Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 105/6t

(30 ILCS 105/6t) (from Ch. 127, par. 142t)

Sec. 6t.

The Capital Development Board Contributory Trust Fund is
created and there shall be paid into the Capital Development Board
Contributory Trust Fund the monies contributed by and received from
Public Community College Districts, Elementary, Secondary, and Unit
School Districts, and Vocational Education Facilities, provided,
however, no monies shall be required from a participating Public
Community  College District, Elementary, Secondary, or Unit School
District, or Vocational Education Facility more than 30 days prior to
anticipated need under the particular  contract for the Public Community
College District, Elementary, Secondary, or Unit  School District, or
Vocational Education Facility.  No monies in any fund in the  State
Treasury, nor any funds under the control or beneficial control of any
state agency, university, college, department, commission, board or any
other unit of state government shall be deposited, paid into, or by any
other means caused to be placed into the Capital Development Board
Contributory Trust Fund, except for federal funds, bid bond forfeitures,
and insurance proceeds as provided for below.

There shall be paid into the Capital Development Board Contributory Trust
Fund all federal funds to be utilized for the construction of capital projects
under the jurisdiction of the Capital Development Board, and all proceeds
resulting from such federal funds.  All such funds shall be remitted to
the Capital Development Board within 10 working days of their receipt by
the receiving authority.

There shall also be paid into this Fund all monies designated as gifts,
donations or charitable contributions which may be contributed by an
individual or entity, whether public or private, for a specific capital
improvement project.

There shall also be paid into this Fund all proceeds from bid bond
forfeitures in connection with any project formally bid and awarded by the
Capital Development Board.

There shall also be paid into this Fund all builders risk insurance policy
proceeds and all other funds recovered from contractors, sureties,
architects, material suppliers or other persons contracting with the
Capital Development Board for capital improvement projects which are
received by way of reimbursement for losses resulting from destruction
of or damage to capital improvement projects while under construction by
the Capital Development Board or received by way of settlement agreement or
court order.

The monies in the Capital Development Board Contributory Trust Fund shall
be expended only for actual contracts let, and then only for the specific
project for which funds were received in accordance with the judgment of
the Capital Development Board, compatible with the duties and obligations
of the Capital Development Board in furtherance of the specific capital
improvement for which such funds were received. Contributions, insured-loss
reimbursements or other funds received as damages through settlement or
judgement for damage, destruction or loss of capital improvement projects
shall be expended for the repair of such projects; or if the projects have
been or are being repaired before receipt of the funds, the funds may be used
to repair other such capital improvement projects.  Any funds not expended
for a project within 36 months after the date received
shall be paid into the General Obligation
Bond
Retirement and Interest Fund.

Contributions or insured-loss reimbursements not expended in furtherance
of the project for which they were received within 36 months of the date
received, shall be returned to the contributing party. Proceeds from builders
risk insurance shall be expended only for  the amelioration of damage arising
from the incident for which the proceeds were paid to  the State or the
Capital Development Board Contributory Trust Fund.  Any residual amounts  remaining
after the completion of such repairs, renovation, reconstruction or
other work necessary to restore the capital improvement project to
acceptable condition shall be returned to the proper fund or entity financing
or contributing towards the cost of the capital improvement project.  Such
returns shall be made in amounts proportionate to the contributions made
in furtherance of the project.

Any monies received as a gift, donation or charitable contribution for
a specific capital improvement which have not been expended in furtherance
of that project shall be returned to the contributing party after
completion of the project or if the legislature fails to authorize the
capital improvement.

The unused portion of any federal funds received for a capital improvement
project which are not contributed, upon its completion, towards the cost
of the project, shall remain in the Capital Development Board Contributory Trust Fund and shall be used for capital projects and for no other purpose, subject to appropriation and as directed by the Capital Development Board.

(Source: P.A. 100-23, eff. 7-6-17.)