Full Text of HB5646 100th General Assembly
HB5646 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB5646 Introduced , by Rep. Brad Halbrook SYNOPSIS AS INTRODUCED: |
| 30 ILCS 330/15 | from Ch. 127, par. 665 | 70 ILCS 3615/4.09 | from Ch. 111 2/3, par. 704.09 |
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Amends the General Obligation Bond Act. Removes provision requiring the State Treasurer and Comptroller to transfer from the Road Fund moneys with respect to bonds issued under authorization in a specified Public Act. Amends the Regional Transportation Authority Act. Removes provision requiring the transfer of $100,000,000 from the Road Fund that would have otherwise been transferred from the General Revenue Fund under specified provisions. Makes conforming changes.
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| | A BILL FOR |
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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 Section 15 as follows:
| 6 | | (30 ILCS 330/15) (from Ch. 127, par. 665)
| 7 | | Sec. 15. Computation of Principal and Interest; transfers.
| 8 | | (a) Upon each delivery of Bonds authorized to be issued | 9 | | under this Act,
the Comptroller shall compute and certify to | 10 | | the Treasurer the total amount
of principal of, interest on, | 11 | | and premium, if any, on Bonds issued that will
be payable in | 12 | | order to retire such Bonds, the amount of principal of,
| 13 | | interest on and premium, if any, on such Bonds that will be | 14 | | payable on each
payment date according to the tenor of such | 15 | | Bonds during the then current and
each succeeding fiscal year, | 16 | | and the amount of sinking fund payments needed to be deposited | 17 | | in connection with Qualified School Construction Bonds | 18 | | authorized by subsection (e) of Section 9.
With respect to the | 19 | | interest payable on variable rate bonds, such
certifications | 20 | | shall be calculated at the maximum rate of interest that
may be | 21 | | payable during the fiscal year, after taking into account any | 22 | | credits
permitted in the related indenture or other instrument | 23 | | against the amount
of such interest required to be appropriated |
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| 1 | | 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.
| 6 | | 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 under authorization in Public Act | 10 | | 98-781, or Bonds issued for the purpose of
refunding such | 11 | | bonds, and from (2) the General
Revenue Fund, with respect to | 12 | | all other Bonds issued under this Act, to the
General | 13 | | Obligation Bond Retirement and Interest Fund an amount | 14 | | sufficient to
pay the aggregate of the principal of, interest | 15 | | on, and premium, if any, on
Bonds payable, by their terms on | 16 | | the next payment date divided by the number of
full calendar | 17 | | months between the date of such Bonds and the first such | 18 | | payment
date, and thereafter, divided by the number of months | 19 | | between each succeeding
payment date after the first. Such | 20 | | computations and transfers shall be
made for each series of | 21 | | Bonds issued and delivered. Interest payable on
variable rate | 22 | | bonds shall be calculated at the maximum rate of interest that
| 23 | | may be payable for the relevant period, after taking into | 24 | | account any credits
permitted in the related indenture or other | 25 | | instrument against the amount of
such interest required to be | 26 | | appropriated for such period pursuant to
subsection (c) of |
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| 1 | | Section 14 of this Act. Computations of interest shall
include | 2 | | the amounts certified by the Director of the
Governor's Office | 3 | | of Management and Budget
under subsection (b) of Section 9 of | 4 | | this Act. Interest for which moneys
have already been deposited | 5 | | into the capitalized interest account within the
General | 6 | | Obligation Bond Retirement and Interest Fund shall not be | 7 | | included
in the calculation of the amounts to be transferred | 8 | | under this subsection. Notwithstanding any other provision in | 9 | | this Section, the transfer provisions provided in this | 10 | | paragraph shall not apply to transfers made in fiscal year 2010 | 11 | | or fiscal year 2011 with respect to Bonds issued in fiscal year | 12 | | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | 13 | | In the case of transfers made in fiscal year 2010 or fiscal | 14 | | year 2011 with respect to the Bonds issued in fiscal year 2010 | 15 | | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | 16 | | before the 15th day of the month prior to the required debt | 17 | | service payment, the State Treasurer and Comptroller shall | 18 | | transfer from the General Revenue Fund to the General | 19 | | Obligation Bond Retirement and Interest Fund an amount | 20 | | sufficient to pay the aggregate of the principal of, interest | 21 | | on, and premium, if any, on the Bonds payable in that next | 22 | | month.
