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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
90_SB0355ham001
LRB9002708KDksam
1 AMENDMENT TO SENATE BILL 355
2 AMENDMENT NO. . Amend Senate Bill 355 on page 1,
3 below line 7, by inserting the following:
4 "Section 8. The Toll Highway Act is amended by changing
5 Sections 17 and 24 and adding Sections 8.1 and 16.2 as
6 follows:
7 (605 ILCS 10/8.1 new)
8 Sec. 8.1. Inspector General.
9 (a) The Authority shall appoint an Inspector General who
10 shall have the authority to conduct investigations into
11 allegations or incidents of waste, fraud, and financial
12 mismanagement in Authority operations involving an Authority
13 employee or contractor. The Inspector General shall make
14 recommendations to the Authority regarding his or her
15 investigations. The Inspector General shall be appointed for
16 a term of 4 years. The Inspector General shall be
17 independent of the operations of the Authority and perform
18 other duties as requested by the Authority.
19 (b) The Inspector General shall have access to all
20 information and personnel necessary to perform the duties of
21 the office. If the Inspector General determines that a
22 possible criminal act has been committed or that special
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1 expertise is required in the investigation, he or she shall
2 immediately notify the State Police. All investigations
3 conducted by the Inspector General shall be conducted in a
4 manner that ensures the preservation of evidence for use in
5 criminal prosecutions.
6 (c) At all times, the Inspector General shall be granted
7 access to any building or facility that is owned, operated,
8 or leased by the Authority.
9 (d) The Inspector General shall have the power to
10 subpoena witnesses and compel the production of books and
11 papers pertinent to an investigation authorized by this
12 Section. Any person who:
13 (1) fails to appear in response to a subpoena;
14 (2) fails to answer any question;
15 (3) fails to produce any books or papers pertinent
16 to an investigation under this Section; or
17 (4) knowingly gives false testimony during an
18 investigation under this Section;
19 is guilty of a Class A misdemeanor.
20 (e) The Inspector General shall provide to the Authority
21 and the General Assembly a summary of reports and
22 investigations made under this Section for the previous
23 fiscal year no later than January 1 of each year. The
24 summaries shall detail the final disposition of the Inspector
25 General's recommendations. The summaries shall not contain
26 any confidential or identifying information concerning the
27 subjects of the reports and investigations. The summaries
28 shall also include detailed, recommended administrative
29 actions and matters for consideration by the General
30 Assembly.
31 (605 ILCS 10/16.2 new)
32 Sec. 16.2. Bond issuance service contracts; competitive
33 bidding.
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1 (a) All contracts for services requiring professional,
2 technical, or artistic skill related to the issuance of any
3 bonds, refunding bonds, or advance refunding bonds, when the
4 amount of those services is in excess of $25,000, shall be
5 let to the lowest qualified bidder or bidders on open,
6 competitive bidding after public advertisement made at least
7 5 days before the opening of bids in a newspaper of general
8 circulation in any city of over 500,000 population or in any
9 county through which the tollway for which the services are
10 required passes, in a manner and on one or more occasions as
11 may be prescribed by the Authority.
12 (b) If the services required would reasonably be
13 regarded by persons experienced in the area of those services
14 as requiring expertise with novel or complex issues that
15 could reasonably be provided by only one prospective
16 contractor, the Authority may prescribe by rule procedures
17 for the award of the service contract to the qualified
18 contractor. The contractor shall provide the required
19 service at the most economical cost to the Authority.
20 (605 ILCS 10/17) (from Ch. 121, par. 100-17)
21 Sec. 17. (a) The Authority may from time to time issue
22 bonds for any lawful purpose including, without limitation,
23 the costs of issuance thereof and all such bonds or other
24 obligations of the Authority issued pursuant to this Act
25 shall be and are hereby declared to be negotiable for all
26 purposes notwithstanding their payment from a limited source
27 and without regard to any other law or laws.
28 (b) The bonds of every issue shall be payable solely out
29 of revenues of the Authority, accumulated reserves or sinking
30 funds, bond proceeds, proceeds of refunding bonds, or
31 investment earnings as the Authority shall specify in a bond
32 resolution.
33 (c) The bonds may be issued as serial bonds or as term
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1 bonds, or the Authority, in its discretion, may issue bonds
2 of both types. The bonds shall be authorized by a bond
3 resolution of the Authority, may be issued in one or more
4 series and shall bear such date or dates, mature at such time
5 or times not exceeding 25 years from their respective date or
6 dates of issue, bear interest at such rate or rates, fixed or
7 variable, without regard to any limit contained in any other
8 statute or law of the State of Illinois, be payable as to
9 principal and interest at such time or times, be in such
10 denominations, be in such form, either coupon or fully
11 registered, carry such registration and conversion
12 privileges, be payable in lawful money of the United States
13 of America at such places, be subject to such terms of
14 redemption and may contain such other terms and provisions,
15 as such bond resolution or resolutions may provide. The
16 bonds shall be executed by the manual or facsimile signatures
17 of the Chairman and the Secretary. In case any of the
18 officers whose signature appears on the bonds or coupons, if
19 any, shall cease to be an officer before the delivery of such
20 bonds, such signature shall nevertheless be valid and
21 sufficient for all purposes, as if he had remained in office
22 until such delivery. The bonds shall be sold in such manner
23 as the Authority shall determine. The proceeds from the sale
24 of such bonds shall be paid to the Treasurer of the State of
25 Illinois as ex officio custodian. Pending preparation of the
26 definitive bonds, the Authority may issue interim receipts or
27 certificates which shall be exchanged for such definitive
28 bonds.
29 (d) Any bond resolution, or trust indenture entered into
30 pursuant to a bond resolution, may contain provisions, which
31 shall be a part of the contract with the holders of the bonds
32 to be authorized, as to: (i) pledging or creating a lien upon
33 all or part of the revenues of the Authority or any reserves,
34 sinking funds, bond proceeds or investment earnings; (ii) the
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1 setting aside of reserves or sinking funds, and the
2 regulation, investment and disposition thereof; (iii) the use
3 and maintenance requirements for the toll highways; (iv) the
4 purposes to which or the investments in which the proceeds of
5 sale of any series or issue of bonds then or thereafter to be
6 issued may be applied; (v) the issuance of additional bonds,
7 the terms upon which additional bonds may be issued and
8 secured, the purposes for such additional bonds, and the
9 terms upon which additional bonds may rank on a parity with,
10 or be subordinate or superior to other bonds; (vi) the
11 refunding of outstanding bonds; (vii) the procedure, if any,
12 by which the terms of any contract with bondholders may be
13 amended or abrogated, the amount of bonds the holders of
14 which must consent thereto, and the manner in which such
15 consent may be given; (viii) defining the acts or omissions
16 to act which shall constitute a default in the duties of the
17 Authority to holders of its obligations and providing the
18 rights and remedies of such holders in the event of a
19 default; (ix) any other matters relating to the bonds which
20 the Authority deems desirable.
21 (e) Neither the directors of the Authority nor any
22 person executing the bonds shall be liable personally on the
23 bonds or be subject to any personal liability or
24 accountability by reason of the issuance thereof.
25 (f) The Authority shall have power out of any funds
26 available therefor to purchase its bonds. The Authority may
27 hold, pledge, cancel or resell such bonds subject to and in
28 accordance with agreements with bondholders.
29 (g) In the discretion of the Authority any bonds issued
30 under the provisions of this Act may be secured by a trust
31 indenture by and between the Authority and a trustee or
32 trustees, which may be any trust company or bank in the State
33 of Illinois having the powers of a trust company and
34 possessing capital and surplus of not less than $50,000,000.
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1 The bond resolution or trust indenture providing for the
2 issuance of bonds so secured shall pledge such revenues of
3 the Authority, sinking funds, bond proceeds, or investment
4 earnings as may be specified therein, may contain such
5 provisions for protecting and enforcing the rights and
6 remedies of the bondholders as may be reasonable and proper
7 and not in violation of law, including particularly such
8 provisions as have hereinabove been specifically authorized
9 to be included in any bond resolution or trust indenture of
10 the Authority, and may restrict the individual right of
11 action by bondholders. In addition to the foregoing, any
12 bond resolution or trust indenture may contain such other
13 provisions as the Authority may deem reasonable and proper
14 for the security of the bondholders, including, but not
15 limited to, the purchase of bond insurance and the
16 arrangement of letters of credit, lines of credit or other
17 credit or liquidity enhancement facilities; provided there
18 shall be no pledge of the toll highway or any part thereof.
