HB0142 EnrolledLRB101 02983 RJF 47991 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be referred to as the
5Rebuild Illinois Capital Financing Program Act of 2019.
 
6    Section 5. The State Finance Act is amended by changing
7Section 6z-78 and by adding Sections 5.891, 5.893, 5.894,
85.895, 5.896, 6z-108, 6z-109, 6z-110 and 6z-111 as follows:
 
9    (30 ILCS 105/5.891 new)
10    Sec. 5.891. The Multi-modal Transportation Bond Fund.
 
11    (30 ILCS 105/5.893 new)
12    Sec. 5.893. Transportation Renewal Fund.
 
13    (30 ILCS 105/5.894 new)
14    Sec. 5.894. Regional Transportation Authority Capital
15Improvement Fund.
 
16    (30 ILCS 105/5.895 new)
17    Sec. 5.895. Downstate Mass Transportation Capital
18Improvement Fund.
 

 

 

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1    (30 ILCS 105/5.896 new)
2    Sec. 5.896. Rebuild Illinois Projects Fund.
 
3    (30 ILCS 105/6z-78)
4    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
5transfers. Money in the Capital Projects Fund shall, if and
6when the State of Illinois incurs any bonded indebtedness using
7the bond authorizations for capital projects enacted in Public
8Act 96-36, Public Act 96-1554, Public Act 97-771, Public Act
998-94, and this amendatory Act of the 101st 98th General
10Assembly, be set aside and used for the purpose of paying and
11discharging annually the principal and interest on that bonded
12indebtedness then due and payable.
13    In addition to other transfers to the General Obligation
14Bond Retirement and Interest Fund made pursuant to Section 15
15of the General Obligation Bond Act, upon each delivery of
16general obligation bonds for capital projects using bond
17authorizations enacted in Public Act 96-36, Public Act 96-1554,
18Public Act 97-771, Public Act 98-94, and this amendatory Act of
19the 101st 98th General Assembly (except for amounts in this
20amendatory Act of the 101st General Assembly that increase bond
21authorization under paragraph (1) of subsection (a) of Section
224 and subsection (e) of Section 4 of the General Obligation
23Bond Act), the State Comptroller shall compute and certify to
24the State Treasurer the total amount of principal of, interest
25on, and premium, if any, on such bonds during the then current

 

 

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1and each succeeding fiscal year. With respect to the interest
2payable on variable rate bonds, such certifications shall be
3calculated at the maximum rate of interest that may be payable
4during the fiscal year, after taking into account any credits
5permitted in the related indenture or other instrument against
6the amount of such interest required to be appropriated for the
7period.
8    (a) Except as provided for in subsection (b), on or before
9the last day of each month, the State Treasurer and State
10Comptroller shall transfer from the Capital Projects Fund to
11the General Obligation Bond Retirement and Interest Fund an
12amount sufficient to pay the aggregate of the principal of,
13interest on, and premium, if any, on the bonds payable on their
14next payment date, divided by the number of monthly transfers
15occurring between the last previous payment date (or the
16delivery date if no payment date has yet occurred) and the next
17succeeding payment date. Interest payable on variable rate
18bonds shall be calculated at the maximum rate of interest that
19may be payable for the relevant period, after taking into
20account any credits permitted in the related indenture or other
21instrument against the amount of such interest required to be
22appropriated for that period. Interest for which moneys have
23already been deposited into the capitalized interest account
24within the General Obligation Bond Retirement and Interest Fund
25shall not be included in the calculation of the amounts to be
26transferred under this subsection.

 

 

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1    (b) On or before the last day of each month, the State
2Treasurer and State Comptroller shall transfer from the Capital
3Projects Fund to the General Obligation Bond Retirement and
4Interest Fund an amount sufficient to pay the aggregate of the
5principal of, interest on, and premium, if any, on the bonds
6issued prior to January 1, 2012 pursuant to Section 4(d) of the
7General Obligation Bond Act payable on their next payment date,
8divided by the number of monthly transfers occurring between
9the last previous payment date (or the delivery date if no
10payment date has yet occurred) and the next succeeding payment
11date. If the available balance in the Capital Projects Fund is
12not sufficient for the transfer required in this subsection,
13the State Treasurer and State Comptroller shall transfer the
14difference from the Road Fund to the General Obligation Bond
15Retirement and Interest Fund; except that such Road Fund
16transfers shall constitute a debt of the Capital Projects Fund
17which shall be repaid according to subsection (c). Interest
18payable on variable rate bonds shall be calculated at the
19maximum rate of interest that may be payable for the relevant
20period, after taking into account any credits permitted in the
21related indenture or other instrument against the amount of
22such interest required to be appropriated for that period.
23Interest for which moneys have already been deposited into the
24capitalized interest account within the General Obligation
25Bond Retirement and Interest Fund shall not be included in the
26calculation of the amounts to be transferred under this

 

 

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1subsection.
2    (c) On the first day of any month when the Capital Projects
3Fund is carrying a debt to the Road Fund due to the provisions
4of subsection (b), the State Treasurer and State Comptroller
5shall transfer from the Capital Projects Fund to the Road Fund
6an amount sufficient to discharge that debt. These transfers to
7the Road Fund shall continue until the Capital Projects Fund
8has repaid to the Road Fund all transfers made from the Road
9Fund pursuant to subsection (b). Notwithstanding any other law
10to the contrary, transfers to the Road Fund from the Capital
11Projects Fund shall be made prior to any other expenditures or
12transfers out of the Capital Projects Fund.
13(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13.)
 
14    (30 ILCS 105/6z-108 new)
15    Sec. 6z-108. Transportation Renewal Fund.
16    (a) The Transportation Renewal Fund is created as a special
17fund in the State treasury and shall receive Motor Fuel Tax
18revenues as directed by Section 8b of the Motor Fuel Tax Law.
19    (b) Money in the Transportation Renewal Fund shall be used
20exclusively for transportation-related purposes as described
21in Section 11 of Article IX of the Illinois Constitution of
221970.
 
23    (30 ILCS 105/6z-109 new)
24    Sec. 6z-109. Regional Transportation Authority Capital

 

 

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1Improvement Fund.
2    (a) The Regional Transportation Authority Capital
3Improvement Fund is created as a special fund in the State
4treasury and shall receive a portion of the moneys deposited
5into the Transportation Renewal Fund from Motor Fuel Tax
6revenues pursuant to Section 8b of the Motor Fuel Tax Law.
7    (b) Money in the Regional Transportation Authority Capital
8Improvement Fund shall be used exclusively for
9transportation-related purposes as described in Section 11 of
10Article IX of the Illinois Constitution of 1970.
 
11    (30 ILCS 105/6z-110 new)
12    Sec. 6z-110. Downstate Mass Transportation Capital
13Improvement Fund.
14    (a) The Downstate Mass Transportation Capital Improvement
15Fund is created as a special fund in the State treasury and
16shall receive a portion of the moneys deposited into the
17Transportation Renewal Fund from Motor Fuel Tax revenues
18pursuant to Section 8b the Motor Fuel Tax Law.
19    (b) Money in the Downstate Mass Transportation Capital
20Improvement Fund shall be used exclusively for
21transportation-related purposes as described in Section 11 of
22Article IX of the Illinois Constitution of 1970.
 
23    (30 ILCS 105/6z-111 new)
24    Sec. 6z-111. Rebuild Illinois Projects Fund.

 

 

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1    (a) The Rebuild Illinois Projects Fund is created as a
2special fund in the State treasury and shall receive moneys
3from the collection of license fees on initial licenses issued
4for newly licensed gaming facilities or wagering platforms in
5Fiscal Year 2019 or thereafter, and any other moneys
6appropriated or transferred to it as provided by law.
7    (b) Money in the Rebuild Illinois Projects Fund shall be
8used, subject to appropriation, for grants that support
9community development, including capital projects and other
10purposes authorized by law.
 
11    Section 10. The General Obligation Bond Act is amended by
12changing Sections 2, 2.5, 3, 4, 5, 6, 7.6, 9, 11, 12, 15, and 19
13as follows:
 
14    (30 ILCS 330/2)  (from Ch. 127, par. 652)
15    Sec. 2. Authorization for Bonds. The State of Illinois is
16authorized to issue, sell and provide for the retirement of
17General Obligation Bonds of the State of Illinois for the
18categories and specific purposes expressed in Sections 2
19through 8 of this Act, in the total amount of $78,256,839,969
20$57,717,925,743.
21    The bonds authorized in this Section 2 and in Section 16 of
22this Act are herein called "Bonds".
23    Of the total amount of Bonds authorized in this Act, up to
24$2,200,000,000 in aggregate original principal amount may be

 

 

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1issued and sold in accordance with the Baccalaureate Savings
2Act in the form of General Obligation College Savings Bonds.
3    Of the total amount of Bonds authorized in this Act, up to
4$300,000,000 in aggregate original principal amount may be
5issued and sold in accordance with the Retirement Savings Act
6in the form of General Obligation Retirement Savings Bonds.
7    Of the total amount of Bonds authorized in this Act, the
8additional $10,000,000,000 authorized by Public Act 93-2, the
9$3,466,000,000 authorized by Public Act 96-43, and the
10$4,096,348,300 authorized by Public Act 96-1497 shall be used
11solely as provided in Section 7.2.
12    Of the total amount of Bonds authorized in this Act, the
13additional $6,000,000,000 authorized by Public Act 100-23 this
14amendatory Act of the 100th General Assembly shall be used
15solely as provided in Section 7.6 and shall be issued by
16December 31, 2017.
17    Of the total amount of Bonds authorized in this Act,
18$1,000,000,000 of the additional amount authorized by Public
19Act 100-587 this amendatory Act of the 100th General Assembly
20shall be used solely as provided in Section 7.7.
21    The issuance and sale of Bonds pursuant to the General
22Obligation Bond Act is an economical and efficient method of
23financing the long-term capital needs of the State. This Act
24will permit the issuance of a multi-purpose General Obligation
25Bond with uniform terms and features. This will not only lower
26the cost of registration but also reduce the overall cost of

