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Public Act 101-0030 | ||||
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 1. Short title. This Act may be referred to as the | ||||
Rebuild Illinois Capital Financing Program Act of 2019. | ||||
Section 5. The State Finance Act is amended by changing | ||||
Section 6z-78 and by adding Sections 5.891, 5.893, 5.894, | ||||
5.895, 5.896, 6z-108, 6z-109, 6z-110 and 6z-111 as follows: | ||||
(30 ILCS 105/5.891 new) | ||||
Sec. 5.891. The Multi-modal Transportation Bond Fund. | ||||
(30 ILCS 105/5.893 new) | ||||
Sec. 5.893. Transportation Renewal Fund. | ||||
(30 ILCS 105/5.894 new) | ||||
Sec. 5.894. Regional Transportation Authority Capital | ||||
Improvement Fund. | ||||
(30 ILCS 105/5.895 new) | ||||
Sec. 5.895. Downstate Mass Transportation Capital | ||||
Improvement Fund. |
(30 ILCS 105/5.896 new) | ||
Sec. 5.896. Rebuild Illinois Projects Fund. | ||
(30 ILCS 105/6z-78)
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Sec. 6z-78. Capital Projects Fund; bonded indebtedness; | ||
transfers. Money in the Capital Projects Fund shall, if and | ||
when the State of Illinois incurs any bonded indebtedness using | ||
the bond authorizations for capital projects enacted in Public | ||
Act 96-36, Public Act 96-1554, Public Act 97-771, Public Act | ||
98-94, and this amendatory Act of the 101st 98th General | ||
Assembly, be set aside and used for the purpose of paying and | ||
discharging annually the principal and interest on that bonded | ||
indebtedness then due and payable. | ||
In addition to other transfers to the General Obligation | ||
Bond Retirement and Interest Fund made pursuant to Section 15 | ||
of the General Obligation Bond Act, upon each delivery of | ||
general obligation bonds for capital projects using bond | ||
authorizations enacted in Public Act 96-36, Public Act 96-1554, | ||
Public Act 97-771, Public Act 98-94, and this amendatory Act of | ||
the 101st 98th General Assembly (except for amounts in this | ||
amendatory Act of the 101st General Assembly that increase bond | ||
authorization under paragraph (1) of subsection (a) of Section | ||
4 and subsection (e) of Section 4 of the General Obligation | ||
Bond Act), the State Comptroller shall compute and certify to | ||
the State Treasurer the total amount of principal of, interest | ||
on, and premium, if any, on such bonds during the then current |
and each succeeding fiscal year. With respect to the interest | ||
payable on variable rate bonds, such certifications shall be | ||
calculated at the maximum rate of interest that may be payable | ||
during the fiscal year, after taking into account any credits | ||
permitted in the related indenture or other instrument against | ||
the amount of such interest required to be appropriated for the | ||
period. | ||
(a) Except as provided for in subsection (b), on or before | ||
the last day of each month, the State Treasurer and State | ||
Comptroller shall transfer from the Capital Projects Fund to | ||
the General Obligation Bond Retirement and Interest Fund an | ||
amount sufficient to pay the aggregate of the principal of, | ||
interest on, and premium, if any, on the bonds payable on their | ||
next payment date, divided by the number of monthly transfers | ||
occurring between the last previous payment date (or the | ||
delivery date if no payment date has yet occurred) and the next | ||
succeeding payment date. Interest payable on variable rate | ||
bonds shall be calculated at the maximum rate of interest that | ||
may be payable for the relevant period, after taking into | ||
account any credits permitted in the related indenture or other | ||
instrument against the amount of such interest required to be | ||
appropriated for that period. Interest for which moneys have | ||
already been deposited into the capitalized interest account | ||
within the General Obligation Bond Retirement and Interest Fund | ||
shall not be included in the calculation of the amounts to be | ||
transferred under this subsection.
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(b) On or before the last day of each month, the State | ||
Treasurer and State Comptroller shall transfer from the Capital | ||
Projects Fund to the General Obligation Bond Retirement and | ||
Interest Fund an amount sufficient to pay the aggregate of the | ||
principal of, interest on, and premium, if any, on the bonds | ||
issued prior to January 1, 2012 pursuant to Section 4(d) of the | ||
General Obligation Bond Act payable on their next payment date, | ||
divided by the number of monthly transfers occurring between | ||
the last previous payment date (or the delivery date if no | ||
payment date has yet occurred) and the next succeeding payment | ||
date. If the available balance in the Capital Projects Fund is | ||
not sufficient for the transfer required in this subsection, | ||
the State Treasurer and State Comptroller shall transfer the | ||
difference from the Road Fund to the General Obligation Bond | ||
Retirement and Interest Fund; except that such Road Fund | ||
transfers shall constitute a debt of the Capital Projects Fund | ||
which shall be repaid according to subsection (c). Interest | ||
payable on variable rate bonds shall be calculated at the | ||
maximum rate of interest that may be payable for the relevant | ||
period, after taking into account any credits permitted in the | ||
related indenture or other instrument against the amount of | ||
such interest required to be appropriated for that period. | ||
Interest for which moneys have already been deposited into the | ||
capitalized interest account within the General Obligation | ||
Bond Retirement and Interest Fund shall not be included in the | ||
calculation of the amounts to be transferred under this |
subsection. | ||
(c) On the first day of any month when the Capital Projects | ||
Fund is carrying a debt to the Road Fund due to the provisions | ||
of subsection (b), the State Treasurer and State Comptroller | ||
shall transfer from the Capital Projects Fund to the Road Fund | ||
an amount sufficient to discharge that debt. These transfers to | ||
the Road Fund shall continue until the Capital Projects Fund | ||
has repaid to the Road Fund all transfers made from the Road | ||
Fund pursuant to subsection (b). Notwithstanding any other law | ||
to the contrary, transfers to the Road Fund from the Capital | ||
Projects Fund shall be made prior to any other expenditures or | ||
transfers out of the Capital Projects Fund. | ||
(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13.) | ||
(30 ILCS 105/6z-108 new) | ||
Sec. 6z-108. Transportation Renewal Fund. | ||
(a) The Transportation Renewal Fund is created as a special | ||
fund in the State treasury and shall receive Motor Fuel Tax | ||
revenues as directed by Section 8b of the Motor Fuel Tax Law. | ||
(b) Money in the Transportation Renewal Fund shall be used | ||
exclusively for transportation-related purposes as described | ||
in Section 11 of Article IX of the Illinois Constitution of | ||
1970. | ||
(30 ILCS 105/6z-109 new) | ||
Sec. 6z-109. Regional Transportation Authority Capital |
Improvement Fund. | ||
(a) The Regional Transportation Authority Capital | ||
Improvement Fund is created as a special fund in the State | ||
treasury and shall receive a portion of the moneys deposited | ||
into the Transportation Renewal Fund from Motor Fuel Tax | ||
revenues pursuant to Section 8b of the Motor Fuel Tax Law. | ||
(b) Money in the Regional Transportation Authority Capital | ||
Improvement Fund shall be used exclusively for | ||
transportation-related purposes as described in Section 11 of | ||
Article IX of the Illinois Constitution of 1970. | ||
(30 ILCS 105/6z-110 new) | ||
Sec. 6z-110. Downstate Mass Transportation Capital | ||
Improvement Fund. | ||
(a) The Downstate Mass Transportation Capital Improvement | ||
Fund is created as a special fund in the State treasury and | ||
shall receive a portion of the moneys deposited into the | ||
Transportation Renewal Fund from Motor Fuel Tax revenues | ||
pursuant to Section 8b the Motor Fuel Tax Law. | ||
(b) Money in the Downstate Mass Transportation Capital | ||
Improvement Fund shall be used exclusively for | ||
transportation-related purposes as described in Section 11 of | ||
Article IX of the Illinois Constitution of 1970. | ||
(30 ILCS 105/6z-111 new) | ||
Sec. 6z-111. Rebuild Illinois Projects Fund. |
(a) The Rebuild Illinois Projects Fund is created as a | ||
special fund in the State treasury and shall receive moneys | ||
from the collection of license fees on initial licenses issued | ||
for newly licensed gaming facilities or wagering platforms in | ||
Fiscal Year 2019 or thereafter, and any other moneys | ||
appropriated or transferred to it as provided by law. | ||
(b) Money in the Rebuild Illinois Projects Fund shall be | ||
used, subject to appropriation, for grants that support | ||
community development, including capital projects and other | ||
purposes authorized by law. | ||
Section 10. The General Obligation Bond Act is amended by | ||
changing Sections 2, 2.5, 3, 4, 5, 6, 7.6, 9, 11, 12, 15, and 19 | ||
as follows: | ||
(30 ILCS 330/2) (from Ch. 127, par. 652) | ||
Sec. 2. Authorization for Bonds. The State of Illinois is | ||
authorized to
issue, sell and provide for the retirement of | ||
General Obligation Bonds of
the State of Illinois for the | ||
categories and specific purposes expressed in
Sections 2 | ||
through 8 of this Act, in the total amount of $78,256,839,969 | ||
$57,717,925,743 . | ||
The bonds authorized in this Section 2 and in Section 16 of | ||
this Act are
herein called "Bonds". | ||
Of the total amount of Bonds authorized in this Act, up to | ||
$2,200,000,000
in aggregate original principal amount may be |
issued and sold in accordance
with the Baccalaureate Savings | ||
Act in the form of General Obligation
College Savings Bonds. | ||
Of the total amount of Bonds authorized in this Act, up to | ||
$300,000,000 in
aggregate original principal amount may be | ||
issued and sold in accordance
with the Retirement Savings Act | ||
in the form of General Obligation
Retirement Savings Bonds. | ||
Of the total amount of Bonds authorized in this Act, the | ||
additional
$10,000,000,000 authorized by Public Act 93-2, the | ||
$3,466,000,000 authorized by Public Act 96-43, and the | ||
$4,096,348,300 authorized by Public Act 96-1497 shall be used | ||
solely as provided in Section 7.2. | ||
Of the total amount of Bonds authorized in this Act, the | ||
additional $6,000,000,000 authorized by Public Act 100-23 this | ||
amendatory Act of the 100th General Assembly shall be used | ||
solely as provided in Section 7.6 and shall be issued by | ||
December 31, 2017. | ||
Of the total amount of Bonds authorized in this Act, | ||
$1,000,000,000 of the additional amount authorized by Public | ||
Act 100-587 this amendatory Act of the 100th General Assembly | ||
shall be used solely as provided in Section 7.7. | ||
The issuance and sale of Bonds pursuant to the General | ||
Obligation Bond
Act is an economical and efficient method of | ||
financing the long-term capital needs of
the State. This Act | ||
will permit the issuance of a multi-purpose General
Obligation | ||
Bond with uniform terms and features. This will not only lower
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the cost of registration but also reduce the overall cost of |
issuing debt
by improving the marketability of Illinois General | ||
Obligation Bonds. | ||
(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.) | ||
(30 ILCS 330/2.5) | ||
Sec. 2.5. Limitation on issuance of Bonds. | ||
(a) Except as provided in subsection (b), no Bonds may be | ||
issued if, after the issuance, in the next State fiscal year | ||
after the issuance of the Bonds, the amount of debt service | ||
(including principal, whether payable at maturity or pursuant | ||
to mandatory sinking fund installments, and interest) on all | ||
then-outstanding Bonds, other than (i) Bonds authorized by | ||
Public Act 100-23, (ii) Bonds issued by Public Act 96-43, (iii) | ||
Bonds authorized by Public Act 96-1497, and (iv) Bonds | ||
authorized by Public Act 100-587 this amendatory Act of the | ||
100th General Assembly , would exceed 7% of the aggregate | ||
appropriations from the general funds , the State Construction | ||
Account Fund, (which consist of the General Revenue Fund, the | ||
Common School Fund, the General Revenue Common School Special | ||
Account Fund, and the Education Assistance Fund) and the Road | ||
Fund for the fiscal year immediately prior to the fiscal year | ||
of the issuance. For the purposes of this subsection (a), | ||
"general funds" has the same meaning as ascribed to that term | ||
under Section 50-40 of the State Budget Law of the Civil | ||
Administrative Code of Illinois. | ||
(b) If the Comptroller and Treasurer each consent in |
writing, Bonds may be issued even if the issuance does not | ||
comply with subsection (a). In addition, $2,000,000,000 in | ||
Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, | ||
and $2,000,000,000 in Refunding Bonds under Section 16, may be | ||
issued during State fiscal year 2017 without complying with | ||
subsection (a). In addition, $2,000,000,000 in Bonds for the | ||
purposes set forth in Sections 3, 4, 5, 6, and 7, and | ||
$2,000,000,000 in Refunding Bonds under Section 16, may be | ||
issued during State fiscal year 2018 without complying with | ||
subsection (a).
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(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section | ||
25-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff. | ||
7-6-17; 100-587, eff. 6-4-18; 100-863, eff. 8-14-18.)
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(30 ILCS 330/3) (from Ch. 127, par. 653)
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Sec. 3. Capital facilities. The amount of $18,580,011,269 | ||
$10,538,963,443 is authorized
to be used for the acquisition, | ||
development, construction, reconstruction,
improvement, | ||
financing, architectural planning and installation of capital
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facilities within the State, consisting of buildings, | ||
structures, durable
equipment, land, interests in land, and the | ||
costs associated with the purchase and implementation of | ||
information technology, including but not limited to the | ||
purchase of hardware and software, for the following specific | ||
purposes:
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(a) $6,268,676,500 $3,433,228,000 for educational |
purposes by
State universities and
public community | ||
colleges, the Illinois Community College Board created by | ||
the Public
Community College Act and for grants to public | ||
community colleges as
authorized by Sections 5-11 and 5-12 | ||
of the Public Community College Act;
| ||
(b) $1,690,506,300 $1,648,420,000 for correctional | ||
purposes at
State
prison and correctional centers;
| ||
(c) $688,492,300 $599,183,000 for open spaces, | ||
recreational and
conservation purposes and the protection | ||
of land , including expenditures and grants for the Illinois | ||
Conservation Reserve Enhancement Program and for ecosystem | ||
restoration and for plugging of abandoned wells ;
| ||
(d) $1,078,503,900 $764,317,000 for State child care | ||
facilities, mental
and public health facilities, and | ||
facilities for the care of veterans with disabilities and | ||
their spouses , and for grants to public and private | ||
community health centers, hospitals, and other health care | ||
providers for capital facilities ;
| ||
(e) $7,518,753,300 $2,884,790,000 for use by the | ||
State, its
departments, authorities, public corporations, | ||
commissions and agencies , including renewable energy | ||
upgrades at State facilities ;
| ||
(f) $818,100 for cargo handling facilities at port | ||
districts and for
breakwaters, including harbor entrances, | ||
at port districts in conjunction
with facilities for small | ||
boats and pleasure crafts;
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(g) $375,457,000 $297,177,074 for water resource | ||
management
projects , including flood mitigation and State | ||
dam and waterway projects ;
| ||
(h) $16,940,269 for the provision of facilities for | ||
food production
research and related instructional and | ||
public service activities at the
State universities and | ||
public community colleges;
| ||
(i) $75,134,700 $36,000,000 for grants by the | ||
Secretary of State, as
State
Librarian, for central library | ||
facilities authorized by Section 8
of the Illinois Library | ||
System Act and for grants by the Capital
Development Board | ||
to units of local government for public library
facilities;
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(j) $25,000,000 for the acquisition, development, | ||
construction,
reconstruction, improvement, financing, | ||
architectural planning and
installation of capital | ||
facilities consisting of buildings, structures,
durable | ||
equipment and land for grants to counties, municipalities | ||
or public
building commissions with correctional | ||
facilities that do not comply with
the minimum standards of | ||
the Department of Corrections under Section 3-15-2
of the | ||
Unified Code of Corrections;
| ||
(k) $5,011,600 $5,000,000 for grants in fiscal year | ||
1988 by the Department of
Conservation for improvement or | ||
expansion of aquarium facilities located on
property owned | ||
by a park district;
| ||
(l) $599,590,000 to State agencies for grants to
local |
governments for
the acquisition, financing, architectural | ||
planning, development, alteration,
installation, and | ||
construction of capital facilities consisting of | ||
buildings,
structures, durable equipment, and land; and
| ||
(m) $237,127,300 $228,500,000 for the Illinois Open | ||
Land Trust
Program
as defined by the
Illinois Open Land | ||
Trust Act.
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The amounts authorized above for capital facilities may be | ||
used
for the acquisition, installation, alteration, | ||
construction, or
reconstruction of capital facilities and for | ||
the purchase of equipment
for the purpose of major capital | ||
improvements which will reduce energy
consumption in State | ||
buildings or facilities.
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(Source: P.A. 99-143, eff. 7-27-15; 100-587, eff. 6-4-18.)
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(30 ILCS 330/4) (from Ch. 127, par. 654)
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Sec. 4. Transportation. The amount of $27,048,062,400 | ||
$15,948,199,000
is authorized for use by the Department of | ||
Transportation for the specific
purpose of promoting and | ||
assuring rapid, efficient, and safe highway, air and
mass | ||
transportation for the inhabitants of the State by providing | ||
monies,
including the making of grants and loans, for the | ||
acquisition, construction,
reconstruction, extension and | ||
improvement of the following transportation
facilities and | ||
equipment, and for the acquisition of real property and
| ||
interests in real property required or expected to be required |
in connection
therewith as follows:
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(a) $11,921,354,200 $5,432,129,000 for State highways, | ||
arterial
highways, freeways,
roads, bridges, structures | ||
separating highways and railroads and roads, and
bridges on | ||
roads maintained by counties, municipalities, townships , or | ||
road
districts , and grants to counties, municipalities, | ||
townships, or road districts for planning, engineering, | ||
acquisition, construction, reconstruction, development, | ||
improvement, extension, and all construction-related expenses | ||
of the public infrastructure and other transportation | ||
improvement projects for the following specific purposes:
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(1) $9,819,221,200 $3,330,000,000 for use statewide,
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(2) $3,677,000 for use outside the Chicago urbanized
| ||
area,
| ||
(3) $7,543,000 for use within the Chicago urbanized | ||
area,
| ||
(4) $13,060,600 for use within the City of Chicago,
| ||
(5) $58,991,500 $58,987,500 for use within the | ||
counties of Cook,
DuPage, Kane, Lake, McHenry and Will,
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(6) $18,860,900 for use outside the counties of Cook, | ||
DuPage, Kane,
Lake, McHenry and Will, and
| ||
(7) $2,000,000,000 for use on projects included in | ||
either (i) the FY09-14 Proposed Highway Improvement | ||
Program as published by the Illinois Department of | ||
Transportation in May 2008 or (ii) the FY10-15 Proposed | ||
Highway Improvement Program to be published by the Illinois |
Department of Transportation in the spring of 2009; except | ||
that all projects must be maintenance projects for the | ||
existing State system with the goal of reaching 90% | ||
acceptable condition in the system statewide and further | ||
except that all projects must reflect the generally | ||
accepted historical distribution of projects throughout | ||
the State. | ||
(b) $5,966,379,900 $5,379,670,000 for rail facilities and | ||
for
mass transit facilities, as defined in Section 2705-305 of | ||
the Department of
Transportation Law (20 ILCS 2705/2705-305) , | ||
including rapid transit, rail, bus
and other equipment used in | ||
connection therewith by the State or any unit of
local | ||
government, special transportation district, municipal | ||
corporation or
other corporation or public authority | ||
authorized to provide and promote public
transportation within | ||
the State or two or more of the foregoing jointly, for
the | ||
following specific purposes:
| ||
(1) $4,387,063,600 $4,283,870,000 statewide,
| ||
(2) $83,350,000 for use within the counties of Cook,
| ||
DuPage, Kane, Lake, McHenry and Will,
| ||
(3) $12,450,000 for use outside the counties of Cook,
| ||
DuPage, Kane, Lake, McHenry and Will, and
| ||
(4) $1,000,916,300 $1,000,000,000 for use on projects | ||
that shall reflect the generally accepted historical | ||
distribution of projects throughout the State. | ||
(c) $482,600,000 for airport or aviation facilities and any |
equipment used
in connection therewith, including engineering | ||
and land acquisition costs,
by the State or any unit of local | ||
government, special transportation district,
municipal | ||
corporation or other corporation or public authority | ||
authorized
to provide public transportation within the State, | ||
or two or more of the
foregoing acting jointly, and for the | ||
making of deposits into the Airport
Land Loan Revolving Fund | ||
for loans to public airport owners pursuant to the
Illinois | ||
Aeronautics Act.
