Full Text of SB0004 100th General Assembly
SB0004ham001 100TH GENERAL ASSEMBLY | Rep. Gregory Harris Filed: 5/22/2017
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| 1 | | AMENDMENT TO SENATE BILL 4
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 4 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The General Obligation Bond Act is amended by | 5 | | changing Sections 2, 2.5, 9, 11, 12, and 13 and by adding | 6 | | Section 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 | 9 | | authorized to
issue, sell and provide for the retirement of | 10 | | General Obligation Bonds of
the State of Illinois for the | 11 | | categories and specific purposes expressed in
Sections 2 | 12 | | through 8 of this Act, in the total amount of $XXXX | 13 | | $49,917,925,743 . | 14 | | The bonds authorized in this Section 2 and in Section 16 of | 15 | | this 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 | 2 | | issued and sold in accordance
with the Baccalaureate Savings | 3 | | Act 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 | 6 | | issued and sold in accordance
with the Retirement Savings Act | 7 | | in the form of General Obligation
Retirement Savings Bonds. | 8 | | Of the total amount of Bonds authorized in this Act, the | 9 | | additional
$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 shall be used | 12 | | solely as provided in Section 7.2. | 13 | | Of the total amount of Bonds authorized in this Act, the | 14 | | additional $XXXX authorized by this amendatory Act of the 100th | 15 | | General Assembly shall be used solely as provided in Section | 16 | | 7.6 and shall be issued by September 1, 2017. | 17 | | The issuance and sale of Bonds pursuant to the General | 18 | | Obligation Bond
Act is an economical and efficient method of | 19 | | financing the long-term capital needs of
the State. This Act | 20 | | will permit the issuance of a multi-purpose General
Obligation | 21 | | Bond with uniform terms and features. This will not only lower
| 22 | | the cost of registration but also reduce the overall cost of | 23 | | issuing debt
by improving the marketability of Illinois General | 24 | | Obligation Bonds. | 25 | | (Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | 26 | | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. |
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| 1 | | 8-16-13; 98-781, eff. 7-22-14.) | 2 | | (30 ILCS 330/2.5) | 3 | | Sec. 2.5. Limitation on issuance of Bonds. | 4 | | (a) Except as provided in subsection (b), no Bonds may be | 5 | | issued if, after the issuance, in the next State fiscal year | 6 | | after the issuance of the Bonds, the amount of debt service | 7 | | (including principal, whether payable at maturity or pursuant | 8 | | to mandatory sinking fund installments, and interest) on all | 9 | | then-outstanding Bonds, other than (i) Bonds authorized by this | 10 | | amendatory Act of the 100th General Assembly, (ii) Bonds issued | 11 | | authorized by Public Act 96-43 , and (iii) other than Bonds | 12 | | authorized by Public Act 96-1497, would exceed 7% of the | 13 | | aggregate appropriations from the general funds (which consist | 14 | | of the General Revenue Fund, the Common School Fund, the | 15 | | General Revenue Common School Special Account Fund, and the | 16 | | Education Assistance Fund) and the Road Fund for the fiscal | 17 | | year immediately prior to the fiscal year of the issuance. | 18 | | (b) If the Comptroller and Treasurer each consent in | 19 | | writing, Bonds may be issued even if the issuance does not | 20 | | comply with subsection (a). In addition, $2,000,000,000 in | 21 | | Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, | 22 | | and $2,000,000,000 in Refunding Bonds under Section 16, may be | 23 | | issued during State fiscal year 2017 without complying with | 24 | | subsection (a).
| 25 | | (Source: P.A. 99-523, eff. 6-30-16.) |
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| 1 | | (30 ILCS 330/7.6 new) | 2 | | Sec. 7.6. State General Obligation Restructuring Bonds. | 3 | | (a) As used in this Act, "State General Obligation | 4 | | Restructuring Bonds" means Bonds (i) authorized by this | 5 | | amendatory Act of the 100th General Assembly or any other | 6 | | Public Act of the 100th General Assembly authorizing the | 7 | | issuance of State General Obligation Restructuring Bonds and | 8 | | (ii) used for the payment of unpaid obligations of the State as | 9 | | incurred from time to time and as authorized by the General | 10 | | Assembly. | 11 | | (b) State General Obligation Restructuring Bonds in the | 12 | | amount of $XXXX are hereby authorized to be used for purpose of | 13 | | paying vouchers incurred by the State prior to July 1, 2017. | 14 | | (c) The proceeds of State General Obligation Restructuring
| 15 | | Bonds authorized in subsection (b) of this Section, less the | 16 | | amounts authorized in the Bond Sale Order to be deposited | 17 | | directly into the capitalized interest account of the General | 18 | | Obligation Bond Retirement and Interest Fund or otherwise | 19 | | directly paid out for bond sale expenses under Section 8, shall | 20 | | be deposited into the General Revenue Fund, and the Comptroller | 21 | | and the Treasurer shall, as soon as practical, make payments as | 22 | | contemplated by this Section.