 

 

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1issuing debt by improving the marketability of Illinois General
2Obligation Bonds.
3(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)
 
4    (30 ILCS 330/2.5)
5    Sec. 2.5. Limitation on issuance of Bonds.
6    (a) Except as provided in subsection (b), no Bonds may be
7issued if, after the issuance, in the next State fiscal year
8after the issuance of the Bonds, the amount of debt service
9(including principal, whether payable at maturity or pursuant
10to mandatory sinking fund installments, and interest) on all
11then-outstanding Bonds, other than (i) Bonds authorized by
12Public Act 100-23, (ii) Bonds issued by Public Act 96-43, (iii)
13Bonds authorized by Public Act 96-1497, and (iv) Bonds
14authorized by Public Act 100-587 this amendatory Act of the
15100th General Assembly, would exceed 7% of the aggregate
16appropriations from the general funds, the State Construction
17Account Fund, (which consist of the General Revenue Fund, the
18Common School Fund, the General Revenue Common School Special
19Account Fund, and the Education Assistance Fund) and the Road
20Fund for the fiscal year immediately prior to the fiscal year
21of the issuance. For the purposes of this subsection (a),
22"general funds" has the same meaning as ascribed to that term
23under Section 50-40 of the State Budget Law of the Civil
24Administrative Code of Illinois.
25    (b) If the Comptroller and Treasurer each consent in

 

 

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1writing, Bonds may be issued even if the issuance does not
2comply with subsection (a). In addition, $2,000,000,000 in
3Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7,
4and $2,000,000,000 in Refunding Bonds under Section 16, may be
5issued during State fiscal year 2017 without complying with
6subsection (a). In addition, $2,000,000,000 in Bonds for the
7purposes set forth in Sections 3, 4, 5, 6, and 7, and
8$2,000,000,000 in Refunding Bonds under Section 16, may be
9issued during State fiscal year 2018 without complying with
10subsection (a).
11(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section
1225-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff.
137-6-17; 100-587, eff. 6-4-18; 100-863, eff. 8-14-18.)
 
14    (30 ILCS 330/3)  (from Ch. 127, par. 653)
15    Sec. 3. Capital facilities. The amount of $18,580,011,269
16$10,538,963,443 is authorized to be used for the acquisition,
17development, construction, reconstruction, improvement,
18financing, architectural planning and installation of capital
19facilities within the State, consisting of buildings,
20structures, durable equipment, land, interests in land, and the
21costs associated with the purchase and implementation of
22information technology, including but not limited to the
23purchase of hardware and software, for the following specific
24purposes:
25        (a) $6,268,676,500 $3,433,228,000 for educational

 

 

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1    purposes by State universities and public community
2    colleges, the Illinois Community College Board created by
3    the Public Community College Act and for grants to public
4    community colleges as authorized by Sections 5-11 and 5-12
5    of the Public Community College Act;
6        (b) $1,690,506,300 $1,648,420,000 for correctional
7    purposes at State prison and correctional centers;
8        (c) $688,492,300 $599,183,000 for open spaces,
9    recreational and conservation purposes and the protection
10    of land, including expenditures and grants for the Illinois
11    Conservation Reserve Enhancement Program and for ecosystem
12    restoration and for plugging of abandoned wells;
13        (d) $1,078,503,900 $764,317,000 for State child care
14    facilities, mental and public health facilities, and
15    facilities for the care of veterans with disabilities and
16    their spouses, and for grants to public and private
17    community health centers, hospitals, and other health care
18    providers for capital facilities;
19        (e) $7,518,753,300 $2,884,790,000 for use by the
20    State, its departments, authorities, public corporations,
21    commissions and agencies, including renewable energy
22    upgrades at State facilities;
23        (f) $818,100 for cargo handling facilities at port
24    districts and for breakwaters, including harbor entrances,
25    at port districts in conjunction with facilities for small
26    boats and pleasure crafts;

 

 

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1        (g) $375,457,000 $297,177,074 for water resource
2    management projects, including flood mitigation and State
3    dam and waterway projects;
4        (h) $16,940,269 for the provision of facilities for
5    food production research and related instructional and
6    public service activities at the State universities and
7    public community colleges;
8        (i) $75,134,700 $36,000,000 for grants by the
9    Secretary of State, as State Librarian, for central library
10    facilities authorized by Section 8 of the Illinois Library
11    System Act and for grants by the Capital Development Board
12    to units of local government for public library facilities;
13        (j) $25,000,000 for the acquisition, development,
14    construction, reconstruction, improvement, financing,
15    architectural planning and installation of capital
16    facilities consisting of buildings, structures, durable
17    equipment and land for grants to counties, municipalities
18    or public building commissions with correctional
19    facilities that do not comply with the minimum standards of
20    the Department of Corrections under Section 3-15-2 of the
21    Unified Code of Corrections;
22        (k) $5,011,600 $5,000,000 for grants in fiscal year
23    1988 by the Department of Conservation for improvement or
24    expansion of aquarium facilities located on property owned
25    by a park district;
26        (l) $599,590,000 to State agencies for grants to local

 

 

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1    governments for the acquisition, financing, architectural
2    planning, development, alteration, installation, and
3    construction of capital facilities consisting of
4    buildings, structures, durable equipment, and land; and
5        (m) $237,127,300 $228,500,000 for the Illinois Open
6    Land Trust Program as defined by the Illinois Open Land
7    Trust Act.
8    The amounts authorized above for capital facilities may be
9used for the acquisition, installation, alteration,
10construction, or reconstruction of capital facilities and for
11the purchase of equipment for the purpose of major capital
12improvements which will reduce energy consumption in State
13buildings or facilities.
14(Source: P.A. 99-143, eff. 7-27-15; 100-587, eff. 6-4-18.)
 
15    (30 ILCS 330/4)  (from Ch. 127, par. 654)
16    Sec. 4. Transportation. The amount of $27,048,062,400
17$15,948,199,000 is authorized for use by the Department of
18Transportation for the specific purpose of promoting and
19assuring rapid, efficient, and safe highway, air and mass
20transportation for the inhabitants of the State by providing
21monies, including the making of grants and loans, for the
22acquisition, construction, reconstruction, extension and
23improvement of the following transportation facilities and
24equipment, and for the acquisition of real property and
25interests in real property required or expected to be required

 

 

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1in connection therewith as follows:
2    (a) $11,921,354,200 $5,432,129,000 for State highways,
3arterial highways, freeways, roads, bridges, structures
4separating highways and railroads and roads, and bridges on
5roads maintained by counties, municipalities, townships, or
6road districts, and grants to counties, municipalities,
7townships, or road districts for planning, engineering,
8acquisition, construction, reconstruction, development,
9improvement, extension, and all construction-related expenses
10of the public infrastructure and other transportation
11improvement projects for the following specific purposes:
12        (1) $9,819,221,200 $3,330,000,000 for use statewide,
13        (2) $3,677,000 for use outside the Chicago urbanized
14    area,
15        (3) $7,543,000 for use within the Chicago urbanized
16    area,
17        (4) $13,060,600 for use within the City of Chicago,
18        (5) $58,991,500 $58,987,500 for use within the
19    counties of Cook, DuPage, Kane, Lake, McHenry and Will,
20        (6) $18,860,900 for use outside the counties of Cook,
21    DuPage, Kane, Lake, McHenry and Will, and
22        (7) $2,000,000,000 for use on projects included in
23    either (i) the FY09-14 Proposed Highway Improvement
24    Program as published by the Illinois Department of
25    Transportation in May 2008 or (ii) the FY10-15 Proposed
26    Highway Improvement Program to be published by the Illinois

 

 

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1    Department of Transportation in the spring of 2009; except
2    that all projects must be maintenance projects for the
3    existing State system with the goal of reaching 90%
4    acceptable condition in the system statewide and further
5    except that all projects must reflect the generally
6    accepted historical distribution of projects throughout
7    the State.
8    (b) $5,966,379,900 $5,379,670,000 for rail facilities and
9for mass transit facilities, as defined in Section 2705-305 of
10the Department of Transportation Law (20 ILCS 2705/2705-305),
11including rapid transit, rail, bus and other equipment used in
12connection therewith by the State or any unit of local
13government, special transportation district, municipal
14corporation or other corporation or public authority
15authorized to provide and promote public transportation within
16the State or two or more of the foregoing jointly, for the
17following specific purposes:
18        (1) $4,387,063,600 $4,283,870,000 statewide,
19        (2) $83,350,000 for use within the counties of Cook,
20    DuPage, Kane, Lake, McHenry and Will,
21        (3) $12,450,000 for use outside the counties of Cook,
22    DuPage, Kane, Lake, McHenry and Will, and
23        (4) $1,000,916,300 $1,000,000,000 for use on projects
24    that shall reflect the generally accepted historical
25    distribution of projects throughout the State.
26    (c) $482,600,000 for airport or aviation facilities and any

 

 

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1equipment used in connection therewith, including engineering
2and land acquisition costs, by the State or any unit of local
3government, special transportation district, municipal
4corporation or other corporation or public authority
5authorized to provide public transportation within the State,
6or two or more of the foregoing acting jointly, and for the
7making of deposits into the Airport Land Loan Revolving Fund
8for loans to public airport owners pursuant to the Illinois
9Aeronautics Act.
10    (d) $4,660,328,300 $4,653,800,000 for use statewide for
11State or local highways, arterial highways, freeways, roads,
12bridges, and structures separating highways and railroads and
13roads, and for grants to counties, municipalities, townships,
14or road districts for planning, engineering, acquisition,
15construction, reconstruction, development, improvement,
16extension, and all construction-related expenses of the public
17infrastructure and other transportation improvement projects
18which are related to economic development in the State of
19Illinois.
20    (e) $4,500,000,000 for use statewide for grade crossings,
21port facilities, airport facilities, rail facilities, and mass
22transit facilities, as defined in Section 2705-305 of the
23Department of Transportation Law of the Civil Administrative
24Code of Illinois, including rapid transit, rail, bus and other
25equipment used in connection therewith by the State or any unit
26of local government, special transportation district,

 

 

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1municipal corporation or other corporation or public authority
2authorized to provide and promote public transportation within
3the State or two or more of the foregoing jointly.
4(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13;
598-781, eff. 7-22-14.)
 
