Sen. Donne E. Trotter

Filed: 1/24/2017





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2    AMENDMENT NO. ______. Amend Senate Bill 4 immediately below
3the enacting clause, by inserting the following:
4    "Section 3. The Illinois Finance Authority Act is amended
5by changing Section 801-40 as follows:
6    (20 ILCS 3501/801-40)
7    Sec. 801-40. In addition to the powers otherwise authorized
8by law and in addition to the foregoing general corporate
9powers, the Authority shall also have the following additional
10specific powers to be exercised in furtherance of the purposes
11of this Act.
12    (a) The Authority shall have power (i) to accept grants,
13loans or appropriations from the federal government or the
14State, or any agency or instrumentality thereof, to be used for
15the operating expenses of the Authority, or for any purposes of
16the Authority, including the making of direct loans of such



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1funds with respect to projects, and (ii) to enter into any
2agreement with the federal government or the State, or any
3agency or instrumentality thereof, in relationship to such
4grants, loans or appropriations.
5    (b) The Authority shall have power to procure and enter
6into contracts for any type of insurance and indemnity
7agreements covering loss or damage to property from any cause,
8including loss of use and occupancy, or covering any other
9insurable risk.
10    (c) The Authority shall have the continuing power to issue
11bonds for its corporate purposes. Bonds may be issued by the
12Authority in one or more series and may provide for the payment
13of any interest deemed necessary on such bonds, of the costs of
14issuance of such bonds, of any premium on any insurance, or of
15the cost of any guarantees, letters of credit or other similar
16documents, may provide for the funding of the reserves deemed
17necessary in connection with such bonds, and may provide for
18the refunding or advance refunding of any bonds or for accounts
19deemed necessary in connection with any purpose of the
20Authority. The bonds may bear interest payable at any time or
21times and at any rate or rates, notwithstanding any other
22provision of law to the contrary, and such rate or rates may be
23established by an index or formula which may be implemented or
24established by persons appointed or retained therefor by the
25Authority, or may bear no interest or may bear interest payable
26at maturity or upon redemption prior to maturity, may bear such



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1date or dates, may be payable at such time or times and at such
2place or places, may mature at any time or times not later than
340 years from the date of issuance, may be sold at public or
4private sale at such time or times and at such price or prices,
5may be secured by such pledges, reserves, guarantees, letters
6of credit, insurance contracts or other similar credit support
7or liquidity instruments, may be executed in such manner, may
8be subject to redemption prior to maturity, may provide for the
9registration of the bonds, and may be subject to such other
10terms and conditions all as may be provided by the resolution
11or indenture authorizing the issuance of such bonds. The holder
12or holders of any bonds issued by the Authority may bring suits
13at law or proceedings in equity to compel the performance and
14observance by any person or by the Authority or any of its
15agents or employees of any contract or covenant made with the
16holders of such bonds and to compel such person or the
17Authority and any of its agents or employees to perform any
18duties required to be performed for the benefit of the holders
19of any such bonds by the provision of the resolution
20authorizing their issuance, and to enjoin such person or the
21Authority and any of its agents or employees from taking any
22action in conflict with any such contract or covenant.
23Notwithstanding the form and tenor of any such bonds and in the
24absence of any express recital on the face thereof that it is
25non-negotiable, all such bonds shall be negotiable
26instruments. Pending the preparation and execution of any such



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1bonds, temporary bonds may be issued as provided by the
2resolution. The bonds shall be sold by the Authority in such
3manner as it shall determine. The bonds may be secured as
4provided in the authorizing resolution by the receipts,
5revenues, income and other available funds of the Authority and
6by any amounts derived by the Authority from the loan agreement
7or lease agreement with respect to the project or projects; and
8bonds may be issued as general obligations of the Authority
9payable from such revenues, funds and obligations of the
10Authority as the bond resolution shall provide, or may be
11issued as limited obligations with a claim for payment solely
12from such revenues, funds and obligations as the bond
13resolution shall provide. The Authority may grant a specific
14pledge or assignment of and lien on or security interest in
15such rights, revenues, income, or amounts and may grant a
16specific pledge or assignment of and lien on or security
17interest in any reserves, funds or accounts established in the
18resolution authorizing the issuance of bonds. Any such pledge,
19assignment, lien or security interest for the benefit of the
20holders of the Authority's bonds shall be valid and binding
21from the time the bonds are issued without any physical
22delivery or further act, and shall be valid and binding as
23against and prior to the claims of all other parties having
24claims against the Authority or any other person irrespective
25of whether the other parties have notice of the pledge,
26assignment, lien or security interest. As evidence of such