| 23 | | (30 ILCS 330/9) (from Ch. 127, par. 659)
| 24 | | Sec. 9. Conditions for Issuance and Sale of Bonds - |
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| 1 | | Requirements for
Bonds. | 2 | | (a) Except as otherwise provided in this subsection and | 3 | | subsection (h) , Bonds shall be issued and sold from time to | 4 | | time, in one or
more series, in such amounts and at such prices | 5 | | as may be directed by the
Governor, upon recommendation by the | 6 | | Director of the
Governor's Office of Management and Budget.
| 7 | | Bonds shall be in such form (either coupon, registered or book | 8 | | entry), in
such denominations, payable within 25 years from | 9 | | their date, subject to such
terms of redemption with or without | 10 | | premium, bear interest payable at
such times and at such fixed | 11 | | or variable rate or rates, and be dated
as shall be fixed and | 12 | | determined by the Director of
the
Governor's Office of | 13 | | Management and Budget
in the order authorizing the issuance and | 14 | | sale
of any series of Bonds, which order shall be approved by | 15 | | the Governor
and is herein called a "Bond Sale Order"; provided | 16 | | however, that interest
payable at fixed or variable rates shall | 17 | | not exceed that permitted in the
Bond Authorization Act, as now | 18 | | or hereafter amended. Bonds shall be
payable at such place or | 19 | | places, within or without the State of Illinois, and
may be | 20 | | made registrable as to either principal or as to both principal | 21 | | and
interest, as shall be specified in the Bond Sale Order. | 22 | | Bonds may be callable
or subject to purchase and retirement or | 23 | | tender and remarketing as fixed
and determined in the Bond Sale | 24 | | Order. Bonds, other than Bonds issued under Section 3 of this | 25 | | Act for the costs associated with the purchase and | 26 | | implementation of information technology, (i) except for |
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| 1 | | refunding Bonds satisfying the requirements of Section 16 of | 2 | | this Act and sold during fiscal year 2009, 2010, 2011, or 2017 | 3 | | must be issued with principal or mandatory redemption amounts | 4 | | in equal amounts, with the first maturity issued occurring | 5 | | within the fiscal year in which the Bonds are issued or within | 6 | | the next succeeding fiscal year and (ii) must mature or be | 7 | | subject to mandatory redemption each fiscal year thereafter up | 8 | | to 25 years, except for refunding Bonds satisfying the | 9 | | requirements of Section 16 of this Act and sold during fiscal | 10 | | year 2009, 2010, or 2011 which must mature or be subject to | 11 | | mandatory redemption each fiscal year thereafter up to 16 | 12 | | years. Bonds issued under Section 3 of this Act for the costs | 13 | | associated with the purchase and implementation of information | 14 | | technology must be issued with principal or mandatory | 15 | | redemption amounts in equal amounts, with the first maturity | 16 | | issued occurring with the fiscal year in which the respective | 17 | | bonds are issued or with the next succeeding fiscal year, with | 18 | | the respective bonds issued maturing or subject to mandatory | 19 | | redemption each fiscal year thereafter up to 10 years. | 20 | | Notwithstanding any provision of this Act to the contrary, the | 21 | | Bonds authorized by Public Act 96-43 shall be payable within 5 | 22 | | years from their date and must be issued with principal or | 23 | | mandatory redemption amounts in equal amounts, with payment of | 24 | | principal or mandatory redemption beginning in the first fiscal | 25 | | year following the fiscal year in which the Bonds are issued.