6    (30 ILCS 330/5)  (from Ch. 127, par. 655)
7    Sec. 5. School construction.
8    (a) The amount of $58,450,000 is authorized to make grants
9to local school districts for the acquisition, development,
10construction, reconstruction, rehabilitation, improvement,
11financing, architectural planning and installation of capital
12facilities, including but not limited to those required for
13special education building projects provided for in Article 14
14of The School Code, consisting of buildings, structures, and
15durable equipment, and for the acquisition and improvement of
16real property and interests in real property required, or
17expected to be required, in connection therewith.
18    (b) $22,550,000, or so much thereof as may be necessary,
19for grants to school districts for the making of principal and
20interest payments, required to be made, on bonds issued by such
21school districts after January 1, 1969, pursuant to any
22indenture, ordinance, resolution, agreement or contract to
23provide funds for the acquisition, development, construction,
24reconstruction, rehabilitation, improvement, architectural
25planning and installation of capital facilities consisting of

 

 

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1buildings, structures, durable equipment and land for
2educational purposes or for lease payments required to be made
3by a school district for principal and interest payments on
4bonds issued by a Public Building Commission after January 1,
51969.
6    (c) $10,000,000 for grants to school districts for the
7acquisition, development, construction, reconstruction,
8rehabilitation, improvement, architectural planning and
9installation of capital facilities consisting of buildings
10structures, durable equipment and land for special education
11building projects.
12    (d) $9,000,000 for grants to school districts for the
13reconstruction, rehabilitation, improvement, financing and
14architectural planning of capital facilities, including
15construction at another location to replace such capital
16facilities, consisting of those public school buildings and
17temporary school facilities which, prior to January 1, 1984,
18were condemned by the regional superintendent under Section
193-14.22 of The School Code or by any State official having
20jurisdiction over building safety.
21    (e) $3,109,403,700 $3,050,000,000 for grants to school
22districts for school improvement projects authorized by the
23School Construction Law. The bonds shall be sold in amounts not
24to exceed the following schedule, except any bonds not sold
25during one year shall be added to the bonds to be sold during
26the remainder of the schedule:

 

 

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1    First year...................................$200,000,000
2    Second year..................................$450,000,000
3    Third year...................................$500,000,000
4    Fourth year..................................$500,000,000
5    Fifth year...................................$800,000,000
6    Sixth year and thereafter........$659,403,700 $600,000,000
7    (f) $1,615,000,000 grants to school districts for school
8implemented projects authorized by the School Construction
9Law.
10(Source: P.A. 100-587, eff. 6-4-18.)
 
11    (30 ILCS 330/6)  (from Ch. 127, par. 656)
12    Sec. 6. Anti-Pollution.
13    (a) The amount of $581,814,300 $443,215,000 is authorized
14for allocation by the Environmental Protection Agency for
15grants or loans to units of local government, including grants
16to disadvantaged communities without modern sewage systems, in
17such amounts, at such times and for such purpose as the Agency
18deems necessary or desirable for the planning, financing, and
19construction of municipal sewage treatment works and solid
20waste disposal facilities and for making of deposits into the
21Water Revolving Fund and the U.S. Environmental Protection Fund
22to provide assistance in accordance with the provisions of
23Title IV-A of the Environmental Protection Act.
24    (b) The amount of $236,500,000 is authorized for allocation
25by the Environmental Protection Agency for payment of claims

 

 

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1submitted to the State and approved for payment under the
2Leaking Underground Storage Tank Program established in Title
3XVI of the Environmental Protection Act.
4(Source: P.A. 98-94, eff. 7-17-13.)
 
5    (30 ILCS 330/7.6)
6    Sec. 7.6. Income Tax Proceed Bonds.
7    (a) As used in this Act, "Income Tax Proceed Bonds" means
8Bonds (i) authorized by this amendatory Act of the 100th
9General Assembly or any other Public Act of the 100th General
10Assembly authorizing the issuance of Income Tax Proceed Bonds
11and (ii) used for the payment of unpaid obligations of the
12State as incurred from time to time and as authorized by the
13General Assembly.
14    (b) Income Tax Proceed Bonds in the amount of
15$6,000,000,000 are hereby authorized to be used for the purpose
16of paying vouchers incurred by the State prior to July 1, 2017.
17Additional Income Tax Proceed Bonds in the amount of
18$1,200,000,000 are hereby authorized to be used for the purpose
19of paying vouchers incurred by the State more than 90 days
20prior to the date on which the Income Tax Proceed Bonds are
21issued.
22    (c) The Income Tax Bond Fund is hereby created as a special
23fund in the State treasury. All moneys from the proceeds of the
24sale of the Income Tax Proceed Bonds, less the amounts
25authorized in the Bond Sale Order to be directly paid out for

 

 

HB0142 Enrolled- 21 -LRB101 02983 RJF 47991 b

1bond sale expenses under Section 8, shall be deposited into the
2Income Tax Bond Fund. All moneys in the Income Tax Bond Fund
3shall be used for the purpose of paying vouchers incurred by
4the State prior to July 1, 2017 or for paying vouchers incurred
5by the State more than 90 days prior to the date on which the
6Income Tax Proceed Bonds are issued. For the purpose of paying
7such vouchers, the Comptroller has the authority to transfer
8moneys from the Income Tax Bond Fund to general funds and the
9Health Insurance Reserve Fund. "General funds" has the meaning
10provided in Section 50-40 of the State Budget Law.
11(Source: P.A. 100-23, eff. 7-6-17.)
 
12    (30 ILCS 330/9)  (from Ch. 127, par. 659)
13    Sec. 9. Conditions for issuance and sale of Bonds;
14requirements for Bonds.
15    (a) Except as otherwise provided in this subsection,
16subsection (h), and subsection (i), Bonds shall be issued and
17sold from time to time, in one or more series, in such amounts
18and at such prices as may be directed by the Governor, upon
19recommendation by the Director of the Governor's Office of
20Management and Budget. Bonds shall be in such form (either
21coupon, registered or book entry), in such denominations,
22payable within 25 years from their date, subject to such terms
23of redemption with or without premium, bear interest payable at
24such times and at such fixed or variable rate or rates, and be
25dated as shall be fixed and determined by the Director of the

 

 

HB0142 Enrolled- 22 -LRB101 02983 RJF 47991 b

1Governor's Office of Management and Budget in the order
2authorizing the issuance and sale of any series of Bonds, which
3order shall be approved by the Governor and is herein called a
4"Bond Sale Order"; provided however, that interest payable at
5fixed or variable rates shall not exceed that permitted in the
6Bond Authorization Act, as now or hereafter amended. Bonds
7shall be payable at such place or places, within or without the
8State of Illinois, and may be made registrable as to either
9principal or as to both principal and interest, as shall be
10specified in the Bond Sale Order. Bonds may be callable or
11subject to purchase and retirement or tender and remarketing as
12fixed and determined in the Bond Sale Order. Bonds, other than
13Bonds issued under Section 3 of this Act for the costs
14associated with the purchase and implementation of information
15technology, (i) except for refunding Bonds satisfying the
16requirements of Section 16 of this Act and sold during fiscal
17year 2009, 2010, 2011, 2017, 2018, or 2019 must be issued with
18principal or mandatory redemption amounts in equal amounts,
19with the first maturity issued occurring within the fiscal year
20in which the Bonds are issued or within the next succeeding
21fiscal year and (ii) must mature or be subject to mandatory
22redemption each fiscal year thereafter up to 25 years, except
23for refunding Bonds satisfying the requirements of Section 16
24of this Act and sold during fiscal year 2009, 2010, or 2011
25which must mature or be subject to mandatory redemption each
26fiscal year thereafter up to 16 years. Bonds issued under

 

 

HB0142 Enrolled- 23 -LRB101 02983 RJF 47991 b

1Section 3 of this Act for the costs associated with the
2purchase and implementation of information technology must be
3issued with principal or mandatory redemption amounts in equal
4amounts, with the first maturity issued occurring with the
5fiscal year in which the respective bonds are issued or with
6the next succeeding fiscal year, with the respective bonds
7issued maturing or subject to mandatory redemption each fiscal
8year thereafter up to 10 years. Notwithstanding any provision
9of this Act to the contrary, the Bonds authorized by Public Act
1096-43 shall be payable within 5 years from their date and must
11be issued with principal or mandatory redemption amounts in
12equal amounts, with payment of principal or mandatory
13redemption beginning in the first fiscal year following the
14fiscal year in which the Bonds are issued.
15    Notwithstanding any provision of this Act to the contrary,
16the Bonds authorized by Public Act 96-1497 shall be payable
17within 8 years from their date and shall be issued with payment
18of maturing principal or scheduled mandatory redemptions in
19accordance with the following schedule, except the following
20amounts shall be prorated if less than the total additional
21amount of Bonds authorized by Public Act 96-1497 are issued:
22    Fiscal Year After Issuance    Amount
23        1-2                        $0 
24        3                          $110,712,120
25        4                          $332,136,360
26        5                          $664,272,720

 

 

HB0142 Enrolled- 24 -LRB101 02983 RJF 47991 b

1        6-8                        $996,409,080
2    Notwithstanding any provision of this Act to the contrary,
3Income Tax Proceed Bonds issued under Section 7.6 shall be
4payable 12 years from the date of sale and shall be issued with
5payment of principal or mandatory redemption.
6    In the case of any series of Bonds bearing interest at a
7variable interest rate ("Variable Rate Bonds"), in lieu of
8determining the rate or rates at which such series of Variable
9Rate Bonds shall bear interest and the price or prices at which
10such Variable Rate Bonds shall be initially sold or remarketed
11(in the event of purchase and subsequent resale), the Bond Sale
12Order may provide that such interest rates and prices may vary
13from time to time depending on criteria established in such
14Bond Sale Order, which criteria may include, without
15limitation, references to indices or variations in interest
16rates as may, in the judgment of a remarketing agent, be
17necessary to cause Variable Rate Bonds of such series to be
18remarketable from time to time at a price equal to their
19principal amount, and may provide for appointment of a bank,
20trust company, investment bank, or other financial institution
21to serve as remarketing agent in that connection. The Bond Sale
22Order may provide that alternative interest rates or provisions
23for establishing alternative interest rates, different
24security or claim priorities, or different call or amortization
25provisions will apply during such times as Variable Rate Bonds
26of any series are held by a person providing credit or