| 23 | | The transfer of monies herein and above directed is not | 24 | | required if monies
in the General Obligation Bond Retirement | 25 | | and Interest Fund are more than
the amount otherwise to be | 26 | | transferred as herein above provided, and if the
Governor or |
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| 1 | | his authorized representative notifies the State Treasurer and
| 2 | | Comptroller of such fact in writing.
| 3 | | (b) After the effective date of this Act, the balance of, | 4 | | and monies
directed to be included in the Capital Development | 5 | | Bond Retirement and
Interest Fund, Anti-Pollution Bond | 6 | | Retirement and Interest Fund,
Transportation Bond, Series A | 7 | | Retirement and Interest Fund, Transportation
Bond, Series B | 8 | | Retirement and Interest Fund, and Coal Development Bond
| 9 | | Retirement and Interest Fund shall be transferred to and | 10 | | deposited in the
General Obligation Bond Retirement and | 11 | | Interest Fund. This Fund shall be
used to make debt service | 12 | | payments on the State's general obligation Bonds
heretofore | 13 | | issued which are now outstanding and payable from the Funds | 14 | | herein
listed as well as on Bonds issued under this Act.
| 15 | | (c) The unused portion of federal funds received for a | 16 | | capital
facilities project, as authorized by Section 3 of this | 17 | | Act, for which
monies from the Capital Development Fund have | 18 | | been expended shall remain in the Capital Development Board | 19 | | Contributory Trust Fund and shall be used for capital projects | 20 | | and for no other purpose, subject to appropriation and as | 21 | | directed by the Capital Development Board. Any federal funds | 22 | | received as reimbursement
for the completed construction of a | 23 | | capital facilities project, as
authorized by Section 3 of this | 24 | | Act, for which monies from the Capital
Development Fund have | 25 | | been expended shall be deposited in the General
Obligation Bond | 26 | | Retirement and Interest Fund.
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| 1 | | (Source: P.A. 100-23, eff. 7-6-17.)
| 2 | | Section 10. The Regional Transportation Authority Act is | 3 | | amended by changing Section 4.09 as follows:
| 4 | | (70 ILCS 3615/4.09) (from Ch. 111 2/3, par. 704.09)
| 5 | | Sec. 4.09. Public Transportation Fund and the Regional | 6 | | Transportation
Authority Occupation and Use Tax Replacement | 7 | | Fund.
| 8 | | (a)(1) As
Except as otherwise provided in paragraph (4), as | 9 | | soon as possible after
the first day of each month, beginning | 10 | | July 1, 1984, upon certification of
the Department of Revenue, | 11 | | the Comptroller shall order transferred and the
Treasurer shall | 12 | | transfer from the General Revenue Fund to a special fund in the | 13 | | State Treasury to be known as the Public
Transportation Fund an | 14 | | amount equal to 25% of the net revenue, before the
deduction of | 15 | | the serviceman and retailer discounts pursuant to Section 9 of
| 16 | | the Service Occupation Tax Act and Section 3 of the Retailers' | 17 | | Occupation
Tax Act, realized from
any tax imposed by the | 18 | | Authority pursuant to
Sections 4.03 and 4.03.1 and 25% of the | 19 | | amounts deposited into the Regional
Transportation Authority | 20 | | tax fund created by Section 4.03 of this Act, from
the County | 21 | | and Mass Transit District Fund as provided in Section 6z-20 of
| 22 | | the State Finance Act and 25% of the amounts deposited into the | 23 | | Regional
Transportation Authority Occupation and Use Tax | 24 | | Replacement Fund from the
State and Local Sales Tax Reform Fund |
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| 1 | | as provided in Section 6z-17 of the
State Finance Act.