| ||
(d) $4,660,328,300 $4,653,800,000 for use statewide for | ||
State or local highways, arterial highways, freeways, roads, | ||
bridges, and structures separating highways and railroads and | ||
roads, and for grants to counties, municipalities, townships, | ||
or road districts for planning, engineering, acquisition, | ||
construction, reconstruction, development, improvement, | ||
extension, and all construction-related expenses of the public | ||
infrastructure and other transportation improvement projects | ||
which are related to economic development in the State of | ||
Illinois. | ||
(e) $4,500,000,000 for use statewide for grade crossings, | ||
port facilities, airport facilities, rail facilities, and mass | ||
transit facilities, as defined in Section 2705-305 of the | ||
Department of Transportation Law of the Civil Administrative | ||
Code of Illinois, including rapid transit, rail, bus and other | ||
equipment used in connection therewith by the State or any unit | ||
of local government, special transportation district, |
municipal corporation or other corporation or public authority | ||
authorized to provide and promote public transportation within | ||
the State or two or more of the foregoing jointly. | ||
(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13; | ||
98-781, eff. 7-22-14.)
| ||
(30 ILCS 330/5) (from Ch. 127, par. 655)
| ||
Sec. 5. School construction.
| ||
(a) The amount of $58,450,000 is authorized to
make grants | ||
to local school
districts for the acquisition, development, | ||
construction, reconstruction,
rehabilitation, improvement, | ||
financing, architectural planning and
installation of capital | ||
facilities, including but not limited to those
required for | ||
special
education building projects provided for in Article 14 | ||
of The School Code,
consisting of buildings, structures, and | ||
durable equipment, and for the
acquisition and improvement of | ||
real property and interests in real property
required, or | ||
expected to be required, in connection therewith.
| ||
(b) $22,550,000, or so much thereof as may be necessary, | ||
for grants to
school districts for the making of principal and | ||
interest payments, required
to be made, on bonds issued by such | ||
school districts after January 1, 1969,
pursuant to any | ||
indenture, ordinance, resolution, agreement or contract
to | ||
provide funds for the acquisition, development, construction,
| ||
reconstruction, rehabilitation, improvement, architectural | ||
planning and installation of
capital facilities consisting of |
buildings, structures, durable equipment
and land for | ||
educational purposes or for lease payments required to be made
| ||
by a school district for principal and interest payments on | ||
bonds issued
by a Public Building Commission after January 1, | ||
1969.
| ||
(c) $10,000,000 for grants to school districts for the | ||
acquisition,
development, construction, reconstruction, | ||
rehabilitation, improvement,
architectural
planning and | ||
installation of capital facilities consisting of buildings
| ||
structures, durable equipment and land for special education | ||
building projects.
| ||
(d) $9,000,000 for grants to school districts for the | ||
reconstruction,
rehabilitation, improvement, financing and | ||
architectural planning of capital
facilities, including | ||
construction at another location to replace such capital
| ||
facilities, consisting of those public school buildings and | ||
temporary school
facilities which, prior to January 1, 1984, | ||
were condemned by the regional
superintendent under Section | ||
3-14.22 of The School Code or by any State
official having | ||
jurisdiction over building safety.
| ||
(e) $3,109,403,700 $3,050,000,000 for grants to school | ||
districts for
school improvement
projects authorized by the | ||
School Construction Law. The bonds shall be sold in
amounts not | ||
to exceed the following schedule, except any bonds not sold | ||
during
one year shall be added to the bonds to be sold during | ||
the remainder of the
schedule:
|
First year ...................................$200,000,000
| ||
Second year ..................................$450,000,000
| ||
Third year ...................................$500,000,000
| ||
Fourth year ..................................$500,000,000
| ||
Fifth year ...................................$800,000,000
| ||
Sixth year and thereafter ........$659,403,700 $600,000,000
| ||
(f) $1,615,000,000 grants to school districts for school | ||
implemented projects authorized by the School Construction | ||
Law. | ||
(Source: P.A. 100-587, eff. 6-4-18.)
| ||
(30 ILCS 330/6) (from Ch. 127, par. 656)
| ||
Sec. 6. Anti-Pollution.
| ||
(a) The amount of $581,814,300 $443,215,000 is authorized | ||
for
allocation by the
Environmental Protection Agency for | ||
grants or loans to units of local
government , including grants | ||
to disadvantaged communities without modern sewage systems, in | ||
such amounts, at such times and for such purpose as the Agency
| ||
deems necessary or desirable for the planning, financing, and | ||
construction of
municipal sewage treatment works and solid | ||
waste disposal facilities and for
making of deposits into the | ||
Water Revolving Fund and
the U.S. Environmental Protection Fund | ||
to provide assistance in accordance
with the provisions of | ||
Title IV-A of the Environmental Protection Act.
| ||
(b) The amount of $236,500,000 is authorized for allocation | ||
by the
Environmental Protection Agency for payment of claims |
submitted to the State
and approved for payment under the | ||
Leaking Underground Storage Tank Program
established in Title | ||
XVI of the Environmental Protection Act.
| ||
(Source: P.A. 98-94, eff. 7-17-13.)
| ||
(30 ILCS 330/7.6) | ||
Sec. 7.6. Income Tax Proceed Bonds. | ||
(a) As used in this Act, "Income Tax Proceed Bonds" means | ||
Bonds (i) authorized by this amendatory Act of the 100th | ||
General Assembly or any other Public Act of the 100th General | ||
Assembly authorizing the issuance of Income Tax Proceed Bonds | ||
and (ii) used for the payment of unpaid obligations of the | ||
State as incurred from time to time and as authorized by the | ||
General Assembly. | ||
(b) Income Tax Proceed Bonds in the amount of | ||
$6,000,000,000 are hereby authorized to be used for the purpose | ||
of paying vouchers incurred by the State prior to July 1, 2017. | ||
Additional Income Tax Proceed Bonds in the amount of | ||
$1,200,000,000 are hereby authorized to be used for the purpose | ||
of paying vouchers incurred by the State more than 90 days | ||
prior to the date on which the Income Tax Proceed Bonds are | ||
issued. | ||
(c) The Income Tax Bond Fund is hereby created as a special | ||
fund in the State treasury. All moneys from the proceeds of the | ||
sale of the Income Tax Proceed Bonds, less the amounts | ||
authorized in the Bond Sale Order to be directly paid out for |
bond sale expenses under Section 8, shall be deposited into the | ||
Income Tax Bond Fund. All moneys in the Income Tax Bond Fund | ||
shall be used for the purpose of paying vouchers incurred by | ||
the State prior to July 1, 2017 or for paying vouchers incurred | ||
by the State more than 90 days prior to the date on which the | ||
Income Tax Proceed Bonds are issued . For the purpose of paying | ||
such vouchers, the Comptroller has the authority to transfer | ||
moneys from the Income Tax Bond Fund to general funds and the | ||
Health Insurance Reserve Fund. "General funds" has the meaning | ||
provided in Section 50-40 of the State Budget Law.
| ||
(Source: P.A. 100-23, eff. 7-6-17.)
| ||
(30 ILCS 330/9) (from Ch. 127, par. 659)
| ||
Sec. 9. Conditions for issuance and sale of Bonds; | ||
requirements for
Bonds. | ||
(a) Except as otherwise provided in this subsection, | ||
subsection (h), and subsection (i), Bonds shall be issued and | ||
sold from time to time, in one or
more series, in such amounts | ||
and at such prices as may be directed by the
Governor, upon | ||
recommendation by the Director of the
Governor's Office of | ||
Management and Budget.
Bonds shall be in such form (either | ||
coupon, registered or book entry), in
such denominations, | ||
payable within 25 years from their date, subject to such
terms | ||
of redemption with or without premium, bear interest payable at
| ||
such times and at such fixed or variable rate or rates, and be | ||
dated
as shall be fixed and determined by the Director of
the
|
Governor's Office of Management and Budget
in the order | ||
authorizing the issuance and sale
of any series of Bonds, which | ||
order shall be approved by the Governor
and is herein called a | ||
"Bond Sale Order"; provided however, that interest
payable at | ||
fixed or variable rates shall not exceed that permitted in the
| ||
Bond Authorization Act, as now or hereafter amended. Bonds | ||
shall be
payable at such place or places, within or without the | ||
State of Illinois, and
may be made registrable as to either | ||
principal or as to both principal and
interest, as shall be | ||
specified in the Bond Sale Order. Bonds may be callable
or | ||
subject to purchase and retirement or tender and remarketing as | ||
fixed
and determined in the Bond Sale Order. Bonds, other than | ||
Bonds issued under Section 3 of this Act for the costs | ||
associated with the purchase and implementation of information | ||
technology, (i) except for refunding Bonds satisfying the | ||
requirements of Section 16 of this Act and sold during fiscal | ||
year 2009, 2010, 2011, 2017, 2018, or 2019 must be issued with | ||
principal or mandatory redemption amounts in equal amounts, | ||
with the first maturity issued occurring within the fiscal year | ||
in which the Bonds are issued or within the next succeeding | ||
fiscal year and (ii) must mature or be subject to mandatory | ||
redemption each fiscal year thereafter up to 25 years, except | ||
for refunding Bonds satisfying the requirements of Section 16 | ||
of this Act and sold during fiscal year 2009, 2010, or 2011 | ||
which must mature or be subject to mandatory redemption each | ||
fiscal year thereafter up to 16 years. Bonds issued under |
Section 3 of this Act for the costs associated with the | ||
purchase and implementation of information technology must be | ||
issued with principal or mandatory redemption amounts in equal | ||
amounts, with the first maturity issued occurring with the | ||
fiscal year in which the respective bonds are issued or with | ||
the next succeeding fiscal year, with the respective bonds | ||
issued maturing or subject to mandatory redemption each fiscal | ||
year thereafter up to 10 years. Notwithstanding any provision | ||
of this Act to the contrary, the Bonds authorized by Public Act | ||
96-43 shall be payable within 5 years from their date and must | ||
be issued with principal or mandatory redemption amounts in | ||
equal amounts, with payment of principal or mandatory | ||
redemption beginning in the first fiscal year following the | ||
fiscal year in which the Bonds are issued.
| ||
Notwithstanding any provision of this Act to the contrary, | ||
the Bonds authorized by Public Act 96-1497 shall be payable | ||
within 8 years from their date and shall be issued with payment | ||
of maturing principal or scheduled mandatory redemptions in | ||
accordance with the following schedule, except the following | ||
amounts shall be prorated if less than the total additional | ||
amount of Bonds authorized by Public Act 96-1497 are issued: | ||
Fiscal Year After Issuance Amount | ||
1-2 $0 | ||
3 $110,712,120 | ||
4 $332,136,360 | ||
5 $664,272,720 |
6-8 $996,409,080 | ||
Notwithstanding any provision of this Act to the contrary, | ||
Income Tax Proceed Bonds issued under Section 7.6 shall be | ||
payable 12 years from the date of sale and shall be issued with | ||
payment of principal or mandatory redemption. | ||
In the case of any series of Bonds bearing interest at a | ||
variable interest
rate ("Variable Rate Bonds"), in lieu of | ||
determining the rate or rates at which
such series of Variable | ||
Rate Bonds shall bear interest and the price or prices
at which | ||
such Variable Rate Bonds shall be initially sold or remarketed | ||
(in the
event of purchase and subsequent resale), the Bond Sale | ||
Order may provide that
such interest rates and prices may vary | ||
from time to time depending on criteria
established in such | ||
Bond Sale Order, which criteria may include, without
| ||
limitation, references to indices or variations in interest | ||
rates as may, in
the judgment of a remarketing agent, be | ||
necessary to cause Variable Rate Bonds
of such series to be | ||
remarketable from time to time at a price equal to their
| ||
principal amount, and may provide for appointment of a bank, | ||
trust company,
investment bank, or other financial institution | ||
to serve as remarketing agent
in that connection.
