Sen. John M. Sullivan

Filed: 5/22/2011

 

 


 

 


 
09700SB0344sam001LRB097 04137 PJG 56062 a

1
AMENDMENT TO SENATE BILL 344

2    AMENDMENT NO. ______. Amend Senate Bill 344 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The General Obligation Bond Act is amended by
5changing Sections 2, 2.5, 9, 11, 12, and 13 and by adding
6Section 7.6 as follows:
 
7    (30 ILCS 330/2)  (from Ch. 127, par. 652)
8    Sec. 2. Authorization for Bonds. The State of Illinois is
9authorized to issue, sell and provide for the retirement of
10General Obligation Bonds of the State of Illinois for the
11categories and specific purposes expressed in Sections 2
12through 8 of this Act, in the total amount of $46,276,125,743
13$41,314,125,743 $41,379,777,443.
14    The bonds authorized in this Section 2 and in Section 16 of
15this Act are herein called "Bonds".
16    Of the total amount of Bonds authorized in this Act, up to

 

 

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1$2,200,000,000 in aggregate original principal amount may be
2issued and sold in accordance with the Baccalaureate Savings
3Act in the form of General Obligation College Savings Bonds.
4    Of the total amount of Bonds authorized in this Act, up to
5$300,000,000 in aggregate original principal amount may be
6issued and sold in accordance with the Retirement Savings Act
7in the form of General Obligation Retirement Savings Bonds.
8    Of the total amount of Bonds authorized in this Act, the
9additional $10,000,000,000 authorized by Public Act 93-2, the
10$3,466,000,000 authorized by Public Act 96-43, and the
11$4,096,348,300 authorized by Public Act 96-1497 this
12amendatory Act of the 96th General Assembly shall be used
13solely as provided in Section 7.2.
14    Of the total amount of Bonds authorized in this Act,
15$800,000,000 of the additional amount of Bonds authorized by
16this amendatory Act of the 97th General Assembly shall be used
17solely as provided in Section 7.6 and shall be issued by
18September 1, 2011.
19    The issuance and sale of Bonds pursuant to the General
20Obligation Bond Act is an economical and efficient method of
21financing the long-term capital needs of the State. This Act
22will permit the issuance of a multi-purpose General Obligation
23Bond with uniform terms and features. This will not only lower
24the cost of registration but also reduce the overall cost of
25issuing debt by improving the marketability of Illinois General
26Obligation Bonds.

 

 

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1(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
2eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;
396-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff.
43-18-11; revised 4-5-11.)
 
5    (30 ILCS 330/2.5)
6    Sec. 2.5. Limitation on issuance of Bonds.
7    (a) Except as provided in subsection (b), no Bonds may be
8issued if, after the issuance, in the next State fiscal year
9after the issuance of the Bonds, the amount of debt service
10(including principal, whether payable at maturity or pursuant
11to mandatory sinking fund installments, and interest) on all
12then-outstanding Bonds, other than (i) Bonds authorized by this
13amendatory Act of the 97th General Assembly, (ii) Bonds issued
14pursuant to authorized by Public Act 96-43, and (iii) other
15than Bonds issued pursuant to Public Act 96-1497 authorized by
16this amendatory Act of the 96th General Assembly, would exceed
177% of the aggregate appropriations from the general funds
18(which consist of the General Revenue Fund, the Common School
19Fund, the General Revenue Common School Special Account Fund,
20and the Education Assistance Fund) and the Road Fund for the
21fiscal year immediately prior to the fiscal year of the
22issuance.
23    (b) If the Comptroller and Treasurer each consent in
24writing, Bonds may be issued even if the issuance does not
25comply with subsection (a).

 

 

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1(Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11.)
 
