State of Illinois
91st General Assembly
Legislation

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[ Engrossed ][ House Amendment 001 ]

91_HB3423

 
                                               LRB9112046DHks

 1        AN ACT to amend the Toll Highway Act by changing Sections
 2    18 and 24.

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

 5        Section 5.  The Toll Highway Act is amended  by  changing
 6    Sections 18 and 24 as follows:

 7        (605 ILCS 10/18) (from Ch. 121, par. 100-18)
 8        Sec.  18.  The  sums of money appropriated by the General
 9    Assembly (other than  sums  appropriated  from  the  Illinois
10    State  Toll  Highway  Authority  Fund)  for  the  payment  of
11    ordinary  and  contingent  expenses  of  the Authority or the
12    payment of compensation  of  the  members  of  the  Authority
13    expended  as a part of the cost of a toll highway financed by
14    revenue bonds issued and sold by the Authority under this Act
15    shall be repaid to the State Treasury out of the proceeds  of
16    the  sale  of  such bonds, for deposit in the fund from which
17    such sums were appropriated. Any such sums  remaining  unpaid
18    because   expended  for  preliminary  investigation  of  toll
19    highway  routes  not  constructed  shall  be  repaid  by  the
20    Authority out of the proceeds of the  sale  of  any  of  such
21    bonds   issued   to   finance  additional  toll  highways  or
22    extensions of existing toll highways. If no  such  new  bonds
23    are  issued,  and  the  money  appropriated  by  the  General
24    Assembly  has  not  otherwise  been  repaid in full, then the
25    Authority shall, after payment  of  all  existing  bonds  and
26    interest thereon, continue to collect tolls for the privilege
27    of  using  the  toll  highways  constructed  pursuant  to the
28    authority  of  "An  Act  in  relation  to  the  construction,
29    operation, regulation and maintenance of  a  system  of  toll
30    highways  and  to  create  The  Illinois  State  Toll Highway
31    Commission, and to define its powers and duties and to repeal
 
                            -2-                LRB9112046DHks
 1    an Act therein named", approved July 13,  1953,  as  amended,
 2    until  such  time  as  the  tolls collected are sufficient to
 3    repay any such unpaid money. The tolls so collected shall  be
 4    paid  by  the  Authority to the State treasury for deposit in
 5    the fund from which such sums were appropriated.
 6    (Source: Laws 1968, p. 199.)

 7        (605 ILCS 10/24) (from Ch. 121, par. 100-24)
 8        Sec. 24.   Except  as  otherwise  provided  in  any  bond
 9    resolution,  the proceeds derived from the sale of bonds, and
10    all receipts and income derived from tolls, licenses,  gifts,
11    donations, concessions, fees, rentals, and all other revenues
12    from  whatever  source  derived,  shall,  within 3 three days
13    after receipt thereof, be paid to the Treasurer of the  State
14    of  Illinois,  and held by him as a special fund known as the
15    Illinois State Toll Highway Authority Fund, except  that  the
16    Authority  may  retain   portions  of the Illinois State Toll
17    Highway Authority Fund as a locally  maintained  construction
18    fund  revolving  account  and  as  a  revenue  fund revolving
19    account, where  authorized  by  a  bond  resolution,  and  as
20    locally  maintained  change  funds,  where  necessary for the
21    operations of the Authority. The State Treasurer shall be  ex
22    officio  custodian  of such special fund, which fund shall be
23    held, invested and disbursed for the purposes provided herein
24    upon the order  of  the  Authority  and  in  accordance  with
25    provisions  and  covenants of any bond resolution authorizing
26    the issuance of bonds which have  not  been  paid  or  deemed
27    paid.   The  interest  accruing on said special fund shall be
28    computed and added to the principal thereof every six months.
29    In addition to the special audits prescribed by this Act, the
30    said fund shall also be subject to audit in the  same  manner
31    as  is  now, or may hereinafter be, provided for the audit of
32    State funds and accounts. The  said  special  fund  shall  be
33    protected  by  a  corporate  surety  bond,  executed  by  the
 
                            -3-                LRB9112046DHks
 1    Treasurer,  with a surety authorized to do business under the
 2    laws of the State of Illinois. The amount of said bond  shall
 3    be  fixed  by  resolution  of  the Authority, approved by the
 4    Governor, and may be increased or diminished at any time. The
 5    premiums on said bond shall be payable from the funds of  the
 6    Authority.  The  bond shall be subject to the approval of the
 7    Governor and Attorney General of the State of Illinois,  and,
 8    when  so  approved,  shall  be  filed  in  the  office of the
 9    Secretary of State. This Act shall constitute an  irrevocable
10    and  continuing  appropriation  from  the  special  fund  for
11    amounts  to  pay principal, interest, and other bond expenses
12    and obligations as provided in this Act.  All other  expenses
13    of  the  Authority,  including  the  ordinary  and contingent
14    expenses for the Authority's annual operations,  are  subject
15    to  annual  appropriation  by  the  General Assembly from the
16    special fund (or from other funds as provided in Section  18)
17    for  each  fiscal year. Said special fund shall be considered
18    always appropriated for the  purposes  of  disbursements,  as
19    provided  in  this  Act,  and shall be paid out and disbursed
20    only as provided herein,  and  shall  not,  at  any  time  be
21    appropriated or diverted to any other use or purpose.
22    (Source: P.A. 83-1258.)

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