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1pledge, assignment, lien and security interest, the Authority
2may execute and deliver a mortgage, trust agreement, indenture
3or security agreement or an assignment thereof. A remedy for
4any breach or default of the terms of any such agreement by the
5Authority may be by mandamus proceedings in any court of
6competent jurisdiction to compel the performance and
7compliance therewith, but the agreement may prescribe by whom
8or on whose behalf such action may be instituted. It is
9expressly understood that the Authority may, but need not,
10acquire title to any project with respect to which it exercises
11its authority.
12    (c-5) Subject to the limitations set forth in this
13subsection (c-5), the Authority shall have the power to issue
14State Pension Obligation Acceleration Bonds if in any fiscal
15year the amount appropriated for all accelerated pension
16benefit payments is less than the amount required for those
17payments. The proceeds from the State Pension Obligation
18Acceleration Bonds issued under this subsection may be used
19only to pay for accelerated pension benefit payments for the
20fiscal year in which the State Pension Obligation Acceleration
21Bonds are issued.
22    The Authority may not issue more than $250,000,000 in State
23Pension Obligation Acceleration Bonds pursuant to the
24authority granted in this subsection (c-5), excluding bonds
25issued to refund outstanding State Pension Obligation
26Acceleration Bonds.



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1    (d) With respect to the powers granted by this Act, the
2Authority may adopt rules and regulations prescribing the
3procedures by which persons may apply for assistance under this
4Act. Nothing herein shall be deemed to preclude the Authority,
5prior to the filing of any formal application, from conducting
6preliminary discussions and investigations with respect to the
7subject matter of any prospective application.
8    (e) The Authority shall have power to acquire by purchase,
9lease, gift or otherwise any property or rights therein from
10any person useful for its purposes, whether improved for the
11purposes of any prospective project, or unimproved. The
12Authority may also accept any donation of funds for its
13purposes from any such source. The Authority shall have no
14independent power of condemnation but may acquire any property
15or rights therein obtained upon condemnation by any other
16authority, governmental entity or unit of local government with
17such power.
18    (f) The Authority shall have power to develop, construct
19and improve either under its own direction, or through
20collaboration with any approved applicant, or to acquire
21through purchase or otherwise, any project, using for such
22purpose the proceeds derived from the sale of its bonds or from
23governmental loans or grants, and to hold title in the name of
24the Authority to such projects.
25    (g) The Authority shall have power to lease pursuant to a
26lease agreement any project so developed and constructed or



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1acquired to the approved tenant on such terms and conditions as
2may be appropriate to further the purposes of this Act and to
3maintain the credit of the Authority. Any such lease may
4provide for either the Authority or the approved tenant to
5assume initially, in whole or in part, the costs of
6maintenance, repair and improvements during the leasehold
7period. In no case, however, shall the total rentals from any
8project during any initial leasehold period or the total loan
9repayments to be made pursuant to any loan agreement, be less
10than an amount necessary to return over such lease or loan
11period (1) all costs incurred in connection with the
12development, construction, acquisition or improvement of the
13project and for repair, maintenance and improvements thereto
14during the period of the lease or loan; provided, however, that
15the rentals or loan repayments need not include costs met
16through the use of funds other than those obtained by the
17Authority through the issuance of its bonds or governmental
18loans; (2) a reasonable percentage additive to be agreed upon
19by the Authority and the borrower or tenant to cover a properly
20allocable portion of the Authority's general expenses,
21including, but not limited to, administrative expenses,
22salaries and general insurance, and (3) an amount sufficient to
23pay when due all principal of, interest and premium, if any on,
24any bonds issued by the Authority with respect to the project.
25The portion of total rentals payable under clause (3) of this
26subsection (g) shall be deposited in such special accounts,



