Sen. John M. Sullivan

Filed: 5/22/2011

 

 


 

 


 
09700SB0342sam001LRB097 04135 PJG 56060 a

1
AMENDMENT TO SENATE BILL 342

2    AMENDMENT NO. ______. Amend Senate Bill 342 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The General Obligation Bond Act is amended by
5changing Sections 2, 2.5, 9, 11, 12, and 13 and by adding
6Section 7.6 as follows:
 
7    (30 ILCS 330/2)  (from Ch. 127, par. 652)
8    Sec. 2. Authorization for Bonds. The State of Illinois is
9authorized to issue, sell and provide for the retirement of
10General Obligation Bonds of the State of Illinois for the
11categories and specific purposes expressed in Sections 2
12through 8 of this Act, in the total amount of $46,958,125,743
13$41,314,125,743 $41,379,777,443.
14    The bonds authorized in this Section 2 and in Section 16 of
15this Act are herein called "Bonds".
16    Of the total amount of Bonds authorized in this Act, up to

 

 

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1$2,200,000,000 in aggregate original principal amount may be
2issued and sold in accordance with the Baccalaureate Savings
3Act in the form of General Obligation College Savings Bonds.
4    Of the total amount of Bonds authorized in this Act, up to
5$300,000,000 in aggregate original principal amount may be
6issued and sold in accordance with the Retirement Savings Act
7in the form of General Obligation Retirement Savings Bonds.
8    Of the total amount of Bonds authorized in this Act, the
9additional $10,000,000,000 authorized by Public Act 93-2, the
10$3,466,000,000 authorized by Public Act 96-43, and the
11$4,096,348,300 authorized by Public Act 96-1497 this
12amendatory Act of the 96th General Assembly shall be used
13solely as provided in Section 7.2.
14    Of the total amount of Bonds authorized in this Act,
15$1,482,000,000 of the additional amount of Bonds authorized by
16this amendatory Act of the 97th General Assembly shall be used
17solely as provided in Section 7.6 and shall be issued by
18September 1, 2011.
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. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
2eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;
396-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff.
43-18-11; revised 4-5-11.)
 
5    (30 ILCS 330/2.5)
6    Sec. 2.5. Limitation on issuance of Bonds.
7    (a) Except as provided in subsection (b), no Bonds may be
8issued if, after the issuance, in the next State fiscal year
9after the issuance of the Bonds, the amount of debt service
10(including principal, whether payable at maturity or pursuant
11to mandatory sinking fund installments, and interest) on all
12then-outstanding Bonds, other than (i) Bonds authorized by this
13amendatory Act of the 97th General Assembly, (ii) Bonds issued
14pursuant to authorized by Public Act 96-43, and (iii) other
15than Bonds issued pursuant to Public Act 96-1497 authorized by
16this amendatory Act of the 96th General Assembly, would exceed
177% of the aggregate appropriations from the general funds
18(which consist of the General Revenue Fund, the Common School
19Fund, the General Revenue Common School Special Account Fund,
20and the Education Assistance Fund) and the Road Fund for the
21fiscal year immediately prior to the fiscal year of the
22issuance.
23    (b) If the Comptroller and Treasurer each consent in
24writing, Bonds may be issued even if the issuance does not
25comply with subsection (a).

 

 

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1(Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11.)
 
2    (30 ILCS 330/7.6 new)
3    Sec. 7.6. State General Obligation Restructuring Bonds.
4    (a) As used in this Act, "State General Obligation
5Restructuring Bonds" means Bonds (i) authorized by this
6amendatory Act of the 97th General Assembly or any other Public
7Act of the 97th General Assembly authorizing the issuance of
8State General Obligation Restructuring Bonds and (ii) used for
9the payment of unpaid obligations of the State as incurred from
10time to time and as authorized by the General Assembly.
11    (b) State General Obligation Restructuring Bonds in the
12amount of $1,482,000,000 are hereby authorized to be used for
13purposes of paying vouchers to non-governmental vendors
14incurred by the State prior to June 30, 2011. For purposes of
15this Section, "non-governmental vendors" shall include any
16entity that is not an agency, commission, body politic, or
17other instrumentality of the State, or a "governmental unit" as
18such term is defined in the Local Government Debt Reform Act.
19    (c) The proceeds of State General Obligation Restructuring
20Bonds authorized in subsection (b) of this Section, less the
21amounts authorized in the Bond Sale Order to be deposited
22directly into the capitalized interest account of the General
23Obligation Bond Retirement and Interest Fund or otherwise
24directly paid out for bond sale expenses under Section 8, shall
25be deposited into the General Revenue Fund, and the Comptroller

 

 

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1and the Treasurer shall, as soon as practical, make such
2payments as contemplated by this Section.
 
