House Sponsors: MCGUIRE. Short description: BUILD ILLINOIS TRANSIT PROGRAM Synopsis of Bill as introduced: 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. STATE DEBT NOTE (Economic and Fiscal Commission) HB 628 would increase: General Obligation principal by $ 3.9 billion Potential General Obligation principal by $ 7.1 billion Annual debt service by $ 291 million FISCAL NOTE (Department of Transportation) In order to service the additional debt, HB 628 calls for the annual transfer of $293 million from GRF to the Build Illinois Transit Program Fund. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status