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92_SB0275ham001
LRB9206400DHmbam04
1 AMENDMENT TO SENATE BILL 275
2 AMENDMENT NO. . Amend Senate Bill 275 as follows:
3 by replacing everything after the enacting clause with the
4 following:
5 "Section 5. The Toll Highway Act is amended by changing
6 Sections 14.1, 18, 23, and 24 as follows:
7 (605 ILCS 10/14.1) (from Ch. 121, par. 100-14.1)
8 Sec. 14.1. The Authority shall, prior to the issuance of
9 any bonds under this Act, except refunding bonds, prepare and
10 submit to the Governor for his approval preliminary plans
11 showing the proposed location of the route or routes of the
12 particular toll highway for which the bonds are to be issued,
13 which plans shall designate the approximate point of the
14 commencement and the termination of said route or routes and
15 shall also designate the municipalities to be afforded
16 reasonable connections therewith, and to be served thereby.
17 The Authority shall at the same time submit to the Governor
18 for his approval preliminary estimates of the cost of the
19 construction of the toll highway, shown on said preliminary
20 plans. If the Governor shall approve the preliminary plans
21 and the estimate of the cost thereof, the Authority may
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1 thereupon proceed with the issuance of bonds as hereinafter
2 provided. Prior to the issuance of bonds for or the
3 commencement of construction of any new toll highway segment,
4 however, the issuance of bonds for or the commencement of
5 construction of that particular segment toll highway shall be
6 approved by law as provided in Section 23 authorized by joint
7 resolution of the General Assembly.
8 (Source: P.A. 86-1164.)
9 (605 ILCS 10/18) (from Ch. 121, par. 100-18)
10 Sec. 18. The sums of money appropriated by the General
11 Assembly (other than sums appropriated from the Illinois
12 State Toll Highway Authority Fund) for the payment of
13 ordinary and contingent expenses of the Authority or the
14 payment of compensation of the members of the Authority
15 expended as a part of the cost of a toll highway financed by
16 revenue bonds issued and sold by the Authority under this Act
17 shall be repaid to the State Treasury out of the proceeds of
18 the sale of such bonds, for deposit in the fund from which
19 such sums were appropriated. Any such sums remaining unpaid
20 because expended for preliminary investigation of toll
21 highway routes not constructed shall be repaid by the
22 Authority out of the proceeds of the sale of any of such
23 bonds issued to finance additional toll highways or
24 extensions of existing toll highways. If no such new bonds
25 are issued, and the money appropriated by the General
26 Assembly has not otherwise been repaid in full, then the
27 Authority shall, after payment of all existing bonds and
28 interest thereon, continue to collect tolls for the privilege
29 of using the toll highways constructed pursuant to the
30 authority of "An Act in relation to the construction,
31 operation, regulation and maintenance of a system of toll
32 highways and to create The Illinois State Toll Highway
33 Commission, and to define its powers and duties and to repeal
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1 an Act therein named", approved July 13, 1953, as amended,
2 until such time as the tolls collected are sufficient to
3 repay any such unpaid money. The tolls so collected shall be
4 paid by the Authority to the State treasury for deposit in
5 the fund from which such sums were appropriated.
6 (Source: Laws 1968, p. 199.)
7 (605 ILCS 10/23) (from Ch. 121, par. 100-23)
8 Sec. 23. The Authority shall file with the Governor, the
9 Clerk of the House of Representatives, the Secretary of the
10 Senate, and the Illinois Economic and Fiscal Commission, on
11 or prior to March 15th of each year, a written statement and
12 report covering its activities for the preceding calendar
13 year. The Authority shall present, to the committees of the
14 House of Representatives designated by the Speaker of the
15 House and to the committees of the Senate designated by the
16 President of the Senate, an annual report outlining its
17 planned revenues and expenditures, including any plan to
18 institute a general increase in toll rates. The Authority
19 shall prepare an annual capital plan which identifies capital
20 projects by location and details the project costs in correct
21 dollar amounts. The Authority may issue bonds to implement
22 its capital plan only in amounts and for purposes that have
23 been approved by law. The Authority shall also prepare and
24 file a ten-year capital plan that includes a listing of all
25 capital improvement projects contemplated during the ensuing
26 ten-year period. The first ten-year capital plan shall be
27 filed in 1991 and thereafter on the anniversary of each
28 ten-year period.
