State of Illinois
91st General Assembly
Legislation

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91_HB0357eng

 
HB0357 Engrossed                               LRB9102240MWgc

 1        AN ACT to amend the State Finance Act by changing Section
 2    6z-45.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.  The State Finance Act is amended by changing
 6    Section 6z-45 as follows:

 7        (30 ILCS 105/6z-45)
 8        Sec. 6z-45.  The School Infrastructure Fund.  The  School
 9    Infrastructure Fund is created as a special fund in the State
10    Treasury.   Subject  to  the  transfer  provisions  set forth
11    below, money in the School Infrastructure Fund shall, if  and
12    when the State of Illinois incurs any bonded indebtedness for
13    the  construction  of  school  improvements  under the School
14    Construction Act, be set aside and used for  the  purpose  of
15    paying and discharging annually the principal and interest on
16    that  bonded  indebtedness  then  due and payable, and for no
17    other purpose.  In addition to other transfers to the General
18    Obligation Bond Retirement and Interest Fund made pursuant to
19    Section 15 of the General  Obligation  Bond  Act,  upon  each
20    delivery   of   bonds   issued  for  construction  of  school
21    improvements under the School  Construction  Act,  the  State
22    Comptroller  shall compute and certify to the State Treasurer
23    the total amount of principal of, interest on,  and  premium,
24    if  any,  on  such  bonds  during  the  then current and each
25    succeeding fiscal year.  On or before the last  day  of  each
26    month,  the  State  Treasurer  and  State  Comptroller  shall
27    transfer  from  the School Infrastructure Fund to the General
28    Obligation  Bond  Retirement  and  Interest  Fund  an  amount
29    sufficient to pay the aggregate of the principal of, interest
30    on, and premium, if any, on the bonds payable on  their  next
31    payment  date,  divided  by  the  number of monthly transfers
 
HB0357 Engrossed             -2-               LRB9102240MWgc
 1    occurring between the last  previous  payment  date  (or  the
 2    delivery  date  if  no payment date has yet occurred) and the
 3    next succeeding payment date.
 4        The surplus, if any, in the  School  Infrastructure  Fund
 5    after  the  payment  of principal and interest on that bonded
 6    indebtedness   then   annually   due   shall,   subject    to
 7    appropriation, be used as follows:
 8        First--to   make  3  transfers  payments  to  the  School
 9    Technology Revolving Loan Fund as follows:
10        Transfer of $30,000,000 in fiscal year 1999;
11        Transfer of $20,000,000 in fiscal year 2000; and
12        Transfer of $10,000,000 in fiscal year 2001.
13        Second--to pay, subject to appropriation, the expenses of
14    the State Board of  Education  and  the  Capital  Development
15    Board in administering programs under the School Construction
16    Act,  the  total  expenses  not  to  exceed $1,000,000 in any
17    fiscal year.
18        Third--to pay, subject to appropriation, any amounts  due
19    for  grants for school construction projects and debt service
20    under the School Construction Act.
21    (Source: P.A. 90-548, eff. 1-1-98; 90-587, eff. 7-1-98.)

22        Section 99.  Effective date.  This Act takes effect  upon
23    becoming law.

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