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| [ Introduced ] | [ House Amendment 001 ] |
91_HB3423eng HB3423 Engrossed LRB9112046DHks 1 AN ACT to amend the Toll Highway Act by changing Sections 2 14.1, 18, 23, 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 14.1, 18, 23, and 24 as follows: 7 (605 ILCS 10/14.1) (from Ch. 121, par. 100-14.1) 8 Sec. 14.1. The Authority shall, prior to the issuance of 9 any bonds under this Act, except refunding bonds, prepare and 10 submit to the Governor for his approval preliminary plans 11 showing the proposed location of the route or routes of the 12 particular toll highway for which the bonds are to be issued, 13 which plans shall designate the approximate point of the 14 commencement and the termination of said route or routes and 15 shall also designate the municipalities to be afforded 16 reasonable connections therewith, and to be served thereby. 17 The Authority shall at the same time submit to the Governor 18 for his approval preliminary estimates of the cost of the 19 construction of the toll highway, shown on said preliminary 20 plans. If the Governor shall approve the preliminary plans 21 and the estimate of the cost thereof, the Authority may 22 thereupon proceed with the issuance of bonds as hereinafter 23 provided. Prior to the issuance of bonds for or the 24 commencement of construction of any new toll highway segment, 25 however, the issuance of bonds for or the commencement of 26 construction of that particular segmenttoll highwayshall be 27 approved by law as provided in Section 23authorized by joint28resolution of the General Assembly. 29 (Source: P.A. 86-1164.) 30 (605 ILCS 10/18) (from Ch. 121, par. 100-18) HB3423 Engrossed -2- LRB9112046DHks 1 Sec. 18. The sums of money appropriated by the General 2 Assembly (other than sums appropriated from the Illinois 3 State Toll Highway Authority Fund) for the payment of 4 ordinary and contingent expenses of the Authority or the 5 payment of compensation of the members of the Authority 6 expended as a part of the cost of a toll highway financed by 7 revenue bonds issued and sold by the Authority under this Act 8 shall be repaid to the State Treasury out of the proceeds of 9 the sale of such bonds, for deposit in the fund from which 10 such sums were appropriated. Any such sums remaining unpaid 11 because expended for preliminary investigation of toll 12 highway routes not constructed shall be repaid by the 13 Authority out of the proceeds of the sale of any of such 14 bonds issued to finance additional toll highways or 15 extensions of existing toll highways. If no such new bonds 16 are issued, and the money appropriated by the General 17 Assembly has not otherwise been repaid in full, then the 18 Authority shall, after payment of all existing bonds and 19 interest thereon, continue to collect tolls for the privilege 20 of using the toll highways constructed pursuant to the 21 authority of "An Act in relation to the construction, 22 operation, regulation and maintenance of a system of toll 23 highways and to create The Illinois State Toll Highway 24 Commission, and to define its powers and duties and to repeal 25 an Act therein named", approved July 13, 1953, as amended, 26 until such time as the tolls collected are sufficient to 27 repay any such unpaid money. The tolls so collected shall be 28 paid by the Authority to the State treasury for deposit in 29 the fund from which such sums were appropriated. 30 (Source: Laws 1968, p. 199.) 31 (605 ILCS 10/23) (from Ch. 121, par. 100-23) 32 Sec. 23. The Authority shall file with the Governor, the 33 Clerk of the House of Representatives, the Secretary of the HB3423 Engrossed -3- LRB9112046DHks 1 Senate, and the Illinois Economic and Fiscal Commission, on 2 or prior to March 15th of each year, a written statement and 3 report covering its activities for the preceding calendar 4 year. The Authority shall present, to the committees of the 5 House of Representatives designated by the Speaker of the 6 House and to the committees of the Senate designated by the 7 President of the Senate, an annual report outlining its 8 planned revenues and expenditures, including any plan to 9 institute a general increase in toll rates. Prior to 10 instituting any general increase in toll rates, the Authority 11 shall obtain the approval of the General Assembly by law 12 approved by the vote of three-fifths of the members elected 13 to each house. The Authority shall prepare an annual capital 14 plan which identifies capital projects by location and 15 details the project costs in correct dollar amounts. The 16 Authority may issue bonds to implement its capital plan only 17 in amounts and for purposes that have been approved by law. 18 The Authority shall also prepare and file a ten-year capital 19 plan that includes a listing of all capital improvement 20 projects contemplated during the ensuing ten-year period. 