Rep. Esther Golar

Filed: 11/26/2012

 

 


 

 


 
09700HB6240ham001LRB097 23326 HLH 72389 a

1
AMENDMENT TO HOUSE BILL 6240

2    AMENDMENT NO. ______. Amend House Bill 6240 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The State Finance Act is amended by adding
5Section 5.826 as follows:
 
6    (30 ILCS 105/5.826 new)
7    Sec. 5.826. The State Fiscal Responsibility Fund.
 
8    Section 10. The General Obligation Bond Act is amended by
9changing Sections 2 and 12 and by adding Section 7.6 as
10follows:
 
11    (30 ILCS 330/2)  (from Ch. 127, par. 652)
12    Sec. 2. Authorization for Bonds. The State of Illinois is
13authorized to issue, sell and provide for the retirement of
14General Obligation Bonds of the State of Illinois for the

 

 

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1categories and specific purposes expressed in Sections 2
2through 8 of this Act, in the total amount of $51,092,925,743
3$47,092,925,743 $45,476,125,743.
4    The bonds authorized in this Section 2 and in Section 16 of
5this Act are herein called "Bonds".
6    Of the total amount of Bonds authorized in this Act, up to
7$2,200,000,000 in aggregate original principal amount may be
8issued and sold in accordance with the Baccalaureate Savings
9Act in the form of General Obligation College Savings Bonds.
10    Of the total amount of Bonds authorized in this Act, up to
11$300,000,000 in aggregate original principal amount may be
12issued and sold in accordance with the Retirement Savings Act
13in the form of General Obligation Retirement Savings Bonds.
14    Of the total amount of Bonds authorized in this Act, the
15additional $10,000,000,000 authorized by Public Act 93-2, the
16$3,466,000,000 authorized by Public Act 96-43, and the
17$4,096,348,300 authorized by Public Act 96-1497 shall be used
18solely as provided in Section 7.2.
19    The issuance and sale of Bonds pursuant to the General
20Obligation Bond Act is an economical and efficient method of
21financing the long-term capital needs of the State. This Act
22will permit the issuance of a multi-purpose General Obligation
23Bond with uniform terms and features. This will not only lower
24the cost of registration but also reduce the overall cost of
25issuing debt by improving the marketability of Illinois General
26Obligation Bonds.

 

 

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1(Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-43,
2eff. 7-15-09; 96-885, eff. 3-11-10; 96-1000, eff. 7-2-10;
396-1497, eff. 1-14-11; 96-1554, eff. 3-18-11; 97-333, eff.
48-12-11; 97-771, eff. 7-10-12; 97-813, eff. 7-13-12; revised
57-23-12.)
 
6    (30 ILCS 330/7.6 new)
7    Sec. 7.6. Payments to bona fide creditors.
8    (a) The amount of $4,000,000,000 is authorized to be used
9for the purpose of making payments to bona fide creditors of
10the State who: (1) have submitted a bill or invoice to the
11State that (A) was properly approved under rules adopted under
12Section 3-3 of the State Prompt Payment Act prior to September
131, 2012, and (B) was not paid within 30 days after the bill or
14invoice was submitted to the State Comptroller; or (2) are
15entitled to payment from State funds if the State is more than
1630 days delinquent in the payment of those funds as of
17September 1, 2012. For the purposes of this Section, the term
18"bona fide creditor" includes, but is not limited to,
19healthcare providers, public and private universities, school
20districts, units of local government, and State vendors. The
21proceeds of the additional $4,000,000,000 of bonds authorized
22by this amendatory Act of the 97th General Assembly shall not
23be used to pay contributions to any pension or retirement
24system of the State, any unit of local government or school
25district, or any agency or instrumentality thereof.

 

 

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1    (b) The proceeds of the additional $4,000,000,000 of bonds
2authorized by this amendatory Act of the 97th General Assembly,
3less the amounts directly paid out for bond sale expenses under
4Section 8, shall be deposited into the State Fiscal
5Responsibility Fund, a special fund created in the State
6Treasury. Moneys in the State Fiscal Responsibility Fund shall
7be used to make payments to bona fide creditors of the State,
8as defined in subsection (a). Those payments shall be made by
9the Comptroller according to the date on which the debt first
10became delinquent, with the oldest debts to be paid first.
11    (c) The State Fiscal Responsibility Fund is not subject to
12administrative charges or chargebacks, including, but not
13limited to, those authorized under Section 8h of the State
14Finance Act.
 
15    (30 ILCS 330/12)  (from Ch. 127, par. 662)
16    Sec. 12. Allocation of Proceeds from Sale of Bonds.
17    (a) Proceeds from the sale of Bonds, authorized by Section
183 of this Act, shall be deposited in the separate fund known as
19the Capital Development Fund.
20    (b) Proceeds from the sale of Bonds, authorized by
21paragraph (a) of Section 4 of this Act, shall be deposited in
22the separate fund known as the Transportation Bond, Series A
23Fund.
24    (c) Proceeds from the sale of Bonds, authorized by
25paragraphs (b) and (c) of Section 4 of this Act, shall be

 

 

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1deposited in the separate fund known as the Transportation
2Bond, Series B Fund.
3    (c-1) Proceeds from the sale of Bonds, authorized by
4paragraph (d) of Section 4 of this Act, shall be deposited into
5the Transportation Bond Series D Fund, which is hereby created.
6    (d) Proceeds from the sale of Bonds, authorized by Section
75 of this Act, shall be deposited in the separate fund known as
8the School Construction Fund.
9    (e) Proceeds from the sale of Bonds, authorized by Section
106 of this Act, shall be deposited in the separate fund known as
11the Anti-Pollution Fund.
12    (f) Proceeds from the sale of Bonds, authorized by Section
137 of this Act, shall be deposited in the separate fund known as
14the Coal Development Fund.
15    (f-2) Proceeds from the sale of Bonds, authorized by
16Section 7.2 of this Act, shall be deposited as set forth in
17Section 7.2.
18    (f-5) Proceeds from the sale of Bonds, authorized by
19Section 7.5 of this Act, shall be deposited as set forth in
20Section 7.5.
21    (f-6) Proceeds from the sale of Bonds authorized by Section
227.6 of this Act shall be deposited as set forth in Section 7.6.
23    (g) Proceeds from the sale of Bonds, authorized by Section
248 of this Act, shall be deposited in the Capital Development
25Fund.
26    (h) Subsequent to the issuance of any Bonds for the

 

 

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1purposes described in Sections 2 through 8 of this Act, the
2Governor and the Director of the Governor's Office of
3Management and Budget may provide for the reallocation of
4unspent proceeds of such Bonds to any other purposes authorized
5under said Sections of this Act, subject to the limitations on
6aggregate principal amounts contained therein. Upon any such
7reallocation, such unspent proceeds shall be transferred to the
8appropriate funds as determined by reference to paragraphs (a)
9through (g) of this Section.
10(Source: P.A. 96-36, eff. 7-13-09.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.".