YOUNGE-HOLBROOK-DAVIS,STEVE-STEPHENS-GILES AND HOFFMAN.
HWY CODE-MCKINLEY BRIDGE TRANS
Synopsis of Bill as introduced:
Amends the State Finance Act to create the McKinley Bridge Fund.
Amends the Illinois Highway Code. Provides for the transfer of up to
$2,100,000 from the Road Fund to the McKinley Bridge Fund. Provides
that the Illinois Department of Transportation may use moneys in the
McKinley Bridge Fund to pay off or reimburse up to 50% of the
outstanding debt on the McKinley Bridge at Venice, Illinois. Provides
that upon payment or other extinguishment of all outstanding bonds,
the release of all liens, and the payment or release of all debts and
other encumbrances, the City of Venice shall convey the McKinley
Bridge to the Missouri Department of Transportation and the Illinois
Department of Transportation, jointly. Provides that the Illinois
Department of Transportation may accept conveyance of the McKinley
Bridge regardless of whether it is structurally sound and in a good
state of repair. Effective immediately.
HOUSE AMENDMENT NO. 1.
Provides that moneys in the McKinley Bridge Fund, subject to
appropriation, may be used to pay up to 50% of the sum of the amounts
"necessary to defease" (instead of "owing on") all outstanding bonds
relating to the McKinley Bridge.
Last action on Bill: PUBLIC ACT.............................. 92-0679
Last action date: JUL-16-2002
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status