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1including all sinking funds, acquisition or construction
2funds, debt service and other funds as provided by any
3resolution, mortgage or trust agreement of the Authority
4pursuant to which any bond is issued.
5    (h) The Authority has the power, upon the termination of
6any leasehold period of any project, to sell or lease for a
7further term or terms such project on such terms and conditions
8as the Authority shall deem reasonable and consistent with the
9purposes of the Act. The net proceeds from all such sales and
10the revenues or income from such leases shall be used to
11satisfy any indebtedness of the Authority with respect to such
12project and any balance may be used to pay any expenses of the
13Authority or be used for the further development, construction,
14acquisition or improvement of projects. In the event any
15project is vacated by a tenant prior to the termination of the
16initial leasehold period, the Authority shall sell or lease the
17facilities of the project on the most advantageous terms
18available. The net proceeds of any such disposition shall be
19treated in the same manner as the proceeds from sales or the
20revenues or income from leases subsequent to the termination of
21any initial leasehold period.
22    (i) The Authority shall have the power to make loans to
23persons to finance a project, to enter into loan agreements
24with respect thereto, and to accept guarantees from persons of
25its loans or the resultant evidences of obligations of the



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1    (j) The Authority may fix, determine, charge and collect
2any premiums, fees, charges, costs and expenses, including,
3without limitation, any application fees, commitment fees,
4program fees, financing charges or publication fees from any
5person in connection with its activities under this Act.
6    (k) In addition to the funds established as provided
7herein, the Authority shall have the power to create and
8establish such reserve funds and accounts as may be necessary
9or desirable to accomplish its purposes under this Act and to
10deposit its available monies into the funds and accounts.
11    (l) At the request of the governing body of any unit of
12local government, the Authority is authorized to market such
13local government's revenue bond offerings by preparing bond
14issues for sale, advertising for sealed bids, receiving bids at
15its offices, making the award to the bidder that offers the
16most favorable terms or arranging for negotiated placements or
17underwritings of such securities. The Authority may, at its
18discretion, offer for concurrent sale the revenue bonds of
19several local governments. Sales by the Authority of revenue
20bonds under this Section shall in no way imply State guarantee
21of such debt issue. The Authority may require such financial
22information from participating local governments as it deems
23necessary in order to carry out the purposes of this subsection
25    (m) The Authority may make grants to any county to which
26Division 5-37 of the Counties Code is applicable to assist in



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1the financing of capital development, construction and
2renovation of new or existing facilities for hospitals and
3health care facilities under that Act. Such grants may only be
4made from funds appropriated for such purposes from the Build
5Illinois Bond Fund.
6    (n) The Authority may establish an urban development action
7grant program for the purpose of assisting municipalities in
8Illinois which are experiencing severe economic distress to
9help stimulate economic development activities needed to aid in
10economic recovery. The Authority shall determine the types of
11activities and projects for which the urban development action
12grants may be used, provided that such projects and activities
13are broadly defined to include all reasonable projects and
14activities the primary objectives of which are the development
15of viable urban communities, including decent housing and a
16suitable living environment, and expansion of economic
17opportunity, principally for persons of low and moderate
18incomes. The Authority shall enter into grant agreements from
19monies appropriated for such purposes from the Build Illinois
20Bond Fund. The Authority shall monitor the use of the grants,
21and shall provide for audits of the funds as well as recovery
22by the Authority of any funds determined to have been spent in
23violation of this subsection (n) or any rule or regulation
24promulgated hereunder. The Authority shall provide technical
25assistance with regard to the effective use of the urban
26development action grants. The Authority shall file an annual



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1report to the General Assembly concerning the progress of the
2grant program.
3    (o) The Authority may establish a Housing Partnership
4Program whereby the Authority provides zero-interest loans to
5municipalities for the purpose of assisting in the financing of
6projects for the rehabilitation of affordable multi-family
7housing for low and moderate income residents. The Authority
8may provide such loans only upon a municipality's providing
9evidence that it has obtained private funding for the
10rehabilitation project. The Authority shall provide 3 State
11dollars for every 7 dollars obtained by the municipality from
12sources other than the State of Illinois. The loans shall be
13made from monies appropriated for such purpose from the Build
14Illinois Bond Fund. The total amount of loans available under
15the Housing Partnership Program shall not exceed $30,000,000.
16State loan monies under this subsection shall be used only for
17the acquisition and rehabilitation of existing buildings
18containing 4 or more dwelling units. The terms of any loan made
19by the municipality under this subsection shall require
20repayment of the loan to the municipality upon any sale or
21other transfer of the project.
22    (p) The Authority may award grants to universities and
23research institutions, research consortiums and other
24not-for-profit entities for the purposes of: remodeling or
25otherwise physically altering existing laboratory or research
26facilities, expansion or physical additions to existing



