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92_SB0834eng SB834 Engrossed LRB9204129REtm 1 AN ACT concerning State funds. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The State Finance Act is amended by changing 5 Section 6t as follows: 6 (30 ILCS 105/6t) (from Ch. 127, par. 142t) 7 Sec. 6t. The Capital Development Board Contributory 8 Trust Fund is created and there shall be paid into the 9 Capital Development Board Contributory Trust Fund the monies 10 contributed by and received from Public Community College 11 Districts, Elementary, Secondary, and Unit School Districts, 12 and Vocational Education Facilities, provided, however, no 13 monies shall be required from a participating Public 14 Community College District, Elementary, Secondary, or Unit 15 School District, or Vocational Education Facility more than 16 30 days prior to anticipated need under the particular 17 contract for the Public Community College District, 18 Elementary, Secondary, or Unit School District, or 19 Vocational Education Facility. No monies in any fund in the 20 State Treasury, nor any funds under the control or beneficial 21 control of any state agency, university, college, department, 22 commission, board or any other unit of state government shall 23 be deposited, paid into, or by any other means caused to be 24 placed into the Capital Development Board Contributory Trust 25 Fund, except for federal funds, bid bond forfeitures, and 26 insurance proceeds as provided for below. 27 There shall be paid into the Capital Development Board 28 Contributory Trust Fund all federal funds to be utilized for 29 the construction of capital projects under the jurisdiction 30 of the Capital Development Board, and all proceeds resulting 31 from such federal funds. All such funds shall be remitted to SB834 Engrossed -2- LRB9204129REtm 1 the Capital Development Board within 10 working days of their 2 receipt by the receiving authority. 3 There shall also be paid into this Fund all monies 4 designated as gifts, donations or charitable contributions 5 which may be contributed by an individual or entity, whether 6 public or private, for a specific capital improvement 7 project. 8 There shall also be paid into this Fund all proceeds from 9 bid bond forfeitures in connection with any project formally 10 bid and awarded by the Capital Development Board. 11 There shall also be paid into this Fund all builders risk 12 insurance policy proceeds and all other funds recovered from 13 contractors, sureties, architects, material suppliers or 14 other persons contracting with the Capital Development Board 15 for capital improvement projects which are received by way of 16 reimbursement for losses resulting from destruction of or 17 damage to capital improvement projects while under 18 construction by the Capital Development Board or received by 19 way of settlement agreement or court order. 20 The monies in the Capital Development Board Contributory 21 Trust Fund shall be expended only for actual contracts let, 22 and then only for the specific project for which funds were 23 received in accordance with the judgment of the Capital 24 Development Board, compatible with the duties and obligations 25 of the Capital Development Board in furtherance of the 26 specific capital improvement for which such funds were 27 received. Contributions, insured-loss reimbursements or other 28 funds received as damages through settlement or judgement for 29 damage, destruction or loss of capital improvement projects 30 shall be expended for the repair of such projects; or if the 31 projects have been or are being repaired before receipt of 32 the funds, the funds may be used to repair other such capital 33 improvement projects. Any funds not expended for athe34specificproject within 36 months after the date received SB834 Engrossed -3- LRB9204129REtm 1 shall be paid into the General Obligation Bond Retirement and 2 Interest Fund. 3 Contributions or insured-loss reimbursements not expended 4 in furtherance of the project for which they were received 5 within 36 months of the date received, shall be returned to 6 the contributing party. Proceeds from builders risk insurance 7 shall be expended only for the amelioration of damage 8 arising from the incident for which the proceeds were paid to 9 the State or the Capital Development Contributory Trust Fund. 10 Any residual amounts remaining after the completion of such 11 repairs, renovation, reconstruction or other work necessary 12 to restore the capital improvement project to acceptable 13 condition shall be returned to the proper fund or entity 14 financing or contributing towards the cost of the capital 15 improvement project. Such returns shall be made in amounts 16 proportionate to the contributions made in furtherance of the 17 project. 18 Any monies received as a gift, donation or charitable 19 contribution for a specific capital improvement which have 20 not been expended in furtherance of that project shall be 21 returned to the contributing party after completion of the 22 project or if the legislature fails to authorize the capital 23 improvement. 24 The unused portion of any federal funds received for a 25 capital improvement project which are not contributed, upon 26 its completion, towards the cost of the project, shall be 27 deposited in the Capital Development Bond Retirement and 28 Interest Fund if moneys from the Capital Development Fund 29 have been utilized for the project. 30 (Source: P.A. 86-192.) 31 Section 99. Effective date. This Act takes effect on 32 July 1, 2001.