The Bond Sale | ||
Order may provide that alternative interest rates or provisions
| ||
for establishing alternative interest rates, different | ||
security or claim
priorities, or different call or amortization | ||
provisions will apply during
such times as Variable Rate Bonds | ||
of any series are held by a person providing
credit or |
liquidity enhancement arrangements for such Bonds as | ||
authorized in
subsection (b) of this Section.
The Bond Sale | ||
Order may also provide for such variable interest rates to be
| ||
established pursuant to a process generally known as an auction | ||
rate process
and may provide for appointment of one or more | ||
financial institutions to serve
as auction agents and | ||
broker-dealers in connection with the establishment of
such | ||
interest rates and the sale and remarketing of such Bonds.
| ||
(b) In connection with the issuance of any series of Bonds, | ||
the State may
enter into arrangements to provide additional | ||
security and liquidity for such
Bonds, including, without | ||
limitation, bond or interest rate insurance or
letters of | ||
credit, lines of credit, bond purchase contracts, or other
| ||
arrangements whereby funds are made available to retire or | ||
purchase Bonds,
thereby assuring the ability of owners of the | ||
Bonds to sell or redeem their
Bonds. The State may enter into | ||
contracts and may agree to pay fees to persons
providing such | ||
arrangements, but only under circumstances where the Director | ||
of
the
Governor's Office of Management and Budget certifies | ||
that he or she reasonably expects the total
interest paid or to | ||
be paid on the Bonds, together with the fees for the
| ||
arrangements (being treated as if interest), would not, taken | ||
together, cause
the Bonds to bear interest, calculated to their | ||
stated maturity, at a rate in
excess of the rate that the Bonds | ||
would bear in the absence of such
arrangements.
| ||
The State may, with respect to Bonds issued or anticipated |
to be issued,
participate in and enter into arrangements with | ||
respect to interest rate
protection or exchange agreements, | ||
guarantees, or financial futures contracts
for the purpose of | ||
limiting, reducing, or managing interest rate exposure.
The | ||
authority granted under this paragraph, however, shall not | ||
increase the principal amount of Bonds authorized to be issued | ||
by law. The arrangements may be executed and delivered by the | ||
Director
of the
Governor's Office of Management and Budget on | ||
behalf of the State. Net payments for such
arrangements shall | ||
constitute interest on the Bonds and shall be paid from the
| ||
General Obligation Bond Retirement and Interest Fund. The | ||
Director of the
Governor's Office of Management and Budget | ||
shall at least annually certify to the Governor and
the
State | ||
Comptroller his or her estimate of the amounts of such net | ||
payments to
be included in the calculation of interest required | ||
to be paid by the State.
| ||
(c) Prior to the issuance of any Variable Rate Bonds | ||
pursuant to
subsection (a), the Director of the
Governor's | ||
Office of Management and Budget shall adopt an
interest rate | ||
risk management policy providing that the amount of the State's
| ||
variable rate exposure with respect to Bonds shall not exceed | ||
20%. This policy
shall remain in effect while any Bonds are | ||
outstanding and the issuance of
Bonds
shall be subject to the | ||
terms of such policy. The terms of this policy may be
amended | ||
from time to time by the Director of the
Governor's Office of | ||
Management and Budget but in no
event shall any amendment cause |
the permitted level of the State's variable
rate exposure with | ||
respect to Bonds to exceed 20%.
| ||
(d) "Build America Bonds" in this Section means Bonds | ||
authorized by Section 54AA of the Internal Revenue Code of | ||
1986, as amended ("Internal Revenue Code"), and bonds issued | ||
from time to time to refund or continue to refund "Build | ||
America Bonds". | ||
(e) Notwithstanding any other provision of this Section, | ||
Qualified School Construction Bonds shall be issued and sold | ||
from time to time, in one or more series, in such amounts and | ||
at such prices as may be directed by the Governor, upon | ||
recommendation by the Director of the Governor's Office of | ||
Management and Budget. Qualified School Construction Bonds | ||
shall be in such form (either coupon, registered or book | ||
entry), in such denominations, payable within 25 years from | ||
their date, subject to such terms of redemption with or without | ||
premium, and if the Qualified School Construction Bonds are | ||
issued with a supplemental coupon, bear interest payable at | ||
such times and at such fixed or variable rate or rates, and be | ||
dated as shall be fixed and determined by the Director of the | ||
Governor's Office of Management and Budget in the order | ||
authorizing the issuance and sale of any series of Qualified | ||
School Construction Bonds, which order shall be approved by the | ||
Governor and is herein called a "Bond Sale Order"; except that | ||
interest payable at fixed or variable rates, if any, shall not | ||
exceed that permitted in the Bond Authorization Act, as now or |
hereafter amended. Qualified School Construction Bonds shall | ||
be payable at such place or places, within or without the State | ||
of Illinois, and may be made registrable as to either principal | ||
or as to both principal and interest, as shall be specified in | ||
the Bond Sale Order. Qualified School Construction Bonds may be | ||
callable or subject to purchase and retirement or tender and | ||
remarketing as fixed and determined in the Bond Sale Order. | ||
Qualified School Construction Bonds must be issued with | ||
principal or mandatory redemption amounts or sinking fund | ||
payments into the General Obligation Bond Retirement and | ||
Interest Fund (or subaccount therefor) in equal amounts, with | ||
the first maturity issued, mandatory redemption payment or | ||
sinking fund payment occurring within the fiscal year in which | ||
the Qualified School Construction Bonds are issued or within | ||
the next succeeding fiscal year, with Qualified School | ||
Construction Bonds issued maturing or subject to mandatory | ||
redemption or with sinking fund payments thereof deposited each | ||
fiscal year thereafter up to 25 years. Sinking fund payments | ||
set forth in this subsection shall be permitted only to the | ||
extent authorized in Section 54F of the Internal Revenue Code | ||
or as otherwise determined by the Director of the Governor's | ||
Office of Management and Budget. "Qualified School | ||
Construction Bonds" in this subsection means Bonds authorized | ||
by Section 54F of the Internal Revenue Code and for bonds | ||
issued from time to time to refund or continue to refund such | ||
"Qualified School Construction Bonds". |
(f) Beginning with the next issuance by the Governor's | ||
Office of Management and Budget to the Procurement Policy Board | ||
of a request for quotation for the purpose of formulating a new | ||
pool of qualified underwriting banks list, all entities | ||
responding to such a request for quotation for inclusion on | ||
that list shall provide a written report to the Governor's | ||
Office of Management and Budget and the Illinois Comptroller. | ||
The written report submitted to the Comptroller shall (i) be | ||
published on the Comptroller's Internet website and (ii) be | ||
used by the Governor's Office of Management and Budget for the | ||
purposes of scoring such a request for quotation. The written | ||
report, at a minimum, shall: | ||
(1) disclose whether, within the past 3 months, | ||
pursuant to its credit default swap market-making | ||
activities, the firm has entered into any State of Illinois | ||
credit default swaps ("CDS"); | ||
(2) include, in the event of State of Illinois CDS | ||
activity, disclosure of the firm's cumulative notional | ||
volume of State of Illinois CDS trades and the firm's | ||
outstanding gross and net notional amount of State of | ||
Illinois CDS, as of the end of the current 3-month period; | ||
(3) indicate, pursuant to the firm's proprietary | ||
trading activities, disclosure of whether the firm, within | ||
the past 3 months, has entered into any proprietary trades | ||
for its own account in State of Illinois CDS; | ||
(4) include, in the event of State of Illinois |
proprietary trades, disclosure of the firm's outstanding | ||
gross and net notional amount of proprietary State of | ||
Illinois CDS and whether the net position is short or long | ||
credit protection, as of the end of the current 3-month | ||
period; | ||
(5) list all time periods during the past 3 months | ||
during which the firm held net long or net short State of | ||
Illinois CDS proprietary credit protection positions, the | ||
amount of such positions, and whether those positions were | ||
net long or net short credit protection positions; and | ||
(6) indicate whether, within the previous 3 months, the | ||
firm released any publicly available research or marketing | ||
reports that reference State of Illinois CDS and include | ||
those research or marketing reports as attachments. | ||
(g) All entities included on a Governor's Office of | ||
Management and Budget's pool of qualified underwriting banks | ||
list shall, as soon as possible after March 18, 2011 (the | ||
effective date of Public Act 96-1554), but not later than | ||
January 21, 2011, and on a quarterly fiscal basis thereafter, | ||
provide a written report to the Governor's Office of Management | ||
and Budget and the Illinois Comptroller. The written reports | ||
submitted to the Comptroller shall be published on the | ||
Comptroller's Internet website. The written reports, at a | ||
minimum, shall: | ||
(1) disclose whether, within the past 3 months, | ||
pursuant to its credit default swap market-making |
activities, the firm has entered into any State of Illinois | ||
credit default swaps ("CDS"); | ||
(2) include, in the event of State of Illinois CDS | ||
activity, disclosure of the firm's cumulative notional | ||
volume of State of Illinois CDS trades and the firm's | ||
outstanding gross and net notional amount of State of | ||
Illinois CDS, as of the end of the current 3-month period; | ||
(3) indicate, pursuant to the firm's proprietary | ||
trading activities, disclosure of whether the firm, within | ||
the past 3 months, has entered into any proprietary trades | ||
for its own account in State of Illinois CDS; | ||
(4) include, in the event of State of Illinois | ||
proprietary trades, disclosure of the firm's outstanding | ||
gross and net notional amount of proprietary State of | ||
Illinois CDS and whether the net position is short or long | ||
credit protection, as of the end of the current 3-month | ||
period; | ||
(5) list all time periods during the past 3 months | ||
during which the firm held net long or net short State of | ||
Illinois CDS proprietary credit protection positions, the | ||
amount of such positions, and whether those positions were | ||
net long or net short credit protection positions; and | ||
(6) indicate whether, within the previous 3 months, the | ||
firm released any publicly available research or marketing | ||
reports that reference State of Illinois CDS and include | ||
those research or marketing reports as attachments. |
(h) Notwithstanding any other provision of this Section, | ||
for purposes of maximizing market efficiencies and cost | ||
savings, Income Tax Proceed Bonds may be issued and sold from | ||
time to time, in one or more series, in such amounts and at | ||
such prices as may be directed by the Governor, upon | ||
recommendation by the Director of the Governor's Office of | ||
Management and Budget. Income Tax Proceed Bonds shall be in | ||
such form, either coupon, registered, or book entry, in such | ||
denominations, shall bear interest payable at such times and at | ||
such fixed or variable rate or rates, and be dated as shall be | ||
fixed and determined by the Director of the Governor's Office | ||
of Management and Budget in the order authorizing the issuance | ||
and sale of any series of Income Tax Proceed Bonds, which order | ||
shall be approved by the Governor and is herein called a "Bond | ||
Sale Order"; provided, however, that interest payable at fixed | ||
or variable rates shall not exceed that permitted in the Bond | ||
Authorization Act. Income Tax Proceed Bonds shall be payable at | ||
such place or places, within or without the State of Illinois, | ||
and may be made registrable as to either principal or as to | ||
both principal and interest, as shall be specified in the Bond | ||
Sale Order.