| 26 | | Notwithstanding any provision of this Act to the contrary, |
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| 1 | | the Bonds authorized by Public Act 96-1497 shall be payable | 2 | | within 8 years from their date and shall be issued with payment | 3 | | of maturing principal or scheduled mandatory redemptions in | 4 | | accordance with the following schedule, except the following | 5 | | amounts shall be prorated if less than the total additional | 6 | | amount of Bonds authorized by Public Act 96-1497 are issued: | 7 | | Fiscal Year After Issuance Amount | 8 | | 1-2 $0 | 9 | | 3 $110,712,120 | 10 | | 4 $332,136,360 | 11 | | 5 $664,272,720 | 12 | | 6-8 $996,409,080 | 13 | | Notwithstanding any provision of this Act to the contrary, | 14 | | State General Obligation Restructuring Bonds issued under | 15 | | Section 7.6 shall be payable within 7 years from the date of | 16 | | sale and shall be issued with payment of principal or mandatory | 17 | | redemption as set forth in subsection (h) of this Section. | 18 | | In the case of any series of Bonds bearing interest at a | 19 | | variable interest
rate ("Variable Rate Bonds"), in lieu of | 20 | | determining the rate or rates at which
such series of Variable | 21 | | Rate Bonds shall bear interest and the price or prices
at which | 22 | | such Variable Rate Bonds shall be initially sold or remarketed | 23 | | (in the
event of purchase and subsequent resale), the Bond Sale | 24 | | Order may provide that
such interest rates and prices may vary | 25 | | from time to time depending on criteria
established in such | 26 | | Bond Sale Order, which criteria may include, without
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| 1 | | limitation, references to indices or variations in interest | 2 | | rates as may, in
the judgment of a remarketing agent, be | 3 | | necessary to cause Variable Rate Bonds
of such series to be | 4 | | remarketable from time to time at a price equal to their
| 5 | | principal amount, and may provide for appointment of a bank, | 6 | | trust company,
investment bank, or other financial institution | 7 | | to serve as remarketing agent
in that connection.
The Bond Sale | 8 | | Order may provide that alternative interest rates or provisions
| 9 | | for establishing alternative interest rates, different | 10 | | security or claim
priorities, or different call or amortization | 11 | | provisions will apply during
such times as Variable Rate Bonds | 12 | | of any series are held by a person providing
credit or | 13 | | liquidity enhancement arrangements for such Bonds as | 14 | | authorized in
subsection (b) of this Section.
The Bond Sale | 15 | | Order may also provide for such variable interest rates to be
| 16 | | established pursuant to a process generally known as an auction | 17 | | rate process
and may provide for appointment of one or more | 18 | | financial institutions to serve
as auction agents and | 19 | | broker-dealers in connection with the establishment of
such | 20 | | interest rates and the sale and remarketing of such Bonds.
| 21 | | (b) In connection with the issuance of any series of Bonds, | 22 | | the State may
enter into arrangements to provide additional | 23 | | security and liquidity for such
Bonds, including, without | 24 | | limitation, bond or interest rate insurance or
letters of | 25 | | credit, lines of credit, bond purchase contracts, or other
| 26 | | arrangements whereby funds are made available to retire or |
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| 1 | | purchase Bonds,
thereby assuring the ability of owners of the | 2 | | Bonds to sell or redeem their
Bonds. The State may enter into | 3 | | contracts and may agree to pay fees to persons
providing such | 4 | | arrangements, but only under circumstances where the Director | 5 | | of
the
Governor's Office of Management and Budget certifies | 6 | | that he or she reasonably expects the total
interest paid or to | 7 | | be paid on the Bonds, together with the fees for the
| 8 | | arrangements (being treated as if interest), would not, taken | 9 | | together, cause
the Bonds to bear interest, calculated to their | 10 | | stated maturity, at a rate in
excess of the rate that the Bonds | 11 | | would bear in the absence of such
arrangements.
| 12 | | The State may, with respect to Bonds issued or anticipated | 13 | | to be issued,
participate in and enter into arrangements with | 14 | | respect to interest rate
protection or exchange agreements, | 15 | | guarantees, or financial futures contracts
for the purpose of | 16 | | limiting, reducing, or managing interest rate exposure.
The | 17 | | authority granted under this paragraph, however, shall not | 18 | | increase the principal amount of Bonds authorized to be issued | 19 | | by law. The arrangements may be executed and delivered by the | 20 | | Director
of the
Governor's Office of Management and Budget on | 21 | | behalf of the State. Net payments for such
arrangements shall | 22 | | constitute interest on the Bonds and shall be paid from the
| 23 | | General Obligation Bond Retirement and Interest Fund. The | 24 | | Director of the
Governor's Office of Management and Budget | 25 | | shall at least annually certify to the Governor and
the
State | 26 | | Comptroller his or her estimate of the amounts of such net |
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| 1 | | payments to
be included in the calculation of interest required | 2 | | to be paid by the State.
