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Public Act 92-0596
HB2828 Enrolled LRB9206235REmg
AN ACT concerning State finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by changing
Section 6z-43 as follows:
(30 ILCS 105/6z-43)
Sec. 6z-43. Tobacco Settlement Recovery Fund.
(a) There is created in the State Treasury a special
fund to be known as the Tobacco Settlement Recovery Fund,
into which shall be deposited all monies paid to the State
pursuant to (1) the Master Settlement Agreement entered in
the case of People of the State of Illinois v. Philip Morris,
et al. (Circuit Court of Cook County, No. 96-L13146) and (2)
any settlement with or judgment against any tobacco product
manufacturer other than one participating in the Master
Settlement Agreement in satisfaction of any released claim as
defined in the Master Settlement Agreement, as well as any
other monies as provided by law. All earnings on Fund
investments shall be deposited into the Fund. Upon the
creation of the Fund, the State Comptroller shall order the
State Treasurer to transfer into the Fund any monies paid to
the State as described in item (1) or (2) of this Section
before the creation of the Fund plus any interest earned on
the investment of those monies. The Treasurer may invest the
moneys in the Fund in the same manner, in the same types of
investments, and subject to the same limitations provided in
the Illinois Pension Code for the investment of pension funds
other than those established under Article 3 or 4 of the
Code.
(b) As soon as may be practical after June 30, 2001,
upon notification from and at the direction of the Governor,
the State Comptroller shall direct and the State Treasurer
shall transfer the unencumbered balance in the Tobacco
Settlement Recovery Fund as of June 30, 2001, as determined
by the Governor, into the Budget Stabilization Fund. The
Treasurer may invest the moneys in the Budget Stabilization
Fund in the same manner, in the same types of investments,
and subject to the same limitations provided in the Illinois
Pension Code for the investment of pension funds other than
those established under Article 3 or 4 of the Code.
(c) In addition to any other deposits authorized by law,
after any delivery of any bonds as authorized by Section 7.5
of the General Obligation Bond Act for deposits to the
General Revenue Fund and the Budget Stabilization Fund
(referred to as "tobacco securitization general obligation
bonds"), the Governor shall certify, on or before June 30,
2003 and June 30 of each year thereafter, to the State
Comptroller and State Treasurer the total amount of principal
of, interest on, and premium, if any, due on those bonds in
the next fiscal year beginning with amounts due in fiscal
year 2004. As soon as practical after the annual payment of
tobacco settlement moneys to the Tobacco Settlement Recovery
Fund as described in item (1) of subsection (a), the State
Treasurer and State Comptroller shall transfer from the
Tobacco Settlement Recovery Fund to the General Obligation
Bond Retirement and Interest Fund the amount certified by the
Governor, plus any cumulative deficiency in those transfers
for prior years.
(Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00;
91-797, eff. 6-9-00; 92-11, eff. 6-11-01; 92-16, eff.
6-28-01.)
Section 10. The General Obligation Bond Act is amended
by changing Sections 2 and 12, and adding Section 7.5 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 $16,015,007,500
$15,265,007,500.
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.
The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the capital and general operating 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 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. 91-39, eff. 6-15-99; 91-53, eff 6-30-99;
91-710, eff. 5-17-00; 92-13, eff. 6-22-01.)
(30 ILCS 330/7.5 new)
Sec. 7.5. Tobacco securitization general obligation
bonds. The amount of $750,000,000 is authorized to be issued
only during fiscal year 2003 for the making of deposits of
50% of net proceeds to the General Revenue Fund to build the
fiscal year ending general funds cash balance and to meet the
ordinary and contingent expenses of the State and 50% of net
proceeds to the Budget Stabilization Fund.
(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.
(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-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.
(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 Bureau of the 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. 90-549, eff. 12-8-97; 90-586, eff. 6-4-98;
90-653, eff. 7-29-98.)
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly June 02, 2002.
Approved June 28, 2002.
Effective June 28, 2002.
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