3    (30 ILCS 330/9)  (from Ch. 127, par. 659)
4    Sec. 9. Conditions for Issuance and Sale of Bonds -
5Requirements for Bonds.
6    (a) Except as otherwise provided in this subsection and
7subsection (h), Bonds shall be issued and sold from time to
8time, in one or more series, in such amounts and at such prices
9as may be directed by the Governor, upon recommendation by the
10Director of the Governor's Office of Management and Budget.
11Bonds shall be in such form (either coupon, registered or book
12entry), in such denominations, payable within 25 years from
13their date, subject to such terms of redemption with or without
14premium, bear interest payable at such times and at such fixed
15or variable rate or rates, and be dated as shall be fixed and
16determined by the Director of the Governor's Office of
17Management and Budget in the order authorizing the issuance and
18sale of any series of Bonds, which order shall be approved by
19the Governor and is herein called a "Bond Sale Order"; provided
20however, that interest payable at fixed or variable rates shall
21not exceed that permitted in the Bond Authorization Act, as now
22or hereafter amended. Bonds shall be payable at such place or
23places, within or without the State of Illinois, and may be
24made registrable as to either principal or as to both principal
25and interest, as shall be specified in the Bond Sale Order.

 

 

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1Bonds may be callable or subject to purchase and retirement or
2tender and remarketing as fixed and determined in the Bond Sale
3Order. Bonds, other than Bonds issued under Section 3 of this
4Act for the costs associated with the purchase and
5implementation of information technology, (i) except for
6refunding Bonds satisfying the requirements of Section 16 of
7this Act and sold during fiscal year 2009, 2010, or 2011, must
8be issued with principal or mandatory redemption amounts in
9equal amounts, with the first maturity issued occurring within
10the fiscal year in which the Bonds are issued or within the
11next succeeding fiscal year and (ii) must mature or be subject
12to mandatory redemption each fiscal year thereafter up to 25
13years, except for refunding Bonds satisfying the requirements
14of Section 16 of this Act and sold during fiscal year 2009,
152010, or 2011 which must mature or be subject to mandatory
16redemption each fiscal year thereafter up to 16 years. Bonds
17issued under Section 3 of this Act for the costs associated
18with the purchase and implementation of information technology
19must be issued with principal or mandatory redemption amounts
20in equal amounts, with the first maturity issued occurring with
21the fiscal year in which the respective bonds are issued or
22with the next succeeding fiscal year, with the respective bonds
23issued maturing or subject to mandatory redemption each fiscal
24year thereafter up to 10 years. Notwithstanding any provision
25of this Act to the contrary, the Bonds authorized by Public Act
2696-43 shall be payable within 5 years from their date and must

 

 

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1be issued with principal or mandatory redemption amounts in
2equal amounts, with payment of principal or mandatory
3redemption beginning in the first fiscal year following the
4fiscal year in which the Bonds are issued.
5    Notwithstanding any provision of this Act to the contrary,
6the Bonds authorized by Public Act 96-1497 this amendatory Act
7of the 96th General Assembly shall be payable within 8 years
8from their date and shall be issued with payment of maturing
9principal or scheduled mandatory redemptions in accordance
10with the following schedule, except the following amounts shall
11be prorated if less than the total additional amount of Bonds
12authorized by Public Act 96-1497 this amendatory Act of the
1396th General Assembly are issued:
14    Fiscal Year After Issuance    Amount
15        1-2                        $0 
16        3                          $110,712,120
17        4                          $332,136,360
18        5                          $664,272,720
19        6-8                        $996,409,080
20    Notwithstanding any provision of this Act to the contrary,
21State General Obligation Restructuring Bonds shall be payable
22within 7 years from the date of sale and shall be issued with
23payment of principal or mandatory redemption as set forth in
24subsection (h) of this Section.
25    In the case of any series of Bonds bearing interest at a
26variable interest rate ("Variable Rate Bonds"), in lieu of

 

 

