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| Public Act 097-0792 | ||||
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Finance Act is amended by changing | ||||
Section 6t as follows:
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(30 ILCS 105/6t) (from Ch. 127, par. 142t)
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Sec. 6t.
The Capital Development Board Contributory Trust | ||||
Fund is
created and there shall be paid into the Capital | ||||
Development Board
Contributory Trust Fund the monies | ||||
contributed by and received from
Public Community College | ||||
Districts, Elementary, Secondary, and Unit
School Districts, | ||||
and Vocational Education Facilities, provided,
however, no | ||||
monies shall be required from a participating Public
Community | ||||
College District, Elementary, Secondary, or Unit School
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District, or Vocational Education Facility more than 30 days | ||||
prior to
anticipated need under the particular contract for the | ||||
Public Community
College District, Elementary, Secondary, or | ||||
Unit School District, or
Vocational Education Facility. No | ||||
monies in any fund in the State
Treasury, nor any funds under | ||||
the control or beneficial control of any
state agency, | ||||
university, college, department, commission, board or any
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other unit of state government shall be deposited, paid into, | ||||
or by any
other means caused to be placed into the Capital | ||||
Development Board
Contributory Trust Fund, except for federal | ||
funds, bid bond forfeitures,
and insurance proceeds as provided | ||
for below.
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There shall be paid into the Capital Development Board | ||
Contributory Trust
Fund all federal funds to be utilized for | ||
the construction of capital projects
under the jurisdiction of | ||
the Capital Development Board, and all proceeds
resulting from | ||
such federal funds. All such funds shall be remitted to
the | ||
Capital Development Board within 10 working days of their | ||
receipt by
the receiving authority.
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There shall also be paid into this Fund all monies | ||
designated as gifts,
donations or charitable contributions | ||
which may be contributed by an
individual or entity, whether | ||
public or private, for a specific capital
improvement project.
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There shall also be paid into this Fund all proceeds from | ||
bid bond
forfeitures in connection with any project formally | ||
bid and awarded by the
Capital Development Board.
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There shall also be paid into this Fund all builders risk | ||
insurance policy
proceeds and all other funds recovered from | ||
contractors, sureties,
architects, material suppliers or other | ||
persons contracting with the
Capital Development Board for | ||
capital improvement projects which are
received by way of | ||
reimbursement for losses resulting from destruction
of or | ||
damage to capital improvement projects while under | ||
construction by
the Capital Development Board or received by | ||
way of settlement agreement or
court order.
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The monies in the Capital Development Board Contributory | ||
Trust Fund shall
be expended only for actual contracts let, and | ||
then only for the specific
project for which funds were | ||
received in accordance with the judgment of
the Capital | ||
Development Board, compatible with the duties and obligations
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of the Capital Development Board in furtherance of the specific | ||
capital
improvement for which such funds were received. | ||
Contributions, insured-loss
reimbursements or other funds | ||
received as damages through settlement or
judgement for damage, | ||
destruction or loss of capital improvement projects
shall be | ||
expended for the repair of such projects; or if the projects | ||
have
been or are being repaired before receipt of the funds, | ||
the funds may be used
to repair other such capital improvement | ||
projects. Any funds not expended
for a project within 36 months | ||
after the date received
shall be paid into the General | ||
Obligation
Bond
Retirement and Interest Fund.
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Contributions or insured-loss reimbursements not expended | ||
in furtherance
of the project for which they were received | ||
within 36 months of the date
received, shall be returned to the | ||
contributing party. Proceeds from builders
risk insurance | ||
shall be expended only for the amelioration of damage arising
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from the incident for which the proceeds were paid to the State | ||
or the
Capital Development Contributory Trust Fund. Any | ||
residual amounts remaining
after the completion of such | ||
repairs, renovation, reconstruction or
other work necessary to | ||
restore the capital improvement project to
acceptable | ||
condition shall be returned to the proper fund or entity | ||
financing
or contributing towards the cost of the capital | ||
improvement project. Such
returns shall be made in amounts | ||
proportionate to the contributions made
in furtherance of the | ||
project.
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Any monies received as a gift, donation or charitable | ||
contribution for
a specific capital improvement which have not | ||
been expended in furtherance
of that project shall be returned | ||
to the contributing party after
completion of the project or if | ||
the legislature fails to authorize the
capital improvement.
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The unused portion of any federal funds received for a | ||
capital improvement
project which are not contributed, upon its | ||
completion, towards the cost
of the project, 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 be deposited in the Capital Development Bond Retirement
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and Interest Fund if moneys from the Capital Development Fund | ||
have been
utilized for the project.
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(Source: P.A. 92-34, eff. 7-1-01.)
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Section 99. Effective date. This Act takes effect January | ||
1, 2013.
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