 

 

HB0142 Enrolled- 25 -LRB101 02983 RJF 47991 b

1liquidity enhancement arrangements for such Bonds as
2authorized in subsection (b) of this Section. The Bond Sale
3Order may also provide for such variable interest rates to be
4established pursuant to a process generally known as an auction
5rate process and may provide for appointment of one or more
6financial institutions to serve as auction agents and
7broker-dealers in connection with the establishment of such
8interest rates and the sale and remarketing of such Bonds.
9    (b) In connection with the issuance of any series of Bonds,
10the State may enter into arrangements to provide additional
11security and liquidity for such Bonds, including, without
12limitation, bond or interest rate insurance or letters of
13credit, lines of credit, bond purchase contracts, or other
14arrangements whereby funds are made available to retire or
15purchase Bonds, thereby assuring the ability of owners of the
16Bonds to sell or redeem their Bonds. The State may enter into
17contracts and may agree to pay fees to persons providing such
18arrangements, but only under circumstances where the Director
19of the Governor's Office of Management and Budget certifies
20that he or she reasonably expects the total interest paid or to
21be paid on the Bonds, together with the fees for the
22arrangements (being treated as if interest), would not, taken
23together, cause the Bonds to bear interest, calculated to their
24stated maturity, at a rate in excess of the rate that the Bonds
25would bear in the absence of such arrangements.
26    The State may, with respect to Bonds issued or anticipated

 

 

HB0142 Enrolled- 26 -LRB101 02983 RJF 47991 b

1to be issued, participate in and enter into arrangements with
2respect to interest rate protection or exchange agreements,
3guarantees, or financial futures contracts for the purpose of
4limiting, reducing, or managing interest rate exposure. The
5authority granted under this paragraph, however, shall not
6increase the principal amount of Bonds authorized to be issued
7by law. The arrangements may be executed and delivered by the
8Director of the Governor's Office of Management and Budget on
9behalf of the State. Net payments for such arrangements shall
10constitute interest on the Bonds and shall be paid from the
11General Obligation Bond Retirement and Interest Fund. The
12Director of the Governor's Office of Management and Budget
13shall at least annually certify to the Governor and the State
14Comptroller his or her estimate of the amounts of such net
15payments to be included in the calculation of interest required
16to be paid by the State.
17    (c) Prior to the issuance of any Variable Rate Bonds
18pursuant to subsection (a), the Director of the Governor's
19Office of Management and Budget shall adopt an interest rate
20risk management policy providing that the amount of the State's
21variable rate exposure with respect to Bonds shall not exceed
2220%. This policy shall remain in effect while any Bonds are
23outstanding and the issuance of Bonds shall be subject to the
24terms of such policy. The terms of this policy may be amended
25from time to time by the Director of the Governor's Office of
26Management and Budget but in no event shall any amendment cause

 

 

HB0142 Enrolled- 27 -LRB101 02983 RJF 47991 b

1the permitted level of the State's variable rate exposure with
2respect to Bonds to exceed 20%.
3    (d) "Build America Bonds" in this Section means Bonds
4authorized by Section 54AA of the Internal Revenue Code of
51986, as amended ("Internal Revenue Code"), and bonds issued
6from time to time to refund or continue to refund "Build
7America Bonds".
8    (e) Notwithstanding any other provision of this Section,
9Qualified School Construction Bonds shall be issued and sold
10from time to time, in one or more series, in such amounts and
11at such prices as may be directed by the Governor, upon
12recommendation by the Director of the Governor's Office of
13Management and Budget. Qualified School Construction Bonds
14shall be in such form (either coupon, registered or book
15entry), in such denominations, payable within 25 years from
16their date, subject to such terms of redemption with or without
17premium, and if the Qualified School Construction Bonds are
18issued with a supplemental coupon, bear interest payable at
19such times and at such fixed or variable rate or rates, and be
20dated as shall be fixed and determined by the Director of the
21Governor's Office of Management and Budget in the order
22authorizing the issuance and sale of any series of Qualified
23School Construction Bonds, which order shall be approved by the
24Governor and is herein called a "Bond Sale Order"; except that
25interest payable at fixed or variable rates, if any, shall not
26exceed that permitted in the Bond Authorization Act, as now or

 

 

HB0142 Enrolled- 28 -LRB101 02983 RJF 47991 b

1hereafter amended. Qualified School Construction Bonds shall
2be payable at such place or places, within or without the State
3of Illinois, and may be made registrable as to either principal
4or as to both principal and interest, as shall be specified in
5the Bond Sale Order. Qualified School Construction Bonds may be
6callable or subject to purchase and retirement or tender and
7remarketing as fixed and determined in the Bond Sale Order.
8Qualified School Construction Bonds must be issued with
9principal or mandatory redemption amounts or sinking fund
10payments into the General Obligation Bond Retirement and
11Interest Fund (or subaccount therefor) in equal amounts, with
12the first maturity issued, mandatory redemption payment or
13sinking fund payment occurring within the fiscal year in which
14the Qualified School Construction Bonds are issued or within
15the next succeeding fiscal year, with Qualified School
16Construction Bonds issued maturing or subject to mandatory
17redemption or with sinking fund payments thereof deposited each
18fiscal year thereafter up to 25 years. Sinking fund payments
19set forth in this subsection shall be permitted only to the
20extent authorized in Section 54F of the Internal Revenue Code
21or as otherwise determined by the Director of the Governor's
22Office of Management and Budget. "Qualified School
23Construction Bonds" in this subsection means Bonds authorized
24by Section 54F of the Internal Revenue Code and for bonds
25issued from time to time to refund or continue to refund such
26"Qualified School Construction Bonds".

 

 

HB0142 Enrolled- 29 -LRB101 02983 RJF 47991 b

1    (f) Beginning with the next issuance by the Governor's
2Office of Management and Budget to the Procurement Policy Board
3of a request for quotation for the purpose of formulating a new
4pool of qualified underwriting banks list, all entities
5responding to such a request for quotation for inclusion on
6that list shall provide a written report to the Governor's
7Office of Management and Budget and the Illinois Comptroller.
8The written report submitted to the Comptroller shall (i) be
9published on the Comptroller's Internet website and (ii) be
10used by the Governor's Office of Management and Budget for the
11purposes of scoring such a request for quotation. The written
12report, at a minimum, shall:
13        (1) disclose whether, within the past 3 months,
14    pursuant to its credit default swap market-making
15    activities, the firm has entered into any State of Illinois
16    credit default swaps ("CDS");
17        (2) include, in the event of State of Illinois CDS
18    activity, disclosure of the firm's cumulative notional
19    volume of State of Illinois CDS trades and the firm's
20    outstanding gross and net notional amount of State of
21    Illinois CDS, as of the end of the current 3-month period;
22        (3) indicate, pursuant to the firm's proprietary
23    trading activities, disclosure of whether the firm, within
24    the past 3 months, has entered into any proprietary trades
25    for its own account in State of Illinois CDS;
26        (4) include, in the event of State of Illinois

 

 

HB0142 Enrolled- 30 -LRB101 02983 RJF 47991 b

1    proprietary trades, disclosure of the firm's outstanding
2    gross and net notional amount of proprietary State of
3    Illinois CDS and whether the net position is short or long
4    credit protection, as of the end of the current 3-month
5    period;
6        (5) list all time periods during the past 3 months
7    during which the firm held net long or net short State of
8    Illinois CDS proprietary credit protection positions, the
9    amount of such positions, and whether those positions were
10    net long or net short credit protection positions; and
11        (6) indicate whether, within the previous 3 months, the
12    firm released any publicly available research or marketing
13    reports that reference State of Illinois CDS and include
14    those research or marketing reports as attachments.
15    (g) All entities included on a Governor's Office of
16Management and Budget's pool of qualified underwriting banks
17list shall, as soon as possible after March 18, 2011 (the
18effective date of Public Act 96-1554), but not later than
19January 21, 2011, and on a quarterly fiscal basis thereafter,
20provide a written report to the Governor's Office of Management
21and Budget and the Illinois Comptroller. The written reports
22submitted to the Comptroller shall be published on the
23Comptroller's Internet website. The written reports, at a
24minimum, shall:
25        (1) disclose whether, within the past 3 months,
26    pursuant to its credit default swap market-making

 

 

HB0142 Enrolled- 31 -LRB101 02983 RJF 47991 b

1    activities, the firm has entered into any State of Illinois
2    credit default swaps ("CDS");
3        (2) include, in the event of State of Illinois CDS
4    activity, disclosure of the firm's cumulative notional
5    volume of State of Illinois CDS trades and the firm's
6    outstanding gross and net notional amount of State of
7    Illinois CDS, as of the end of the current 3-month period;
8        (3) indicate, pursuant to the firm's proprietary
9    trading activities, disclosure of whether the firm, within
10    the past 3 months, has entered into any proprietary trades
11    for its own account in State of Illinois CDS;
12        (4) include, in the event of State of Illinois
13    proprietary trades, disclosure of the firm's outstanding
14    gross and net notional amount of proprietary State of
15    Illinois CDS and whether the net position is short or long
16    credit protection, as of the end of the current 3-month
17    period;
18        (5) list all time periods during the past 3 months
19    during which the firm held net long or net short State of
20    Illinois CDS proprietary credit protection positions, the
21    amount of such positions, and whether those positions were
22    net long or net short credit protection positions; and
23        (6) indicate whether, within the previous 3 months, the
24    firm released any publicly available research or marketing
25    reports that reference State of Illinois CDS and include
26    those research or marketing reports as attachments.