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1determining the rate or rates at which such series of Variable
2Rate Bonds shall bear interest and the price or prices at which
3such Variable Rate Bonds shall be initially sold or remarketed
4(in the event of purchase and subsequent resale), the Bond Sale
5Order may provide that such interest rates and prices may vary
6from time to time depending on criteria established in such
7Bond Sale Order, which criteria may include, without
8limitation, references to indices or variations in interest
9rates as may, in the judgment of a remarketing agent, be
10necessary to cause Variable Rate Bonds of such series to be
11remarketable from time to time at a price equal to their
12principal amount, and may provide for appointment of a bank,
13trust company, investment bank, or other financial institution
14to serve as remarketing agent in that connection. The Bond Sale
15Order may provide that alternative interest rates or provisions
16for establishing alternative interest rates, different
17security or claim priorities, or different call or amortization
18provisions will apply during such times as Variable Rate Bonds
19of any series are held by a person providing credit or
20liquidity enhancement arrangements for such Bonds as
21authorized in subsection (b) of this Section. The Bond Sale
22Order may also provide for such variable interest rates to be
23established pursuant to a process generally known as an auction
24rate process and may provide for appointment of one or more
25financial institutions to serve as auction agents and
26broker-dealers in connection with the establishment of such

 

 

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1interest rates and the sale and remarketing of such Bonds.
2    (b) In connection with the issuance of any series of Bonds,
3the State may enter into arrangements to provide additional
4security and liquidity for such Bonds, including, without
5limitation, bond or interest rate insurance or letters of
6credit, lines of credit, bond purchase contracts, or other
7arrangements whereby funds are made available to retire or
8purchase Bonds, thereby assuring the ability of owners of the
9Bonds to sell or redeem their Bonds. The State may enter into
10contracts and may agree to pay fees to persons providing such
11arrangements, but only under circumstances where the Director
12of the Governor's Office of Management and Budget certifies
13that he or she reasonably expects the total interest paid or to
14be paid on the Bonds, together with the fees for the
15arrangements (being treated as if interest), would not, taken
16together, cause the Bonds to bear interest, calculated to their
17stated maturity, at a rate in excess of the rate that the Bonds
18would bear in the absence of such arrangements.
19    The State may, with respect to Bonds issued or anticipated
20to be issued, participate in and enter into arrangements with
21respect to interest rate protection or exchange agreements,
22guarantees, or financial futures contracts for the purpose of
23limiting, reducing, or managing interest rate exposure. The
24authority granted under this paragraph, however, shall not
25increase the principal amount of Bonds authorized to be issued
26by law. The arrangements may be executed and delivered by the

 

 

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1Director of the Governor's Office of Management and Budget on
2behalf of the State. Net payments for such arrangements shall
3constitute interest on the Bonds and shall be paid from the
4General Obligation Bond Retirement and Interest Fund. The
5Director of the Governor's Office of Management and Budget
6shall at least annually certify to the Governor and the State
7Comptroller his or her estimate of the amounts of such net
8payments to be included in the calculation of interest required
9to be paid by the State.
10    (c) Prior to the issuance of any Variable Rate Bonds
11pursuant to subsection (a), the Director of the Governor's
12Office of Management and Budget shall adopt an interest rate
13risk management policy providing that the amount of the State's
14variable rate exposure with respect to Bonds shall not exceed
1520%. This policy shall remain in effect while any Bonds are
16outstanding and the issuance of Bonds shall be subject to the
17terms of such policy. The terms of this policy may be amended
18from time to time by the Director of the Governor's Office of
19Management and Budget but in no event shall any amendment cause
20the permitted level of the State's variable rate exposure with
21respect to Bonds to exceed 20%.
22    (d) "Build America Bonds" in this Section means Bonds
23authorized by Section 54AA of the Internal Revenue Code of
241986, as amended ("Internal Revenue Code"), and bonds issued
25from time to time to refund or continue to refund "Build
26America Bonds".

 

 

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1    (e) Notwithstanding any other provision of this Section,
2Qualified School Construction Bonds shall be issued and sold
3from time to time, in one or more series, in such amounts and
4at such prices as may be directed by the Governor, upon
5recommendation by the Director of the Governor's Office of
6Management and Budget. Qualified School Construction Bonds
7shall be in such form (either coupon, registered or book
8entry), in such denominations, payable within 25 years from
9their date, subject to such terms of redemption with or without
10premium, and if the Qualified School Construction Bonds are
11issued with a supplemental coupon, bear interest payable at
12such times and at such fixed or variable rate or rates, and be
13dated as shall be fixed and determined by the Director of the
14Governor's Office of Management and Budget in the order
15authorizing the issuance and sale of any series of Qualified
16School Construction Bonds, which order shall be approved by the
17Governor and is herein called a "Bond Sale Order"; except that
18interest payable at fixed or variable rates, if any, shall not
19exceed that permitted in the Bond Authorization Act, as now or
20hereafter amended. Qualified School Construction Bonds shall
21be payable at such place or places, within or without the State
22of Illinois, and may be made registrable as to either principal
23or as to both principal and interest, as shall be specified in
24the Bond Sale Order. Qualified School Construction Bonds may be
25callable or subject to purchase and retirement or tender and
26remarketing as fixed and determined in the Bond Sale Order.