Income Tax Proceed Bonds may be callable or subject | ||
to purchase and retirement or tender and remarketing as fixed | ||
and determined in the Bond Sale Order. | ||
(i) Notwithstanding any other provision of this Section, | ||
for purposes of maximizing market efficiencies and cost | ||
savings, State Pension Obligation Acceleration Bonds may be |
issued and sold from time to time, in one or more series, in | ||
such amounts and at such prices as may be directed by the | ||
Governor, upon recommendation by the Director of the Governor's | ||
Office of Management and Budget. State Pension Obligation | ||
Acceleration Bonds shall be in such form, either coupon, | ||
registered, or book entry, in such denominations, shall bear | ||
interest payable at such times and at such fixed or variable | ||
rate or rates, and be dated as shall be fixed and determined by | ||
the Director of the Governor's Office of Management and Budget | ||
in the order authorizing the issuance and sale of any series of | ||
State Pension Obligation Acceleration Bonds, which order shall | ||
be approved by the Governor and is herein called a "Bond Sale | ||
Order"; provided, however, that interest payable at fixed or | ||
variable rates shall not exceed that permitted in the Bond | ||
Authorization Act. State Pension Obligation Acceleration Bonds | ||
shall be payable at such place or places, within or without the | ||
State of Illinois, and may be made registrable as to either | ||
principal or as to both principal and interest, as shall be | ||
specified in the Bond Sale Order.
State Pension Obligation | ||
Acceleration Bonds may be callable or subject to purchase and | ||
retirement or tender and remarketing as fixed and determined in | ||
the Bond Sale Order. | ||
(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section | ||
25-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff. | ||
7-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18; | ||
100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863, |
eff. 8-14-18; revised 10-17-18.)
| ||
(30 ILCS 330/11) (from Ch. 127, par. 661)
| ||
Sec. 11. Sale of Bonds. Except as otherwise provided in | ||
this Section,
Bonds shall be sold from time to time pursuant to
| ||
notice of sale and public bid or by negotiated sale
in such | ||
amounts and at such
times as is directed by the Governor, upon | ||
recommendation by the Director of
the
Governor's Office of | ||
Management and Budget. At least 25%, based on total principal | ||
amount, of all Bonds issued each fiscal year shall be sold | ||
pursuant to notice of sale and public bid. At all times during | ||
each fiscal year, no more than 75%, based on total principal | ||
amount, of the Bonds issued each fiscal year, shall have been | ||
sold by negotiated sale. Failure to satisfy the requirements in | ||
the preceding 2 sentences shall not affect the validity of any | ||
previously issued Bonds; provided that all Bonds authorized by | ||
Public Act 96-43 and Public Act 96-1497 shall not be included | ||
in determining compliance for any fiscal year with the | ||
requirements of the preceding 2 sentences; and further provided | ||
that refunding Bonds satisfying the requirements of Section 16 | ||
of this Act and sold during fiscal year 2009, 2010, 2011, 2017, | ||
2018, or 2019 shall not be subject to the requirements in the | ||
preceding 2 sentences.
| ||
If
any Bonds, including refunding Bonds, are to be sold by | ||
negotiated
sale, the
Director of the
Governor's Office of | ||
Management and Budget
shall comply with the
competitive request |
for proposal process set forth in the Illinois
Procurement Code | ||
and all other applicable requirements of that Code.
| ||
If Bonds are to be sold pursuant to notice of sale and | ||
public bid, the
Director of the
Governor's Office of Management | ||
and Budget may, from time to time, as Bonds are to be sold, | ||
advertise
the sale of the Bonds in at least 2 daily newspapers, | ||
one of which is
published in the City of Springfield and one in | ||
the City of Chicago. The sale
of the Bonds shall also be
| ||
advertised in the volume of the Illinois Procurement Bulletin | ||
that is
published by the Department of Central Management | ||
Services, and shall be published once at least
10 days prior to | ||
the date fixed
for the opening of the bids. The Director of the
| ||
Governor's Office of Management and Budget may
reschedule the | ||
date of sale upon the giving of such additional notice as the
| ||
Director deems adequate to inform prospective bidders of
such | ||
change; provided, however, that all other conditions of the | ||
sale shall
continue as originally advertised.
| ||
Executed Bonds shall, upon payment therefor, be delivered | ||
to the purchaser,
and the proceeds of Bonds shall be paid into | ||
the State Treasury as directed by
Section 12 of this Act.
| ||
All Income Tax Proceed Bonds shall comply with this | ||
Section. Notwithstanding anything to the contrary, however, | ||
for purposes of complying with this Section, Income Tax Proceed | ||
Bonds, regardless of the number of series or issuances sold | ||
thereunder, shall be
considered a single issue or series. | ||
Furthermore, for purposes of complying with the competitive |
bidding requirements of this Section, the words "at all times" | ||
shall not apply to any such sale of the Income Tax Proceed | ||
Bonds. The Director of the Governor's Office of Management and | ||
Budget shall determine the time and manner of any competitive | ||
sale of the Income Tax Proceed Bonds; however, that sale shall | ||
under no circumstances take place later than 60 days after the | ||
State closes the sale of 75% of the Income Tax Proceed Bonds by | ||
negotiated sale. | ||
All State Pension Obligation Acceleration Bonds shall | ||
comply with this Section. Notwithstanding anything to the | ||
contrary, however, for purposes of complying with this Section, | ||
State Pension Obligation Acceleration Bonds, regardless of the | ||
number of series or issuances sold thereunder, shall be
| ||
considered a single issue or series. Furthermore, for purposes | ||
of complying with the competitive bidding requirements of this | ||
Section, the words "at all times" shall not apply to any such | ||
sale of the State Pension Obligation Acceleration Bonds. The | ||
Director of the Governor's Office of Management and Budget | ||
shall determine the time and manner of any competitive sale of | ||
the State Pension Obligation Acceleration Bonds; however, that | ||
sale shall under no circumstances take place later than 60 days | ||
after the State closes the sale of 75% of the State Pension | ||
Obligation Acceleration Bonds by negotiated sale. | ||
(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section | ||
25-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff. | ||
7-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18; |
100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863, | ||
eff. 8-4-18; revised 10-10-18.)
| ||
(30 ILCS 330/12) (from Ch. 127, par. 662)
| ||
Sec. 12. Allocation of proceeds from sale of Bonds.
| ||
(a) Proceeds from the sale of Bonds, authorized by Section | ||
3 of this Act,
shall be deposited in the separate fund known as | ||
the Capital Development Fund.
| ||
(b) Proceeds from the sale of Bonds, authorized by | ||
paragraph (a) of Section
4 of this Act, shall be deposited in | ||
the separate fund known as the
Transportation Bond, Series A | ||
Fund.
| ||
(c) Proceeds from the sale of Bonds, authorized by | ||
paragraphs (b) and (c)
of Section 4 of this Act, shall be | ||
deposited in the separate fund known
as the Transportation | ||
Bond, Series B Fund.
| ||
(c-1) Proceeds from the sale of Bonds, authorized by | ||
paragraph (d) of Section 4 of this Act, shall be deposited into | ||
the Transportation Bond Series D Fund, which is hereby created. | ||
(c-2) Proceeds from the sale of Bonds, authorized by | ||
paragraph (e) of Section 4 of this Act, shall be deposited into | ||
the Multi-modal Transportation Bond Fund, which is hereby | ||
created. | ||
(d) Proceeds from the sale of Bonds, authorized by Section | ||
5 of this
Act, shall be deposited in the separate fund known as | ||
the School Construction
Fund.
|
(e) Proceeds from the sale of Bonds, authorized by Section | ||
6 of this Act,
shall be deposited in the separate fund known as | ||
the Anti-Pollution Fund.
| ||
(f) Proceeds from the sale of Bonds, authorized by Section | ||
7 of this Act,
shall be deposited in the separate fund known as | ||
the Coal Development Fund.
| ||
(f-2) Proceeds from the sale of Bonds, authorized by | ||
Section 7.2 of this
Act, shall be deposited as set forth in | ||
Section 7.2.
| ||
(f-5) Proceeds from the sale of Bonds, authorized by | ||
Section 7.5 of this
Act, shall be deposited as set forth in | ||
Section 7.5.
| ||
(f-7) Proceeds from the sale of Bonds, authorized by | ||
Section 7.6 of this Act, shall be deposited as set forth in | ||
Section 7.6. | ||
(f-8) Proceeds from the sale of Bonds, authorized by | ||
Section 7.7 of this Act, shall be deposited as set forth in | ||
Section 7.7. | ||
(g) Proceeds from the sale of Bonds, authorized by Section | ||
8 of this Act,
shall be deposited in
the Capital Development | ||
Fund.
| ||
(h) Subsequent to the issuance of any Bonds for the | ||
purposes described
in Sections 2 through 8 of this Act, the | ||
Governor and the Director of the
Governor's Office of | ||
Management and Budget may provide for the reallocation of | ||
unspent proceeds
of such Bonds to any other purposes authorized |
under said Sections of this
Act, subject to the limitations on | ||
aggregate principal amounts contained
therein. Upon any such | ||
reallocation, such unspent proceeds shall be
transferred to the | ||
appropriate funds as determined by reference to
paragraphs (a) | ||
through (g) of this Section.
| ||
(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)
| ||
(30 ILCS 330/15) (from Ch. 127, par. 665)
| ||
Sec. 15. Computation of principal and interest; transfers.
| ||
(a) Upon each delivery of Bonds authorized to be issued | ||
under this Act,
the Comptroller shall compute and certify to | ||
the Treasurer the total amount
of principal of, interest on, | ||
and premium, if any, on Bonds issued that will
be payable in | ||
order to retire such Bonds, the amount of principal of,
| ||
interest on and premium, if any, on such Bonds that will be | ||
payable on each
payment date according to the tenor of such | ||
Bonds during the then current and
each succeeding fiscal year, | ||
and the amount of sinking fund payments needed to be deposited | ||
in connection with Qualified School Construction Bonds | ||
authorized by subsection (e) of Section 9.