On the | 2 | | first day of the month following the date that the Department | 3 | | receives revenues from increased taxes under Section 4.03(m) as | 4 | | authorized by this amendatory Act of the 95th General Assembly, | 5 | | in lieu of the transfers authorized in the preceding sentence, | 6 | | upon certification of the Department of Revenue, the | 7 | | Comptroller shall order transferred and the Treasurer shall | 8 | | transfer from the General Revenue Fund to the Public | 9 | | Transportation Fund an amount equal to 25% of the net revenue, | 10 | | before the deduction of the serviceman and retailer discounts | 11 | | pursuant to Section 9 of the Service Occupation Tax Act and | 12 | | Section 3 of the Retailers' Occupation Tax Act, realized from | 13 | | (i) 80% of the proceeds of any tax imposed by the Authority at | 14 | | a rate of 1.25% in Cook County, (ii) 75% of the proceeds of any | 15 | | tax imposed by the Authority at the rate of 1% in Cook County, | 16 | | and (iii) one-third of the proceeds of any tax imposed by the | 17 | | Authority at the rate of 0.75% in the Counties of DuPage, Kane, | 18 | | Lake, McHenry, and Will, all pursuant to Section 4.03, and 25% | 19 | | of the net revenue realized from any tax imposed by the | 20 | | Authority pursuant to Section 4.03.1, and 25% of the amounts | 21 | | deposited into the Regional Transportation Authority tax fund | 22 | | created by Section 4.03 of this Act from the County and Mass | 23 | | Transit District Fund as provided in Section 6z-20 of the State | 24 | | Finance Act, and 25% of the amounts deposited into the Regional | 25 | | Transportation Authority Occupation and Use Tax Replacement | 26 | | Fund from the State and Local Sales Tax Reform Fund as provided |
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| 1 | | in Section 6z-17 of the State Finance Act. As used in this | 2 | | Section, net revenue realized for a month shall be the revenue
| 3 | | collected by the State pursuant to Sections 4.03 and 4.03.1 | 4 | | during the
previous month from within the metropolitan region, | 5 | | less the amount paid
out during that same month as refunds to | 6 | | taxpayers for overpayment of
liability in the metropolitan | 7 | | region under Sections 4.03 and 4.03.1. | 8 | | Notwithstanding any provision of law to the contrary, | 9 | | beginning on the effective date of this amendatory Act of the | 10 | | 100th General Assembly, those amounts required under this | 11 | | paragraph (1) of subsection (a) to be transferred by the | 12 | | Treasurer into the Public Transportation Fund from the General | 13 | | Revenue Fund shall be directly deposited into the Public | 14 | | Transportation Fund as the revenues are realized from the taxes | 15 | | indicated.
| 16 | | (2) On Except as otherwise provided in paragraph (4), on | 17 | | the first day of the month following the effective date of this | 18 | | amendatory Act of the 95th General Assembly and each month | 19 | | thereafter, upon certification by the Department of Revenue, | 20 | | the Comptroller shall order transferred and the Treasurer shall | 21 | | transfer from the General Revenue Fund to the Public | 22 | | Transportation Fund an amount equal to 5% of the net revenue, | 23 | | before the deduction of the serviceman and retailer discounts | 24 | | pursuant to Section 9 of the Service Occupation Tax Act and | 25 | | Section 3 of the Retailers' Occupation Tax Act, realized from | 26 | | any tax imposed by the Authority pursuant to Sections 4.03 and |
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| 1 | | 4.03.1 and certified by the Department of Revenue under Section | 2 | | 4.03(n) of this Act to be paid to the Authority and 5% of the | 3 | | amounts deposited into the Regional Transportation Authority | 4 | | tax fund created by Section 4.03 of this Act from the County | 5 | | and Mass Transit District Fund as provided in Section 6z-20 of | 6 | | the State Finance Act, and 5% of the amounts deposited into the | 7 | | Regional Transportation Authority Occupation and Use Tax | 8 | | Replacement Fund from the State and Local Sales Tax Reform Fund | 9 | | as provided in Section 6z-17 of the State Finance Act, and 5% | 10 | | of the revenue realized by the Chicago Transit Authority as | 11 | | financial assistance from the City of Chicago from the proceeds | 12 | | of any tax imposed by the City of Chicago under Section 8-3-19 | 13 | | of the Illinois Municipal Code.