2    (30 ILCS 330/7.6 new)
3    Sec. 7.6. State General Obligation Restructuring Bonds.
4    (a) As used in this Act, "State General Obligation
5Restructuring Bonds" means Bonds (i) authorized by this
6amendatory Act of the 97th General Assembly or any other Public
7Act of the 97th General Assembly authorizing the issuance of
8State General Obligation Restructuring Bonds and (ii) used for
9the payment of unpaid obligations of the State as incurred from
10time to time and as authorized by the General Assembly.
11    (b) State General Obligation Restructuring Bonds in the
12amount of $800,000,000 are hereby authorized to be used for the
13purposes of paying corporate tax refunds owed by the State as
14of June 30, 2011.
15    (c) The proceeds of State General Obligation Restructuring
16Bonds authorized in subsection (b) of this Section, less the
17amounts authorized in the Bond Sale Order to be deposited
18directly into the capitalized interest account of the General
19Obligation Bond Retirement and Interest Fund or otherwise
20directly paid out for bond sale expenses under Section 8, shall
21be deposited into the Income Tax Refund Fund, and the
22Comptroller and the Treasurer shall, as soon as practical, make
23such payments as contemplated by this Section.
 
24    (30 ILCS 330/9)  (from Ch. 127, par. 659)

 

 

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1    Sec. 9. Conditions for Issuance and Sale of Bonds -
2Requirements for Bonds.
3    (a) Except as otherwise provided in this subsection and
4subsection (h), Bonds shall be issued and sold from time to
5time, in one or more series, in such amounts and at such prices
6as may be directed by the Governor, upon recommendation by the
7Director of the Governor's Office of Management and Budget.
8Bonds shall be in such form (either coupon, registered or book
9entry), in such denominations, payable within 25 years from
10their date, subject to such terms of redemption with or without
11premium, bear interest payable at such times and at such fixed
12or variable rate or rates, and be dated as shall be fixed and
13determined by the Director of the Governor's Office of
14Management and Budget in the order authorizing the issuance and
15sale of any series of Bonds, which order shall be approved by
16the Governor and is herein called a "Bond Sale Order"; provided
17however, that interest payable at fixed or variable rates shall
18not exceed that permitted in the Bond Authorization Act, as now
19or hereafter amended. Bonds shall be payable at such place or
20places, within or without the State of Illinois, and may be
21made registrable as to either principal or as to both principal
22and interest, as shall be specified in the Bond Sale Order.
23Bonds may be callable or subject to purchase and retirement or
24tender and remarketing as fixed and determined in the Bond Sale
25Order. Bonds, other than Bonds issued under Section 3 of this
26Act for the costs associated with the purchase and

 

 

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1implementation of information technology, (i) except for
2refunding Bonds satisfying the requirements of Section 16 of
3this Act and sold during fiscal year 2009, 2010, or 2011, must
4be issued with principal or mandatory redemption amounts in
5equal amounts, with the first maturity issued occurring within
6the fiscal year in which the Bonds are issued or within the
7next succeeding fiscal year and (ii) must mature or be subject
8to mandatory redemption each fiscal year thereafter up to 25
9years, except for refunding Bonds satisfying the requirements
10of Section 16 of this Act and sold during fiscal year 2009,
112010, or 2011 which must mature or be subject to mandatory
12redemption each fiscal year thereafter up to 16 years. Bonds
13issued under Section 3 of this Act for the costs associated
14with the purchase and implementation of information technology
15must be issued with principal or mandatory redemption amounts
16in equal amounts, with the first maturity issued occurring with
17the fiscal year in which the respective bonds are issued or
18with the next succeeding fiscal year, with the respective bonds
19issued maturing or subject to mandatory redemption each fiscal
20year thereafter up to 10 years. Notwithstanding any provision
21of this Act to the contrary, the Bonds authorized by Public Act
2296-43 shall be payable within 5 years from their date and must
23be issued with principal or mandatory redemption amounts in
24equal amounts, with payment of principal or mandatory
25redemption beginning in the first fiscal year following the
26fiscal year in which the Bonds are issued.

