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1 | | AN ACT concerning finance.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The State Finance Act is amended by changing |
5 | | Sections 5.857 and 6z-100 as follows: |
6 | | (30 ILCS 105/5.857) |
7 | | (Section scheduled to be repealed on July 1, 2018) |
8 | | Sec. 5.857. The Capital Development Board Revolving Fund. |
9 | | This Section is repealed July 1, 2022 July 1, 2018 .
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10 | | (Source: P.A. 99-78, eff. 7-20-15; 99-523, eff. 6-30-16; |
11 | | 100-23, eff. 7-6-17.) |
12 | | (30 ILCS 105/6z-100) |
13 | | (Section scheduled to be repealed on July 1, 2018) |
14 | | Sec. 6z-100. Capital Development Board Revolving Fund; |
15 | | payments into and use. All monies received by the Capital |
16 | | Development Board for publications or copies issued by the |
17 | | Board, and all monies received for contract administration |
18 | | fees, charges, or reimbursements owing to the Board shall be |
19 | | deposited into a special fund known as the Capital Development |
20 | | Board Revolving Fund, which is hereby created in the State |
21 | | treasury. The monies in this Fund shall be used by the Capital |
22 | | Development Board, as appropriated, for expenditures for |
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1 | | personal services, retirement, social security, contractual |
2 | | services, legal services, travel, commodities, printing, |
3 | | equipment, electronic data processing, or telecommunications. |
4 | | Unexpended moneys in the Fund shall not be transferred or |
5 | | allocated by the Comptroller or Treasurer to any other fund, |
6 | | nor shall the Governor authorize the transfer or allocation of |
7 | | those moneys to any other fund. This Section is repealed July |
8 | | 1, 2022 July 1, 2018 .
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9 | | (Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17.) |
10 | | Section 10. The General Obligation Bond Act is amended by |
11 | | changing Section 15 as follows:
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12 | | (30 ILCS 330/15) (from Ch. 127, par. 665)
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13 | | Sec. 15. Computation of Principal and Interest; transfers.
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14 | | (a) Upon each delivery of Bonds authorized to be issued |
15 | | under this Act,
the Comptroller shall compute and certify to |
16 | | the Treasurer the total amount
of principal of, interest on, |
17 | | and premium, if any, on Bonds issued that will
be payable in |
18 | | order to retire such Bonds, the amount of principal of,
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19 | | interest on and premium, if any, on such Bonds that will be |
20 | | payable on each
payment date according to the tenor of such |
21 | | Bonds during the then current and
each succeeding fiscal year, |
22 | | and the amount of sinking fund payments needed to be deposited |
23 | | in connection with Qualified School Construction Bonds |
24 | | authorized by subsection (e) of Section 9.
With respect to the |
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1 | | interest payable on variable rate bonds, such
certifications |
2 | | shall be calculated at the maximum rate of interest that
may be |
3 | | payable during the fiscal year, after taking into account any |
4 | | credits
permitted in the related indenture or other instrument |
5 | | against the amount
of such interest required to be appropriated |
6 | | for such period pursuant to
subsection (c) of Section 14 of |
7 | | this Act. With respect to the interest
payable, such |
8 | | certifications shall include the amounts certified by the
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9 | | Director of the
Governor's Office of Management and Budget |
10 | | under subsection (b) of Section 9 of
this Act.
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11 | | On or before the last day of each month the State Treasurer |
12 | | and Comptroller
shall transfer from (1) the Road Fund with |
13 | | respect to Bonds issued under
paragraph (a) of Section 4 of |
14 | | this Act, or Bonds issued under authorization in Public Act |
15 | | 98-781, or Bonds issued for the purpose of
refunding such |
16 | | bonds, and from (2) the General
Revenue Fund, with respect to |
17 | | all other Bonds issued under this Act, to the
General |
18 | | Obligation Bond Retirement and Interest Fund an amount |
19 | | sufficient to
pay the aggregate of the principal of, interest |
20 | | on, and premium, if any, on
Bonds payable, by their terms on |
21 | | the next payment date divided by the number of
full calendar |
22 | | months between the date of such Bonds and the first such |
23 | | payment
date, and thereafter, divided by the number of months |
24 | | between each succeeding
payment date after the first. Such |
25 | | computations and transfers shall be
made for each series of |
26 | | Bonds issued and delivered. Interest payable on
variable rate |
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1 | | bonds shall be calculated at the maximum rate of interest that
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2 | | may be payable for the relevant period, after taking into |
3 | | account any credits
permitted in the related indenture or other |
4 | | instrument against the amount of
such interest required to be |
5 | | appropriated for such period pursuant to
subsection (c) of |
6 | | Section 14 of this Act. Computations of interest shall
include |
7 | | the amounts certified by the Director of the
Governor's Office |
8 | | of Management and Budget
under subsection (b) of Section 9 of |
9 | | this Act. Interest for which moneys
have already been deposited |
10 | | into the capitalized interest account within the
General |
11 | | Obligation Bond Retirement and Interest Fund shall not be |
12 | | included
in the calculation of the amounts to be transferred |
13 | | under this subsection. Notwithstanding any other provision in |
14 | | this Section, the transfer provisions provided in this |
15 | | paragraph shall not apply to transfers made in fiscal year 2010 |
16 | | or fiscal year 2011 with respect to Bonds issued in fiscal year |
17 | | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. |
18 | | In the case of transfers made in fiscal year 2010 or fiscal |
19 | | year 2011 with respect to the Bonds issued in fiscal year 2010 |
20 | | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or |
21 | | before the 15th day of the month prior to the required debt |
22 | | service payment, the State Treasurer and Comptroller shall |
23 | | transfer from the General Revenue Fund to the General |
24 | | Obligation Bond Retirement and Interest Fund an amount |
25 | | sufficient to pay the aggregate of the principal of, interest |
26 | | on, and premium, if any, on the Bonds payable in that next |
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1 | | month.
