Sen. Donne E. Trotter

Filed: 5/30/2012

 

 


 

 


 
09700HB4568sam001LRB097 16852 PJG 70468 a

1
AMENDMENT TO HOUSE BILL 4568

2    AMENDMENT NO. ______. Amend House Bill 4568 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The State Finance Act is amended by changing
5Section 6z-78 as follows:
 
6    (30 ILCS 105/6z-78)
7    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
8transfers. Money in the Capital Projects Fund shall, if and
9when the State of Illinois incurs any bonded indebtedness using
10the bond authorizations enacted in Public Act 96-36, and Public
11Act 96-1554 this amendatory Act of the 96th General Assembly,
12and this amendatory Act of the 97th General Assembly, be set
13aside and used for the purpose of paying and discharging
14annually the principal and interest on that bonded indebtedness
15then due and payable.
16    In addition to other transfers to the General Obligation

 

 

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1Bond Retirement and Interest Fund made pursuant to Section 15
2of the General Obligation Bond Act, upon each delivery of
3general obligation bonds using bond authorizations enacted in
4Public Act 96-36, and Public Act 96-1554 this amendatory Act of
5the 96th General Assembly , and this amendatory Act of the 97th
6General Assembly the State Comptroller shall compute and
7certify to the State Treasurer the total amount of principal
8of, interest on, and premium, if any, on such bonds during the
9then current and each succeeding fiscal year. With respect to
10the interest payable on variable rate bonds, such
11certifications shall be calculated at the maximum rate of
12interest that may be payable during the fiscal year, after
13taking into account any credits permitted in the related
14indenture or other instrument against the amount of such
15interest required to be appropriated for the period.
16    (a) Except as provided for in subsection (b), on or before
17the last day of each month, the State Treasurer and State
18Comptroller shall transfer from the Capital Projects Fund to
19the General Obligation Bond Retirement and Interest Fund an
20amount sufficient to pay the aggregate of the principal of,
21interest on, and premium, if any, on the bonds payable on their
22next payment date, divided by the number of monthly transfers
23occurring between the last previous payment date (or the
24delivery date if no payment date has yet occurred) and the next
25succeeding payment date. Interest payable on variable rate
26bonds shall be calculated at the maximum rate of interest that

 

 

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

 

 

09700HB4568sam001- 4 -LRB097 16852 PJG 70468 a

1maximum rate of interest that may be payable for the relevant
2period, after taking into account any credits permitted in the
3related indenture or other instrument against the amount of
4such interest required to be appropriated for that period.
5Interest for which moneys have already been deposited into the
6capitalized interest account within the General Obligation
7Bond Retirement and Interest Fund shall not be included in the
8calculation of the amounts to be transferred under this
9subsection.
10    (c) On the first day of any month when the Capital Projects
11Fund is carrying a debt to the Road Fund due to the provisions
12of subsection (b), the State Treasurer and State Comptroller
13shall transfer from the Capital Projects Fund to the Road Fund
14an amount sufficient to discharge that debt. These transfers to
15the Road Fund shall continue until the Capital Projects Fund
16has repaid to the Road Fund all transfers made from the Road
17Fund pursuant to subsection (b). Notwithstanding any other law
18to the contrary, transfers to the Road Fund from the Capital
19Projects Fund shall be made prior to any other expenditures or
20transfers out of the Capital Projects Fund.
21(Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09;
2296-1554, eff. 3-18-11.)
 
23    Section 10. The General Obligation Bond Act is amended by
24changing Sections 2 and 4 as follows:
 

 

 

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1    (30 ILCS 330/2)  (from Ch. 127, par. 652)
2    Sec. 2. Authorization for Bonds. The State of Illinois is
3authorized to issue, sell and provide for the retirement of
4General Obligation Bonds of the State of Illinois for the
5categories and specific purposes expressed in Sections 2
6through 8 of this Act, in the total amount of $47,346,525,743
7$41,314,125,743 $41,379,777,443.
8    The bonds authorized in this Section 2 and in Section 16 of
9this Act are herein called "Bonds".
10    Of the total amount of Bonds authorized in this Act, up to
11$2,200,000,000 in aggregate original principal amount may be
12issued and sold in accordance with the Baccalaureate Savings
13Act in the form of General Obligation College Savings Bonds.
14    Of the total amount of Bonds authorized in this Act, up to
15$300,000,000 in aggregate original principal amount may be
16issued and sold in accordance with the Retirement Savings Act
17in the form of General Obligation Retirement Savings Bonds.
18    Of the total amount of Bonds authorized in this Act, the
19additional $10,000,000,000 authorized by Public Act 93-2, the
20$3,466,000,000 authorized by Public Act 96-43, and the
21$4,096,348,300 authorized by Public Act 96-1497 this
22amendatory Act of the 96th General Assembly shall be used
23solely as provided in Section 7.2.
24    The issuance and sale of Bonds pursuant to the General
25Obligation Bond Act is an economical and efficient method of
26financing the long-term capital needs of the State. This Act