 

 

HB0142 Enrolled- 32 -LRB101 02983 RJF 47991 b

1    (h) Notwithstanding any other provision of this Section,
2for purposes of maximizing market efficiencies and cost
3savings, Income Tax Proceed Bonds may be issued and sold from
4time to time, in one or more series, in such amounts and at
5such prices as may be directed by the Governor, upon
6recommendation by the Director of the Governor's Office of
7Management and Budget. Income Tax Proceed Bonds shall be in
8such form, either coupon, registered, or book entry, in such
9denominations, shall bear interest payable at such times and at
10such fixed or variable rate or rates, and be dated as shall be
11fixed and determined by the Director of the Governor's Office
12of Management and Budget in the order authorizing the issuance
13and sale of any series of Income Tax Proceed Bonds, which order
14shall be approved by the Governor and is herein called a "Bond
15Sale Order"; provided, however, that interest payable at fixed
16or variable rates shall not exceed that permitted in the Bond
17Authorization Act. Income Tax Proceed Bonds shall be payable at
18such place or places, within or without the State of Illinois,
19and may be made registrable as to either principal or as to
20both principal and interest, as shall be specified in the Bond
21Sale Order. Income Tax Proceed Bonds may be callable or subject
22to purchase and retirement or tender and remarketing as fixed
23and determined in the Bond Sale Order.
24    (i) Notwithstanding any other provision of this Section,
25for purposes of maximizing market efficiencies and cost
26savings, State Pension Obligation Acceleration Bonds may be

 

 

HB0142 Enrolled- 33 -LRB101 02983 RJF 47991 b

1issued and sold from time to time, in one or more series, in
2such amounts and at such prices as may be directed by the
3Governor, upon recommendation by the Director of the Governor's
4Office of Management and Budget. State Pension Obligation
5Acceleration Bonds shall be in such form, either coupon,
6registered, or book entry, in such denominations, shall bear
7interest payable at such times and at such fixed or variable
8rate or rates, and be dated as shall be fixed and determined by
9the Director of the Governor's Office of Management and Budget
10in the order authorizing the issuance and sale of any series of
11State Pension Obligation Acceleration Bonds, which order shall
12be approved by the Governor and is herein called a "Bond Sale
13Order"; provided, however, that interest payable at fixed or
14variable rates shall not exceed that permitted in the Bond
15Authorization Act. State Pension Obligation Acceleration Bonds
16shall be payable at such place or places, within or without the
17State of Illinois, and may be made registrable as to either
18principal or as to both principal and interest, as shall be
19specified in the Bond Sale Order. State Pension Obligation
20Acceleration Bonds may be callable or subject to purchase and
21retirement or tender and remarketing as fixed and determined in
22the Bond Sale Order.
23(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section
2425-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff.
257-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18;
26100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863,

 

 

HB0142 Enrolled- 34 -LRB101 02983 RJF 47991 b

1eff. 8-14-18; revised 10-17-18.)
 
2    (30 ILCS 330/11)  (from Ch. 127, par. 661)
3    Sec. 11. Sale of Bonds. Except as otherwise provided in
4this Section, Bonds shall be sold from time to time pursuant to
5notice of sale and public bid or by negotiated sale in such
6amounts and at such times as is directed by the Governor, upon
7recommendation by the Director of the Governor's Office of
8Management and Budget. At least 25%, based on total principal
9amount, of all Bonds issued each fiscal year shall be sold
10pursuant to notice of sale and public bid. At all times during
11each fiscal year, no more than 75%, based on total principal
12amount, of the Bonds issued each fiscal year, shall have been
13sold by negotiated sale. Failure to satisfy the requirements in
14the preceding 2 sentences shall not affect the validity of any
15previously issued Bonds; provided that all Bonds authorized by
16Public Act 96-43 and Public Act 96-1497 shall not be included
17in determining compliance for any fiscal year with the
18requirements of the preceding 2 sentences; and further provided
19that refunding Bonds satisfying the requirements of Section 16
20of this Act and sold during fiscal year 2009, 2010, 2011, 2017,
212018, or 2019 shall not be subject to the requirements in the
22preceding 2 sentences.
23    If any Bonds, including refunding Bonds, are to be sold by
24negotiated sale, the Director of the Governor's Office of
25Management and Budget shall comply with the competitive request

 

 

HB0142 Enrolled- 35 -LRB101 02983 RJF 47991 b

1for proposal process set forth in the Illinois Procurement Code
2and all other applicable requirements of that Code.
3    If Bonds are to be sold pursuant to notice of sale and
4public bid, the Director of the Governor's Office of Management
5and Budget may, from time to time, as Bonds are to be sold,
6advertise the sale of the Bonds in at least 2 daily newspapers,
7one of which is published in the City of Springfield and one in
8the City of Chicago. The sale of the Bonds shall also be
9advertised in the volume of the Illinois Procurement Bulletin
10that is published by the Department of Central Management
11Services, and shall be published once at least 10 days prior to
12the date fixed for the opening of the bids. The Director of the
13Governor's Office of Management and Budget may reschedule the
14date of sale upon the giving of such additional notice as the
15Director deems adequate to inform prospective bidders of such
16change; provided, however, that all other conditions of the
17sale shall continue as originally advertised.
18    Executed Bonds shall, upon payment therefor, be delivered
19to the purchaser, and the proceeds of Bonds shall be paid into
20the State Treasury as directed by Section 12 of this Act.
21    All Income Tax Proceed Bonds shall comply with this
22Section. Notwithstanding anything to the contrary, however,
23for purposes of complying with this Section, Income Tax Proceed
24Bonds, regardless of the number of series or issuances sold
25thereunder, shall be considered a single issue or series.
26Furthermore, for purposes of complying with the competitive

 

 

HB0142 Enrolled- 36 -LRB101 02983 RJF 47991 b

1bidding requirements of this Section, the words "at all times"
2shall not apply to any such sale of the Income Tax Proceed
3Bonds. The Director of the Governor's Office of Management and
4Budget shall determine the time and manner of any competitive
5sale of the Income Tax Proceed Bonds; however, that sale shall
6under no circumstances take place later than 60 days after the
7State closes the sale of 75% of the Income Tax Proceed Bonds by
8negotiated sale.
9    All State Pension Obligation Acceleration Bonds shall
10comply with this Section. Notwithstanding anything to the
11contrary, however, for purposes of complying with this Section,
12State Pension Obligation Acceleration Bonds, regardless of the
13number of series or issuances sold thereunder, shall be
14considered a single issue or series. Furthermore, for purposes
15of complying with the competitive bidding requirements of this
16Section, the words "at all times" shall not apply to any such
17sale of the State Pension Obligation Acceleration Bonds. The
18Director of the Governor's Office of Management and Budget
19shall determine the time and manner of any competitive sale of
20the State Pension Obligation Acceleration Bonds; however, that
21sale shall under no circumstances take place later than 60 days
22after the State closes the sale of 75% of the State Pension
23Obligation Acceleration Bonds by negotiated sale.
24(Source: P.A. 99-523, eff. 6-30-16; 100-23, Article 25, Section
2525-5, eff. 7-6-17; 100-23, Article 75, Section 75-10, eff.
267-6-17; 100-587, Article 60, Section 60-5, eff. 6-4-18;

 

 

HB0142 Enrolled- 37 -LRB101 02983 RJF 47991 b

1100-587, Article 110, Section 110-15, eff. 6-4-18; 100-863,
2eff. 8-4-18; revised 10-10-18.)
 
3    (30 ILCS 330/12)  (from Ch. 127, par. 662)
4    Sec. 12. Allocation of proceeds from sale of Bonds.
5    (a) Proceeds from the sale of Bonds, authorized by Section
63 of this Act, shall be deposited in the separate fund known as
7the Capital Development Fund.
8    (b) Proceeds from the sale of Bonds, authorized by
9paragraph (a) of Section 4 of this Act, shall be deposited in
10the separate fund known as the Transportation Bond, Series A
11Fund.
12    (c) Proceeds from the sale of Bonds, authorized by
13paragraphs (b) and (c) of Section 4 of this Act, shall be
14deposited in the separate fund known as the Transportation
15Bond, Series B Fund.
16    (c-1) Proceeds from the sale of Bonds, authorized by
17paragraph (d) of Section 4 of this Act, shall be deposited into
18the Transportation Bond Series D Fund, which is hereby created.
19    (c-2) Proceeds from the sale of Bonds, authorized by
20paragraph (e) of Section 4 of this Act, shall be deposited into
21the Multi-modal Transportation Bond Fund, which is hereby
22created.
23    (d) Proceeds from the sale of Bonds, authorized by Section
245 of this Act, shall be deposited in the separate fund known as
25the School Construction Fund.