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2 | | The transfer of monies herein and above directed is not |
3 | | required if monies
in the General Obligation Bond Retirement |
4 | | and Interest Fund are more than
the amount otherwise to be |
5 | | transferred as herein above provided, and if the
Governor or |
6 | | his authorized representative notifies the State Treasurer and
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7 | | Comptroller of such fact in writing.
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8 | | (b) After the effective date of this Act, the balance of, |
9 | | and monies
directed to be included in the Capital Development |
10 | | Bond Retirement and
Interest Fund, Anti-Pollution Bond |
11 | | Retirement and Interest Fund,
Transportation Bond, Series A |
12 | | Retirement and Interest Fund, Transportation
Bond, Series B |
13 | | Retirement and Interest Fund, and Coal Development Bond
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14 | | Retirement and Interest Fund shall be transferred to and |
15 | | deposited in the
General Obligation Bond Retirement and |
16 | | Interest Fund. This Fund shall be
used to make debt service |
17 | | payments on the State's general obligation Bonds
heretofore |
18 | | issued which are now outstanding and payable from the Funds |
19 | | herein
listed as well as on Bonds issued under this Act.
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20 | | (c) The unused portion of federal funds received for or as |
21 | | a reimbursement for a capital
facilities project, as authorized |
22 | | by Section 3 of this Act, for which
monies from the Capital |
23 | | Development Fund have been expended shall remain in the Capital |
24 | | Development Board Contributory Trust Fund and shall be used for |
25 | | capital projects and for no other purpose, subject to |
26 | | appropriation and as directed by the Capital Development Board. |
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1 | | Any federal funds received as reimbursement
for the completed |
2 | | construction of a capital facilities project, as
authorized by |
3 | | Section 3 of this Act, for which monies from the Capital
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4 | | Development Fund have been expended shall be deposited in the |
5 | | General
Obligation Bond Retirement and Interest Fund.
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6 | | (Source: P.A. 100-23, eff. 7-6-17.)
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7 | | Section 15. The Capital Development Bond Act of 1972 is |
8 | | amended by changing Section 9a as follows:
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9 | | (30 ILCS 420/9a) (from Ch. 127, par. 759a)
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10 | | Sec. 9a.
The unused portion of federal funds received for |
11 | | or as a reimbursement for a capital improvement
project for |
12 | | which moneys from the Capital Development Fund have been |
13 | | expended
shall remain in the Capital Development Board |
14 | | Contributory Trust Fund and shall be used for capital projects |
15 | | and for no other purpose, subject to appropriation and as |
16 | | directed by the Capital Development Board. Any federal funds |
17 | | received as reimbursement
for the completed construction of a |
18 | | capital improvement project for which
moneys from the Capital |
19 | | Development Fund have been expended shall be deposited
in the |
20 | | Capital Development Bond Retirement and Interest Fund.
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21 | | (Source: P.A. 98-245, eff. 1-1-14.)
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22 | | Section 20. The School Construction Law is amended by |
23 | | changing Section 5-10 as follows:
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1 | | (105 ILCS 230/5-10)
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2 | | Sec. 5-10. Grant awards. The Capital Development Board is |
3 | | authorized to
make grants to school districts for school |
4 | | construction projects with funds
appropriated by the General
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5 | | Assembly from the School Infrastructure Fund or the School |
6 | | Construction Fund pursuant to the provisions of this
Article. |
7 | | The State Board of Education is authorized to make grants to |
8 | | school
districts for debt service with funds appropriated by |
9 | | the General Assembly from
the School Infrastructure Fund |
10 | | pursuant to the provisions of
this Article.
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11 | | (Source: P.A. 90-548, eff. 1-1-98.)
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12 | | Section 99. Effective date. This Act takes effect upon |
13 | | becoming law.
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