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90_HB3594
605 ILCS 10/24 from Ch. 121, par. 100-24
Amends the Toll Highway Act. Makes a stylistic change in
provisions regarding the Illinois State Toll Highway
Authority Fund.
LRB9010202SMdv
LRB9010202SMdv
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 the such special fund, which fund shall
23 be held, invested and disbursed for the purposes provided
24 herein 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- LRB9010202SMdv
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 disbursements, as
13 provided in this Act, and shall be paid out and disbursed
14 only as provided herein, and shall not, at any time be
15 appropriated or diverted to any other use or purpose.
16 (Source: P.A. 83-1258.)