Illinois General Assembly - Full Text of HB0374
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Full Text of HB0374  98th General Assembly

HB0374ham001 98TH GENERAL ASSEMBLY

Rep. Barbara Flynn Currie

Filed: 4/5/2013

 

 


 

 


 
09800HB0374ham001LRB098 03193 JDS 43923 a

1
AMENDMENT TO HOUSE BILL 374

2    AMENDMENT NO. ______. Amend House Bill 374 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 Human Services Provider Payment Fund.
 
8    Section 10. The General Obligation Bond Act is amended by
9changing Sections 2, 2.5 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 $49,592,925,743
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 330/2.5)
7    Sec. 2.5. Limitation on issuance of Bonds.
8    (a) Except as provided in subsection (b) and in Section
97.6, no Bonds may be issued if, after the issuance, in the next
10State fiscal year after the issuance of the Bonds, the amount
11of debt service (including principal, whether payable at
12maturity or pursuant to mandatory sinking fund installments,
13and interest) on all then-outstanding Bonds, other than Bonds
14authorized by Public Act 96-43 and other than Bonds authorized
15by this amendatory Act of the 96th General Assembly, would
16exceed 7% of the aggregate appropriations from the general
17funds (which consist of the General Revenue Fund, the Common
18School Fund, the General Revenue Common School Special Account
19Fund, and the Education Assistance Fund) and the Road Fund for
20the fiscal year immediately prior to the fiscal year of the
21issuance.
22    (b) If the Comptroller and Treasurer each consent in
23writing, Bonds may be issued even if the issuance does not
24comply with subsection (a).
25(Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11.)
 

 

 

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1    (30 ILCS 330/7.6 new)
2    Sec. 7.6. Payments to bona fide creditors.
3    (a) The amount of $2,500,000,000 is authorized to be used
4for the purpose of making payments to bona fide creditors of
5the State who: (1) have submitted a bill or invoice to the
6State that was properly approved under rules adopted under
7Section 3-3 of the State Prompt Payment Act or (2) are entitled
8to payment from State funds. For the purposes of this Section,
9the term "bona fide creditor" includes, but is not limited to,
10healthcare providers, human service providers, and any entity
11paid from a grant line by the Department of Healthcare and
12Family Services, the Department of Human Services, the
13Department of Children and Family Service, the Department of
14Public Health, or the Department on Aging. The proceeds of the
15additional $2,500,000,000 of bonds authorized by this
16amendatory Act of the 98th General Assembly shall not be used
17to pay contributions to any pension or retirement system of the
18State, any unit of local government or school district, or any
19agency or instrumentality thereof.
20    (b) The proceeds of the additional $2,500,000,000 of bonds
21authorized by this amendatory Act of the 98th General Assembly,
22less the amounts directly paid out for bond sale expenses under
23Section 8, shall be deposited into the Human Service Provider
24Payment Fund, a special fund created in the State Treasury.
25Moneys in the Human Service Provider Payment Fund shall be used

 

 

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1to make payments to bona fide creditors of the State, as
2defined in subsection (a). Priority will be given to payments
3that receive Federal Medical Assistance Percentage (FMAP) up to
4$2,000,000,000 of the total amount authorized. The federal
5proceeds garnered from the payment of these bills shall be
6deposited directly into the General Obligation Bond Retirement
7and Interest Fund and used to pay the principal debt associated
8with the bonds authorized under this Section. Funds remaining
9after payments are made that receive FMAP shall be prioritized
10according to the date on which the debt first became
11delinquent, with the oldest debts to be paid first.
12    (c) The Human Service Provider Payment Fund is not subject
13administrative charges or chargebacks, including, but not
14limited to, those authorized under Section 8h of the State
15Finance Act.
16    (d) Any federal proceeds received from FMAP for the payment
17of bills shall be deposited directly into the General
18Obligation Bond Retirement and Interest Fund. The Comptroller
19shall use these funds to pay the principal on the debt incurred
20under this Section no later than 30 days after FMAP proceeds
21are deposited into the General Obligation Bond Retirement and
22Interest Fund.
 
23    (30 ILCS 330/12)  (from Ch. 127, par. 662)
24    Sec. 12. Allocation of Proceeds from Sale of Bonds.
25    (a) Proceeds from the sale of Bonds, authorized by Section

 

 

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13 of this Act, shall be deposited in the separate fund known as
2the Capital Development Fund.
3    (b) Proceeds from the sale of Bonds, authorized by
4paragraph (a) of Section 4 of this Act, shall be deposited in
5the separate fund known as the Transportation Bond, Series A
6Fund.
7    (c) Proceeds from the sale of Bonds, authorized by
8paragraphs (b) and (c) of Section 4 of this Act, shall be
9deposited in the separate fund known as the Transportation
10Bond, Series B Fund.
11    (c-1) Proceeds from the sale of Bonds, authorized by
12paragraph (d) of Section 4 of this Act, shall be deposited into
13the Transportation Bond Series D Fund, which is hereby created.
14    (d) Proceeds from the sale of Bonds, authorized by Section
155 of this Act, shall be deposited in the separate fund known as
16the School Construction Fund.
17    (e) Proceeds from the sale of Bonds, authorized by Section
186 of this Act, shall be deposited in the separate fund known as
19the Anti-Pollution Fund.
20    (f) Proceeds from the sale of Bonds, authorized by Section
217 of this Act, shall be deposited in the separate fund known as
22the Coal Development Fund.
23    (f-2) Proceeds from the sale of Bonds, authorized by
24Section 7.2 of this Act, shall be deposited as set forth in
25Section 7.2.
26    (f-5) Proceeds from the sale of Bonds, authorized by

 

 

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1Section 7.5 of this Act, shall be deposited as set forth in
2Section 7.5.
3    (f-6) Proceeds from the sale of Bonds authorized by Section
47.6 of this Act shall be deposited as set forth in Section 7.6.
5    (g) Proceeds from the sale of Bonds, authorized by Section
68 of this Act, shall be deposited in the Capital Development
7Fund.
8    (h) Subsequent to the issuance of any Bonds for the
9purposes described in Sections 2 through 8 of this Act, the
10Governor and the Director of the Governor's Office of
11Management and Budget may provide for the reallocation of
12unspent proceeds of such Bonds to any other purposes authorized
13under said Sections of this Act, subject to the limitations on
14aggregate principal amounts contained therein. Upon any such
15reallocation, such unspent proceeds shall be transferred to the
16appropriate funds as determined by reference to paragraphs (a)
17through (g) of this Section.
18(Source: P.A. 96-36, eff. 7-13-09.)
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.".