| 3 | | (c) Prior to the issuance of any Variable Rate Bonds | 4 | | pursuant to
subsection (a), the Director of the
Governor's | 5 | | Office of Management and Budget shall adopt an
interest rate | 6 | | risk management policy providing that the amount of the State's
| 7 | | variable rate exposure with respect to Bonds shall not exceed | 8 | | 20%. This policy
shall remain in effect while any Bonds are | 9 | | outstanding and the issuance of
Bonds
shall be subject to the | 10 | | terms of such policy. The terms of this policy may be
amended | 11 | | from time to time by the Director of the
Governor's Office of | 12 | | Management and Budget but in no
event shall any amendment cause | 13 | | the permitted level of the State's variable
rate exposure with | 14 | | respect to Bonds to exceed 20%.
| 15 | | (d) "Build America Bonds" in this Section means Bonds | 16 | | authorized by Section 54AA of the Internal Revenue Code of | 17 | | 1986, as amended ("Internal Revenue Code"), and bonds issued | 18 | | from time to time to refund or continue to refund "Build | 19 | | America Bonds". | 20 | | (e) Notwithstanding any other provision of this Section, | 21 | | Qualified School Construction Bonds shall be issued and sold | 22 | | from time to time, in one or more series, in such amounts and | 23 | | at such prices as may be directed by the Governor, upon | 24 | | recommendation by the Director of the Governor's Office of | 25 | | Management and Budget. Qualified School Construction Bonds | 26 | | shall be in such form (either coupon, registered or book |
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| 1 | | entry), in such denominations, payable within 25 years from | 2 | | their date, subject to such terms of redemption with or without | 3 | | premium, and if the Qualified School Construction Bonds are | 4 | | issued with a supplemental coupon, bear interest payable at | 5 | | such times and at such fixed or variable rate or rates, and be | 6 | | dated as shall be fixed and determined by the Director of the | 7 | | Governor's Office of Management and Budget in the order | 8 | | authorizing the issuance and sale of any series of Qualified | 9 | | School Construction Bonds, which order shall be approved by the | 10 | | Governor and is herein called a "Bond Sale Order"; except that | 11 | | interest payable at fixed or variable rates, if any, shall not | 12 | | exceed that permitted in the Bond Authorization Act, as now or | 13 | | hereafter amended. Qualified School Construction Bonds shall | 14 | | be payable at such place or places, within or without the State | 15 | | of Illinois, and may be made registrable as to either principal | 16 | | or as to both principal and interest, as shall be specified in | 17 | | the Bond Sale Order. Qualified School Construction Bonds may be | 18 | | callable or subject to purchase and retirement or tender and | 19 | | remarketing as fixed and determined in the Bond Sale Order. | 20 | | Qualified School Construction Bonds must be issued with | 21 | | principal or mandatory redemption amounts or sinking fund | 22 | | payments into the General Obligation Bond Retirement and | 23 | | Interest Fund (or subaccount therefor) in equal amounts, with | 24 | | the first maturity issued, mandatory redemption payment or | 25 | | sinking fund payment occurring within the fiscal year in which | 26 | | the Qualified School Construction Bonds are issued or within |
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| 1 | | the next succeeding fiscal year, with Qualified School | 2 | | Construction Bonds issued maturing or subject to mandatory | 3 | | redemption or with sinking fund payments thereof deposited each | 4 | | fiscal year thereafter up to 25 years. Sinking fund payments | 5 | | set forth in this subsection shall be permitted only to the | 6 | | extent authorized in Section 54F of the Internal Revenue Code | 7 | | or as otherwise determined by the Director of the Governor's | 8 | | Office of Management and Budget. "Qualified School | 9 | | Construction Bonds" in this subsection means Bonds authorized | 10 | | by Section 54F of the Internal Revenue Code and for bonds | 11 | | issued from time to time to refund or continue to refund such | 12 | | "Qualified School Construction Bonds". | 13 | | (f) Beginning with the next issuance by the Governor's | 14 | | Office of Management and Budget to the Procurement Policy Board | 15 | | of a request for quotation for the purpose of formulating a new | 16 | | pool of qualified underwriting banks list, all entities | 17 | | responding to such a request for quotation for inclusion on | 18 | | that list shall provide a written report to the Governor's | 19 | | Office of Management and Budget and the Illinois Comptroller. | 20 | | The written report submitted to the Comptroller shall (i) be | 21 | | published on the Comptroller's Internet website and (ii) be | 22 | | used by the Governor's Office of Management and Budget for the | 23 | | purposes of scoring such a request for quotation. The written | 24 | | report, at a minimum, shall: | 25 | | (1) disclose whether, within the past 3 months, | 26 | | pursuant to its credit default swap market-making |