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1laboratory or research facilities, construction of new
2laboratory or research facilities or acquisition of modern
3equipment to support laboratory or research operations
4provided that such grants (i) be used solely in support of
5project and equipment acquisitions which enhance technology
6transfer, and (ii) not constitute more than 60 percent of the
7total project or acquisition cost.
8    (q) Grants may be awarded by the Authority to units of
9local government for the purpose of developing the appropriate
10infrastructure or defraying other costs to the local government
11in support of laboratory or research facilities provided that
12such grants may not exceed 40% of the cost to the unit of local
14    (r) The Authority may establish a Direct Loan Program to
15make loans to individuals, partnerships or corporations for the
16purpose of an industrial project, as defined in Section 801-10
17of this Act. For the purposes of such program and not by way of
18limitation on any other program of the Authority, the Authority
19shall have the power to issue bonds, notes, or other evidences
20of indebtedness including commercial paper for purposes of
21providing a fund of capital from which it may make such loans.
22The Authority shall have the power to use any appropriations
23from the State made especially for the Authority's Direct Loan
24Program for additional capital to make such loans or for the
25purposes of reserve funds or pledged funds which secure the
26Authority's obligations of repayment of any bond, note or other



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1form of indebtedness established for the purpose of providing
2capital for which it intends to make such loans under the
3Direct Loan Program. For the purpose of obtaining such capital,
4the Authority may also enter into agreements with financial
5institutions and other persons for the purpose of selling loans
6and developing a secondary market for such loans. Loans made
7under the Direct Loan Program may be in an amount not to exceed
8$300,000 and shall be made for a portion of an industrial
9project which does not exceed 50% of the total project. No loan
10may be made by the Authority unless approved by the affirmative
11vote of at least 8 members of the board. The Authority shall
12establish procedures and publish rules which shall provide for
13the submission, review, and analysis of each direct loan
14application and which shall preserve the ability of each board
15member to reach an individual business judgment regarding the
16propriety of making each direct loan. The collective discretion
17of the board to approve or disapprove each loan shall be
18unencumbered. The Authority may establish and collect such fees
19and charges, determine and enforce such terms and conditions,
20and charge such interest rates as it determines to be necessary
21and appropriate to the successful administration of the Direct
22Loan Program. The Authority may require such interests in
23collateral and such guarantees as it determines are necessary
24to project the Authority's interest in the repayment of the
25principal and interest of each loan made under the Direct Loan



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1    (s) The Authority may guarantee private loans to third
2parties up to a specified dollar amount in order to promote
3economic development in this State.
4    (t) The Authority may adopt rules and regulations as may be
5necessary or advisable to implement the powers conferred by
6this Act.
7    (u) The Authority shall have the power to issue bonds,
8notes or other evidences of indebtedness, which may be used to
9make loans to units of local government which are authorized to
10enter into loan agreements and other documents and to issue
11bonds, notes and other evidences of indebtedness for the
12purpose of financing the protection of storm sewer outfalls,
13the construction of adequate storm sewer outfalls, and the
14provision for flood protection of sanitary sewage treatment
15plans, in counties that have established a stormwater
16management planning committee in accordance with Section
175-1062 of the Counties Code. Any such loan shall be made by the
18Authority pursuant to the provisions of Section 820-5 to 820-60
19of this Act. The unit of local government shall pay back to the
20Authority the principal amount of the loan, plus annual
21interest as determined by the Authority. The Authority shall
22have the power, subject to appropriations by the General
23Assembly, to subsidize or buy down a portion of the interest on
24such loans, up to 4% per annum.
25    (v) The Authority may accept security interests as provided
26in Sections 11-3 and 11-3.3 of the Illinois Public Aid Code.