 

 

HB0142 Enrolled- 38 -LRB101 02983 RJF 47991 b

1    (e) Proceeds from the sale of Bonds, authorized by Section
26 of this Act, shall be deposited in the separate fund known as
3the Anti-Pollution Fund.
4    (f) Proceeds from the sale of Bonds, authorized by Section
57 of this Act, shall be deposited in the separate fund known as
6the Coal Development Fund.
7    (f-2) Proceeds from the sale of Bonds, authorized by
8Section 7.2 of this Act, shall be deposited as set forth in
9Section 7.2.
10    (f-5) Proceeds from the sale of Bonds, authorized by
11Section 7.5 of this Act, shall be deposited as set forth in
12Section 7.5.
13    (f-7) Proceeds from the sale of Bonds, authorized by
14Section 7.6 of this Act, shall be deposited as set forth in
15Section 7.6.
16    (f-8) Proceeds from the sale of Bonds, authorized by
17Section 7.7 of this Act, shall be deposited as set forth in
18Section 7.7.
19    (g) Proceeds from the sale of Bonds, authorized by Section
208 of this Act, shall be deposited in the Capital Development
21Fund.
22    (h) Subsequent to the issuance of any Bonds for the
23purposes described in Sections 2 through 8 of this Act, the
24Governor and the Director of the Governor's Office of
25Management and Budget may provide for the reallocation of
26unspent proceeds of such Bonds to any other purposes authorized

 

 

HB0142 Enrolled- 39 -LRB101 02983 RJF 47991 b

1under said Sections of this Act, subject to the limitations on
2aggregate principal amounts contained therein. Upon any such
3reallocation, such unspent proceeds shall be transferred to the
4appropriate funds as determined by reference to paragraphs (a)
5through (g) of this Section.
6(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)
 
7    (30 ILCS 330/15)  (from Ch. 127, par. 665)
8    Sec. 15. Computation of principal and interest; transfers.
9    (a) Upon each delivery of Bonds authorized to be issued
10under this Act, the Comptroller shall compute and certify to
11the Treasurer the total amount of principal of, interest on,
12and premium, if any, on Bonds issued that will be payable in
13order to retire such Bonds, the amount of principal of,
14interest on and premium, if any, on such Bonds that will be
15payable on each payment date according to the tenor of such
16Bonds during the then current and each succeeding fiscal year,
17and the amount of sinking fund payments needed to be deposited
18in connection with Qualified School Construction Bonds
19authorized by subsection (e) of Section 9. With respect to the
20interest payable on variable rate bonds, such certifications
21shall be calculated at the maximum rate of interest that may be
22payable during the fiscal year, after taking into account any
23credits permitted in the related indenture or other instrument
24against the amount of such interest required to be appropriated
25for such period pursuant to subsection (c) of Section 14 of

 

 

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1this Act. With respect to the interest payable, such
2certifications shall include the amounts certified by the
3Director of the Governor's Office of Management and Budget
4under subsection (b) of Section 9 of this Act.
5    On or before the last day of each month the State Treasurer
6and Comptroller shall transfer from (1) the Road Fund with
7respect to Bonds issued under paragraphs paragraph (a) and (e)
8of Section 4 of this Act, or Bonds issued under authorization
9in Public Act 98-781, or Bonds issued for the purpose of
10refunding such bonds, and from (2) the General Revenue Fund,
11with respect to all other Bonds issued under this Act, to the
12General Obligation Bond Retirement and Interest Fund an amount
13sufficient to pay the aggregate of the principal of, interest
14on, and premium, if any, on Bonds payable, by their terms on
15the next payment date divided by the number of full calendar
16months between the date of such Bonds and the first such
17payment date, and thereafter, divided by the number of months
18between each succeeding payment date after the first. Such
19computations and transfers shall be made for each series of
20Bonds issued and delivered. Interest payable on variable rate
21bonds shall be calculated at the maximum rate of interest that
22may be payable for the relevant period, after taking into
23account any credits permitted in the related indenture or other
24instrument against the amount of such interest required to be
25appropriated for such period pursuant to subsection (c) of
26Section 14 of this Act. Computations of interest shall include

 

 

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1the amounts certified by the Director of the Governor's Office
2of Management and Budget under subsection (b) of Section 9 of
3this Act. Interest for which moneys have already been deposited
4into the capitalized interest account within the General
5Obligation Bond Retirement and Interest Fund shall not be
6included in the calculation of the amounts to be transferred
7under this subsection. Notwithstanding any other provision in
8this Section, the transfer provisions provided in this
9paragraph shall not apply to transfers made in fiscal year 2010
10or fiscal year 2011 with respect to Bonds issued in fiscal year
112010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
12In the case of transfers made in fiscal year 2010 or fiscal
13year 2011 with respect to the Bonds issued in fiscal year 2010
14or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
15before the 15th day of the month prior to the required debt
16service payment, the State Treasurer and Comptroller shall
17transfer from the General Revenue Fund to the General
18Obligation Bond Retirement and Interest Fund an amount
19sufficient to pay the aggregate of the principal of, interest
20on, and premium, if any, on the Bonds payable in that next
21month.
22    The transfer of monies herein and above directed is not
23required if monies in the General Obligation Bond Retirement
24and Interest Fund are more than the amount otherwise to be
25transferred as herein above provided, and if the Governor or
26his authorized representative notifies the State Treasurer and

 

 

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1Comptroller of such fact in writing.
2    (b) After the effective date of this Act, the balance of,
3and monies directed to be included in the Capital Development
4Bond Retirement and Interest Fund, Anti-Pollution Bond
5Retirement and Interest Fund, Transportation Bond, Series A
6Retirement and Interest Fund, Transportation Bond, Series B
7Retirement and Interest Fund, and Coal Development Bond
8Retirement and Interest Fund shall be transferred to and
9deposited in the General Obligation Bond Retirement and
10Interest Fund. This Fund shall be used to make debt service
11payments on the State's general obligation Bonds heretofore
12issued which are now outstanding and payable from the Funds
13herein listed as well as on Bonds issued under this Act.
14    (c) The unused portion of federal funds received for or as
15reimbursement for a capital facilities project, as authorized
16by Section 3 of this Act, for which monies from the Capital
17Development Fund have been expended shall remain in the Capital
18Development Board Contributory Trust Fund and shall be used for
19capital projects and for no other purpose, subject to
20appropriation and as directed by the Capital Development Board.
21Any federal funds received as reimbursement for the completed
22construction of a capital facilities project, as authorized by
23Section 3 of this Act, for which monies from the Capital
24Development Fund have been expended may be used for any expense
25or project necessary for implementation of the Quincy Veterans'
26Home Rehabilitation and Rebuilding Act for a period of 5 years

 

 

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1from the effective date of this amendatory Act of the 100th
2General Assembly, and any remaining funds shall be deposited in
3the General Obligation Bond Retirement and Interest Fund.
4(Source: P.A. 100-23, eff. 7-6-17; 100-610, eff. 7-17-18.)
 
5    (30 ILCS 330/19)  (from Ch. 127, par. 669)
6    Sec. 19. Investment of Money Not Needed for Current
7Expenditures - Application of Earnings. (a) The State Treasurer
8may, with the Governor's approval, invest and reinvest any
9money from the Capital Development Fund, the Transportation
10Bond, Series A Fund, the Transportation Bond, Series B Fund,
11the Multi-modal Transportation Bond Fund, the School
12Construction Fund, the Anti-Pollution Fund, the Coal
13Development Fund and the General Obligation Bond Retirement and
14Interest Fund, in the State Treasury, which is not needed for
15current expenditures due or about to become due from these
16funds.
17    (b) Monies received from the sale or redemption of
18investments from the Transportation Bond, Series A Fund and the
19Multi-modal Transportation Bond Fund shall be deposited by the
20State Treasurer in the Road Fund.
21    Monies received from the sale or redemption of investments
22from the Capital Development Fund, the Transportation Bond,
23Series B Fund, the School Construction Fund, the Anti-Pollution
24Fund, and the Coal Development Fund shall be deposited by the
25State Treasurer in the General Revenue Fund.

 

 

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1    Monies from the sale or redemption of investments from the
2General Obligation Bond Retirement and Interest Fund shall be
3deposited in the General Obligation Bond Retirement and
4Interest Fund.
5    (c) Monies from the Capital Development Fund, the
6Transportation Bond, Series A Fund, the Transportation Bond,
7Series B Fund, the Multi-modal Transportation Bond Fund, the
8School Construction Fund, the Anti-Pollution Fund, and the Coal
9Development Fund may be invested as permitted in "AN ACT in
10relation to State moneys", approved June 28, 1919, as amended
11and in "AN ACT relating to certain investments of public funds
12by public agencies", approved July 23, 1943, as amended. Monies
13from the General Obligation Bond Retirement and Interest Fund
14may be invested in securities constituting direct obligations
15of the United States Government, or obligations, the principal
16of and interest on which are guaranteed by the United States
17Government, or certificates of deposit of any state or national
18bank or savings and loan association. For amounts not insured
19by the Federal Deposit Insurance Corporation or the Federal
20Savings and Loan Insurance Corporation, as security the State
21Treasurer shall accept securities constituting direct
22obligations of the United States Government, or obligations,
23the principal of and interest on which are guaranteed by the
24United States Government.
25    (d) Accrued interest paid to the State at the time of the
26delivery of the Bonds shall be deposited into the General

 

 

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1Obligation Bond Retirement and Interest Fund in the State
2Treasury.
3(Source: P.A. 84-1248; 84-1474.)
 
4    Section 15. The Build Illinois Bond Act is amended by
5changing Sections 2, 4, 6, and 8 as follows:
 
6    (30 ILCS 425/2)  (from Ch. 127, par. 2802)
7    Sec. 2. Authorization for Bonds. The State of Illinois is
8authorized to issue, sell and provide for the retirement of
9limited obligation bonds, notes and other evidences of
10indebtedness of the State of Illinois in the total principal
11amount of $9,484,681,100 $6,246,009,000 herein called "Bonds".
12Such authorized amount of Bonds shall be reduced from time to
13time by amounts, if any, which are equal to the moneys received
14by the Department of Revenue in any fiscal year pursuant to
15Section 3-1001 of the "Illinois Vehicle Code", as amended, in
16excess of the Annual Specified Amount (as defined in Section 3
17of the "Retailers' Occupation Tax Act", as amended) and
18transferred at the end of such fiscal year from the General
19Revenue Fund to the Build Illinois Purposes Fund (now
20abolished) as provided in Section 3-1001 of said Code;
21provided, however, that no such reduction shall affect the
22validity or enforceability of any Bonds issued prior to such
23reduction. Such amount of authorized Bonds shall be exclusive
24of any refunding Bonds issued pursuant to Section 15 of this

 

 

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1Act and exclusive of any Bonds issued pursuant to this Section
2which are redeemed, purchased, advance refunded, or defeased in
3accordance with paragraph (f) of Section 4 of this Act. Bonds
4shall be issued for the categories and specific purposes
5expressed in Section 4 of this Act.
6(Source: P.A. 98-94, eff. 7-17-13.)
 
