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90_HB2321
605 ILCS 10/24 from Ch. 121, par. 100-24
Amends the Toll Highway Act. Provides that the Illinois
State Toll Highway Authority Fund shall be considered always
appropriated for the purposes of repayment of debt service
and other bond obligations (instead of for the purposes of
disbursements). Provides that the ordinary and contingent
expenses for the Illinois State Toll Highway Authority's
annual operations are subject to annual appropriation by the
General Assembly for each fiscal year.
LRB9007347NTsb
LRB9007347NTsb
1 AN ACT to amend the Toll Highway Act by changing Section
2 24.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Toll Highway Act is amended by changing
6 Section 24 as follows:
7 (605 ILCS 10/24) (from Ch. 121, par. 100-24)
8 Sec. 24. Except as otherwise provided in any bond
9 resolution, the proceeds derived from the sale of bonds, and
10 all receipts and income derived from tolls, licenses, gifts,
11 donations, concessions, fees, rentals, and all other revenues
12 from whatever source derived, shall, within three days after
13 receipt thereof, be paid to the Treasurer of the State of
14 Illinois, and held by him as a special fund known as the
15 Illinois State Toll Highway Authority Fund, except that the
16 Authority may retain portions of the Illinois State Toll
17 Highway Authority Fund as a locally maintained construction
18 fund revolving account and as a revenue fund revolving
19 account, where authorized by a bond resolution, and as
20 locally maintained change funds, where necessary for the
21 operations of the Authority. The State Treasurer shall be ex
22 officio custodian of such special fund, which fund shall be
23 held, invested and disbursed for the purposes provided herein
24 upon the order of the Authority and in accordance with
25 provisions and covenants of any bond resolution authorizing
26 the issuance of bonds which have not been paid or deemed
27 paid. The interest accruing on said special fund shall be
28 computed and added to the principal thereof every six months.
29 In addition to the special audits prescribed by this Act, the
30 said fund shall also be subject to audit in the same manner
31 as is now, or may hereinafter be, provided for the audit of
-2- LRB9007347NTsb
1 State funds and accounts. The said special fund shall be
2 protected by a corporate surety bond, executed by the
3 Treasurer, with a surety authorized to do business under the
4 laws of the State of Illinois. The amount of said bond shall
5 be fixed by resolution of the Authority, approved by the
6 Governor, and may be increased or diminished at any time. The
7 premiums on said bond shall be payable from the funds of the
8 Authority. The bond shall be subject to the approval of the
9 Governor and Attorney General of the State of Illinois, and,
10 when so approved, shall be filed in the office of the
11 Secretary of State. Said special fund shall be considered
12 always appropriated for the purposes of repayment of debt
13 service and other bond obligations disbursements, as provided
14 in this Act, and shall be paid out and disbursed only as
15 provided herein, and shall not, at any time be appropriated
16 or diverted to any other use or purpose. The ordinary and
17 contingent expenses for the Authority's annual operations are
18 subject to annual appropriation by the General Assembly for
19 each fiscal year.
20 (Source: P.A. 83-1258.)