HB5656 EnrolledLRB097 20381 PJG 65851 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 5. The State Finance Act is amended by changing
5Section 6t as follows:
 
6    (30 ILCS 105/6t)  (from Ch. 127, par. 142t)
7    Sec. 6t. The Capital Development Board Contributory Trust
8Fund is created and there shall be paid into the Capital
9Development Board Contributory Trust Fund the monies
10contributed by and received from Public Community College
11Districts, Elementary, Secondary, and Unit School Districts,
12and Vocational Education Facilities, provided, however, no
13monies shall be required from a participating Public Community
14College District, Elementary, Secondary, or Unit School
15District, or Vocational Education Facility more than 30 days
16prior to anticipated need under the particular contract for the
17Public Community College District, Elementary, Secondary, or
18Unit School District, or Vocational Education Facility. No
19monies in any fund in the State Treasury, nor any funds under
20the control or beneficial control of any state agency,
21university, college, department, commission, board or any
22other unit of state government shall be deposited, paid into,
23or by any other means caused to be placed into the Capital

 

 

HB5656 Enrolled- 2 -LRB097 20381 PJG 65851 b

1Development Board Contributory Trust Fund, except for federal
2funds, bid bond forfeitures, and insurance proceeds as provided
3for below.
4    There shall be paid into the Capital Development Board
5Contributory Trust Fund all federal funds to be utilized for
6the construction of capital projects under the jurisdiction of
7the Capital Development Board, and all proceeds resulting from
8such federal funds. All such funds shall be remitted to the
9Capital Development Board within 10 working days of their
10receipt by the receiving authority.
11    There shall also be paid into this Fund all monies
12designated as gifts, donations or charitable contributions
13which may be contributed by an individual or entity, whether
14public or private, for a specific capital improvement project.
15    There shall also be paid into this Fund all proceeds from
16bid bond forfeitures in connection with any project formally
17bid and awarded by the Capital Development Board.
18    There shall also be paid into this Fund all builders risk
19insurance policy proceeds and all other funds recovered from
20contractors, sureties, architects, material suppliers or other
21persons contracting with the Capital Development Board for
22capital improvement projects which are received by way of
23reimbursement for losses resulting from destruction of or
24damage to capital improvement projects while under
25construction by the Capital Development Board or received by
26way of settlement agreement or court order.

 

 

HB5656 Enrolled- 3 -LRB097 20381 PJG 65851 b

1    The monies in the Capital Development Board Contributory
2Trust Fund shall be expended only for actual contracts let, and
3then only for the specific project for which funds were
4received in accordance with the judgment of the Capital
5Development Board, compatible with the duties and obligations
6of the Capital Development Board in furtherance of the specific
7capital improvement for which such funds were received.
8Contributions, insured-loss reimbursements or other funds
9received as damages through settlement or judgement for damage,
10destruction or loss of capital improvement projects shall be
11expended for the repair of such projects; or if the projects
12have been or are being repaired before receipt of the funds,
13the funds may be used to repair other such capital improvement
14projects. Any funds not expended for a project within 36 months
15after the date received shall be paid into the General
16Obligation Bond Retirement and Interest Fund.
17    Contributions or insured-loss reimbursements not expended
18in furtherance of the project for which they were received
19within 36 months of the date received, shall be returned to the
20contributing party. Proceeds from builders risk insurance
21shall be expended only for the amelioration of damage arising
22from the incident for which the proceeds were paid to the State
23or the Capital Development Contributory Trust Fund. Any
24residual amounts remaining after the completion of such
25repairs, renovation, reconstruction or other work necessary to
26restore the capital improvement project to acceptable

 

 

HB5656 Enrolled- 4 -LRB097 20381 PJG 65851 b

1condition shall be returned to the proper fund or entity
2financing or contributing towards the cost of the capital
3improvement project. Such returns shall be made in amounts
4proportionate to the contributions made in furtherance of the
5project.
6    Any monies received as a gift, donation or charitable
7contribution for a specific capital improvement which have not
8been expended in furtherance of that project shall be returned
9to the contributing party after completion of the project or if
10the legislature fails to authorize the capital improvement.
11    The unused portion of any federal funds received for a
12capital improvement project which are not contributed, upon its
13completion, towards the cost of the project, shall remain in
14the Capital Development Board Contributory Trust Fund and shall
15be used for capital projects and for no other purpose, subject
16to appropriation and as directed by the Capital Development
17Board be deposited in the Capital Development Bond Retirement
18and Interest Fund if moneys from the Capital Development Fund
19have been utilized for the project.
20(Source: P.A. 92-34, eff. 7-1-01.)
 
21    Section 99. Effective date. This Act takes effect January
221, 2013.