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30 ILCS 105/8.25
(30 ILCS 105/8.25) (from Ch. 127, par. 144.25)
Sec. 8.25. Build Illinois Fund; uses.
(A) All moneys in the Build Illinois Fund shall be transferred,
appropriated, and used only for the purposes authorized by and subject to
the limitations and conditions prescribed by this Section. There are
established the following accounts in the Build Illinois Fund: the
McCormick Place Account, the Build Illinois Bond Account, the Build
Illinois Purposes Account, the
Park and Conservation Fund Account, and the Tourism Advertising and
Promotion Account. Amounts deposited into the Build Illinois Fund consisting
of 1.55% before July 1, 1986, and 1.75% on and after July 1, 1986, of
moneys received by the Department of Revenue under Section 9 of
the Use Tax Act, Section 9 of the Service Use Tax Act, Section 9 of
the Service Occupation Tax Act, and Section 3 of the Retailers' Occupation
Tax Act, and all amounts deposited therein under Section 28 of
the Illinois Horse Racing Act of 1975, Section 4.05 of the Chicago World's
Fair - 1992 Authority Act, and Sections 3 and 6 of the Hotel Operators'
Occupation Tax Act, shall be credited initially to the McCormick Place
Account and all other amounts deposited into the Build Illinois Fund shall be
credited initially to the Build Illinois Bond Account. Of the amounts
initially so credited to the McCormick Place Account in each month, the
amount that is to be transferred in that month to the Metropolitan Fair
and Exposition Authority Improvement Bond Fund, as provided below, shall
remain credited to the McCormick Place Account, and all amounts initially so
credited in that month in excess thereof shall next be credited to the
Build Illinois Bond Account. Of the amounts credited to the Build Illinois
Bond Account in each month, the amount that is to be transferred in that
month to the Build Illinois Bond Retirement and Interest Fund, as provided
below, shall remain credited to the Build Illinois Bond Account, and all
amounts so credited in each month in excess thereof shall next be credited
monthly to the other accounts in the following order of priority: first, to
the Build Illinois Purposes Account, plus any cumulative
deficiency in those transfers for prior months; second,
1/12 of $10,000,000, plus any cumulative deficiency in those transfers for
prior months, to the Park and Conservation Fund Account;
and third, to the General Revenue Fund in the State Treasury all
amounts
that remain in the Build Illinois Fund on the last day of each
month and are not credited to any account in that Fund.
Transfers from the McCormick Place Account in the Build
Illinois Fund shall be made as follows:
Beginning with fiscal year 1985 and continuing for each fiscal
year thereafter, the Metropolitan Pier and Exposition
Authority shall annually certify to the State Comptroller and State
Treasurer the amount necessary and required during the fiscal year with
respect to which the certification is made to pay the debt service
requirements (including amounts to be paid with respect to arrangements to
provide additional security or liquidity) on all outstanding bonds and
notes, including refunding bonds (herein collectively referred to as bonds)
of issues in the aggregate amount (excluding the amount of any refunding
bonds issued by that Authority after January 1, 1986) of not more than
$312,500,000 issued after July 1, 1984, by that Authority for the purposes
specified in Sections 10.1 and 13.1 of the Metropolitan Pier and Exposition
Authority Act. In each month of the fiscal year in which there are bonds
outstanding with respect to which the annual certification is made, the
Comptroller shall order transferred and the Treasurer shall transfer from
the McCormick Place Account in the Build Illinois Fund to the Metropolitan
Fair and Exposition Authority Improvement Bond Fund an amount equal to 150%
of the certified amount for that fiscal year divided by the number of
months during that fiscal year in which bonds of the Authority are
outstanding, plus any cumulative deficiency in those transfers for prior
months; provided, that the maximum amount that may be so transferred in
fiscal year 1985 shall not exceed $15,000,000 or a lesser sum as is
actually necessary and required to pay the debt service requirements for
that fiscal year after giving effect to net operating revenues of that
Authority available for that purpose as certified by that Authority, and
provided further that the maximum amount that may be so transferred in
fiscal year 1986 shall not exceed $30,000,000 and in each fiscal year
thereafter shall not exceed $33,500,000 in any fiscal year or a
lesser sum as is actually necessary and required to pay the debt service
requirements for that fiscal year after giving effect to net operating
revenues of that Authority available for that purpose as certified by
that Authority.
When an amount equal to 100% of the aggregate amount of principal and
interest in each fiscal year with respect to bonds issued after
July 1, 1984, that by their terms are payable from the Metropolitan Fair
and Exposition Authority Improvement Bond Fund, including under sinking
fund requirements, has been so paid and deficiencies in reserves established
from bond proceeds shall have been remedied, and at the time that those amounts
have been transferred to the Authority as provided in Section 13.1 of
the Metropolitan Pier and Exposition Authority Act, the remaining moneys,
if any, deposited and to be deposited during each fiscal year to the
Metropolitan Fair and Exposition Authority Improvement Bond Fund shall be
transferred to the Metropolitan Fair and Exposition Authority Completion
Note Subordinate Fund.
Transfers from the Build Illinois Bond Account in the Build Illinois
Fund shall be made as follows:
Beginning with fiscal year 1986 and continuing for each fiscal year
thereafter so long as limited obligation bonds of the State issued under
the Build Illinois Bond Act remain outstanding, the Comptroller shall
order transferred and the Treasurer shall transfer in each month,
commencing in October, 1985, on the last day of that month, from the Build
Illinois Bond Account to the Build Illinois Bond Retirement and Interest
Fund in the State Treasury the amount required to be so transferred in that
month under Section 13 of the Build Illinois Bond Act.
As soon as may be practicable after the first day of each month
beginning after July 1, 1984, the Comptroller shall order transferred and
the Treasurer shall transfer from the Park and Conservation Fund Account in
the Build Illinois Fund to the Park and Conservation Fund 1/12 of
$10,000,000, plus any cumulative deficiency in those transfers for
prior months, for conservation and park purposes as enumerated in Section
805-420 of the Department of Natural Resources (Conservation)
Law (20 ILCS 805/805-420), and to
pay
the debt
service requirements on all outstanding bonds of an issue in the aggregate
amount of not more than $40,000,000 issued after January 1, 1985, by the
State of Illinois for the purposes specified in Section 3(c) of the Capital
Development Bond Act of 1972, or for the same purposes as specified in any
other State general obligation bond Act enacted after November 1, 1984.
Transfers from the Park and Conservation Fund to the Capital Development
Bond Retirement and Interest Fund to pay those debt service requirements
shall be made in accordance with Section 8.25b of this Act.
All funds remaining in the Build Illinois Fund on the last day of any month
and not credited to any account in that Fund shall be transferred by the
State Treasurer to the General Revenue Fund.
(B) For the purpose of this Section, "cumulative deficiency" shall
include all deficiencies in those transfers that have occurred since July
1, 1984, as specified in subsection (A) of this Section.
(C) In addition to any other permitted use of moneys in the Fund, and
notwithstanding any restriction on the use of the Fund, moneys in the
Park and Conservation Fund may be transferred to the General Revenue Fund
as authorized by Public Act 87-14. The General Assembly finds that an
excess of moneys existed in the Fund on July 30, 1991, and the Governor's
order of July 30, 1991, requesting the Comptroller and Treasurer to
transfer an amount from the Fund to the General Revenue Fund is hereby
validated.
(D) (Blank).
(Source: P.A. 102-1071, eff. 6-10-22.)
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