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| 1 | | activities, the firm has entered into any State of Illinois | 2 | | credit default swaps ("CDS"); | 3 | | (2) include, in the event of State of Illinois CDS | 4 | | activity, disclosure of the firm's cumulative notional | 5 | | volume of State of Illinois CDS trades and the firm's | 6 | | outstanding gross and net notional amount of State of | 7 | | Illinois CDS, as of the end of the current 3-month period; | 8 | | (3) indicate, pursuant to the firm's proprietary | 9 | | trading activities, disclosure of whether the firm, within | 10 | | the past 3 months, has entered into any proprietary trades | 11 | | for its own account in State of Illinois CDS; | 12 | | (4) include, in the event of State of Illinois | 13 | | proprietary trades, disclosure of the firm's outstanding | 14 | | gross and net notional amount of proprietary State of | 15 | | Illinois CDS and whether the net position is short or long | 16 | | credit protection, as of the end of the current 3-month | 17 | | period; | 18 | | (5) list all time periods during the past 3 months | 19 | | during which the firm held net long or net short State of | 20 | | Illinois CDS proprietary credit protection positions, the | 21 | | amount of such positions, and whether those positions were | 22 | | net long or net short credit protection positions; and | 23 | | (6) indicate whether, within the previous 3 months, the | 24 | | firm released any publicly available research or marketing | 25 | | reports that reference State of Illinois CDS and include | 26 | | those research or marketing reports as attachments. |
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| 1 | | (g) All entities included on a Governor's Office of | 2 | | Management and Budget's pool of qualified underwriting banks | 3 | | list shall, as soon as possible after March 18, 2011 (the | 4 | | effective date of Public Act 96-1554), but not later than | 5 | | January 21, 2011, and on a quarterly fiscal basis thereafter, | 6 | | provide a written report to the Governor's Office of Management | 7 | | and Budget and the Illinois Comptroller. The written reports | 8 | | submitted to the Comptroller shall be published on the | 9 | | Comptroller's Internet website. The written reports, at a | 10 | | minimum, shall: | 11 | | (1) disclose whether, within the past 3 months, | 12 | | pursuant to its credit default swap market-making | 13 | | activities, the firm has entered into any State of Illinois | 14 | | credit default swaps ("CDS"); | 15 | | (2) include, in the event of State of Illinois CDS | 16 | | activity, disclosure of the firm's cumulative notional | 17 | | volume of State of Illinois CDS trades and the firm's | 18 | | outstanding gross and net notional amount of State of | 19 | | Illinois CDS, as of the end of the current 3-month period; | 20 | | (3) indicate, pursuant to the firm's proprietary | 21 | | trading activities, disclosure of whether the firm, within | 22 | | the past 3 months, has entered into any proprietary trades | 23 | | for its own account in State of Illinois CDS; | 24 | | (4) include, in the event of State of Illinois | 25 | | proprietary trades, disclosure of the firm's outstanding | 26 | | gross and net notional amount of proprietary State of |
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| 1 | | Illinois CDS and whether the net position is short or long | 2 | | credit protection, as of the end of the current 3-month | 3 | | period; | 4 | | (5) list all time periods during the past 3 months | 5 | | during which the firm held net long or net short State of | 6 | | Illinois CDS proprietary credit protection positions, the | 7 | | amount of such positions, and whether those positions were | 8 | | net long or net short credit protection positions; and | 9 | | (6) indicate whether, within the previous 3 months, the | 10 | | firm released any publicly available research or marketing | 11 | | reports that reference State of Illinois CDS and include | 12 | | those research or marketing reports as attachments. | 13 | | (h) Notwithstanding any other provision of this Section, | 14 | | for purposes of maximizing market efficiencies and cost | 15 | | savings, State General Obligation Restructuring Bonds may be | 16 | | issued and sold from time to time, in one or more series, in | 17 | | such amounts and at such prices as may be directed by the | 18 | | Governor, upon recommendation by the Director of the Governor's | 19 | | Office of Management and Budget. State General Obligation | 20 | | Restructuring Bonds shall be in such form, either coupon, | 21 | | registered, or book entry, in such denominations, shall bear | 22 | | interest payable at such times and at such fixed or variable | 23 | | rate or rates, and be dated as shall be fixed and determined by | 24 | | the Director of the Governor's Office of Management and Budget | 25 | | in the order authorizing the issuance and sale of any series of | 26 | | State General Obligation Restructuring Bonds, which order |
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| 1 | | shall be approved by the Governor and is herein called a "Bond | 2 | | Sale Order"; provided, however, that interest payable at fixed | 3 | | or variable rates shall not exceed that permitted in the Bond | 4 | | Authorization Act. State General Obligation Restructuring | 5 | | Bonds shall be payable at such place or places, within or | 6 | | without the State of Illinois, and may be made registrable as | 7 | | to either principal or as to both principal and interest, as | 8 | | shall be specified in the Bond Sale Order.