7    (30 ILCS 425/4)  (from Ch. 127, par. 2804)
8    Sec. 4. Purposes of Bonds. Bonds shall be issued for the
9following purposes and in the approximate amounts as set forth
10below:
11    (a) $4,372,761,200 $3,222,800,000 for the expenses of
12issuance and sale of Bonds, including bond discounts, and for
13planning, engineering, acquisition, construction,
14reconstruction, development, improvement and extension of the
15public infrastructure in the State of Illinois, including: the
16making of loans or grants to local governments for waste
17disposal systems, water and sewer line extensions and water
18distribution and purification facilities, rail or air or water
19port improvements, gas and electric utility extensions,
20publicly owned industrial and commercial sites, buildings used
21for public administration purposes and other public
22infrastructure capital improvements; the making of loans or
23grants to units of local government for financing and
24construction of wastewater facilities, including grants to
25serve unincorporated areas; refinancing or retiring bonds

 

 

HB0142 Enrolled- 47 -LRB101 02983 RJF 47991 b

1issued between January 1, 1987 and January 1, 1990 by home rule
2municipalities, debt service on which is provided from a tax
3imposed by home rule municipalities prior to January 1, 1990 on
4the sale of food and drugs pursuant to Section 8-11-1 of the
5Home Rule Municipal Retailers' Occupation Tax Act or Section
68-11-5 of the Home Rule Municipal Service Occupation Tax Act;
7the making of deposits not to exceed $70,000,000 in the
8aggregate into the Water Pollution Control Revolving Fund to
9provide assistance in accordance with the provisions of Title
10IV-A of the Environmental Protection Act; the planning,
11engineering, acquisition, construction, reconstruction,
12alteration, expansion, extension and improvement of highways,
13bridges, structures separating highways and railroads, rest
14areas, interchanges, access roads to and from any State or
15local highway and other transportation improvement projects
16which are related to economic development activities; the
17making of loans or grants for planning, engineering,
18rehabilitation, improvement or construction of rail and
19transit facilities; the planning, engineering, acquisition,
20construction, reconstruction and improvement of watershed,
21drainage, flood control, recreation and related improvements
22and facilities, including expenses related to land and easement
23acquisition, relocation, control structures, channel work and
24clearing and appurtenant work; the planning, engineering,
25acquisition, construction, reconstruction and improvement of
26State facilities and related infrastructure; the making of Park

 

 

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1and Recreational Facilities Construction (PARC) grants; the
2making of grants to units of local government for community
3development capital projects; the making of grants for
4improvement and development of zoos and park district field
5houses and related structures; and the making of grants for
6improvement and development of Navy Pier and related
7structures.
8    (b) $2,122,970,300 $849,000,000 for fostering economic
9development and increased employment and fostering the well
10being of the citizens of Illinois through community
11development, including: the making of grants for improvement
12and development of McCormick Place and related structures; the
13planning and construction of a microelectronics research
14center, including the planning, engineering, construction,
15improvement, renovation and acquisition of buildings,
16equipment and related utility support systems; the making of
17loans to businesses and investments in small businesses;
18acquiring real properties for industrial or commercial site
19development; acquiring, rehabilitating and reconveying
20industrial and commercial properties for the purpose of
21expanding employment and encouraging private and other public
22sector investment in the economy of Illinois; the payment of
23expenses associated with siting the Superconducting Super
24Collider Particle Accelerator in Illinois and with its
25acquisition, construction, maintenance, operation, promotion
26and support; the making of loans for the planning, engineering,

 

 

HB0142 Enrolled- 49 -LRB101 02983 RJF 47991 b

1acquisition, construction, improvement and conversion of
2facilities and equipment which will foster the use of Illinois
3coal; the payment of expenses associated with the promotion,
4establishment, acquisition and operation of small business
5incubator facilities and agribusiness research facilities,
6including the lease, purchase, renovation, planning,
7engineering, construction and maintenance of buildings,
8utility support systems and equipment designated for such
9purposes and the establishment and maintenance of centralized
10support services within such facilities; the making of grants
11for transportation electrification infrastructure projects
12that promote use of clean and renewable energy; the making of
13capital expenditures and grants for broadband development and
14for a statewide broadband deployment grant program; the making
15of grants to public entities and private persons and entities
16for community development capital projects; the making of
17grants to public entities and private persons and entities for
18capital projects in the context of grant programs focused on
19assisting economically depressed areas, expanding affordable
20housing, supporting the provision of human services,
21supporting emerging technology enterprises, and supporting
22minority owned businesses; and the making of grants or loans to
23units of local government for Urban Development Action Grant
24and Housing Partnership programs.
25    (c) $2,711,076,600 $1,944,058,100 for the development and
26improvement of educational, scientific, technical and

 

 

HB0142 Enrolled- 50 -LRB101 02983 RJF 47991 b

1vocational programs and facilities and the expansion of health
2and human services for all citizens of Illinois, including: the
3making of grants to school districts and not-for-profit
4organizations for early childhood construction projects
5pursuant to Section 5-300 of the School Construction Law; the
6making of grants to educational institutions for educational,
7scientific, technical and vocational program equipment and
8facilities; the making of grants to museums for equipment and
9facilities; the making of construction and improvement grants
10and loans to public libraries and library systems; the making
11of grants and loans for planning, engineering, acquisition and
12construction of a new State central library in Springfield; the
13planning, engineering, acquisition and construction of an
14animal and dairy sciences facility; the planning, engineering,
15acquisition and construction of a campus and all related
16buildings, facilities, equipment and materials for Richland
17Community College; the acquisition, rehabilitation and
18installation of equipment and materials for scientific and
19historical surveys; the making of grants or loans for
20distribution to eligible vocational education instructional
21programs for the upgrading of vocational education programs,
22school shops and laboratories, including the acquisition,
23rehabilitation and installation of technical equipment and
24materials; the making of grants or loans for distribution to
25eligible local educational agencies for the upgrading of math
26and science instructional programs, including the acquisition

 

 

HB0142 Enrolled- 51 -LRB101 02983 RJF 47991 b

1of instructional equipment and materials; miscellaneous
2capital improvements for universities and community colleges
3including the planning, engineering, construction,
4reconstruction, remodeling, improvement, repair and
5installation of capital facilities and costs of planning,
6supplies, equipment, materials, services, and all other
7required expenses; the making of grants or loans for repair,
8renovation and miscellaneous capital improvements for
9privately operated colleges and universities and community
10colleges, including the planning, engineering, acquisition,
11construction, reconstruction, remodeling, improvement, repair
12and installation of capital facilities and costs of planning,
13supplies, equipment, materials, services, and all other
14required expenses; and the making of grants or loans for
15distribution to local governments for hospital and other health
16care facilities including the planning, engineering,
17acquisition, construction, reconstruction, remodeling,
18improvement, repair and installation of capital facilities and
19costs of planning, supplies, equipment, materials, services
20and all other required expenses.
21    (d) $277,873,000 $230,150,900 for protection,
22preservation, restoration and conservation of environmental
23and natural resources, including: the making of grants to soil
24and water conservation districts for the planning and
25implementation of conservation practices and for funding
26contracts with the Soil Conservation Service for watershed

 

 

HB0142 Enrolled- 52 -LRB101 02983 RJF 47991 b

1planning; the making of grants to units of local government for
2the capital development and improvement of recreation areas,
3including planning and engineering costs, sewer projects,
4including planning and engineering costs and water projects,
5including planning and engineering costs, and for the
6acquisition of open space lands, including the acquisition of
7easements and other property interests of less than fee simple
8ownership; the making of grants to units of local government
9through the Illinois Green Infrastructure Grant Program to
10protect water quality and mitigate flooding; the acquisition
11and related costs and development and management of natural
12heritage lands, including natural areas and areas providing
13habitat for endangered species and nongame wildlife, and buffer
14area lands; the acquisition and related costs and development
15and management of habitat lands, including forest, wildlife
16habitat and wetlands; and the removal and disposition of
17hazardous substances, including the cost of project
18management, equipment, laboratory analysis, and contractual
19services necessary for preventative and corrective actions
20related to the preservation, restoration and conservation of
21the environment, including deposits not to exceed $60,000,000
22in the aggregate into the Hazardous Waste Fund and the
23Brownfields Redevelopment Fund for improvements in accordance
24with the provisions of Titles V and XVII of the Environmental
25Protection Act.
26    (e) The amount specified in paragraph (a) above shall

 

 

HB0142 Enrolled- 53 -LRB101 02983 RJF 47991 b

1include an amount necessary to pay reasonable expenses of each
2issuance and sale of the Bonds, as specified in the related
3Bond Sale Order (hereinafter defined).
4    (f) Any unexpended proceeds from any sale of Bonds which
5are held in the Build Illinois Bond Fund may be used to redeem,
6purchase, advance refund, or defease any Bonds outstanding.
7(Source: P.A. 98-94, eff. 7-17-13.)
 