| 14 | | Notwithstanding any provision of law to the contrary, | 15 | | beginning on the effective date of this amendatory Act of the | 16 | | 100th General Assembly, those amounts required under this | 17 | | paragraph (2) of subsection (a) to be transferred by the | 18 | | Treasurer into the Public Transportation Fund from the General | 19 | | Revenue Fund shall be directly deposited into the Public | 20 | | Transportation Fund as the revenues are realized from the taxes | 21 | | indicated. | 22 | | (3) As Except as otherwise provided in paragraph (4), as | 23 | | soon as possible after the first day of January, 2009 and each | 24 | | month thereafter, upon certification of the Department of | 25 | | Revenue with respect to the taxes collected under Section 4.03, | 26 | | the Comptroller shall order transferred and the Treasurer shall |
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| 1 | | transfer from the General Revenue Fund to the Public | 2 | | Transportation Fund an amount equal to 25% of the net revenue, | 3 | | before the deduction of the serviceman and retailer discounts | 4 | | pursuant to Section 9 of the Service Occupation Tax Act and | 5 | | Section 3 of the Retailers' Occupation Tax Act, realized from | 6 | | (i) 20% of the proceeds of any tax imposed by the Authority at | 7 | | a rate of 1.25% in Cook County, (ii) 25% of the proceeds of any | 8 | | tax imposed by the Authority at the rate of 1% in Cook County, | 9 | | and (iii) one-third of the proceeds of any tax imposed by the | 10 | | Authority at the rate of 0.75% in the Counties of DuPage, Kane, | 11 | | Lake, McHenry, and Will, all pursuant to Section 4.03, and the | 12 | | Comptroller shall order transferred and the Treasurer shall | 13 | | transfer from the General Revenue Fund to the Public | 14 | | Transportation Fund (iv) an amount equal to 25% of the revenue | 15 | | realized by the Chicago Transit Authority as financial | 16 | | assistance from the City of Chicago from the proceeds of any | 17 | | tax imposed by the City of Chicago under Section 8-3-19 of the | 18 | | Illinois Municipal Code.
| 19 | | Notwithstanding any provision of law to the contrary, | 20 | | beginning on the effective date of this amendatory Act of the | 21 | | 100th General Assembly, those amounts required under this | 22 | | paragraph (3) of subsection (a) to be transferred by the | 23 | | Treasurer into the Public Transportation Fund from the General | 24 | | Revenue Fund shall be directly deposited into the Public | 25 | | Transportation Fund as the revenues are realized from the taxes | 26 | | indicated. |
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| 1 | | (4) (Blank). Notwithstanding any provision of law to the | 2 | | contrary, of the transfers to be made under paragraphs (1), | 3 | | (2), and (3) of this subsection (a) from the General Revenue | 4 | | Fund to the Public Transportation Fund, the first $100,000,000 | 5 | | that would have otherwise been transferred from the General | 6 | | Revenue Fund shall be transferred from the Road Fund. The | 7 | | remaining balance of such transfers shall be made from the | 8 | | General Revenue Fund. | 9 | | (5) For State fiscal year 2018 only, notwithstanding any | 10 | | provision of law to the contrary, the total amount of revenue | 11 | | and deposits under this subsection (a) attributable to revenues | 12 | | realized during State fiscal year 2018 shall be reduced by 10%.
| 13 | | (b)(1) All moneys deposited in the Public Transportation | 14 | | Fund and the
Regional Transportation Authority Occupation and | 15 | | Use Tax Replacement Fund,
whether deposited pursuant to this | 16 | | Section or otherwise, are allocated to
the Authority. The | 17 | | Comptroller, as soon as
possible after each monthly transfer | 18 | | provided in this Section and after
each deposit into the Public | 19 | | Transportation Fund, shall order the Treasurer
to pay to the | 20 | | Authority out of the Public Transportation Fund the amount so
| 21 | | transferred or deposited. Any Additional State Assistance and | 22 | | Additional Financial Assistance paid to the Authority under | 23 | | this Section shall be expended by the Authority for its | 24 | | purposes as provided in this Act. The balance of the amounts | 25 | | paid to the Authority from the Public Transportation Fund shall | 26 | | be expended by the Authority as provided in Section 4.03.3. The
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| 1 | | Comptroller,
as soon as possible after each deposit into the | 2 | | Regional Transportation
Authority Occupation and Use Tax | 3 | | Replacement Fund provided in this Section
and Section 6z-17 of | 4 | | the State Finance Act, shall order the Treasurer
to pay to the | 5 | | Authority out of the Regional Transportation Authority
| 6 | | Occupation and Use Tax Replacement Fund the amount so | 7 | | deposited. Such
amounts paid to the Authority may be expended | 8 | | by it for its purposes as
provided in this Act. The provisions | 9 | | directing the distributions from the Public Transportation | 10 | | Fund and the Regional Transportation Authority Occupation and | 11 | | Use Tax Replacement Fund provided for in this Section shall | 12 | | constitute an irrevocable and continuing appropriation of all | 13 | | amounts as provided herein. The State Treasurer and State | 14 | | Comptroller are hereby authorized and directed to make | 15 | | distributions as provided in this Section. (2) Provided, | 16 | | however, no moneys deposited under subsection (a)
of this | 17 | | Section shall be paid from the Public Transportation
Fund to | 18 | | the Authority or its assignee for any fiscal year until the | 19 | | Authority has certified to
the Governor, the Comptroller, and | 20 | | the Mayor of the City of Chicago that it
has adopted for that | 21 | | fiscal year an Annual Budget and Two-Year Financial Plan
| 22 | | meeting the
requirements in Section 4.01(b).