State General | 9 | | Obligation Restructuring Bonds may be callable or subject to | 10 | | purchase and retirement or tender and remarketing as fixed and | 11 | | determined in the Bond Sale Order. | 12 | | The aggregate principal and interest amounts of State | 13 | | General Obligation Restructuring Bonds authorized by and | 14 | | issued pursuant to this
amendatory Act of the 100th General | 15 | | Assembly or other such amendatory Acts of the 100th General | 16 | | Assembly authorizing the issuance of State General Obligation | 17 | | Restructuring Bonds shall, in the aggregate, mature or be | 18 | | subject to redemption in the annual percentages set forth in | 19 | | the following schedule: | 20 | | (1) for fiscal year 2019, 14.2857%; | 21 | | (2) for fiscal year 2020, 14.2857%; | 22 | | (3) for fiscal year 2021, 14.2857%; | 23 | | (4) for fiscal year 2022, 14.2857%; | 24 | | (5) for fiscal year 2023, 14.2857%; | 25 | | (6) for fiscal year 2024, 14.2857%; and | 26 | | (7) for fiscal year 2025, 14.2858%. |
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| 1 | | Notwithstanding the foregoing, the principal amounts | 2 | | calculated above shall be in increments of $5,000. Moreover, | 3 | | the percentages set forth in items (1) through (7) shall be | 4 | | applicable to the aggregate principal amount of State General | 5 | | Obligation Restructuring Bonds authorized by this amendatory | 6 | | Act of the 100th General
Assembly and any other amendatory Acts | 7 | | of the 100th General Assembly authorizing State General | 8 | | Obligation Restructuring Bonds. While individual series of | 9 | | State General Obligation Restructuring Bonds as may be sold | 10 | | from time to time need not be scheduled to mature or be subject | 11 | | to redemption in accordance with the percentages above, | 12 | | redemptions whether by maturity or sinking fund, in any fiscal | 13 | | year for all State General Obligation Restructuring Bonds, in | 14 | | the aggregate, shall be no less than the percentages shown | 15 | | above. Notwithstanding the foregoing, in the event that fewer | 16 | | than all of the State General Obligation Restructuring Bonds | 17 | | authorized by this amendatory Act of the 100th General
Assembly | 18 | | have been issued by September 1, 2017, failure of the | 19 | | then-outstanding State General Obligation Restructuring Bonds | 20 | | to satisfy the repayment schedule set forth above shall not | 21 | | affect the validity of any of those outstanding Bonds. | 22 | | (Source: P.A. 99-523, eff. 6-30-16.)
| 23 | | (30 ILCS 330/11) (from Ch. 127, par. 661)
| 24 | | Sec. 11. Sale of Bonds. Except as otherwise provided in | 25 | | this Section,
Bonds shall be sold from time to time pursuant to
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| 1 | | notice of sale and public bid or by negotiated sale
in such | 2 | | amounts and at such
times as is directed by the Governor, upon | 3 | | recommendation by the Director of
the
Governor's Office of | 4 | | Management and Budget. At least 25%, based on total principal | 5 | | amount, of all Bonds issued each fiscal year shall be sold | 6 | | pursuant to notice of sale and public bid. At all times during | 7 | | each fiscal year, no more than 75%, based on total principal | 8 | | amount, of the Bonds issued each fiscal year, shall have been | 9 | | sold by negotiated sale. Failure to satisfy the requirements in | 10 | | the preceding 2 sentences shall not affect the validity of any | 11 | | previously issued Bonds; provided that all Bonds authorized by | 12 | | Public Act 96-43 and Public Act 96-1497 shall not be included | 13 | | in determining compliance for any fiscal year with the | 14 | | requirements of the preceding 2 sentences; and further provided | 15 | | that refunding Bonds satisfying the requirements of Section 16 | 16 | | of this Act and sold during fiscal year 2009, 2010, 2011, or | 17 | | 2017 shall not be subject to the requirements in the preceding | 18 | | 2 sentences.
| 19 | | If
any Bonds, including refunding Bonds, are to be sold by | 20 | | negotiated
sale, the
Director of the
Governor's Office of | 21 | | Management and Budget
shall comply with the
competitive request | 22 | | for proposal process set forth in the Illinois
Procurement Code | 23 | | and all other applicable requirements of that Code.