8    (30 ILCS 425/6)  (from Ch. 127, par. 2806)
9    Sec. 6. Conditions for issuance and sale of Bonds -
10requirements for Bonds - master and supplemental indentures -
11credit and liquidity enhancement.
12    (a) Bonds shall be issued and sold from time to time, in
13one or more series, in such amounts and at such prices as
14directed by the Governor, upon recommendation by the Director
15of the Governor's Office of Management and Budget. Bonds shall
16be payable only from the specific sources and secured in the
17manner provided in this Act. Bonds shall be in such form, in
18such denominations, mature on such dates within 25 years from
19their date of issuance, be subject to optional or mandatory
20redemption, bear interest payable at such times and at such
21rate or rates, fixed or variable, and be dated as shall be
22fixed and determined by the Director of the Governor's Office
23of Management and Budget in an order authorizing the issuance
24and sale of any series of Bonds, which order shall be approved
25by the Governor and is herein called a "Bond Sale Order";

 

 

HB0142 Enrolled- 54 -LRB101 02983 RJF 47991 b

1provided, however, that interest payable at fixed rates shall
2not exceed that permitted in "An Act to authorize public
3corporations to issue bonds, other evidences of indebtedness
4and tax anticipation warrants subject to interest rate
5limitations set forth therein", approved May 26, 1970, as now
6or hereafter amended, and interest payable at variable rates
7shall not exceed the maximum rate permitted in the Bond Sale
8Order. Said Bonds shall be payable at such place or places,
9within or without the State of Illinois, and may be made
10registrable as to either principal only or as to both principal
11and interest, as shall be specified in the Bond Sale Order.
12Bonds may be callable or subject to purchase and retirement or
13remarketing as fixed and determined in the Bond Sale Order.
14Bonds (i) except for refunding Bonds satisfying the
15requirements of Section 15 of this Act and sold during fiscal
16year 2009, 2010, 2011, 2017, 2018, or 2019, must be issued with
17principal or mandatory redemption amounts in equal amounts,
18with the first maturity issued occurring within the fiscal year
19in which the Bonds are issued or within the next succeeding
20fiscal year and (ii) must mature or be subject to mandatory
21redemption each fiscal year thereafter up to 25 years, except
22for refunding Bonds satisfying the requirements of Section 15
23of this Act and sold during fiscal year 2009, 2010, or 2011
24which must mature or be subject to mandatory redemption each
25fiscal year thereafter up to 16 years.
26    All Bonds authorized under this Act shall be issued

 

 

HB0142 Enrolled- 55 -LRB101 02983 RJF 47991 b

1pursuant to a master trust indenture ("Master Indenture")
2executed and delivered on behalf of the State by the Director
3of the Governor's Office of Management and Budget, such Master
4Indenture to be in substantially the form approved in the Bond
5Sale Order authorizing the issuance and sale of the initial
6series of Bonds issued under this Act. Such initial series of
7Bonds may, and each subsequent series of Bonds shall, also be
8issued pursuant to a supplemental trust indenture
9("Supplemental Indenture") executed and delivered on behalf of
10the State by the Director of the Governor's Office of
11Management and Budget, each such Supplemental Indenture to be
12in substantially the form approved in the Bond Sale Order
13relating to such series. The Master Indenture and any
14Supplemental Indenture shall be entered into with a bank or
15trust company in the State of Illinois having trust powers and
16possessing capital and surplus of not less than $100,000,000.
17Such indentures shall set forth the terms and conditions of the
18Bonds and provide for payment of and security for the Bonds,
19including the establishment and maintenance of debt service and
20reserve funds, and for other protections for holders of the
21Bonds. The term "reserve funds" as used in this Act shall
22include funds and accounts established under indentures to
23provide for the payment of principal of and premium and
24interest on Bonds, to provide for the purchase, retirement or
25defeasance of Bonds, to provide for fees of trustees,
26registrars, paying agents and other fiduciaries and to provide

 

 

HB0142 Enrolled- 56 -LRB101 02983 RJF 47991 b

1for payment of costs of and debt service payable in respect of
2credit or liquidity enhancement arrangements, interest rate
3swaps or guarantees or financial futures contracts and indexing
4and remarketing agents' services.
5    In the case of any series of Bonds bearing interest at a
6variable interest rate ("Variable Rate Bonds"), in lieu of
7determining the rate or rates at which such series of Variable
8Rate Bonds shall bear interest and the price or prices at which
9such Variable Rate Bonds shall be initially sold or remarketed
10(in the event of purchase and subsequent resale), the Bond Sale
11Order may provide that such interest rates and prices may vary
12from time to time depending on criteria established in such
13Bond Sale Order, which criteria may include, without
14limitation, references to indices or variations in interest
15rates as may, in the judgment of a remarketing agent, be
16necessary to cause Bonds of such series to be remarketable from
17time to time at a price equal to their principal amount (or
18compound accreted value in the case of original issue discount
19Bonds), and may provide for appointment of indexing agents and
20a bank, trust company, investment bank or other financial
21institution to serve as remarketing agent in that connection.
22The Bond Sale Order may provide that alternative interest rates
23or provisions for establishing alternative interest rates,
24different security or claim priorities or different call or
25amortization provisions will apply during such times as Bonds
26of any series are held by a person providing credit or

 

 

HB0142 Enrolled- 57 -LRB101 02983 RJF 47991 b

1liquidity enhancement arrangements for such Bonds as
2authorized in subsection (b) of Section 6 of this Act.
3    (b) In connection with the issuance of any series of Bonds,
4the State may enter into arrangements to provide additional
5security and liquidity for such Bonds, including, without
6limitation, bond or interest rate insurance or letters of
7credit, lines of credit, bond purchase contracts or other
8arrangements whereby funds are made available to retire or
9purchase Bonds, thereby assuring the ability of owners of the
10Bonds to sell or redeem their Bonds. The State may enter into
11contracts and may agree to pay fees to persons providing such
12arrangements, but only under circumstances where the Director
13of the Bureau of the Budget (now Governor's Office of
14Management and Budget) certifies that he reasonably expects the
15total interest paid or to be paid on the Bonds, together with
16the fees for the arrangements (being treated as if interest),
17would not, taken together, cause the Bonds to bear interest,
18calculated to their stated maturity, at a rate in excess of the
19rate which the Bonds would bear in the absence of such
20arrangements. Any bonds, notes or other evidences of
21indebtedness issued pursuant to any such arrangements for the
22purpose of retiring and discharging outstanding Bonds shall
23constitute refunding Bonds under Section 15 of this Act. The
24State may participate in and enter into arrangements with
25respect to interest rate swaps or guarantees or financial
26futures contracts for the purpose of limiting or restricting

 

 

HB0142 Enrolled- 58 -LRB101 02983 RJF 47991 b

1interest rate risk; provided that such arrangements shall be
2made with or executed through banks having capital and surplus
3of not less than $100,000,000 or insurance companies holding
4the highest policyholder rating accorded insurers by A.M. Best &
5 Co. or any comparable rating service or government bond
6dealers reporting to, trading with, and recognized as primary
7dealers by a Federal Reserve Bank and having capital and
8surplus of not less than $100,000,000, or other persons whose
9debt securities are rated in the highest long-term categories
10by both Moody's Investors' Services, Inc. and Standard & Poor's
11Corporation. Agreements incorporating any of the foregoing
12arrangements may be executed and delivered by the Director of
13the Governor's Office of Management and Budget on behalf of the
14State in substantially the form approved in the Bond Sale Order
15relating to such Bonds.
16    (c) "Build America Bonds" in this Section means Bonds
17authorized by Section 54AA of the Internal Revenue Code of
181986, as amended ("Internal Revenue Code"), and bonds issued
19from time to time to refund or continue to refund "Build
20America Bonds".
21(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17;
22100-587, eff. 6-4-18.)
 
23    (30 ILCS 425/8)  (from Ch. 127, par. 2808)
24    Sec. 8. Sale of Bonds. Bonds, except as otherwise provided
25in this Section, shall be sold from time to time pursuant to

 

 

HB0142 Enrolled- 59 -LRB101 02983 RJF 47991 b

1notice of sale and public bid or by negotiated sale in such
2amounts and at such times as are directed by the Governor, upon
3recommendation by the Director of the Governor's Office of
4Management and Budget. At least 25%, based on total principal
5amount, of all Bonds issued each fiscal year shall be sold
6pursuant to notice of sale and public bid. At all times during
7each fiscal year, no more than 75%, based on total principal
8amount, of the Bonds issued each fiscal year shall have been
9sold by negotiated sale. Failure to satisfy the requirements in
10the preceding 2 sentences shall not affect the validity of any
11previously issued Bonds; and further provided that refunding
12Bonds satisfying the requirements of Section 15 of this Act and
13sold during fiscal year 2009, 2010, 2011, 2017, 2018, or 2019
14shall not be subject to the requirements in the preceding 2
15sentences.
16    If any Bonds are to be sold pursuant to notice of sale and
17public bid, the Director of the Governor's Office of Management
18and Budget shall comply with the competitive request for
19proposal process set forth in the Illinois Procurement Code and
20all other applicable requirements of that Code.
21    If Bonds are to be sold pursuant to notice of sale and
22public bid, the Director of the Governor's Office of Management
23and Budget may, from time to time, as Bonds are to be sold,
24advertise the sale of the Bonds in at least 2 daily newspapers,
25one of which is published in the City of Springfield and one in
26the City of Chicago. The sale of the Bonds shall also be

 

 

HB0142 Enrolled- 60 -LRB101 02983 RJF 47991 b

1advertised in the volume of the Illinois Procurement Bulletin
2that is published by the Department of Central Management
3Services, and shall be published once at least 10 days prior to
4the date fixed for the opening of the bids. The Director of the
5Governor's Office of Management and Budget may reschedule the
6date of sale upon the giving of such additional notice as the
7Director deems adequate to inform prospective bidders of the
8change; provided, however, that all other conditions of the
9sale shall continue as originally advertised. Executed Bonds
10shall, upon payment therefor, be delivered to the purchaser,
11and the proceeds of Bonds shall be paid into the State Treasury
12as directed by Section 9 of this Act. The Governor or the
13Director of the Governor's Office of Management and Budget is
14hereby authorized and directed to execute and deliver contracts
15of sale with underwriters and to execute and deliver such
16certificates, indentures, agreements and documents, including
17any supplements or amendments thereto, and to take such actions
18and do such things as shall be necessary or desirable to carry
19out the purposes of this Act. Any action authorized or
20permitted to be taken by the Director of the Governor's Office
21of Management and Budget pursuant to this Act is hereby
22authorized to be taken by any person specifically designated by
23the Governor to take such action in a certificate signed by the
24Governor and filed with the Secretary of State.
25(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17;
26100-587, eff. 6-4-18.)
 

 

 

HB0142 Enrolled- 61 -LRB101 02983 RJF 47991 b

1    Section 20. The Regional Transportation Authority Act is
2amended by changing Section 2.32 as follows:
 
3    (70 ILCS 3615/2.32)
4    Sec. 2.32. Clean/green vehicles. Any vehicles purchased
5from funds made available to the Authority from the
6Transportation Bond, Series B Fund or the Multi-modal
7Transportation Bond Fund must incorporate clean/green
8technologies and alternative fuel technologies, to the extent
9practical.
10(Source: P.A. 96-8, eff. 4-28-09.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.