With respect to the | ||
interest payable on variable rate bonds, such
certifications | ||
shall be calculated at the maximum rate of interest that
may be | ||
payable during the fiscal year, after taking into account any | ||
credits
permitted in the related indenture or other instrument | ||
against the amount
of such interest required to be appropriated | ||
for such period pursuant to
subsection (c) of Section 14 of |
this Act. With respect to the interest
payable, such | ||
certifications shall include the amounts certified by the
| ||
Director of the
Governor's Office of Management and Budget | ||
under subsection (b) of Section 9 of
this Act.
| ||
On or before the last day of each month the State Treasurer | ||
and Comptroller
shall transfer from (1) the Road Fund with | ||
respect to Bonds issued under paragraphs
paragraph (a) and (e) | ||
of Section 4 of this Act, or Bonds issued under authorization | ||
in Public Act 98-781, or Bonds issued for the purpose of
| ||
refunding such bonds, and from (2) the General
Revenue Fund, | ||
with respect to all other Bonds issued under this Act, to the
| ||
General Obligation Bond Retirement and Interest Fund an amount | ||
sufficient to
pay the aggregate of the principal of, interest | ||
on, and premium, if any, on
Bonds payable, by their terms on | ||
the next payment date divided by the number of
full calendar | ||
months between the date of such Bonds and the first such | ||
payment
date, and thereafter, divided by the number of months | ||
between each succeeding
payment date after the first. Such | ||
computations and transfers shall be
made for each series of | ||
Bonds issued and delivered. Interest payable on
variable rate | ||
bonds shall be calculated at the maximum rate of interest that
| ||
may be payable for the relevant period, after taking into | ||
account any credits
permitted in the related indenture or other | ||
instrument against the amount of
such interest required to be | ||
appropriated for such period pursuant to
subsection (c) of | ||
Section 14 of this Act. Computations of interest shall
include |
the amounts certified by the Director of the
Governor's Office | ||
of Management and Budget
under subsection (b) of Section 9 of | ||
this Act. Interest for which moneys
have already been deposited | ||
into the capitalized interest account within the
General | ||
Obligation Bond Retirement and Interest Fund shall not be | ||
included
in the calculation of the amounts to be transferred | ||
under this subsection. Notwithstanding any other provision in | ||
this Section, the transfer provisions provided in this | ||
paragraph shall not apply to transfers made in fiscal year 2010 | ||
or fiscal year 2011 with respect to Bonds issued in fiscal year | ||
2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | ||
In the case of transfers made in fiscal year 2010 or fiscal | ||
year 2011 with respect to the Bonds issued in fiscal year 2010 | ||
or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | ||
before the 15th day of the month prior to the required debt | ||
service payment, the State Treasurer and Comptroller shall | ||
transfer from the General Revenue Fund to the General | ||
Obligation Bond Retirement and Interest Fund an amount | ||
sufficient to pay the aggregate of the principal of, interest | ||
on, and premium, if any, on the Bonds payable in that next | ||
month.
| ||
The transfer of monies herein and above directed is not | ||
required if monies
in the General Obligation Bond Retirement | ||
and Interest Fund are more than
the amount otherwise to be | ||
transferred as herein above provided, and if the
Governor or | ||
his authorized representative notifies the State Treasurer and
|
Comptroller of such fact in writing.
| ||
(b) After the effective date of this Act, the balance of, | ||
and monies
directed to be included in the Capital Development | ||
Bond Retirement and
Interest Fund, Anti-Pollution Bond | ||
Retirement and Interest Fund,
Transportation Bond, Series A | ||
Retirement and Interest Fund, Transportation
Bond, Series B | ||
Retirement and Interest Fund, and Coal Development Bond
| ||
Retirement and Interest Fund shall be transferred to and | ||
deposited in the
General Obligation Bond Retirement and | ||
Interest Fund. This Fund shall be
used to make debt service | ||
payments on the State's general obligation Bonds
heretofore | ||
issued which are now outstanding and payable from the Funds | ||
herein
listed as well as on Bonds issued under this Act.
| ||
(c) The unused portion of federal funds received for or as | ||
reimbursement for a capital
facilities project, as authorized | ||
by Section 3 of this Act, for which
monies from the Capital | ||
Development Fund have been expended shall remain in the Capital | ||
Development Board Contributory Trust Fund and shall be used for | ||
capital projects and for no other purpose, subject to | ||
appropriation and as directed by the Capital Development Board. | ||
Any federal funds received as reimbursement
for the completed | ||
construction of a capital facilities project, as
authorized by | ||
Section 3 of this Act, for which monies from the Capital
| ||
Development Fund have been expended may be used for any expense | ||
or project necessary for implementation of the Quincy Veterans' | ||
Home Rehabilitation and Rebuilding Act for a period of 5 years |
from the effective date of this amendatory Act of the 100th | ||
General Assembly, and any remaining funds shall be deposited in | ||
the General
Obligation Bond Retirement and Interest Fund.
| ||
(Source: P.A. 100-23, eff. 7-6-17; 100-610, eff. 7-17-18.)
| ||
(30 ILCS 330/19) (from Ch. 127, par. 669)
| ||
Sec. 19.
Investment of Money Not Needed for Current
| ||
Expenditures - Application of Earnings.
(a) The State Treasurer | ||
may, with the Governor's approval, invest and
reinvest any | ||
money from the Capital Development Fund, the Transportation
| ||
Bond, Series A Fund, the Transportation Bond, Series B Fund, | ||
the Multi-modal Transportation Bond Fund, the School
| ||
Construction Fund, the Anti-Pollution Fund, the Coal | ||
Development Fund and
the General Obligation Bond Retirement and | ||
Interest Fund, in the State
Treasury, which is not needed for | ||
current expenditures due or about to
become due from these | ||
funds.
| ||
(b) Monies received from the sale or redemption of | ||
investments from the
Transportation Bond, Series A Fund and the | ||
Multi-modal Transportation Bond Fund shall be deposited by the | ||
State
Treasurer in the Road Fund.
| ||
Monies received from the sale or redemption of investments | ||
from the
Capital Development Fund, the Transportation Bond, | ||
Series B Fund, the School
Construction Fund, the Anti-Pollution | ||
Fund, and the Coal Development Fund
shall be deposited by the | ||
State Treasurer in the General Revenue Fund.
|
Monies from the sale or redemption of investments from the | ||
General
Obligation Bond Retirement and Interest Fund shall be | ||
deposited in the
General Obligation Bond Retirement and | ||
Interest Fund.
| ||
(c) Monies from the Capital Development Fund, the | ||
Transportation Bond,
Series A Fund, the Transportation Bond, | ||
Series B Fund, the Multi-modal Transportation Bond Fund, the | ||
School
Construction Fund, the Anti-Pollution Fund, and the Coal | ||
Development Fund
may be invested as permitted in "AN ACT in | ||
relation to State moneys",
approved June 28, 1919, as amended | ||
and in "AN ACT relating to certain
investments of public funds | ||
by public agencies", approved July 23, 1943, as
amended. Monies | ||
from the General Obligation Bond Retirement and Interest
Fund | ||
may be invested in securities constituting direct obligations | ||
of the
United States Government, or obligations, the principal | ||
of and interest on which
are guaranteed by the United States | ||
Government, or certificates of deposit
of any state or national | ||
bank or savings and loan association.
For amounts not insured | ||
by the Federal Deposit Insurance Corporation or
the Federal | ||
Savings and Loan Insurance Corporation, as security the State
| ||
Treasurer shall accept securities constituting direct | ||
obligations of the
United States Government, or obligations, | ||
the principal of and interest on
which are guaranteed by the | ||
United States Government.
| ||
(d) Accrued interest paid to the State at the time of the | ||
delivery of
the Bonds shall be deposited into the General |
Obligation Bond Retirement and Interest
Fund in the State | ||
Treasury.
| ||
(Source: P.A. 84-1248; 84-1474.)
| ||
Section 15. The Build Illinois Bond Act is amended by | ||
changing Sections 2, 4, 6, and 8 as follows:
| ||
(30 ILCS 425/2) (from Ch. 127, par. 2802)
| ||
Sec. 2. Authorization for Bonds. The State of Illinois is
| ||
authorized to issue, sell and provide for the retirement of | ||
limited
obligation bonds, notes and other evidences of | ||
indebtedness of the State of
Illinois in the total principal | ||
amount of $9,484,681,100 $6,246,009,000
herein called "Bonds". | ||
Such authorized amount of Bonds shall
be reduced from time to | ||
time by amounts, if any, which are equal to the
moneys received | ||
by the Department of Revenue in any fiscal year pursuant to
| ||
Section 3-1001 of the "Illinois Vehicle Code", as amended, in | ||
excess of the
Annual Specified Amount (as defined in Section 3 | ||
of the "Retailers'
Occupation Tax Act", as amended) and | ||
transferred at the end of such fiscal
year from the General | ||
Revenue Fund to the Build Illinois Purposes Fund (now | ||
abolished) as
provided in Section 3-1001 of said Code; | ||
provided, however, that no such
reduction shall affect the | ||
validity or enforceability of any Bonds issued
prior to such | ||
reduction. Such amount of authorized Bonds
shall be exclusive | ||
of any refunding Bonds issued pursuant to Section 15 of
this |
Act and exclusive of any Bonds issued pursuant to this Section | ||
which
are redeemed, purchased, advance refunded, or defeased in | ||
accordance with
paragraph (f) of Section 4 of this Act. Bonds | ||
shall be issued for the
categories and specific purposes | ||
expressed in Section 4 of this Act.
| ||
(Source: P.A. 98-94, eff. 7-17-13.)