| 24 | | If Bonds are to be sold pursuant to notice of sale and | 25 | | public bid, the
Director of the
Governor's Office of Management | 26 | | and Budget may, from time to time, as Bonds are to be sold, |
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| 1 | | advertise
the sale of the Bonds in at least 2 daily newspapers, | 2 | | one of which is
published in the City of Springfield and one in | 3 | | the City of Chicago. The sale
of the Bonds shall also be
| 4 | | advertised in the volume of the Illinois Procurement Bulletin | 5 | | that is
published by the Department of Central Management | 6 | | Services, and shall be published once at least
10 days prior to | 7 | | the date fixed
for the opening of the bids. The Director of the
| 8 | | Governor's Office of Management and Budget may
reschedule the | 9 | | date of sale upon the giving of such additional notice as the
| 10 | | Director deems adequate to inform prospective bidders of
such | 11 | | change; provided, however, that all other conditions of the | 12 | | sale shall
continue as originally advertised.
| 13 | | Executed Bonds shall, upon payment therefor, be delivered | 14 | | to the purchaser,
and the proceeds of Bonds shall be paid into | 15 | | the State Treasury as directed by
Section 12 of this Act.
| 16 | | All State General Obligation Restructuring Bonds shall | 17 | | comply with this Section. Notwithstanding anything to the | 18 | | contrary, however, for purposes of complying with this Section, | 19 | | State General Obligation Restructuring Bonds, regardless of | 20 | | the number of series or issuances sold thereunder, shall be
| 21 | | considered a single issue or series. Furthermore, for purposes | 22 | | of complying with the competitive bidding requirements of this | 23 | | Section, the words "at all times" shall not apply to any such | 24 | | sale of the State General Obligation Restructuring Bonds. The | 25 | | Director of the Governor's Office of Management and Budget | 26 | | shall determine the time and manner of any competitive sale of |
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| 1 | | the State General Obligation Restructuring Bonds; however, | 2 | | that sale shall under no circumstances take place later than 60 | 3 | | days after the State closes the sale of 75% of the State | 4 | | General Obligation Restructuring Bonds by negotiated sale. | 5 | | (Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
| 6 | | (30 ILCS 330/12) (from Ch. 127, par. 662)
| 7 | | Sec. 12. Allocation of Proceeds from Sale of Bonds.
| 8 | | (a) Proceeds from the sale of Bonds, authorized by Section | 9 | | 3 of this Act,
shall be deposited in the separate fund known as | 10 | | the Capital Development Fund.
| 11 | | (b) Proceeds from the sale of Bonds, authorized by | 12 | | paragraph (a) of Section
4 of this Act, shall be deposited in | 13 | | the separate fund known as the
Transportation Bond, Series A | 14 | | Fund.
| 15 | | (c) Proceeds from the sale of Bonds, authorized by | 16 | | paragraphs (b) and (c)
of Section 4 of this Act, shall be | 17 | | deposited in the separate fund known
as the Transportation | 18 | | Bond, Series B Fund.
| 19 | | (c-1) Proceeds from the sale of Bonds, authorized by | 20 | | paragraph (d) of Section 4 of this Act, shall be deposited into | 21 | | the Transportation Bond Series D Fund, which is hereby created. | 22 | | (d) Proceeds from the sale of Bonds, authorized by Section | 23 | | 5 of this
Act, shall be deposited in the separate fund known as | 24 | | the School Construction
Fund.
| 25 | | (e) Proceeds from the sale of Bonds, authorized by Section |
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| 1 | | 6 of this Act,
shall be deposited in the separate fund known as | 2 | | the Anti-Pollution Fund.
| 3 | | (f) Proceeds from the sale of Bonds, authorized by Section | 4 | | 7 of this Act,
shall be deposited in the separate fund known as | 5 | | the Coal Development Fund.
| 6 | | (f-2) Proceeds from the sale of Bonds, authorized by | 7 | | Section 7.2 of this
Act, shall be deposited as set forth in | 8 | | Section 7.2.
| 9 | | (f-5) Proceeds from the sale of Bonds, authorized by | 10 | | Section 7.5 of this
Act, shall be deposited as set forth in | 11 | | Section 7.5.
| 12 | | (f-7) Proceeds from the sale of Bonds, authorized by | 13 | | Section 7.6 of this Act, shall be deposited as set forth in | 14 | | Section 7.6. | 15 | | (g) Proceeds from the sale of Bonds, authorized by Section | 16 | | 8 of this Act,
shall be deposited in
the Capital Development | 17 | | Fund.