 

 

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1    Notwithstanding any provision of this Act to the contrary,
2the Bonds authorized by Public Act 96-1497 this amendatory Act
3of the 96th General Assembly shall be payable within 8 years
4from their date and shall be issued with payment of maturing
5principal or scheduled mandatory redemptions in accordance
6with the following schedule, except the following amounts shall
7be prorated if less than the total additional amount of Bonds
8authorized by Public Act 96-1497 this amendatory Act of the
996th General Assembly are issued:
10    Fiscal Year After Issuance    Amount
11        1-2                        $0 
12        3                          $110,712,120
13        4                          $332,136,360
14        5                          $664,272,720
15        6-8                        $996,409,080
16    Notwithstanding any provision of this Act to the contrary,
17State General Obligation Restructuring Bonds shall be payable
18within 7 years from the date of sale and shall be issued with
19payment of principal or mandatory redemption as set forth in
20subsection (h) of this Section.
21    In the case of any series of Bonds bearing interest at a
22variable interest rate ("Variable Rate Bonds"), in lieu of
23determining the rate or rates at which such series of Variable
24Rate Bonds shall bear interest and the price or prices at which
25such Variable Rate Bonds shall be initially sold or remarketed
26(in the event of purchase and subsequent resale), the Bond Sale

 

 

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1Order may provide that such interest rates and prices may vary
2from time to time depending on criteria established in such
3Bond Sale Order, which criteria may include, without
4limitation, references to indices or variations in interest
5rates as may, in the judgment of a remarketing agent, be
6necessary to cause Variable Rate Bonds of such series to be
7remarketable from time to time at a price equal to their
8principal amount, and may provide for appointment of a bank,
9trust company, investment bank, or other financial institution
10to serve as remarketing agent in that connection. The Bond Sale
11Order may provide that alternative interest rates or provisions
12for establishing alternative interest rates, different
13security or claim priorities, or different call or amortization
14provisions will apply during such times as Variable Rate Bonds
15of any series are held by a person providing credit or
16liquidity enhancement arrangements for such Bonds as
17authorized in subsection (b) of this Section. The Bond Sale
18Order may also provide for such variable interest rates to be
19established pursuant to a process generally known as an auction
20rate process and may provide for appointment of one or more
21financial institutions to serve as auction agents and
22broker-dealers in connection with the establishment of such
23interest rates and the sale and remarketing of such Bonds.
24    (b) In connection with the issuance of any series of Bonds,
25the State may enter into arrangements to provide additional
26security and liquidity for such Bonds, including, without

 

 

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1limitation, bond or interest rate insurance or letters of
2credit, lines of credit, bond purchase contracts, or other
3arrangements whereby funds are made available to retire or
4purchase Bonds, thereby assuring the ability of owners of the
5Bonds to sell or redeem their Bonds. The State may enter into
6contracts and may agree to pay fees to persons providing such
7arrangements, but only under circumstances where the Director
8of the Governor's Office of Management and Budget certifies
9that he or she reasonably expects the total interest paid or to
10be paid on the Bonds, together with the fees for the
11arrangements (being treated as if interest), would not, taken
12together, cause the Bonds to bear interest, calculated to their
13stated maturity, at a rate in excess of the rate that the Bonds
14would bear in the absence of such arrangements.
15    The State may, with respect to Bonds issued or anticipated
16to be issued, participate in and enter into arrangements with
17respect to interest rate protection or exchange agreements,
18guarantees, or financial futures contracts for the purpose of
19limiting, reducing, or managing interest rate exposure. The
20authority granted under this paragraph, however, shall not
21increase the principal amount of Bonds authorized to be issued
22by law. The arrangements may be executed and delivered by the
23Director of the Governor's Office of Management and Budget on
24behalf of the State. Net payments for such arrangements shall
25constitute interest on the Bonds and shall be paid from the
26General Obligation Bond Retirement and Interest Fund. The

 

 

