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30 ILCS 105/6z-45
(30 ILCS 105/6z-45)
The School Infrastructure Fund.
(a) The School Infrastructure Fund is created as a special fund
in the State Treasury.
In addition to any other deposits authorized by law, beginning January
1, 2000, on the first day of each month, or as soon thereafter as may be
practical, the State Treasurer and State Comptroller shall transfer the sum of
$5,000,000 from the General Revenue Fund to the School Infrastructure Fund, except that, notwithstanding any other provision of law, and in addition to any other transfers that may be provided for by law, before June 30, 2012, the Comptroller and the Treasurer shall transfer $45,000,000 from the General Revenue Fund into the School Infrastructure Fund, and, for fiscal year 2013 only, the Treasurer and the Comptroller shall transfer $1,250,000 from the General Revenue Fund to the School Infrastructure Fund on the first day of each month;
provided, however, that no such transfers shall be made from July 1, 2001
through June 30, 2003.
(b) Subject to the transfer provisions set forth below, money in the
School Infrastructure Fund shall, if and when the State of Illinois incurs
any bonded indebtedness for the construction of school improvements under
the School Construction Law, 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, and for no other purpose.
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 bonds issued for construction of school improvements
under the School Construction Law, 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 that period.
On or before the last day of each month, the State Treasurer and State
Comptroller shall transfer from the School Infrastructure 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
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.
(b-5) The money deposited into the School Infrastructure Fund from transfers pursuant to subsections (c-30) and (c-35) of Section 13 of the Riverboat Gambling Act shall be applied, without further direction, as provided in subsection (b-3) of Section 5-35 of the School Construction Law.
(c) The surplus, if any, in the School Infrastructure Fund after payments made pursuant to subsections (b) and (b-5) of this Section shall, subject to appropriation, be used as follows:
First - to make 3 payments to the School Technology Revolving Loan Fund as
Transfer of $30,000,000 in fiscal year 1999;
Transfer of $20,000,000 in fiscal year 2000; and
Transfer of $10,000,000 in fiscal year 2001.
Second - to pay the expenses of the State Board of Education and the Capital
Development Board in administering programs under the School Construction
Law, the total expenses not to exceed $1,200,000 in any
Third - to pay any amounts due for grants for school construction projects
and debt service under the School Construction Law.
Fourth - to pay any amounts due for grants for school maintenance projects
under the School Construction Law.
(Source: P.A. 97-732, eff. 6-30-12; 98-18, eff. 6-7-13.)