 

 

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1Qualified School Construction Bonds must be issued with
2principal or mandatory redemption amounts or sinking fund
3payments into the General Obligation Bond Retirement and
4Interest Fund (or subaccount therefor) in equal amounts, with
5the first maturity issued, mandatory redemption payment or
6sinking fund payment occurring within the fiscal year in which
7the Qualified School Construction Bonds are issued or within
8the next succeeding fiscal year, with Qualified School
9Construction Bonds issued maturing or subject to mandatory
10redemption or with sinking fund payments thereof deposited each
11fiscal year thereafter up to 25 years. Sinking fund payments
12set forth in this subsection shall be permitted only to the
13extent authorized in Section 54F of the Internal Revenue Code
14or as otherwise determined by the Director of the Governor's
15Office of Management and Budget. "Qualified School
16Construction Bonds" in this subsection means Bonds authorized
17by Section 54F of the Internal Revenue Code and for bonds
18issued from time to time to refund or continue to refund such
19"Qualified School Construction Bonds".
20    (f) Beginning with the next issuance by the Governor's
21Office of Management and Budget to the Procurement Policy Board
22of a request for quotation for the purpose of formulating a new
23pool of qualified underwriting banks list, all entities
24responding to such a request for quotation for inclusion on
25that list shall provide a written report to the Governor's
26Office of Management and Budget and the Illinois Comptroller.

 

 

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1The written report submitted to the Comptroller shall (i) be
2published on the Comptroller's Internet website and (ii) be
3used by the Governor's Office of Management and Budget for the
4purposes of scoring such a request for quotation. The written
5report, at a minimum, shall:
6        (1) disclose whether, within the past 3 months,
7    pursuant to its credit default swap market-making
8    activities, the firm has entered into any State of Illinois
9    credit default swaps ("CDS");
10        (2) include, in the event of State of Illinois CDS
11    activity, disclosure of the firm's cumulative notional
12    volume of State of Illinois CDS trades and the firm's
13    outstanding gross and net notional amount of State of
14    Illinois CDS, as of the end of the current 3-month period;
15        (3) indicate, pursuant to the firm's proprietary
16    trading activities, disclosure of whether the firm, within
17    the past 3 months, has entered into any proprietary trades
18    for its own account in State of Illinois CDS;
19        (4) include, in the event of State of Illinois
20    proprietary trades, disclosure of the firm's outstanding
21    gross and net notional amount of proprietary State of
22    Illinois CDS and whether the net position is short or long
23    credit protection, as of the end of the current 3-month
24    period;
25        (5) list all time periods during the past 3 months
26    during which the firm held net long or net short State of

 

 

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

 

 

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1        (3) indicate, pursuant to the firm's proprietary
2    trading activities, disclosure of whether the firm, within
3    the past 3 months, has entered into any proprietary trades
4    for its own account in State of Illinois CDS;
5        (4) include, in the event of State of Illinois
6    proprietary trades, disclosure of the firm's outstanding
7    gross and net notional amount of proprietary State of
8    Illinois CDS and whether the net position is short or long
9    credit protection, as of the end of the current 3-month
10    period;
11        (5) list all time periods during the past 3 months
12    during which the firm held net long or net short State of
13    Illinois CDS proprietary credit protection positions, the
14    amount of such positions, and whether those positions were
15    net long or net short credit protection positions; and
16        (6) indicate whether, within the previous 3 months, the
17    firm released any publicly available research or marketing
18    reports that reference State of Illinois CDS and include
19    those research or marketing reports as attachments.
20    (h) Notwithstanding any other provision of this Section,
21for purposes of maximizing market efficiencies and cost
22savings, State General Obligation Restructuring Bonds may be
23issued and sold from time to time, in one or more series, in
24such amounts and at such prices as may be directed by the
25Governor, upon recommendation by the Director of the Governor's
26Office of Management and Budget. State General Obligation

 

 