| 18 | | (h) Subsequent to the issuance of any Bonds for the | 19 | | purposes described
in Sections 2 through 8 of this Act, the | 20 | | Governor and the Director of the
Governor's Office of | 21 | | Management and Budget may provide for the reallocation of | 22 | | unspent proceeds
of such Bonds to any other purposes authorized | 23 | | under said Sections of this
Act, subject to the limitations on | 24 | | aggregate principal amounts contained
therein. Upon any such | 25 | | reallocation, such unspent proceeds shall be
transferred to the | 26 | | appropriate funds as determined by reference to
paragraphs (a) |
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| 1 | | through (g) of this Section.
| 2 | | (Source: P.A. 96-36, eff. 7-13-09.)
| 3 | | (30 ILCS 330/13) (from Ch. 127, par. 663)
| 4 | | Sec. 13. Appropriation of Proceeds from Sale of Bonds.
| 5 | | (a) At all times, the proceeds from the sale of Bonds | 6 | | issued pursuant
to this Act are subject to appropriation by the | 7 | | General Assembly and,
except as provided in Sections Section | 8 | | 7.2 and 7.6 , may be obligated or expended only
with the written | 9 | | approval of the Governor, in such amounts, at such times,
and | 10 | | for such purposes as the respective
State agencies, as defined | 11 | | in Section 1-7 of the Illinois State Auditing
Act, as amended, | 12 | | deem necessary or desirable for the specific purposes
| 13 | | contemplated in Sections 2 through 8 of this Act. | 14 | | Notwithstanding any other provision of this Act, proceeds from | 15 | | the sale of Bonds issued pursuant to this Act appropriated by | 16 | | the General Assembly to the Architect of the Capitol may be | 17 | | obligated or expended by the Architect of the Capitol without | 18 | | the written approval of the Governor.
| 19 | | (b) Proceeds from the sale of Bonds for the purpose of | 20 | | development of
coal and alternative forms of energy shall be | 21 | | expended in such amounts and
at such times as the Department of | 22 | | Commerce and Economic Opportunity, with the
advice and | 23 | | recommendation of the Illinois Coal Development Board for coal
| 24 | | development projects, may deem necessary and desirable for the | 25 | | specific
purpose contemplated by Section 7 of this Act. In |
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| 1 | | considering the approval
of projects to be funded, the | 2 | | Department of Commerce and
Economic Opportunity shall give
| 3 | | special
consideration to projects designed to remove sulfur and | 4 | | other pollutants in
the preparation and utilization of coal, | 5 | | and in the use and operation of
electric utility generating | 6 | | plants and industrial facilities which utilize
Illinois coal as | 7 | | their primary source of fuel.
| 8 | | (c) Except as directed in subsection (c-1) or (c-2), any | 9 | | monies received by any officer or employee of the state
| 10 | | representing a reimbursement of expenditures previously paid | 11 | | from general
obligation bond proceeds shall be deposited into | 12 | | the General Obligation
Bond Retirement and Interest Fund | 13 | | authorized in Section 14 of this Act.
| 14 | | (c-1) Any money received by the Department of | 15 | | Transportation as reimbursement for expenditures for high | 16 | | speed rail purposes pursuant to appropriations from the | 17 | | Transportation Bond, Series B Fund for (i) CREATE (Chicago | 18 | | Region Environmental and Transportation Efficiency), (ii) High | 19 | | Speed Rail, or (iii) AMTRAK projects authorized by the federal | 20 | | government under the provisions of the American Recovery and | 21 | | Reinvestment Act of 2009 or the Safe Accountable Flexible | 22 | | Efficient Transportation Equity Act—A Legacy for Users | 23 | | (SAFETEA-LU), or any successor federal transportation | 24 | | authorization Act, shall be deposited into the Federal High | 25 | | Speed Rail Trust Fund. | 26 | | (c-2) Any money received by the Department of |
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| 1 | | Transportation as reimbursement for expenditures for transit | 2 | | capital purposes pursuant to appropriations from the | 3 | | Transportation Bond, Series B Fund for projects authorized by | 4 | | the federal government under the provisions of the American | 5 | | Recovery and Reinvestment Act of 2009 or the Safe Accountable | 6 | | Flexible Efficient Transportation Equity Act—A Legacy for | 7 | | Users (SAFETEA-LU), or any successor federal transportation | 8 | | authorization Act, shall be deposited into the Federal Mass | 9 | | Transit Trust Fund. | 10 | | (Source: P.A. 98-674, eff. 6-30-14.)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.".
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