19 All expenses incurred in carrying out the provisions of any
20 bond resolution or trust indenture may be treated as a part
21 of the cost of the operation of the toll highways.
22 (h) Bonds issued under the authority of this Act do not,
23 and shall state upon the face of each bond that they do not,
24 represent or constitute a debt of the Authority or of the
25 State of Illinois within the meaning of any constitutional or
26 statutory limitation or a pledge of the faith and credit of
27 the Authority or the State of Illinois, or grant to the
28 owners or holders thereof any right to have the Authority or
29 the General Assembly levy any taxes or appropriate any funds
30 for the payment of the principal thereof or interest thereon.
31 Such bonds shall be payable and shall state that they are
32 payable solely from the revenues and the sources authorized
33 under this Act and pledged for their payment in accordance
34 with the bond resolution or trust indenture.
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1 Nothing in this Act shall be construed to authorize the
2 Authority or any department, board, commission or other
3 agency to create an obligation of the State of Illinois
4 within the meaning of the Constitution or Statutes of
5 Illinois.
6 (i) Any resolution or trust indenture authorizing the
7 issuance of the bonds may include provision for the issuance
8 of additional bonds. All resolutions of the Authority to
9 carry such adopted bond resolutions into effect, to provide
10 for the sale and delivery of the bonds, for letting of
11 contracts for the construction of toll highways and the
12 acquisition of real and personal property deemed by the
13 Authority necessary or convenient for the construction
14 thereof, shall not require the approval of the Governor or of
15 any other department, division, commission, bureau, board or
16 other agency of the State.
17 (j) The Authority shall not issue any bonds to finance
18 new construction or the repair of any tollway without first
19 applying all surplus revenues not currently needed to meet
20 any obligation of the Authority to the cost of the new
21 construction or repair project.
22 (Source: P.A. 83-1258.)
23 (605 ILCS 10/24) (from Ch. 121, par. 100-24)
24 Sec. 24. Except as otherwise provided in any bond
25 resolution, the proceeds derived from the sale of bonds, and
26 all receipts and income derived from tolls, licenses, gifts,
27 donations, concessions, fees, rentals, and all other revenues
28 from whatever source derived, shall, within three days after
29 receipt thereof, be paid to the Treasurer of the State of
30 Illinois, and held by him as a special fund known as the
31 Illinois State Toll Highway Authority Fund, except that the
32 Authority may retain portions of the Illinois State Toll
33 Highway Authority Fund as a locally maintained construction
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1 fund revolving account and as a revenue fund revolving
2 account, where authorized by a bond resolution, and as
3 locally maintained change funds, where necessary for the
4 operations of the Authority. The State Treasurer shall be ex
5 officio custodian of such special fund, which fund shall be
6 held, invested and disbursed for the purposes provided herein
7 upon the order of the Authority and in accordance with
8 provisions and covenants of any bond resolution authorizing
9 the issuance of bonds which have not been paid or deemed
10 paid. The interest accruing on said special fund shall be
11 computed and added to the principal thereof every six months.
12 In addition to the special audits prescribed by this Act, the
13 said fund shall also be subject to audit in the same manner
14 as is now, or may hereinafter be, provided for the audit of
15 State funds and accounts. The said special fund shall be
16 protected by a corporate surety bond, executed by the
17 Treasurer, with a surety authorized to do business under the
18 laws of the State of Illinois. The amount of said bond shall
19 be fixed by resolution of the Authority, approved by the
20 Governor, and may be increased or diminished at any time. The
21 premiums on said bond shall be payable from the funds of the
22 Authority. The bond shall be subject to the approval of the
23 Governor and Attorney General of the State of Illinois, and,
24 when so approved, shall be filed in the office of the
25 Secretary of State. Said special fund shall be considered
26 always appropriated for the purposes of disbursements, as
27 provided in this Act, and shall be paid out and disbursed
28 only as provided herein, and shall not, at any time be
29 appropriated or diverted to any other use or purpose.
30 However, all amounts for the ordinary and contingent expenses
31 for the Authority's annual operations are subject to annual
32 appropriation by the General Assembly for every State fiscal
33 year.
34 (Source: P.A. 83-1258.)".