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1Restructuring Bonds shall be in such form, either coupon,
2registered or book entry, in such denominations, shall bear
3interest payable at such times and at such fixed or variable
4rate or rates, and be dated as shall be fixed and determined by
5the Director of the Governor's Office of Management and Budget
6in the order authorizing the issuance and sale of any series of
7State General Obligation Restructuring Bonds, which order
8shall be approved by the Governor and is herein called a "Bond
9Sale Order"; provided however, that interest payable at fixed
10or variable rates shall not exceed that permitted in the Bond
11Authorization Act, as now or hereafter amended. State General
12Obligation Restructuring Bonds shall be payable at such place
13or places, within or without the State of Illinois, and may be
14made registrable as to either principal or as to both principal
15and interest, as shall be specified in the Bond Sale Order.
16State General Obligation Restructuring Bonds may be callable or
17subject to purchase and retirement or tender and remarketing as
18fixed and determined in the Bond Sale Order.
19    The aggregate principal amount of State General Obligation
20Restructuring Bonds authorized by and issued pursuant to this
21amendatory Act of the 97th General Assembly or other such
22amendatory Acts of the 97th General Assembly authorizing the
23issuance of State General Obligation Restructuring Bonds
24shall, in the aggregate, mature or be subject to redemption in
25the annual percentages set forth in the following schedule:
26        For fiscal year 2013, 11.417%;

 

 

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1        For fiscal year 2014, 13.333%;
2        For fiscal year 2015, 11.667%;
3        For fiscal year 2016, 15.417%;
4        For fiscal year 2017, 17.083%;
5        For fiscal year 2018, 15.000%; and
6        For fiscal year 2019, 16.083%.
7    Notwithstanding the foregoing, the principal amounts
8calculated above shall be in increments of $5,000. Moreover,
9the foregoing percentages shall be applicable to the aggregate
10principal amount of State General Obligation Restructuring
11Bonds authorized by this amendatory Act of the 97th General
12Assembly and any other amendatory Acts of the 97th General
13Assembly authorizing State General Obligation Bonds. While
14individual series of State General Obligation Restructuring
15Bonds as may be sold from time to time need not be scheduled to
16mature or be subject to redemption in accordance with the
17percentages above, redemptions whether by maturity or sinking
18fund, in any fiscal year for all State General Obligation
19Bonds, in the aggregate, shall be no less than the percentages
20shown above. Notwithstanding the foregoing, in the event that
21fewer than all of the State General Obligation Restructuring
22Bonds authorized by this amendatory Act of the 97th General
23Assembly have been issued by September 1, 2011, failure of the
24then-outstanding State General Obligation Restructuring Bonds
25to satisfy the repayment schedule set forth above shall not
26affect the validity of any such outstanding Bonds.

 

 

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1(Source: P.A. 96-18, eff. 6-26-09; 96-37, eff. 7-13-09; 96-43,
2eff. 7-15-09; 96-828, eff. 12-2-09; 96-1497, eff. 1-14-11;
396-1554, eff. 3-18-11; revised 4-5-11.)
 
4    (30 ILCS 330/11)  (from Ch. 127, par. 661)
5    Sec. 11. Sale of Bonds. Except as otherwise provided in
6this Section, Bonds shall be sold from time to time pursuant to
7notice of sale and public bid or by negotiated sale in such
8amounts and at such times as is directed by the Governor, upon
9recommendation by the Director of the Governor's Office of
10Management and Budget. At least 25%, based on total principal
11amount, of all Bonds issued each fiscal year shall be sold
12pursuant to notice of sale and public bid. At all times during
13each fiscal year, no more than 75%, based on total principal
14amount, of the Bonds issued each fiscal year, shall have been
15sold by negotiated sale. Failure to satisfy the requirements in
16the preceding 2 sentences shall not affect the validity of any
17previously issued Bonds; provided that all Bonds authorized by
18Public Act 96-43 and Public Act 96-1497 this amendatory Act of
19the 96th General Assembly shall not be included in determining
20compliance for any fiscal year with the requirements of the
21preceding 2 sentences; and further provided that refunding
22Bonds satisfying the requirements of Section 16 of this Act and
23sold during fiscal year 2009, 2010, or 2011 shall not be
24subject to the requirements in the preceding 2 sentences.
25    If any Bonds, including refunding Bonds, are to be sold by

 

 

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

 

 

