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91_HB3423ham001
LRB9112046DHsbam
1 AMENDMENT TO HOUSE BILL 3423
2 AMENDMENT NO. . Amend House Bill 3423 as follows:
3 by replacing the title with the following:
4 "AN ACT to amend the Toll Highway Act by changing
5 Sections 14.1, 18, 23, and 24."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Toll Highway Act is amended by changing
9 Sections 14.1, 18, 23, and 24 as follows:
10 (605 ILCS 10/14.1) (from Ch. 121, par. 100-14.1)
11 Sec. 14.1. The Authority shall, prior to the issuance of
12 any bonds under this Act, except refunding bonds, prepare and
13 submit to the Governor for his approval preliminary plans
14 showing the proposed location of the route or routes of the
15 particular toll highway for which the bonds are to be issued,
16 which plans shall designate the approximate point of the
17 commencement and the termination of said route or routes and
18 shall also designate the municipalities to be afforded
19 reasonable connections therewith, and to be served thereby.
20 The Authority shall at the same time submit to the Governor
21 for his approval preliminary estimates of the cost of the
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1 construction of the toll highway, shown on said preliminary
2 plans. If the Governor shall approve the preliminary plans
3 and the estimate of the cost thereof, the Authority may
4 thereupon proceed with the issuance of bonds as hereinafter
5 provided. Prior to the issuance of bonds for or the
6 commencement of construction of any new toll highway segment,
7 however, the issuance of bonds for or the commencement of
8 construction of that particular segment toll highway shall be
9 approved by law as provided in Section 23 authorized by joint
10 resolution of the General Assembly.
11 (Source: P.A. 86-1164.)
12 (605 ILCS 10/18) (from Ch. 121, par. 100-18)
13 Sec. 18. The sums of money appropriated by the General
14 Assembly (other than sums appropriated from the Illinois
15 State Toll Highway Authority Fund) for the payment of
16 ordinary and contingent expenses of the Authority or the
17 payment of compensation of the members of the Authority
18 expended as a part of the cost of a toll highway financed by
19 revenue bonds issued and sold by the Authority under this Act
20 shall be repaid to the State Treasury out of the proceeds of
21 the sale of such bonds, for deposit in the fund from which
22 such sums were appropriated. Any such sums remaining unpaid
23 because expended for preliminary investigation of toll
24 highway routes not constructed shall be repaid by the
25 Authority out of the proceeds of the sale of any of such
26 bonds issued to finance additional toll highways or
27 extensions of existing toll highways. If no such new bonds
28 are issued, and the money appropriated by the General
29 Assembly has not otherwise been repaid in full, then the
30 Authority shall, after payment of all existing bonds and
31 interest thereon, continue to collect tolls for the privilege
32 of using the toll highways constructed pursuant to the
33 authority of "An Act in relation to the construction,
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1 operation, regulation and maintenance of a system of toll
2 highways and to create The Illinois State Toll Highway
3 Commission, and to define its powers and duties and to repeal
4 an Act therein named", approved July 13, 1953, as amended,
5 until such time as the tolls collected are sufficient to
6 repay any such unpaid money. The tolls so collected shall be
7 paid by the Authority to the State treasury for deposit in
8 the fund from which such sums were appropriated.
9 (Source: Laws 1968, p. 199.)
10 (605 ILCS 10/23) (from Ch. 121, par. 100-23)
11 Sec. 23. The Authority shall file with the Governor, the
12 Clerk of the House of Representatives, the Secretary of the
13 Senate, and the Illinois Economic and Fiscal Commission, on
14 or prior to March 15th of each year, a written statement and
15 report covering its activities for the preceding calendar
16 year. The Authority shall present, to the committees of the
17 House of Representatives designated by the Speaker of the
18 House and to the committees of the Senate designated by the
19 President of the Senate, an annual report outlining its
20 planned revenues and expenditures, including any plan to
21 institute a general increase in toll rates. Prior to
22 instituting any general increase in toll rates, the Authority
23 shall obtain the approval of the General Assembly by law
24 approved by the vote of three-fifths of the members elected
25 to each house. The Authority shall prepare an annual capital
26 plan which identifies capital projects by location and
27 details the project costs in correct dollar amounts. The
28 Authority may issue bonds to implement its capital plan only
29 in amounts and for purposes that have been approved by law.