 

 

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1will permit the issuance of a multi-purpose General Obligation
2Bond with uniform terms and features. This will not only lower
3the cost of registration but also reduce the overall cost of
4issuing debt by improving the marketability of Illinois General
5Obligation Bonds.
6(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
7eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;
896-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff.
93-18-11; 97-333, eff. 8-12-11; revised 10-31-11.)
 
10    (30 ILCS 330/4)  (from Ch. 127, par. 654)
11    Sec. 4. Transportation. The amount of $14,848,199,000
12$12,443,799,000 is authorized for use by the Department of
13Transportation for the specific purpose of promoting and
14assuring rapid, efficient, and safe highway, air and mass
15transportation for the inhabitants of the State by providing
16monies, including the making of grants and loans, for the
17acquisition, construction, reconstruction, extension and
18improvement of the following transportation facilities and
19equipment, and for the acquisition of real property and
20interests in real property required or expected to be required
21in connection therewith as follows:
22    (a) $5,432,129,000 for State highways, arterial highways,
23freeways, roads, bridges, structures separating highways and
24railroads and roads, and bridges on roads maintained by
25counties, municipalities, townships or road districts for the

 

 

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1following specific purposes:
2        (1) $3,330,000,000 for use statewide,
3        (2) $3,677,000 for use outside the Chicago urbanized
4    area,
5        (3) $7,543,000 for use within the Chicago urbanized
6    area,
7        (4) $13,060,600 for use within the City of Chicago,
8        (5) $58,987,500 for use within the counties of Cook,
9    DuPage, Kane, Lake, McHenry and Will,
10        (6) $18,860,900 for use outside the counties of Cook,
11    DuPage, Kane, Lake, McHenry and Will, and
12        (7) $2,000,000,000 for use on projects included in
13    either (i) the FY09-14 Proposed Highway Improvement
14    Program as published by the Illinois Department of
15    Transportation in May 2008 or (ii) the FY10-15 Proposed
16    Highway Improvement Program to be published by the Illinois
17    Department of Transportation in the spring of 2009; except
18    that all projects must be maintenance projects for the
19    existing State system with the goal of reaching 90%
20    acceptable condition in the system statewide and further
21    except that all projects must reflect the generally
22    accepted historical distribution of projects throughout
23    the State.
24    (b) $5,379,670,000 $4,280,070,000 for rail facilities and
25for mass transit facilities, as defined in Section 2705-305 of
26the Department of Transportation Law (20 ILCS 2705/2705-305),

 

 

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1including rapid transit, rail, bus and other equipment used in
2connection therewith by the State or any unit of local
3government, special transportation district, municipal
4corporation or other corporation or public authority
5authorized to provide and promote public transportation within
6the State or two or more of the foregoing jointly, for the
7following specific purposes:
8        (1) $4,283,870,000 $3,184,270,000 statewide,
9        (2) $83,350,000 for use within the counties of Cook,
10    DuPage, Kane, Lake, McHenry and Will,
11        (3) $12,450,000 for use outside the counties of Cook,
12    DuPage, Kane, Lake, McHenry and Will, and
13        (4) $1,000,000,000 for use on projects that shall
14    reflect the generally accepted historical distribution of
15    projects throughout the State.
16    (c) $482,600,000 for airport or aviation facilities and any
17equipment used in connection therewith, including engineering
18and land acquisition costs, by the State or any unit of local
19government, special transportation district, municipal
20corporation or other corporation or public authority
21authorized to provide public transportation within the State,
22or two or more of the foregoing acting jointly, and for the
23making of deposits into the Airport Land Loan Revolving Fund
24for loans to public airport owners pursuant to the Illinois
25Aeronautics Act.
26    (d) $3,553,800,000 $2,249,000,000 for use statewide for

 

 

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1State or local highways, arterial highways, freeways, roads,
2bridges, and structures separating highways and railroads and
3roads, and for grants to counties, municipalities, townships,
4or road districts for planning, engineering, acquisition,
5construction, reconstruction, development, improvement,
6extension, and all construction-related expenses of the public
7infrastructure and other transportation improvement projects
8which are related to economic development in the State of
9Illinois.
10(Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-37,
11eff. 7-13-09; 96-1554, eff. 3-18-11.)
 
12    Section 99. Effective date. This Act takes effect July 1,
132012.".