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1State General Obligation Restructuring Bonds, regardless of
2the number of series or issuances sold thereunder, shall be
3considered a single issue or series. Furthermore, for purposes
4of complying with the competitive bidding requirements of this
5Section, the words "at all times" shall not apply to any such
6sale of the State General Obligation Restructuring Bonds. The
7Director of the Governor's Office of Management and Budget
8shall determine the time and manner of any competitive sale of
9the State General Obligation Restructuring Bonds, which sale
10shall under no circumstances take place later than 60 days
11after the State closes the sale of 75% of the State General
12Obligation Restructuring Bonds by negotiated sale.
13(Source: P.A. 96-18, eff. 6-26-09; 96-43, eff. 7-15-09;
1496-1497, eff. 1-14-11.)
 
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-7) Proceeds from the sale of Bonds, authorized by
22Section 7.6 of this Act, shall be deposited as set forth in
23Section 7.6.
24    (g) Proceeds from the sale of Bonds, authorized by Section
258 of this Act, shall be deposited in the Capital Development
26Fund.

 

 

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1    (h) Subsequent to the issuance of any Bonds for the
2purposes described in Sections 2 through 8 of this Act, the
3Governor and the Director of the Governor's Office of
4Management and Budget may provide for the reallocation of
5unspent proceeds of such Bonds to any other purposes authorized
6under said Sections of this Act, subject to the limitations on
7aggregate principal amounts contained therein. Upon any such
8reallocation, such unspent proceeds shall be transferred to the
9appropriate funds as determined by reference to paragraphs (a)
10through (g) of this Section.
11(Source: P.A. 96-36, eff. 7-13-09.)
 
12    (30 ILCS 330/13)  (from Ch. 127, par. 663)
13    Sec. 13. Appropriation of Proceeds from Sale of Bonds.
14    (a) At all times, the proceeds from the sale of Bonds
15issued pursuant to this Act are subject to appropriation by the
16General Assembly and, except as provided in Sections Section
177.2 and 7.6, may be obligated or expended only with the written
18approval of the Governor, in such amounts, at such times, and
19for such purposes as the respective State agencies, as defined
20in Section 1-7 of the Illinois State Auditing Act, as amended,
21deem necessary or desirable for the specific purposes
22contemplated in Sections 2 through 8 of this Act.
23    (b) Proceeds from the sale of Bonds for the purpose of
24development of coal and alternative forms of energy shall be
25expended in such amounts and at such times as the Department of

 

 

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1Commerce and Economic Opportunity, with the advice and
2recommendation of the Illinois Coal Development Board for coal
3development projects, may deem necessary and desirable for the
4specific purpose contemplated by Section 7 of this Act. In
5considering the approval of projects to be funded, the
6Department of Commerce and Economic Opportunity shall give
7special consideration to projects designed to remove sulfur and
8other pollutants in the preparation and utilization of coal,
9and in the use and operation of electric utility generating
10plants and industrial facilities which utilize Illinois coal as
11their primary source of fuel.
12    (c) Except as directed in subsection (c-1) or (c-2), any
13monies received by any officer or employee of the state
14representing a reimbursement of expenditures previously paid
15from general obligation bond proceeds shall be deposited into
16the General Obligation Bond Retirement and Interest Fund
17authorized in Section 14 of this Act.
18    (c-1) Any money received by the Department of
19Transportation as reimbursement for expenditures for high
20speed rail purposes pursuant to appropriations from the
21Transportation Bond, Series B Fund for (i) CREATE (Chicago
22Region Environmental and Transportation Efficiency), (ii) High
23Speed Rail, or (iii) AMTRAK projects authorized by the federal
24government under the provisions of the American Recovery and
25Reinvestment Act of 2009 or the Safe Accountable Flexible
26Efficient Transportation Equity Act—A Legacy for Users

 

 

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1(SAFETEA-LU), or any successor federal transportation
2authorization Act, shall be deposited into the Federal High
3Speed Rail Trust Fund.
4    (c-2) Any money received by the Department of
5Transportation as reimbursement for expenditures for transit
6capital purposes pursuant to appropriations from the
7Transportation Bond, Series B Fund for projects authorized by
8the federal government under the provisions of the American
9Recovery and Reinvestment Act of 2009 or the Safe Accountable
10Flexible Efficient Transportation Equity Act—A Legacy for
11Users (SAFETEA-LU), or any successor federal transportation
12authorization Act, shall be deposited into the Federal Mass
13Transit Trust Fund.
14(Source: P.A. 96-1488, eff. 12-30-10.)
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.".