MCGUIRE AND HAMOS. 20 ILCS 2705/2705-320 new 30 ILCS 105/5.545 new 30 ILCS 330/2 from Ch. 127, par. 652 30 ILCS 330/4 from Ch. 127, par. 654 Amends the Department of Transportation Law in the Civil Administrative Code of Illinois. Provides that the Department must establish the Build Illinois Transit Program for the construction of and acquisition of property and equipment for new mass transportation facilities and new or expanded mass transportation service, including rapid transit, rail, bus, and other equipment used in connection with mass transit by the State, a public or private entity, or 2 or more of these entities. Provides that the Department may (i) enter into contracts for new mass transportation facilities and new or expanded mass transportation service and (ii) make grants to units of local government and mass transit carriers. Amends the State Finance Act to create the Build Illinois Transit Program Fund. Amends the General Obligation Bond Act to increase the bond authorization by $3,900,000,000 and to make a corresponding increase in the bond amount authorized for mass transportation facilities under the Build Illinois Transit Program. Provides that for the payment of the principal and interest on the bonds, the Comptroller must order transferred and the Treasurer must transfer $293,000,000 annually from the General Revenue Fund to the Build Illinois Transit Program Fund until the bonds are retired. FISCAL NOTE (Department of Transportation) In order to service the additional debt, HB 807 calls for the annual transfer of $293 million from GRF to the Build Illinois Transit Program Fund. STATE DEBT NOTE (Economic and Fiscal Commission) For the payment of the principal and interest on the bonds, the Comptroller must order transferred and the Treasurer must transfer $293,000,000 annually from the General Revenue Fund to the Build Illinois Transit Program Fund until the bonds are retired. Assuming an interest rate of 5.5% and a 25-year level repayment period, the additional $3.9 billion in bonding auth- ority would increase total general obligation debt by approxi- mately $7.1 billion and annual debt service by approximately $291 million. Dependent on the actual interest rate at the time of the bond sale, the transfer of $293,000,000 from the General Revenue Fund may or may not be enough to cover the debt service amount. FEB-07-2001 H FILED WITH CLERK FEB-07-2001 H FIRST READING FEB-07-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2001 H FISCAL NOTE FILED FEB-15-2001 H ASSIGNED TO COMMITTEE TRANSPORAT'N FEB-16-2001 H STATE DEBT IMPACT NOTE FILED FEB-16-2001 H COMMITTEE TRANSPORAT'N FEB-28-2001 H ADDED AS A CO-SPONSOR HAMOS MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary