuter Rail Board may be by mandamus proceedings in any | 2 | | court of competent jurisdiction to compel performance and | 3 | | compliance therewith, but the trust agreement may prescribe by | 4 | | whom or on whose behalf such action may be instituted. Under no | 5 | | circumstances shall any bonds issued by the Commuter Rail Board | 6 | | or any other obligation of the Commuter Rail Board in | 7 | | connection with the issuance of such bonds be or become an | 8 | | indebtedness or obligation of the State of Illinois, the | 9 | | Regional Transportation Authority, or any other political | 10 | | subdivision of or municipality within the State, nor shall any | 11 | | such bonds or obligations be or become an indebtedness of the | 12 | | Commuter Rail Board within the purview of any constitutional | 13 | | limitation or provision, and it shall be plainly stated on the | 14 | | face of each bond that it does not constitute such an | 15 | | indebtedness or obligation but is payable solely from the | 16 | | revenues or income as aforesaid.
| 17 | | (Source: P.A. 95-708, eff. 1-18-08.)
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