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1    (w) Moral Obligation. In the event that the Authority
2determines that monies of the Authority will not be sufficient
3for the payment of the principal of and interest on its bonds
4during the next State fiscal year, the Chairperson, as soon as
5practicable, shall certify to the Governor the amount required
6by the Authority to enable it to pay such principal of and
7interest on the bonds. The Governor shall submit the amount so
8certified to the General Assembly as soon as practicable, but
9no later than the end of the current State fiscal year. This
10subsection shall apply only to any bonds or notes as to which
11the Authority shall have determined, in the resolution
12authorizing the issuance of the bonds or notes, that this
13subsection shall apply. Whenever the Authority makes such a
14determination, that fact shall be plainly stated on the face of
15the bonds or notes and that fact shall also be reported to the
16Governor. In the event of a withdrawal of moneys from a reserve
17fund established with respect to any issue or issues of bonds
18of the Authority to pay principal or interest on those bonds,
19the Chairperson of the Authority, as soon as practicable, shall
20certify to the Governor the amount required to restore the
21reserve fund to the level required in the resolution or
22indenture securing those bonds. The Governor shall submit the
23amount so certified to the General Assembly as soon as
24practicable, but no later than the end of the current State
25fiscal year. The Authority shall obtain written approval from
26the Governor for any bonds and notes to be issued under this



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1Section. In addition to any other bonds authorized to be issued
2under Sections 825-60, 825-65(e), 830-25 and 845-5, the
3principal amount of Authority bonds outstanding issued under
4this Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS
5360/2-6(c), which have been assumed by the Authority, shall not
6exceed $150,000,000. This subsection (w) shall in no way be
7applied to any bonds issued by the Authority on behalf of the
8Illinois Power Agency under Section 825-90 of this Act.
9    (x) The Authority may enter into agreements or contracts
10with any person necessary or appropriate to place the payment
11obligations of the Authority under any of its bonds in whole or
12in part on any interest rate basis, cash flow basis, or other
13basis desired by the Authority, including without limitation
14agreements or contracts commonly known as "interest rate swap
15agreements", "forward payment conversion agreements", and
16"futures", or agreements or contracts to exchange cash flows or
17a series of payments, or agreements or contracts, including
18without limitation agreements or contracts commonly known as
19"options", "puts", or "calls", to hedge payment, rate spread,
20or similar exposure; provided that any such agreement or
21contract shall not constitute an obligation for borrowed money
22and shall not be taken into account under Section 845-5 of this
23Act or any other debt limit of the Authority or the State of
25    (y) The Authority shall publish summaries of projects and
26actions approved by the members of the Authority on its



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1website. These summaries shall include, but not be limited to,
2information regarding the:
3        (1) project;
4        (2) Board's action or actions;
5        (3) purpose of the project;
6        (4) Authority's program and contribution;
7        (5) volume cap;
8        (6) jobs retained;
9        (7) projected new jobs;
10        (8) construction jobs created;
11        (9) estimated sources and uses of funds;
12        (10) financing summary;
13        (11) project summary;
14        (12) business summary;
15        (13) ownership or economic disclosure statement;
16        (14) professional and financial information;
17        (15) service area; and
18        (16) legislative district.
19    The disclosure of information pursuant to this subsection
20shall comply with the Freedom of Information Act.
21(Source: P.A. 95-470, eff. 8-27-07; 95-481, eff. 8-28-07;
2295-876, eff. 8-21-08; 96-795, eff. 7-1-10 (see Section 5 of
23P.A. 96-793 for the effective date of changes made by P.A.
25    Section 4. The State Finance Act is amended by adding



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1Section 5.878 as follows:
2    (30 ILCS 105/5.878 new)
3    Sec. 5.878. The State Pension Obligation Acceleration Bond
4Fund."; and
5on page 1, line 10, by replacing "Section 7.6" with "Sections
67.6 and 7.7"; and
7on page 1, line 16, by replacing "$56,917,915,743" with
8"$57,167,925,743"; and
9on page 2, by replacing lines 11 through 14 with the following:
10    "Of the total amount of Bonds authorized in this Act, the
11additional $7,000,000,000 authorized by Section 7.6 shall be
12used solely as provided in Section 7.6 and shall be issued by
13September 1, 2017.
14    Of the total amount of Bonds authorized in this Act, the
15additional $250,000,000 authorized by Section 7.7 shall be used
16solely as provided in Section 7.7."; and
17on page 4, immediately below line 22, by inserting the
19    "(30 ILCS 330/7.7 new)
20    Sec. 7.7. State Pension Obligation Acceleration Bonds.



