Full Text of HB5656 97th General Assembly
HB5656enr 97TH GENERAL ASSEMBLY |
| | HB5656 Enrolled | | LRB097 20381 PJG 65851 b |
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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 State Finance Act is amended by changing | 5 | | Section 6t as follows:
| 6 | | (30 ILCS 105/6t) (from Ch. 127, par. 142t)
| 7 | | Sec. 6t.
The Capital Development Board Contributory Trust | 8 | | Fund is
created and there shall be paid into the Capital | 9 | | Development Board
Contributory Trust Fund the monies | 10 | | contributed by and received from
Public Community College | 11 | | Districts, Elementary, Secondary, and Unit
School Districts, | 12 | | and Vocational Education Facilities, provided,
however, no | 13 | | monies shall be required from a participating Public
Community | 14 | | College District, Elementary, Secondary, or Unit School
| 15 | | District, or Vocational Education Facility more than 30 days | 16 | | prior to
anticipated need under the particular contract for the | 17 | | Public Community
College District, Elementary, Secondary, or | 18 | | Unit School District, or
Vocational Education Facility. No | 19 | | monies in any fund in the State
Treasury, nor any funds under | 20 | | the control or beneficial control of any
state agency, | 21 | | university, college, department, commission, board or any
| 22 | | other unit of state government shall be deposited, paid into, | 23 | | or by any
other means caused to be placed into the Capital |
| | | HB5656 Enrolled | - 2 - | LRB097 20381 PJG 65851 b |
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| 1 | | Development Board
Contributory Trust Fund, except for federal | 2 | | funds, bid bond forfeitures,
and insurance proceeds as provided | 3 | | for below.
| 4 | | There shall be paid into the Capital Development Board | 5 | | Contributory Trust
Fund all federal funds to be utilized for | 6 | | the construction of capital projects
under the jurisdiction of | 7 | | the Capital Development Board, and all proceeds
resulting from | 8 | | such federal funds. All such funds shall be remitted to
the | 9 | | Capital Development Board within 10 working days of their | 10 | | receipt by
the receiving authority.
| 11 | | There shall also be paid into this Fund all monies | 12 | | designated as gifts,
donations or charitable contributions | 13 | | which may be contributed by an
individual or entity, whether | 14 | | public or private, for a specific capital
improvement project.
| 15 | | There shall also be paid into this Fund all proceeds from | 16 | | bid bond
forfeitures in connection with any project formally | 17 | | bid and awarded by the
Capital Development Board.
| 18 | | There shall also be paid into this Fund all builders risk | 19 | | insurance policy
proceeds and all other funds recovered from | 20 | | contractors, sureties,
architects, material suppliers or other | 21 | | persons contracting with the
Capital Development Board for | 22 | | capital improvement projects which are
received by way of | 23 | | reimbursement for losses resulting from destruction
of or | 24 | | damage to capital improvement projects while under | 25 | | construction by
the Capital Development Board or received by | 26 | | way of settlement agreement or
court order.
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| | | HB5656 Enrolled | - 3 - | LRB097 20381 PJG 65851 b |
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| 1 | | The monies in the Capital Development Board Contributory | 2 | | Trust Fund shall
be expended only for actual contracts let, and | 3 | | then only for the specific
project for which funds were | 4 | | received in accordance with the judgment of
the Capital | 5 | | Development Board, compatible with the duties and obligations
| 6 | | of the Capital Development Board in furtherance of the specific | 7 | | capital
improvement for which such funds were received. | 8 | | Contributions, insured-loss
reimbursements or other funds | 9 | | received as damages through settlement or
judgement for damage, | 10 | | destruction or loss of capital improvement projects
shall be | 11 | | expended for the repair of such projects; or if the projects | 12 | | have
been or are being repaired before receipt of the funds, | 13 | | the funds may be used
to repair other such capital improvement | 14 | | projects. Any funds not expended
for a project within 36 months | 15 | | after the date received
shall be paid into the General | 16 | | Obligation
Bond
Retirement and Interest Fund.
| 17 | | Contributions or insured-loss reimbursements not expended | 18 | | in furtherance
of the project for which they were received | 19 | | within 36 months of the date
received, shall be returned to the | 20 | | contributing party. Proceeds from builders
risk insurance | 21 | | shall be expended only for the amelioration of damage arising
| 22 | | from the incident for which the proceeds were paid to the State | 23 | | or the
Capital Development Contributory Trust Fund. Any | 24 | | residual amounts remaining
after the completion of such | 25 | | repairs, renovation, reconstruction or
other work necessary to | 26 | | restore the capital improvement project to
acceptable |
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| 1 | | condition shall be returned to the proper fund or entity | 2 | | financing
or contributing towards the cost of the capital | 3 | | improvement project. Such
returns shall be made in amounts | 4 | | proportionate to the contributions made
in furtherance of the | 5 | | project.
| 6 | | Any monies received as a gift, donation or charitable | 7 | | contribution for
a specific capital improvement which have not | 8 | | been expended in furtherance
of that project shall be returned | 9 | | to the contributing party after
completion of the project or if | 10 | | the legislature fails to authorize the
capital improvement.
| 11 | | The unused portion of any federal funds received for a | 12 | | capital improvement
project which are not contributed, upon its | 13 | | completion, towards the cost
of the project, shall remain in | 14 | | the Capital Development Board Contributory Trust Fund and shall | 15 | | be used for capital projects and for no other purpose, subject | 16 | | to appropriation and as directed by the Capital Development | 17 | | Board be deposited in the Capital Development Bond Retirement
| 18 | | and Interest Fund if moneys from the Capital Development Fund | 19 | | have been
utilized for the project .
| 20 | | (Source: P.A. 92-34, eff. 7-1-01.)
| 21 | | Section 99. Effective date. This Act takes effect January | 22 | | 1, 2013.
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