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1Director of the Governor's Office of Management and Budget
2shall at least annually certify to the Governor and the State
3Comptroller his or her estimate of the amounts of such net
4payments to be included in the calculation of interest required
5to be paid by the State.
6    (c) Prior to the issuance of any Variable Rate Bonds
7pursuant to subsection (a), the Director of the Governor's
8Office of Management and Budget shall adopt an interest rate
9risk management policy providing that the amount of the State's
10variable rate exposure with respect to Bonds shall not exceed
1120%. This policy shall remain in effect while any Bonds are
12outstanding and the issuance of Bonds shall be subject to the
13terms of such policy. The terms of this policy may be amended
14from time to time by the Director of the Governor's Office of
15Management and Budget but in no event shall any amendment cause
16the permitted level of the State's variable rate exposure with
17respect to Bonds to exceed 20%.
18    (d) "Build America Bonds" in this Section means Bonds
19authorized by Section 54AA of the Internal Revenue Code of
201986, as amended ("Internal Revenue Code"), and bonds issued
21from time to time to refund or continue to refund "Build
22America Bonds".
23    (e) Notwithstanding any other provision of this Section,
24Qualified School Construction Bonds shall be issued and sold
25from time to time, in one or more series, in such amounts and
26at such prices as may be directed by the Governor, upon

 

 

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1recommendation by the Director of the Governor's Office of
2Management and Budget. Qualified School Construction Bonds
3shall be in such form (either coupon, registered or book
4entry), in such denominations, payable within 25 years from
5their date, subject to such terms of redemption with or without
6premium, and if the Qualified School Construction Bonds are
7issued with a supplemental coupon, bear interest payable at
8such times and at such fixed or variable rate or rates, and be
9dated as shall be fixed and determined by the Director of the
10Governor's Office of Management and Budget in the order
11authorizing the issuance and sale of any series of Qualified
12School Construction Bonds, which order shall be approved by the
13Governor and is herein called a "Bond Sale Order"; except that
14interest payable at fixed or variable rates, if any, shall not
15exceed that permitted in the Bond Authorization Act, as now or
16hereafter amended. Qualified School Construction Bonds shall
17be payable at such place or places, within or without the State
18of Illinois, and may be made registrable as to either principal
19or as to both principal and interest, as shall be specified in
20the Bond Sale Order. Qualified School Construction Bonds may be
21callable or subject to purchase and retirement or tender and
22remarketing as fixed and determined in the Bond Sale Order.
23Qualified School Construction Bonds must be issued with
24principal or mandatory redemption amounts or sinking fund
25payments into the General Obligation Bond Retirement and
26Interest Fund (or subaccount therefor) in equal amounts, with

 

 

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1the first maturity issued, mandatory redemption payment or
2sinking fund payment occurring within the fiscal year in which
3the Qualified School Construction Bonds are issued or within
4the next succeeding fiscal year, with Qualified School
5Construction Bonds issued maturing or subject to mandatory
6redemption or with sinking fund payments thereof deposited each
7fiscal year thereafter up to 25 years. Sinking fund payments
8set forth in this subsection shall be permitted only to the
9extent authorized in Section 54F of the Internal Revenue Code
10or as otherwise determined by the Director of the Governor's
11Office of Management and Budget. "Qualified School
12Construction Bonds" in this subsection means Bonds authorized
13by Section 54F of the Internal Revenue Code and for bonds
14issued from time to time to refund or continue to refund such
15"Qualified School Construction Bonds".
16    (f) Beginning with the next issuance by the Governor's
17Office of Management and Budget to the Procurement Policy Board
18of a request for quotation for the purpose of formulating a new
19pool of qualified underwriting banks list, all entities
20responding to such a request for quotation for inclusion on
21that list shall provide a written report to the Governor's
22Office of Management and Budget and the Illinois Comptroller.
23The written report submitted to the Comptroller shall (i) be
24published on the Comptroller's Internet website and (ii) be
25used by the Governor's Office of Management and Budget for the
26purposes of scoring such a request for quotation. The written

