Illinois General Assembly - Bill Status for SB1041

Amends the Toll Highway Act. Requires the Governor to appoint an Inspector General to investigate waste, fraud, or financial mismanagement in Authority operations involving Authority employees or contractors. Provides that after the effective date of this amendatory Act and through June 30, 2004, the Illinois State Toll Highway Authority may not charge or collect tolls at a rate higher than the tolls in effect on March 21, 2002. Provides that with respect to a proposed increase in toll rates, the Authority may not hold more than one hearing on the same day, and imposes other requirements concerning such hearings. Requires the Authority to submit a 20-year comprehensive strategic financial plan to the General Assembly by December 31, 2004. Requires the Auditor General to conduct a management audit of the State's toll highway operations and management. Provides that the Act constitutes an irrevocable and continuing appropriation from the Illinois State Toll Highway Authority Fund for amounts to pay principal, interest, and other bond expenses and obligations (instead of the Fund being considered always appropriated for the purposes of repayment of debt service and other bond obligations). Provides that all other expenses, including ordinary and contingent expenses, are subject to annual appropriation. Provides that, before bonds may be issued for or construction may be commenced on any new segment of toll highway, the issuance of bonds for or the commencement of construction of that particular segment must be approved by law (rather than authorized by joint resolution of the General Assembly). Prohibits directors of the Illinois State Toll Highway Authority, their employees, and agents from receiving direct or indirect financial benefit from the letting of Authority contracts during their terms of service and for a period of one year following termination of their positions or employment with the Authority. Requires the Authority to maintain a debt service fund with respect to revenue bonds outstanding on the effective date of this amendatory Act. Makes other changes. Effective immediately.

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