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1    (a) As used in this Act, "State Pension Obligation
2Acceleration Bonds" means Bonds authorized by this amendatory
3Act of the 100th General Assembly and used for the purposes set
4forth in subsection (c-5) of Section 801-40 of the Illinois
5Finance Authority Act.
6    (b) State Pension Obligation Acceleration Bonds in the
7amount of $250,000,000 are hereby authorized to be used for the
8purposes set forth in subsection (c-5) of Section 801-40 of the
9Illinois Finance Authority Act.
10    (c) The proceeds of State Pension Obligation Acceleration
11Bonds authorized in subsection (b) of this Section, less the
12amounts authorized in the Bond Sale Order to be directly paid
13out for bond sale expenses under Section 8, shall be deposited
14directly into the State Pension Obligation Acceleration Bond
15Fund, and the Comptroller and the Treasurer shall, as soon as
16practical, make payments as contemplated by subsection (c-5) of
17Section 801-40 of the Illinois Finance Authority Act.
18    (d) There is created the State Pension Obligation
19Acceleration Bond Fund as a special fund in the State Treasury.
20Funds deposited in the State Pension Obligation Acceleration
21Bond Fund may only be used for the purposes set forth in
22subsection (c-5) of Section 801-40 of the Illinois Finance
23Authority Act or for the payment of principal and interest due
24on State Pension Obligation Acceleration Bonds."; and
25on page 5, line 2, by replacing "subsection (h)" with



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1"subsections (h) and (i)"; and
2on page 17, immediately below line 20, by inserting the
4    "(i) Notwithstanding any other provision of this Section,
5for purposes of maximizing market efficiencies and cost
6savings, State Pension Obligation Acceleration Bonds may be
7issued and sold from time to time, in one or more series, in
8such amounts and at such prices as may be directed by the
9Governor, upon recommendation by the Director of the Governor's
10Office of Management and Budget. State Pension Obligation
11Acceleration Bonds shall be in such form, either coupon,
12registered, or book entry, in such denominations, shall bear
13interest payable at such times and at such fixed or variable
14rate or rates, and be dated as shall be fixed and determined by
15the Director of the Governor's Office of Management and Budget
16in the order authorizing the issuance and sale of any series of
17State Pension Obligation Acceleration Bonds, which order shall
18be approved by the Governor and is herein called a "Bond Sale
19Order"; provided, however, that interest payable at fixed or
20variable rates shall not exceed that permitted in the Bond
21Authorization Act. State Pension Obligation Acceleration Bonds
22shall be payable at such place or places, within or without the
23State of Illinois, and may be made registrable as to either
24principal or as to both principal and interest, as shall be
25specified in the Bond Sale Order. State Pension Obligation



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1Acceleration Bonds may be callable or subject to purchase and
2retirement or tender and remarketing as fixed and determined in
3the Bond Sale Order."; and
4on page 20, immediately below line 3, by inserting the
6    "All State Pension Obligation Acceleration Bonds shall
7comply with this Section. Notwithstanding anything to the
8contrary, however, for purposes of complying with this Section,
9State Pension Obligation Acceleration Bonds, regardless of the
10number of series or issuances sold thereunder, shall be
11considered a single issue or series. Furthermore, for purposes
12of complying with the competitive bidding requirements of this
13Section, the words "at all times" shall not apply to any such
14sale of the State Pension Obligation Acceleration Bonds. The
15Director of the Governor's Office of Management and Budget
16shall determine the time and manner of any competitive sale of
17the State Pension Obligation Acceleration Bonds; however, that
18sale shall under no circumstances take place later than 60 days
19after the State closes the sale of 75% of the State Pension
20Obligation Acceleration Bonds by negotiated sale."; and
21on page 21, immediately below line 13, by inserting the
23    "(f-8) Proceeds from the sale of Bonds, authorized by
24Section 7.7 of this Act, shall be deposited as set forth in



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1Section 7.7."; and
2on page 22, line 7, by replacing "7.2 and 7.6" with "7.2, 7.6,
3and 7.7"; and
4on page 24, immediately below line 9, by inserting the
6    "Section 10. The State Pension Funds Continuing
7Appropriation Act is amended by adding Section 1.10 as follows:
8    (40 ILCS 15/1.10 new)
9    Sec. 1.10. Appropriations for State Pension Obligation
10Acceleration Bonds. If for any reason the aggregate
11appropriations made available are insufficient to meet the
12levels required for the payment of principal and interest due
13on State Pension Obligation Acceleration Bonds under Section
147.6 of the General Obligation Bond Act, this Section shall
15constitute a continuing appropriation of all amounts necessary
16for those purposes.".