 

 

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1report, at a minimum, shall:
2        (1) disclose whether, within the past 3 months,
3    pursuant to its credit default swap market-making
4    activities, the firm has entered into any State of Illinois
5    credit default swaps ("CDS");
6        (2) include, in the event of State of Illinois CDS
7    activity, disclosure of the firm's cumulative notional
8    volume of State of Illinois CDS trades and the firm's
9    outstanding gross and net notional amount of State of
10    Illinois CDS, as of the end of the current 3-month period;
11        (3) indicate, pursuant to the firm's proprietary
12    trading activities, disclosure of whether the firm, within
13    the past 3 months, has entered into any proprietary trades
14    for its own account in State of Illinois CDS;
15        (4) include, in the event of State of Illinois
16    proprietary trades, disclosure of the firm's outstanding
17    gross and net notional amount of proprietary State of
18    Illinois CDS and whether the net position is short or long
19    credit protection, as of the end of the current 3-month
20    period;
21        (5) list all time periods during the past 3 months
22    during which the firm held net long or net short State of
23    Illinois CDS proprietary credit protection positions, the
24    amount of such positions, and whether those positions were
25    net long or net short credit protection positions; and
26        (6) indicate whether, within the previous 3 months, the

 

 

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1    firm released any publicly available research or marketing
2    reports that reference State of Illinois CDS and include
3    those research or marketing reports as attachments.
4    (g) All entities included on a Governor's Office of
5Management and Budget's pool of qualified underwriting banks
6list shall, as soon as possible after March 18, 2011 (the
7effective date of Public Act 96-1554) this amendatory Act of
8the 96th General Assembly, but not later than January 21, 2011,
9and on a quarterly fiscal basis thereafter, provide a written
10report to the Governor's Office of Management and Budget and
11the Illinois Comptroller. The written reports submitted to the
12Comptroller shall be published on the Comptroller's Internet
13website. The written reports, at a minimum, shall:
14        (1) disclose whether, within the past 3 months,
15    pursuant to its credit default swap market-making
16    activities, the firm has entered into any State of Illinois
17    credit default swaps ("CDS");
18        (2) include, in the event of State of Illinois CDS
19    activity, disclosure of the firm's cumulative notional
20    volume of State of Illinois CDS trades and the firm's
21    outstanding gross and net notional amount of State of
22    Illinois CDS, as of the end of the current 3-month period;
23        (3) indicate, pursuant to the firm's proprietary
24    trading activities, disclosure of whether the firm, within
25    the past 3 months, has entered into any proprietary trades
26    for its own account in State of Illinois CDS;

 

 

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1        (4) include, in the event of State of Illinois
2    proprietary trades, disclosure of the firm's outstanding
3    gross and net notional amount of proprietary State of
4    Illinois CDS and whether the net position is short or long
5    credit protection, as of the end of the current 3-month
6    period;
7        (5) list all time periods during the past 3 months
8    during which the firm held net long or net short State of
9    Illinois CDS proprietary credit protection positions, the
10    amount of such positions, and whether those positions were
11    net long or net short credit protection positions; and
12        (6) indicate whether, within the previous 3 months, the
13    firm released any publicly available research or marketing
14    reports that reference State of Illinois CDS and include
15    those research or marketing reports as attachments.
16    (h) Notwithstanding any other provision of this Section,
17for purposes of maximizing market efficiencies and cost
18savings, State General Obligation Restructuring Bonds may be
19issued and sold from time to time, in one or more series, in
20such amounts and at such prices as may be directed by the
21Governor, upon recommendation by the Director of the Governor's
22Office of Management and Budget. State General Obligation
23Restructuring Bonds shall be in such form, either coupon,
24registered or book entry, in such denominations, shall bear
25interest payable at such times and at such fixed or variable
26rate or rates, and be dated as shall be fixed and determined by

 

 