| ||
(30 ILCS 425/4) (from Ch. 127, par. 2804)
| ||
Sec. 4. Purposes of Bonds. Bonds shall be issued for the | ||
following
purposes and in the approximate amounts as set forth | ||
below:
| ||
(a) $4,372,761,200 $3,222,800,000 for the expenses of | ||
issuance and
sale of Bonds, including bond discounts, and for | ||
planning, engineering,
acquisition, construction, | ||
reconstruction, development, improvement and
extension of the | ||
public infrastructure in the State of Illinois, including: the
| ||
making of loans or grants to local governments for waste | ||
disposal systems,
water and sewer line extensions and water | ||
distribution and purification
facilities, rail or air or water | ||
port improvements, gas and electric utility
extensions, | ||
publicly owned industrial and commercial sites, buildings
used | ||
for public administration purposes and other public | ||
infrastructure capital
improvements; the making of loans or | ||
grants to units of local government
for financing and | ||
construction of wastewater facilities, including grants to | ||
serve unincorporated areas; refinancing or
retiring bonds |
issued between January 1, 1987 and January 1,
1990 by home rule | ||
municipalities, debt service on which is provided from a
tax | ||
imposed by home rule municipalities prior to January 1, 1990 on | ||
the
sale of food and drugs pursuant to Section 8-11-1 of the | ||
Home Rule
Municipal Retailers' Occupation Tax Act or Section | ||
8-11-5 of the Home
Rule Municipal Service Occupation Tax Act; | ||
the making of deposits not
to exceed $70,000,000 in the | ||
aggregate into
the Water Pollution Control Revolving Fund to | ||
provide assistance in
accordance with the provisions of Title | ||
IV-A of the Environmental
Protection Act; the planning, | ||
engineering, acquisition,
construction, reconstruction, | ||
alteration, expansion, extension and
improvement of highways, | ||
bridges, structures separating highways and
railroads, rest | ||
areas, interchanges, access
roads to and from any State or | ||
local highway and other transportation
improvement projects | ||
which are related to
economic development activities; the | ||
making of loans or grants for
planning, engineering, | ||
rehabilitation, improvement or construction of rail
and | ||
transit facilities; the planning, engineering, acquisition,
| ||
construction, reconstruction and improvement of watershed, | ||
drainage, flood
control, recreation and related improvements | ||
and facilities, including
expenses related to land and easement | ||
acquisition, relocation, control
structures, channel work and | ||
clearing and appurtenant work; the planning, engineering, | ||
acquisition, construction, reconstruction and improvement of | ||
State facilities and related infrastructure;
the making of Park |
and Recreational Facilities Construction (PARC) grants;
the | ||
making of grants to units of local government for community | ||
development capital projects; the making of
grants for | ||
improvement and development of zoos and park district field
| ||
houses and related structures; and the making of grants for | ||
improvement and
development of Navy Pier and related | ||
structures.
| ||
(b) $2,122,970,300 $849,000,000 for fostering economic | ||
development and
increased employment and fostering the well | ||
being of the citizens of Illinois through community | ||
development , including:
the making of grants for improvement | ||
and development of McCormick Place and
related structures; the
| ||
planning and construction of a microelectronics research | ||
center, including
the planning, engineering, construction, | ||
improvement, renovation and
acquisition of buildings, | ||
equipment and related utility support systems;
the making of | ||
loans to businesses and investments in small businesses;
| ||
acquiring real properties for industrial or commercial site | ||
development;
acquiring, rehabilitating and reconveying | ||
industrial and commercial
properties for the purpose of | ||
expanding employment and encouraging private
and other public | ||
sector investment in the economy of Illinois; the payment
of | ||
expenses associated with siting the Superconducting Super | ||
Collider Particle
Accelerator in Illinois and with its | ||
acquisition, construction,
maintenance, operation, promotion | ||
and support; the making of loans for the
planning, engineering, |
acquisition, construction, improvement and
conversion of | ||
facilities and equipment which will foster the use of
Illinois | ||
coal; the payment of expenses associated with the
promotion, | ||
establishment, acquisition and operation of small business
| ||
incubator facilities and agribusiness research facilities, | ||
including the lease,
purchase, renovation, planning, | ||
engineering, construction and maintenance of
buildings, | ||
utility support systems and equipment designated for such
| ||
purposes and the establishment and maintenance of centralized | ||
support
services within such facilities; the making of grants | ||
for transportation electrification infrastructure projects | ||
that promote use of clean and renewable energy;
the making of | ||
capital expenditures and grants for broadband development and | ||
for a statewide broadband deployment grant program;
the making | ||
of grants to public entities and private persons and entities | ||
for community development capital projects;
the making of | ||
grants to public entities and private persons and entities for | ||
capital projects in the context of grant programs focused on | ||
assisting economically depressed areas, expanding affordable | ||
housing, supporting the provision of human services, | ||
supporting emerging technology enterprises, and supporting | ||
minority owned businesses; and the making of grants or loans to
| ||
units of local government for Urban Development Action Grant | ||
and Housing
Partnership programs.
| ||
(c) $2,711,076,600 $1,944,058,100 for the development and
| ||
improvement of educational,
scientific, technical and |
vocational programs and facilities and the
expansion of health | ||
and human services for all citizens of Illinois,
including: the | ||
making of grants to school districts and not-for-profit | ||
organizations for early childhood construction projects | ||
pursuant to Section 5-300 of the School Construction Law;
the | ||
making of grants to educational institutions for educational, | ||
scientific, technical and vocational program equipment and | ||
facilities; the making of grants to museums for equipment and | ||
facilities; the making of construction and improvement grants | ||
and loans
to public libraries
and library systems; the making | ||
of grants and loans for planning,
engineering, acquisition and | ||
construction
of a new State central library in Springfield; the | ||
planning, engineering,
acquisition and construction of an | ||
animal and dairy sciences facility; the
planning, engineering, | ||
acquisition and construction of a campus and all
related | ||
buildings, facilities, equipment and materials for Richland
| ||
Community College; the acquisition, rehabilitation and | ||
installation of
equipment and materials for scientific and | ||
historical surveys; the making of
grants or loans for | ||
distribution to eligible vocational education instructional
| ||
programs for the upgrading of vocational education programs, | ||
school shops
and laboratories, including the acquisition, | ||
rehabilitation and
installation of technical equipment and | ||
materials; the making of grants or
loans for distribution to | ||
eligible local educational agencies for the
upgrading of math | ||
and science instructional programs, including the
acquisition |
of instructional equipment and materials; miscellaneous | ||
capital
improvements for universities and community colleges | ||
including the
planning, engineering,
construction, | ||
reconstruction, remodeling, improvement, repair and
| ||
installation of capital facilities and costs of planning, | ||
supplies,
equipment, materials, services, and all other | ||
required expenses; the
making of grants or loans for repair, | ||
renovation and miscellaneous capital
improvements for | ||
privately operated colleges and universities and community
| ||
colleges, including the planning, engineering, acquisition, | ||
construction,
reconstruction, remodeling,
improvement, repair | ||
and installation of capital facilities and costs of
planning, | ||
supplies, equipment, materials, services, and all other | ||
required
expenses; and the making of grants or loans for | ||
distribution to local
governments for hospital and other health | ||
care facilities including the
planning, engineering, | ||
acquisition, construction, reconstruction,
remodeling, | ||
improvement, repair and installation of capital facilities and
| ||
costs of planning, supplies, equipment, materials, services | ||
and all other
required expenses.
| ||
(d) $277,873,000 $230,150,900 for protection, | ||
preservation,
restoration and conservation of environmental | ||
and natural resources,
including: the making of grants to soil | ||
and water conservation districts
for the planning and | ||
implementation of conservation practices and for
funding | ||
contracts with the Soil Conservation Service for watershed
|
planning; the making of grants to units of local government for | ||
the
capital development and improvement of recreation areas, | ||
including
planning and engineering costs, sewer projects, | ||
including planning and
engineering costs and water projects, | ||
including planning
and engineering costs, and for the | ||
acquisition of open space lands,
including the acquisition of | ||
easements and other property interests of less
than fee simple | ||
ownership; the making of grants to units of local government | ||
through the Illinois Green Infrastructure Grant Program to | ||
protect water quality and mitigate flooding; the acquisition | ||
and related costs and development
and management of natural | ||
heritage lands, including natural areas and areas
providing | ||
habitat for
endangered species and nongame wildlife, and buffer | ||
area lands; the
acquisition and related costs and development | ||
and management of
habitat lands, including forest, wildlife | ||
habitat and wetlands;
and the removal and disposition of | ||
hazardous substances, including the cost of
project | ||
management, equipment, laboratory analysis, and contractual | ||
services
necessary for preventative and corrective actions | ||
related to the preservation,
restoration and conservation of | ||
the environment, including deposits not to
exceed $60,000,000 | ||
in the aggregate into the Hazardous Waste Fund and the
| ||
Brownfields Redevelopment Fund for improvements in accordance | ||
with the
provisions of Titles V and XVII of the Environmental | ||
Protection Act.
| ||
(e) The amount specified in paragraph (a) above
shall |
include an amount necessary to pay reasonable expenses of each
| ||
issuance and sale of the Bonds, as specified in the related | ||
Bond Sale Order
(hereinafter defined).
| ||
(f) Any unexpended proceeds from any sale of
Bonds which | ||
are held in the Build Illinois Bond Fund may be used to redeem,
| ||
purchase, advance refund, or defease any Bonds outstanding.
| ||
(Source: P.A. 98-94, eff. 7-17-13.)
| ||
(30 ILCS 425/6) (from Ch. 127, par. 2806)
| ||
Sec. 6. Conditions for issuance and sale of Bonds - | ||
requirements for
Bonds - master and supplemental indentures - | ||
credit and liquidity
enhancement. | ||
(a) Bonds shall be issued and sold from time to time, in | ||
one
or more series, in such amounts and at such prices as | ||
directed by the
Governor, upon recommendation by the Director | ||
of the
Governor's Office of Management and Budget.
Bonds shall | ||
be payable only from the specific sources and secured in the
| ||
manner provided in this Act. Bonds shall be in such form, in | ||
such
denominations, mature on such dates within 25 years from | ||
their date of
issuance, be subject to optional or mandatory | ||
redemption, bear interest
payable at such times and at such | ||
rate or rates, fixed or variable, and be
dated as shall be | ||
fixed and determined by the Director of the
Governor's Office | ||
of Management and Budget
in an order authorizing the
issuance | ||
and sale of any series of
Bonds, which order shall be approved | ||
by the Governor and is herein called a
"Bond Sale Order"; |
provided, however, that interest payable at fixed rates
shall | ||
not exceed that permitted in "An Act to authorize public | ||
corporations
to issue bonds, other evidences of indebtedness | ||
and tax anticipation
warrants subject to interest rate | ||
limitations set forth therein", approved
May 26, 1970, as now | ||
or hereafter amended, and interest payable at variable
rates | ||
shall not exceed the maximum rate permitted in the Bond Sale | ||
Order.
