State of Illinois
92nd General Assembly
Legislation

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92_SB0834

 
                                               LRB9204129REtm

 1        AN ACT concerning State funds.

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

 4        Section 5.  The State Finance Act is amended by  changing
 5    Section 6t as follows:

 6        (30 ILCS 105/6t) (from Ch. 127, par. 142t)
 7        Sec.  6t.   The  Capital  Development  Board Contributory
 8    Trust Fund is created  and  there  shall  be  paid  into  the
 9    Capital  Development Board Contributory Trust Fund the monies
10    contributed by and received  from  Public  Community  College
11    Districts,  Elementary, Secondary, and Unit School Districts,
12    and Vocational Education Facilities,  provided,  however,  no
13    monies   shall   be  required  from  a  participating  Public
14    Community  College District, Elementary, Secondary,  or  Unit
15    School  District,  or Vocational Education Facility more than
16    30 days  prior  to  anticipated  need  under  the  particular
17    contract   for   the   Public   Community  College  District,
18    Elementary,  Secondary,  or   Unit    School   District,   or
19    Vocational  Education Facility.  No monies in any fund in the
20    State Treasury, nor any funds under the control or beneficial
21    control of any state agency, university, college, department,
22    commission, board or any other unit of state government shall
23    be deposited, paid into, or by any other means caused  to  be
24    placed  into the Capital Development Board Contributory Trust
25    Fund, except for federal funds,  bid  bond  forfeitures,  and
26    insurance proceeds as provided for below.
27        There  shall  be  paid into the Capital Development Board
28    Contributory Trust Fund all federal funds to be utilized  for
29    the  construction  of capital projects under the jurisdiction
30    of the Capital Development Board, and all proceeds  resulting
31    from such federal funds.  All such funds shall be remitted to
 
                            -2-                LRB9204129REtm
 1    the Capital Development Board within 10 working days of their
 2    receipt by the receiving authority.
 3        There  shall  also  be  paid  into  this  Fund all monies
 4    designated as gifts, donations  or  charitable  contributions
 5    which  may be contributed by an individual or entity, whether
 6    public  or  private,  for  a  specific  capital   improvement
 7    project.
 8        There shall also be paid into this Fund all proceeds from
 9    bid  bond forfeitures in connection with any project formally
10    bid and awarded by the Capital Development Board.
11        There shall also be paid into this Fund all builders risk
12    insurance policy proceeds and all other funds recovered  from
13    contractors,  sureties,  architects,  material  suppliers  or
14    other  persons contracting with the Capital Development Board
15    for capital improvement projects which are received by way of
16    reimbursement for losses resulting  from  destruction  of  or
17    damage   to   capital   improvement   projects   while  under
18    construction by the Capital Development Board or received  by
19    way of settlement agreement or court order.
20        The  monies in the Capital Development Board Contributory
21    Trust Fund shall be expended only for actual  contracts  let,
22    and  then  only for the specific project for which funds were
23    received in accordance  with  the  judgment  of  the  Capital
24    Development Board, compatible with the duties and obligations
25    of  the  Capital  Development  Board  in  furtherance  of the
26    specific  capital  improvement  for  which  such  funds  were
27    received. Contributions, insured-loss reimbursements or other
28    funds received as damages through settlement or judgement for
29    damage, destruction or loss of capital  improvement  projects
30    shall  be expended for the repair of such projects; or if the
31    projects have been or are being repaired  before  receipt  of
32    the funds, the funds may be used to repair other such capital
33    improvement  projects.   Any  funds  not  expended  for a the
34    specific project within 36 months  after  the  date  received
 
                            -3-                LRB9204129REtm
 1    shall be paid into the General Obligation Bond Retirement and
 2    Interest Fund.
 3        Contributions or insured-loss reimbursements not expended
 4    in  furtherance  of  the project for which they were received
 5    within 36 months of the date received, shall be  returned  to
 6    the contributing party. Proceeds from builders risk insurance
 7    shall  be  expended  only  for   the  amelioration  of damage
 8    arising from the incident for which the proceeds were paid to
 9    the State or the Capital Development Contributory Trust Fund.
10    Any residual amounts  remaining after the completion of  such
11    repairs,  renovation,  reconstruction or other work necessary
12    to restore the  capital  improvement  project  to  acceptable
13    condition  shall  be  returned  to  the proper fund or entity
14    financing or contributing towards the  cost  of  the  capital
15    improvement  project.   Such returns shall be made in amounts
16    proportionate to the contributions made in furtherance of the
17    project.
18        Any monies received as a  gift,  donation  or  charitable
19    contribution  for  a  specific capital improvement which have
20    not been expended in furtherance of  that  project  shall  be
21    returned  to  the  contributing party after completion of the
22    project or if the legislature fails to authorize the  capital
23    improvement.
24        The  unused  portion  of any federal funds received for a
25    capital improvement project which are not  contributed,  upon
26    its  completion,  towards  the  cost of the project, shall be
27    deposited in the  Capital  Development  Bond  Retirement  and
28    Interest  Fund  if  moneys  from the Capital Development Fund
29    have been utilized for the project.
30    (Source: P.A. 86-192.)

31        Section 99.  Effective date.  This Act  takes  effect  on
32    July 1, 2001.

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