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1the Director of the Governor's Office of Management and Budget
2in the order authorizing the issuance and sale of any series of
3State General Obligation Restructuring Bonds, which order
4shall be approved by the Governor and is herein called a "Bond
5Sale Order"; provided however, that interest payable at fixed
6or variable rates shall not exceed that permitted in the Bond
7Authorization Act, as now or hereafter amended. State General
8Obligation Restructuring Bonds shall be payable at such place
9or places, within or without the State of Illinois, and may be
10made registrable as to either principal or as to both principal
11and interest, as shall be specified in the Bond Sale Order.
12State General Obligation Restructuring Bonds may be callable or
13subject to purchase and retirement or tender and remarketing as
14fixed and determined in the Bond Sale Order.
15    The aggregate principal amount of State General Obligation
16Restructuring Bonds authorized by and issued pursuant to this
17amendatory Act of the 97th General Assembly or other such
18amendatory Acts of the 97th General Assembly authorizing the
19issuance of State General Obligation Restructuring Bonds
20shall, in the aggregate, mature or be subject to redemption in
21the annual percentages set forth in the following schedule:
22        For fiscal year 2013, 11.417%;
23        For fiscal year 2014, 13.333%;
24        For fiscal year 2015, 11.667%;
25        For fiscal year 2016, 15.417%;
26        For fiscal year 2017, 17.083%;

 

 

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1        For fiscal year 2018, 15.000%; and
2        For fiscal year 2019, 16.083%.
3    Notwithstanding the foregoing, the principal amounts
4calculated above shall be in increments of $5,000. Moreover,
5the foregoing percentages shall be applicable to the aggregate
6principal amount of State General Obligation Restructuring
7Bonds authorized by this amendatory Act of the 97th General
8Assembly and any other amendatory Acts of the 97th General
9Assembly authorizing State General Obligation Restructuring
10Bonds. While individual series of State General Obligation
11Restructuring Bonds as may be sold from time to time need not
12be scheduled to mature or be subject to redemption in
13accordance with the percentages above, redemptions whether by
14maturity or sinking fund, in any fiscal year for all State
15General Obligation Restructuring Bonds, in the aggregate,
16shall be no less than the percentages shown above.
17Notwithstanding the foregoing, in the event that fewer than all
18of the State General Obligation Restructuring Bonds authorized
19by this amendatory Act of the 97th General Assembly have been
20issued by September 1, 2011, failure of the then-outstanding
21State General Obligation Restructuring Bonds to satisfy the
22repayment schedule set forth above shall not affect the
23validity of any such outstanding Bonds.
24(Source: P.A. 96-18, eff. 6-26-09; 96-37, eff. 7-13-09; 96-43,
25eff. 7-15-09; 96-828, eff. 12-2-09; 96-1497, eff. 1-14-11;
2696-1554, eff. 3-18-11; revised 4-5-11.)
 

 

 

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1    (30 ILCS 330/11)  (from Ch. 127, par. 661)
2    Sec. 11. Sale of Bonds. Except as otherwise provided in
3this Section, Bonds shall be sold from time to time pursuant to
4notice of sale and public bid or by negotiated sale in such
5amounts and at such times as is directed by the Governor, upon
6recommendation by the Director of the Governor's Office of
7Management and Budget. At least 25%, based on total principal
8amount, of all Bonds issued each fiscal year shall be sold
9pursuant to notice of sale and public bid. At all times during
10each fiscal year, no more than 75%, based on total principal
11amount, of the Bonds issued each fiscal year, shall have been
12sold by negotiated sale. Failure to satisfy the requirements in
13the preceding 2 sentences shall not affect the validity of any
14previously issued Bonds; provided that all Bonds authorized by
15Public Act 96-43 and Public Act 96-1497 this amendatory Act of
16the 96th General Assembly shall not be included in determining
17compliance for any fiscal year with the requirements of the
18preceding 2 sentences; and further provided that refunding
19Bonds satisfying the requirements of Section 16 of this Act and
20sold during fiscal year 2009, 2010, or 2011 shall not be
21subject to the requirements in the preceding 2 sentences.
22    If any Bonds, including refunding Bonds, are to be sold by
23negotiated sale, the Director of the Governor's Office of
24Management and Budget shall comply with the competitive request
25for proposal process set forth in the Illinois Procurement Code