30 The Authority shall also prepare and file a ten-year capital
31 plan that includes a listing of all capital improvement
32 projects contemplated during the ensuing ten-year period.
33 The first ten-year capital plan shall be filed in 1991 and
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1 thereafter on the anniversary of each ten-year period.
2 It shall also be the duty of the Auditor General of the
3 State of Illinois, annually to audit or cause to be audited
4 the books and records of the Authority and to file a
5 certified copy of the report of such audit with the Governor
6 and with the Legislative Audit Commission, which audit
7 reports, when so filed, shall be open to the public for
8 inspection.
9 (Source: P.A. 91-256, eff. 1-1-00.)
10 (605 ILCS 10/24) (from Ch. 121, par. 100-24)
11 Sec. 24. Except as otherwise provided in any bond
12 resolution, the proceeds derived from the sale of bonds, and
13 all receipts and income derived from tolls, licenses, gifts,
14 donations, concessions, fees, rentals, and all other revenues
15 from whatever source derived, shall, within 3 three days
16 after receipt thereof, be paid to the Treasurer of the State
17 of Illinois, and held by him as a special fund known as the
18 Illinois State Toll Highway Authority Fund, except that the
19 Authority may retain portions of the Illinois State Toll
20 Highway Authority Fund as a locally maintained construction
21 fund revolving account and as a revenue fund revolving
22 account, where authorized by a bond resolution, and as
23 locally maintained change funds, where necessary for the
24 operations of the Authority. The State Treasurer shall be ex
25 officio custodian of such special fund, which fund shall be
26 held, invested and disbursed for the purposes provided herein
27 upon the order of the Authority and in accordance with
28 provisions and covenants of any bond resolution authorizing
29 the issuance of bonds which have not been paid or deemed
30 paid. The interest accruing on said special fund shall be
31 computed and added to the principal thereof every six months.
32 In addition to the special audits prescribed by this Act, the
33 said fund shall also be subject to audit in the same manner
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1 as is now, or may hereinafter be, provided for the audit of
2 State funds and accounts. The said special fund shall be
3 protected by a corporate surety bond, executed by the
4 Treasurer, with a surety authorized to do business under the
5 laws of the State of Illinois. The amount of said bond shall
6 be fixed by resolution of the Authority, approved by the
7 Governor, and may be increased or diminished at any time. The
8 premiums on said bond shall be payable from the funds of the
9 Authority. The bond shall be subject to the approval of the
10 Governor and Attorney General of the State of Illinois, and,
11 when so approved, shall be filed in the office of the
12 Secretary of State. This Act shall constitute an irrevocable
13 and continuing appropriation from the special fund for
14 amounts to pay principal, interest, and other bond expenses
15 and obligations as provided in this Act. All other expenses
16 of the Authority, including the ordinary and contingent
17 expenses for the Authority's annual operations, are subject
18 to annual appropriation by the General Assembly from the
19 special fund (or from other funds as provided in Section 18)
20 for each fiscal year. Said special fund shall be considered
21 always appropriated for the purposes of disbursements, as
22 provided in this Act, and shall be paid out and disbursed
23 only as provided herein, and shall not, at any time be
24 appropriated or diverted to any other use or purpose. For
25 all outstanding bonds issued by the Authority before the
26 effective date of this amendatory Act of the 91st General
27 Assembly, the State guarantees the timely payment of any
28 principal or interest that is not paid by the Authority when
29 due, with recourse to the Court of Claims. The Authority
30 shall, with respect to all revenue bonds outstanding as of
31 the effective date of this amendatory Act of the 91st General
32 Assembly, maintain in a debt service fund an amount equal to
33 140% of the amount needed to pay annual debt service pursuant
34 to the bonds.
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1 (Source: P.A. 83-1258.)".