| 23 | | (c) In recognition of the efforts of the Authority to | 24 | | enhance the mass
transportation facilities under its control, | 25 | | the State shall provide
financial assistance ("Additional | 26 | | State Assistance") in excess of the
amounts transferred to the |
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| 1 | | Authority from the General Revenue Fund under
subsection (a) of | 2 | | this Section. Additional State Assistance shall be
calculated | 3 | | as provided in
subsection (d), but shall in no event exceed the | 4 | | following
specified amounts with respect to the following State | 5 | | fiscal years:
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6 | | 1990 |
$5,000,000; |
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7 | | 1991 |
$5,000,000; |
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8 | | 1992 |
$10,000,000; |
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9 | | 1993 |
$10,000,000; |
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10 | | 1994 |
$20,000,000; |
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11 | | 1995 |
$30,000,000; |
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12 | | 1996 |
$40,000,000; |
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13 | | 1997 |
$50,000,000; |
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14 | | 1998 |
$55,000,000; and |
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15 | | each year thereafter |
$55,000,000. |
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16 | | (c-5) The State shall provide financial assistance | 17 | | ("Additional Financial
Assistance") in addition to the | 18 | | Additional State Assistance provided by
subsection (c) and the | 19 | | amounts transferred to the Authority from the General
Revenue | 20 | | Fund under subsection (a) of this Section. Additional Financial
| 21 | | Assistance provided by this subsection shall be calculated as | 22 | | provided in
subsection (d), but shall in no event exceed the | 23 | | following specified amounts
with respect to the following State | 24 | | fiscal years:
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25 | | 2000 |
$0; |
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26 | | 2001 |
$16,000,000; |
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| 1 | | 2002 |
$35,000,000; |
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2 | | 2003 |
$54,000,000; |
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3 | | 2004 |
$73,000,000; |
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4 | | 2005 |
$93,000,000; and |
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5 | | each year thereafter |
$100,000,000. |
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6 | | (d) Beginning with State fiscal year 1990 and continuing | 7 | | for each
State fiscal year thereafter, the Authority shall | 8 | | annually certify to the
State Comptroller and State Treasurer, | 9 | | separately with respect to each of
subdivisions (g)(2) and | 10 | | (g)(3) of Section 4.04 of this Act, the following
amounts:
| 11 | | (1) The amount necessary and required, during the State | 12 | | fiscal year with
respect to which the certification is | 13 | | made, to pay its obligations for debt
service on all | 14 | | outstanding bonds or notes issued by the Authority under | 15 | | subdivisions (g)(2) and (g)(3) of
Section 4.04 of this Act.
| 16 | | (2) An estimate of the amount necessary and required to | 17 | | pay its
obligations for debt service for any bonds or notes | 18 | | which the Authority anticipates it
will issue under | 19 | | subdivisions (g)(2) and (g)(3) of Section 4.04 during
that | 20 | | State fiscal year.
| 21 | | (3) Its debt service savings during the preceding State | 22 | | fiscal year
from refunding or advance refunding of bonds or | 23 | | notes issued under subdivisions
(g)(2) and (g)(3) of | 24 | | Section 4.04.
| 25 | | (4) The amount of interest, if any, earned by the | 26 | | Authority during the
previous State fiscal year on the |
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| 1 | | proceeds of bonds or notes issued pursuant to
subdivisions | 2 | | (g)(2) and (g)(3) of Section 4.04, other than refunding or | 3 | | advance
refunding bonds or notes.
| 4 | | The certification shall include a specific
schedule of debt | 5 | | service payments, including the date and amount of each
payment | 6 | | for all outstanding bonds or notes and an estimated schedule of
| 7 | | anticipated debt service for all bonds and notes it intends to | 8 | | issue, if any,
during that State fiscal year, including the | 9 | | estimated date and estimated
amount of each payment.