 

 

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1and all other applicable requirements of that Code.
2    If Bonds are to be sold pursuant to notice of sale and
3public bid, the Director of the Governor's Office of Management
4and Budget shall, from time to time, as Bonds are to be sold,
5advertise the sale of the Bonds in at least 2 daily newspapers,
6one of which is published in the City of Springfield and one in
7the City of Chicago. The sale of the Bonds shall also be
8advertised in the volume of the Illinois Procurement Bulletin
9that is published by the Department of Central Management
10Services. Each of the advertisements for proposals shall be
11published once at least 10 days prior to the date fixed for the
12opening of the bids. The Director of the Governor's Office of
13Management and Budget may reschedule the date of sale upon the
14giving of such additional notice as the Director deems adequate
15to inform prospective bidders of such change; provided,
16however, that all other conditions of the sale shall continue
17as originally advertised.
18    Executed Bonds shall, upon payment therefor, be delivered
19to the purchaser, and the proceeds of Bonds shall be paid into
20the State Treasury as directed by Section 12 of this Act.
21    All State General Obligation Restructuring Bonds shall
22comply with this Section. Notwithstanding anything to
23contrary, however, for purposes of complying with this Section,
24State General Obligation Restructuring Bonds, regardless of
25the number of series or issuances sold thereunder, shall be
26considered a single issue or series. Furthermore, for purposes

 

 

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1of complying with the competitive bidding requirements of this
2Section, the words "at all times" shall not apply to any such
3sale of the State General Obligation Restructuring Bonds. The
4Director of the Governor's Office of Management and Budget
5shall determine the time and manner of any competitive sale of
6the State General Obligation Restructuring Bonds, which sale
7shall under no circumstances take place later than 60 days
8after the State closes the sale of 75% of the State General
9Obligation Restructuring Bonds by negotiated sale.
10(Source: P.A. 96-18, eff. 6-26-09; 96-43, eff. 7-15-09;
1196-1497, eff. 1-14-11.)
 
12    (30 ILCS 330/12)  (from Ch. 127, par. 662)
13    Sec. 12. Allocation of Proceeds from Sale of Bonds.
14    (a) Proceeds from the sale of Bonds, authorized by Section
153 of this Act, shall be deposited in the separate fund known as
16the Capital Development Fund.
17    (b) Proceeds from the sale of Bonds, authorized by
18paragraph (a) of Section 4 of this Act, shall be deposited in
19the separate fund known as the Transportation Bond, Series A
20Fund.
21    (c) Proceeds from the sale of Bonds, authorized by
22paragraphs (b) and (c) of Section 4 of this Act, shall be
23deposited in the separate fund known as the Transportation
24Bond, Series B Fund.
25    (c-1) Proceeds from the sale of Bonds, authorized by

 

 

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1paragraph (d) of Section 4 of this Act, shall be deposited into
2the Transportation Bond Series D Fund, which is hereby created.
3    (d) Proceeds from the sale of Bonds, authorized by Section
45 of this Act, shall be deposited in the separate fund known as
5the School Construction Fund.
6    (e) Proceeds from the sale of Bonds, authorized by Section
76 of this Act, shall be deposited in the separate fund known as
8the Anti-Pollution Fund.
9    (f) Proceeds from the sale of Bonds, authorized by Section
107 of this Act, shall be deposited in the separate fund known as
11the Coal Development Fund.
12    (f-2) Proceeds from the sale of Bonds, authorized by
13Section 7.2 of this Act, shall be deposited as set forth in
14Section 7.2.
15    (f-5) Proceeds from the sale of Bonds, authorized by
16Section 7.5 of this Act, shall be deposited as set forth in
17Section 7.5.
18    (f-7) Proceeds from the sale of Bonds, authorized by
19Section 7.6 of this Act, shall be deposited as set forth in
20Section 7.6.
21    (g) Proceeds from the sale of Bonds, authorized by Section
228 of this Act, shall be deposited in the Capital Development
23Fund.
24    (h) Subsequent to the issuance of any Bonds for the
25purposes described in Sections 2 through 8 of this Act, the
26Governor and the Director of the Governor's Office of