21 The first ten-year capital plan shall be filed in 1991 and 22 thereafter on the anniversary of each ten-year period. 23 It shall also be the duty of the Auditor General of the 24 State of Illinois, annually to audit or cause to be audited 25 the books and records of the Authority and to file a 26 certified copy of the report of such audit with the Governor 27 and with the Legislative Audit Commission, which audit 28 reports, when so filed, shall be open to the public for 29 inspection. 30 (Source: P.A. 91-256, eff. 1-1-00.) 31 (605 ILCS 10/24) (from Ch. 121, par. 100-24) 32 Sec. 24. Except as otherwise provided in any bond 33 resolution, the proceeds derived from the sale of bonds, and HB3423 Engrossed -4- LRB9112046DHks 1 all receipts and income derived from tolls, licenses, gifts, 2 donations, concessions, fees, rentals, and all other revenues 3 from whatever source derived, shall, within 3threedays 4 after receipt thereof, be paid to the Treasurer of the State 5 of Illinois, and held by him as a special fund known as the 6 Illinois State Toll Highway Authority Fund, except that the 7 Authority may retain portions of the Illinois State Toll 8 Highway Authority Fund as a locally maintained construction 9 fund revolving account and as a revenue fund revolving 10 account, where authorized by a bond resolution, and as 11 locally maintained change funds, where necessary for the 12 operations of the Authority. The State Treasurer shall be ex 13 officio custodian of such special fund, which fund shall be 14 held, invested and disbursed for the purposes provided herein 15 upon the order of the Authority and in accordance with 16 provisions and covenants of any bond resolution authorizing 17 the issuance of bonds which have not been paid or deemed 18 paid. The interest accruing on said special fund shall be 19 computed and added to the principal thereof every six months. 20 In addition to the special audits prescribed by this Act, the 21 said fund shall also be subject to audit in the same manner 22 as is now, or may hereinafter be, provided for the audit of 23 State funds and accounts. The said special fund shall be 24 protected by a corporate surety bond, executed by the 25 Treasurer, with a surety authorized to do business under the 26 laws of the State of Illinois. The amount of said bond shall 27 be fixed by resolution of the Authority, approved by the 28 Governor, and may be increased or diminished at any time. The 29 premiums on said bond shall be payable from the funds of the 30 Authority. The bond shall be subject to the approval of the 31 Governor and Attorney General of the State of Illinois, and, 32 when so approved, shall be filed in the office of the 33 Secretary of State. This Act shall constitute an irrevocable 34 and continuing appropriation from the special fund for HB3423 Engrossed -5- LRB9112046DHks 1 amounts to pay principal, interest, and other bond expenses 2 and obligations as provided in this Act. All other expenses 3 of the Authority, including the ordinary and contingent 4 expenses for the Authority's annual operations, are subject 5 to annual appropriation by the General Assembly from the 6 special fund (or from other funds as provided in Section 18) 7 for each fiscal year. Said special fundshall be considered8always appropriated for the purposes of disbursements, as9provided in this Act, andshall be paid out and disbursed 10 only as provided herein, and shall not, at any time be 11 appropriated or diverted to any other use or purpose. For 12 all outstanding bonds issued by the Authority before the 13 effective date of this amendatory Act of the 91st General 14 Assembly, the State guarantees the timely payment of any 15 principal or interest that is not paid by the Authority when 16 due, with recourse to the Court of Claims. The Authority 17 shall, with respect to all revenue bonds outstanding as of 18 the effective date of this amendatory Act of the 91st General 19 Assembly, maintain in a debt service fund an amount equal to 20 140% of the amount needed to pay annual debt service pursuant 21 to the bonds. 22 (Source: P.A. 83-1258.)