| 10 | | Immediately upon the issuance of bonds for which an | 11 | | estimated schedule
of debt service payments was prepared, the | 12 | | Authority shall file an amended
certification with respect to | 13 | | item (2) above, to specify the actual
schedule of debt service | 14 | | payments, including the date and amount of each
payment, for | 15 | | the remainder of the State fiscal year.
| 16 | | On the first day of each month of the
State fiscal year in | 17 | | which there are bonds outstanding with respect to which
the | 18 | | certification is made, the State Comptroller shall order | 19 | | transferred and
the State Treasurer shall transfer from the | 20 | | General Revenue Road Fund to the
Public Transportation Fund the | 21 | | Additional State Assistance and Additional
Financial | 22 | | Assistance in an amount equal to the aggregate of
(i) | 23 | | one-twelfth of the sum of the amounts certified under items
(1) | 24 | | and (3) above less the amount certified under item (4) above, | 25 | | plus
(ii)
the amount required to pay debt service on bonds and | 26 | | notes
issued during the fiscal year, if any, divided by the |
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| 1 | | number of months
remaining in the fiscal year after the date of | 2 | | issuance, or some smaller
portion as may be necessary under | 3 | | subsection (c)
or (c-5) of this Section for the relevant State | 4 | | fiscal year, plus
(iii) any cumulative deficiencies in | 5 | | transfers for prior months,
until an amount equal to the
sum of | 6 | | the amounts certified under items (1) and (3) above,
plus the | 7 | | actual debt service certified under item (2) above,
less the | 8 | | amount certified under item (4) above,
has been transferred; | 9 | | except that these transfers are subject to the
following | 10 | | limits:
| 11 | | (A) In no event shall the total transfers in any State | 12 | | fiscal
year relating to outstanding bonds and notes issued | 13 | | by the Authority under
subdivision (g)(2) of Section 4.04 | 14 | | exceed the lesser of the annual maximum
amount specified in | 15 | | subsection (c) or the sum of the amounts
certified under | 16 | | items (1) and (3) above,
plus the actual debt service | 17 | | certified under item (2) above,
less the amount certified | 18 | | under item
(4) above, with respect to those bonds and | 19 | | notes.
| 20 | | (B) In no event shall the total transfers in any State | 21 | | fiscal year
relating to outstanding bonds and notes issued | 22 | | by the Authority under
subdivision (g)(3) of Section 4.04 | 23 | | exceed the lesser of the annual maximum
amount specified in | 24 | | subsection (c-5) or the sum of the amounts certified under
| 25 | | items (1) and (3) above,
plus the actual debt service | 26 | | certified under item (2) above,
less the amount certified |
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| 1 | | under item (4) above, with
respect to those bonds and | 2 | | notes.
| 3 | | The term "outstanding" does not include bonds or notes for | 4 | | which
refunding or advance refunding bonds or notes have been | 5 | | issued.
| 6 | | (e) Neither Additional State Assistance nor Additional | 7 | | Financial
Assistance may be pledged, either directly or
| 8 | | indirectly as general revenues of the Authority, as security | 9 | | for any bonds
issued by the Authority. The Authority may not | 10 | | assign its right to receive
Additional State Assistance or | 11 | | Additional Financial Assistance, or direct
payment of | 12 | | Additional State
Assistance or Additional Financial | 13 | | Assistance, to a trustee or any other
entity for the
payment of | 14 | | debt service
on its bonds.
| 15 | | (f) The certification required under subsection (d) with | 16 | | respect to
outstanding bonds and notes of the Authority shall | 17 | | be
filed as early as practicable before the beginning of the | 18 | | State fiscal
year to which it relates. The certification shall | 19 | | be revised as may be
necessary to accurately state the debt | 20 | | service requirements of the Authority.