 

 

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1Management and Budget may provide for the reallocation of
2unspent proceeds of such Bonds to any other purposes authorized
3under said Sections of this Act, subject to the limitations on
4aggregate principal amounts contained therein. Upon any such
5reallocation, such unspent proceeds shall be transferred to the
6appropriate funds as determined by reference to paragraphs (a)
7through (g) of this Section.
8(Source: P.A. 96-36, eff. 7-13-09.)
 
9    (30 ILCS 330/13)  (from Ch. 127, par. 663)
10    Sec. 13. Appropriation of Proceeds from Sale of Bonds.
11    (a) At all times, the proceeds from the sale of Bonds
12issued pursuant to this Act are subject to appropriation by the
13General Assembly and, except as provided in Sections Section
147.2 and 7.6, may be obligated or expended only with the written
15approval of the Governor, in such amounts, at such times, and
16for such purposes as the respective State agencies, as defined
17in Section 1-7 of the Illinois State Auditing Act, as amended,
18deem necessary or desirable for the specific purposes
19contemplated in Sections 2 through 8 of this Act.
20    (b) Proceeds from the sale of Bonds for the purpose of
21development of coal and alternative forms of energy shall be
22expended in such amounts and at such times as the Department of
23Commerce and Economic Opportunity, with the advice and
24recommendation of the Illinois Coal Development Board for coal
25development projects, may deem necessary and desirable for the

 

 

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1specific purpose contemplated by Section 7 of this Act. In
2considering the approval of projects to be funded, the
3Department of Commerce and Economic Opportunity shall give
4special consideration to projects designed to remove sulfur and
5other pollutants in the preparation and utilization of coal,
6and in the use and operation of electric utility generating
7plants and industrial facilities which utilize Illinois coal as
8their primary source of fuel.
9    (c) Except as directed in subsection (c-1) or (c-2), any
10monies received by any officer or employee of the state
11representing a reimbursement of expenditures previously paid
12from general obligation bond proceeds shall be deposited into
13the General Obligation Bond Retirement and Interest Fund
14authorized in Section 14 of this Act.
15    (c-1) Any money received by the Department of
16Transportation as reimbursement for expenditures for high
17speed rail purposes pursuant to appropriations from the
18Transportation Bond, Series B Fund for (i) CREATE (Chicago
19Region Environmental and Transportation Efficiency), (ii) High
20Speed Rail, or (iii) AMTRAK projects authorized by the federal
21government under the provisions of the American Recovery and
22Reinvestment Act of 2009 or the Safe Accountable Flexible
23Efficient Transportation Equity Act—A Legacy for Users
24(SAFETEA-LU), or any successor federal transportation
25authorization Act, shall be deposited into the Federal High
26Speed Rail Trust Fund.

 

 

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1    (c-2) Any money received by the Department of
2Transportation as reimbursement for expenditures for transit
3capital purposes pursuant to appropriations from the
4Transportation Bond, Series B Fund for projects authorized by
5the federal government under the provisions of the American
6Recovery and Reinvestment Act of 2009 or the Safe Accountable
7Flexible Efficient Transportation Equity Act—A Legacy for
8Users (SAFETEA-LU), or any successor federal transportation
9authorization Act, shall be deposited into the Federal Mass
10Transit Trust Fund.
11(Source: P.A. 96-1488, eff. 12-30-10.)
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.".