Said Bonds shall be payable at such place or places, | ||
within or without the
State of Illinois,
and may be made | ||
registrable
as to either principal only or as to both principal | ||
and interest, as shall
be specified in the Bond Sale
Order. | ||
Bonds may be callable or subject to purchase and retirement or
| ||
remarketing as fixed and determined in the Bond Sale Order. | ||
Bonds (i) except for refunding Bonds satisfying the | ||
requirements of Section 15 of this Act and sold during fiscal | ||
year 2009, 2010, 2011, 2017, 2018, or 2019, must be issued with | ||
principal or mandatory redemption amounts in equal amounts, | ||
with the first maturity issued occurring within the fiscal year | ||
in which the Bonds are issued or within the next succeeding | ||
fiscal year and (ii) must mature or be subject to mandatory | ||
redemption each fiscal year thereafter up to 25 years, except | ||
for refunding Bonds satisfying the requirements of Section 15 | ||
of this Act and sold during fiscal year 2009, 2010, or 2011 | ||
which must mature or be subject to mandatory redemption each | ||
fiscal year thereafter up to 16 years.
| ||
All Bonds authorized under this Act shall be issued |
pursuant
to a master trust indenture ("Master Indenture") | ||
executed and delivered on
behalf of the State by the Director | ||
of the
Governor's Office of Management and Budget, such
Master | ||
Indenture to be in substantially the form approved in the Bond | ||
Sale
Order authorizing the issuance and sale of the initial | ||
series of Bonds
issued under this Act. Such initial series of | ||
Bonds may, and each
subsequent series of Bonds shall, also be | ||
issued pursuant to a supplemental
trust indenture | ||
("Supplemental Indenture") executed and delivered on behalf
of | ||
the State by the Director of the
Governor's Office of | ||
Management and Budget, each such
Supplemental
Indenture to be | ||
in substantially the form approved in the Bond Sale Order
| ||
relating to such series. The Master Indenture and any | ||
Supplemental
Indenture shall be entered into with a bank or | ||
trust company in the State
of Illinois having trust powers and | ||
possessing capital and surplus of not
less than $100,000,000. | ||
Such indentures shall set forth the terms and
conditions of the | ||
Bonds and provide for payment of and security for the
Bonds, | ||
including the establishment and maintenance of debt service and
| ||
reserve funds, and for other protections for holders of the | ||
Bonds.
The term "reserve funds" as used in this Act shall | ||
include funds and
accounts established under indentures to | ||
provide for the payment of
principal of and premium and | ||
interest on Bonds, to provide for the purchase,
retirement or | ||
defeasance of Bonds, to provide for fees of
trustees, | ||
registrars, paying agents and other fiduciaries and to provide
|
for payment of costs of and debt service payable in respect of | ||
credit or
liquidity enhancement arrangements, interest rate | ||
swaps or guarantees or
financial futures contracts and
indexing | ||
and remarketing agents' services.
| ||
In the case of any series of Bonds bearing interest at a | ||
variable
interest rate ("Variable Rate Bonds"), in lieu of | ||
determining the rate or
rates at which such series of Variable | ||
Rate Bonds shall bear interest and
the price or prices
at which | ||
such Variable Rate Bonds shall be initially sold or remarketed | ||
(in
the event of purchase and subsequent resale), the Bond
Sale | ||
Order may provide that such interest rates and prices may vary | ||
from time to time
depending on criteria established in such | ||
Bond Sale Order, which criteria
may include, without | ||
limitation, references to indices or variations in
interest | ||
rates as may, in the judgment of a remarketing agent, be
| ||
necessary to cause Bonds of such series to be remarketable from | ||
time to
time at a price equal to their principal amount (or | ||
compound accreted
value in the case of original issue discount | ||
Bonds), and may provide for
appointment of indexing agents and | ||
a bank, trust company,
investment bank or other financial | ||
institution to serve as remarketing
agent in that connection. | ||
The Bond Sale Order may provide that alternative
interest rates | ||
or provisions for establishing alternative interest rates,
| ||
different security or claim priorities or different call or | ||
amortization provisions
will apply during such times as Bonds | ||
of any series are held by a person
providing credit or |
liquidity enhancement arrangements for such Bonds as
| ||
authorized in subsection (b) of Section 6 of this Act.
| ||
(b) In connection with the issuance of any series of Bonds, | ||
the State
may enter into arrangements to provide additional | ||
security and liquidity
for such Bonds, including, without | ||
limitation, bond or interest rate
insurance or letters of | ||
credit, lines of credit, bond purchase contracts or
other | ||
arrangements whereby funds are made
available to retire or | ||
purchase Bonds, thereby assuring the ability of
owners of the | ||
Bonds to sell or redeem their Bonds.
The State may enter into | ||
contracts and may agree to pay fees to persons
providing such | ||
arrangements, but only under circumstances where the
Director | ||
of the Bureau of the Budget
(now Governor's Office of | ||
Management and Budget)
certifies that he reasonably expects
the | ||
total interest paid or to be paid on the Bonds, together with | ||
the fees
for the arrangements (being treated as if interest), | ||
would not, taken
together, cause the Bonds to bear interest, | ||
calculated to their stated
maturity, at a rate in excess of the | ||
rate which the Bonds would bear in the
absence of such | ||
arrangements. Any bonds, notes or other evidences of
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indebtedness issued pursuant to any such arrangements for the | ||
purpose of
retiring and discharging outstanding Bonds
shall | ||
constitute refunding Bonds
under Section 15 of this Act. The | ||
State may participate in and enter
into arrangements with | ||
respect to interest rate swaps or guarantees or
financial | ||
futures contracts for the
purpose of limiting or restricting |
interest rate risk; provided
that such arrangements shall be | ||
made with or executed through banks
having capital and surplus | ||
of not less than $100,000,000 or insurance
companies holding | ||
the
highest policyholder rating accorded insurers by A.M. Best & | ||
Co. or any
comparable rating service or government bond | ||
dealers reporting to, trading
with, and recognized as primary | ||
dealers by a Federal Reserve Bank and
having capital and | ||
surplus of not less than $100,000,000,
or other persons whose
| ||
debt securities are rated in the highest long-term categories | ||
by both
Moody's Investors' Services, Inc. and Standard & Poor's | ||
Corporation.
Agreements incorporating any of the foregoing | ||
arrangements may be executed
and delivered by the Director of | ||
the
Governor's Office of Management and Budget on behalf of the
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State in substantially the form approved in the Bond Sale Order | ||
relating to
such Bonds.
| ||
(c) "Build America Bonds" in this Section means Bonds | ||
authorized by Section 54AA of the Internal Revenue Code of | ||
1986, as amended ("Internal Revenue Code"), and bonds issued | ||
from time to time to refund or continue to refund "Build | ||
America Bonds". | ||
(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17; | ||
100-587, eff. 6-4-18.)
| ||
(30 ILCS 425/8) (from Ch. 127, par. 2808)
| ||
Sec. 8. Sale of Bonds. Bonds, except as otherwise provided | ||
in this Section, shall be sold from time to time pursuant to
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notice of sale and public bid or by negotiated sale in such | ||
amounts and at such
times as are directed by the Governor, upon | ||
recommendation by the Director of
the Governor's Office of | ||
Management and Budget. At least 25%, based on total principal | ||
amount, of all Bonds issued each fiscal year shall be sold | ||
pursuant to notice of sale and public bid. At all times during | ||
each fiscal year, no more than 75%, based on total principal | ||
amount, of the Bonds issued each fiscal year shall have been | ||
sold by negotiated sale. Failure to satisfy the requirements in | ||
the preceding 2 sentences shall not affect the validity of any | ||
previously issued Bonds; and further provided that refunding | ||
Bonds satisfying the requirements of Section 15 of this Act and | ||
sold during fiscal year 2009, 2010, 2011, 2017, 2018, or 2019 | ||
shall not be subject to the requirements in the preceding 2 | ||
sentences. | ||
If any Bonds are to be sold pursuant to notice of sale and | ||
public bid, the Director of the
Governor's Office of Management | ||
and Budget shall comply with the
competitive request for | ||
proposal process set forth in the Illinois
Procurement Code and | ||
all other applicable requirements of that Code. | ||
If Bonds are to be sold pursuant to notice of sale and | ||
public bid, the
Director of the
Governor's Office of Management | ||
and Budget may, from time to time, as Bonds are to be sold, | ||
advertise
the sale of the Bonds in at least 2 daily newspapers, | ||
one of which is
published in the City of Springfield and one in | ||
the City of Chicago. The sale
of the Bonds shall also be
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advertised in the volume of the Illinois Procurement Bulletin | ||
that is
published by the Department of Central Management | ||
Services, and shall be published once at least 10 days prior to | ||
the date fixed
for the opening of the bids. The Director of the
| ||
Governor's Office of Management and Budget may
reschedule the | ||
date of sale upon the giving of such additional notice as the
| ||
Director deems adequate to inform prospective bidders of
the | ||
change; provided, however, that all other conditions of the | ||
sale shall
continue as originally advertised.
Executed Bonds | ||
shall, upon payment
therefor, be delivered to the purchaser, | ||
and the proceeds of Bonds shall be
paid into the State Treasury | ||
as
directed by Section 9 of this Act.
The
Governor or the | ||
Director of the
Governor's Office of Management and Budget is | ||
hereby authorized
and directed to execute and
deliver contracts | ||
of sale with underwriters and to execute and deliver such
| ||
certificates, indentures, agreements and documents, including | ||
any
supplements or amendments thereto, and to take such actions | ||
and do such
things as shall be necessary or desirable to carry | ||
out the purposes of this
Act.
Any action authorized or | ||
permitted to be taken by the Director of the
Governor's Office | ||
of Management and Budget
pursuant to this Act is hereby | ||
authorized to be taken
by any person specifically designated by | ||
the Governor to take such action
in a certificate signed by the | ||
Governor and filed with the Secretary of State.
| ||
(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17; | ||
100-587, eff. 6-4-18.)
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Section 20. The Regional Transportation Authority Act is | ||
amended by changing Section 2.32 as follows: | ||
(70 ILCS 3615/2.32)
| ||
Sec. 2.32. Clean/green vehicles. Any vehicles purchased | ||
from funds made available to the Authority from the | ||
Transportation Bond, Series B Fund or the Multi-modal | ||
Transportation Bond Fund must incorporate clean/green | ||
technologies and alternative fuel technologies, to the extent | ||
practical.
| ||
(Source: P.A. 96-8, eff. 4-28-09.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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