| 21 | | (g) Within 6 months of the end of each fiscal year, the | 22 | | Authority shall determine: | 23 | | (i) whether
the aggregate of all system generated | 24 | | revenues for public transportation
in the metropolitan | 25 | | region which is provided by, or under grant or purchase
of | 26 | | service contracts with, the Service Boards equals 50% of |
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| 1 | | the aggregate
of all costs of providing such public | 2 | | transportation. "System generated
revenues" include all | 3 | | the proceeds of fares and charges for services provided,
| 4 | | contributions received in connection with public | 5 | | transportation from units
of local government other than | 6 | | the Authority, except for contributions received by the | 7 | | Chicago Transit Authority from a real estate transfer tax | 8 | | imposed under subsection (i) of Section 8-3-19 of the | 9 | | Illinois Municipal Code, and from the State pursuant
to | 10 | | subsection (i) of Section 2705-305 of the Department of | 11 | | Transportation Law
(20 ILCS 2705/2705-305), and all other | 12 | | revenues properly included consistent
with generally | 13 | | accepted accounting principles but may not include: the | 14 | | proceeds
from any borrowing, and, beginning with the 2007 | 15 | | fiscal year, all revenues and receipts, including but not | 16 | | limited to fares and grants received from the federal, | 17 | | State or any unit of local government or other entity, | 18 | | derived from providing ADA paratransit service pursuant to | 19 | | Section 2.30 of the Regional Transportation Authority Act. | 20 | | "Costs" include all items properly included as
operating | 21 | | costs consistent with generally accepted accounting | 22 | | principles,
including administrative costs, but do not | 23 | | include: depreciation; payment
of principal and interest | 24 | | on bonds, notes or other evidences of obligations
for | 25 | | borrowed money of the Authority; payments with respect to | 26 | | public
transportation facilities made pursuant to |
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| 1 | | subsection (b) of Section 2.20;
any payments with respect | 2 | | to rate protection contracts, credit
enhancements or | 3 | | liquidity agreements made under Section 4.14; any other
| 4 | | cost as to which it is reasonably expected that a cash
| 5 | | expenditure will not be made; costs for passenger
security | 6 | | including grants, contracts, personnel, equipment and
| 7 | | administrative expenses, except in the case of the Chicago | 8 | | Transit
Authority, in which case the term does not include | 9 | | costs spent annually by
that entity for protection against | 10 | | crime as required by Section 27a of the
Metropolitan | 11 | | Transit Authority Act; the costs of Debt Service paid by | 12 | | the Chicago Transit Authority, as defined in Section 12c of | 13 | | the Metropolitan Transit Authority Act, or bonds or notes | 14 | | issued pursuant to that Section; the payment by the | 15 | | Commuter Rail Division of debt service on bonds issued | 16 | | pursuant to Section 3B.09; expenses incurred by the | 17 | | Suburban Bus Division for the cost of new public | 18 | | transportation services funded from grants pursuant to | 19 | | Section 2.01e of this amendatory Act of the 95th General | 20 | | Assembly for a period of 2 years from the date of | 21 | | initiation of each such service; costs as exempted by the | 22 | | Board for
projects pursuant to Section 2.09 of this Act; | 23 | | or, beginning with the 2007 fiscal year, expenses related | 24 | | to providing ADA paratransit service pursuant to Section | 25 | | 2.30 of the Regional Transportation Authority Act; or in | 26 | | fiscal years 2008 through 2012 inclusive, costs in the |
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| 1 | | amount of $200,000,000 in fiscal year 2008, reducing by | 2 | | $40,000,000 in each fiscal year thereafter until this | 3 | | exemption is eliminated. If said system generated
revenues | 4 | | are less than 50% of said costs, the Board shall remit an | 5 | | amount
equal to the amount of the deficit to the State. The | 6 | | Treasurer shall
deposit any such payment in the General | 7 | | Revenue Road Fund; and
| 8 | | (ii) whether, beginning with the 2007 fiscal year, the | 9 | | aggregate of all fares charged and received for ADA | 10 | | paratransit services equals the system generated ADA | 11 | | paratransit services revenue recovery ratio percentage of | 12 | | the aggregate of all costs of providing such ADA | 13 | | paratransit services.
| 14 | | (h) If the Authority makes any payment to the State under | 15 | | paragraph (g),
the Authority shall reduce the amount provided | 16 | | to a Service Board from funds
transferred under paragraph (a) | 17 | | in proportion to the amount by which
that Service Board failed | 18 | | to meet its required system generated revenues
recovery ratio. | 19 | | A Service Board which is affected by a reduction in funds
under | 20 | | this paragraph shall submit to the Authority concurrently with | 21 | | its
next due quarterly report a revised budget incorporating | 22 | | the reduction in
funds. The revised budget must meet the | 23 | | criteria specified in clauses (i)
through (vi) of Section | 24 | | 4.11(b)(2). The Board shall review and act on the
revised | 25 | | budget as provided in Section 4.11(b)(3).
| 26 | | (Source: P.A. 100-23, eff. 7-6-17.)
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