29 It shall also be the duty of the Auditor General of the
30 State of Illinois, annually to audit or cause to be audited
31 the books and records of the Authority and to file a
32 certified copy of the report of such audit with the Governor
33 and with the Legislative Audit Commission, which audit
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1 reports, when so filed, shall be open to the public for
2 inspection.
3 (Source: P.A. 91-256, eff. 1-1-00.)
4 (605 ILCS 10/24) (from Ch. 121, par. 100-24)
5 Sec. 24. Except as otherwise provided in any bond
6 resolution, the proceeds derived from the sale of bonds, and
7 all receipts and income derived from tolls, licenses, gifts,
8 donations, concessions, fees, rentals, and all other revenues
9 from whatever source derived, shall, within 3 three days
10 after receipt thereof, be paid to the Treasurer of the State
11 of Illinois, and held by him as a special fund known as the
12 Illinois State Toll Highway Authority Fund, except that the
13 Authority may retain portions of the Illinois State Toll
14 Highway Authority Fund as a locally maintained construction
15 fund revolving account and as a revenue fund revolving
16 account, where authorized by a bond resolution, and as
17 locally maintained change funds, where necessary for the
18 operations of the Authority. The State Treasurer shall be ex
19 officio custodian of such special fund, which fund shall be
20 held, invested and disbursed for the purposes provided herein
21 upon the order of the Authority and in accordance with
22 provisions and covenants of any bond resolution authorizing
23 the issuance of bonds which have not been paid or deemed
24 paid. The interest accruing on said special fund shall be
25 computed and added to the principal thereof every six months.
26 In addition to the special audits prescribed by this Act, the
27 said fund shall also be subject to audit in the same manner
28 as is now, or may hereinafter be, provided for the audit of
29 State funds and accounts. The said special fund shall be
30 protected by a corporate surety bond, executed by the
31 Treasurer, with a surety authorized to do business under the
32 laws of the State of Illinois. The amount of said bond shall
33 be fixed by resolution of the Authority, approved by the
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1 Governor, and may be increased or diminished at any time. The
2 premiums on said bond shall be payable from the funds of the
3 Authority. The bond shall be subject to the approval of the
4 Governor and Attorney General of the State of Illinois, and,
5 when so approved, shall be filed in the office of the
6 Secretary of State. This Act shall constitute an irrevocable
7 and continuing appropriation from the special fund for
8 amounts to pay principal, interest, and other bond expenses
9 and obligations as provided in this Act. All other expenses
10 of the Authority, including the ordinary and contingent
11 expenses for the Authority's annual operations, are subject
12 to annual appropriation by the General Assembly from the
13 special fund (or from other funds as provided in Section 18)
14 for each fiscal year. Said special fund shall be considered
15 always appropriated for the purposes of disbursements, as
16 provided in this Act, and shall be paid out and disbursed
17 only as provided herein, and shall not, at any time be
18 appropriated or diverted to any other use or purpose. For
19 all outstanding bonds issued by the Authority before the
20 effective date of this amendatory Act of the 92nd General
21 Assembly, the State guarantees the timely payment of any
22 principal or interest that is not paid by the Authority when
23 due, with recourse to the Court of Claims. The Authority
24 shall, with respect to all revenue bonds outstanding as of
25 the effective date of this amendatory Act of the 92nd General
26 Assembly, maintain in a debt service fund an amount equal to
27 140% of the amount needed to pay annual debt service pursuant
28 to the bonds.
29 (Source: P.A. 83-1258.)".