SB3127 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3127

 

Introduced 2/15/2018, by Sen. Iris Y. Martinez

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/15  from Ch. 127, par. 665
30 ILCS 420/9a  from Ch. 127, par. 759a

    Amends the General Obligation Bond Act. Provides that the unused portion of federal funds received for or as reimbursement for a capital facilities project (currently, the unused portion of federal funds received for a capital facilities project) shall remain in the Capital Development Board Contributory Trust Fund. Removes a provision providing that any federal funds received as reimbursement for the completed construction of a capital improvement project shall be deposited in the Capital Development Bond Retirement and Interest Fund. Amends the Capital Development Bond Act of 1972. Makes conforming changes. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3127LRB100 18899 HLH 34143 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The General Obligation Bond Act is amended by
5changing Section 15 as follows:
 
6    (30 ILCS 330/15)  (from Ch. 127, par. 665)
7    Sec. 15. Computation of Principal and Interest; transfers.
8    (a) Upon each delivery of Bonds authorized to be issued
9under this Act, the Comptroller shall compute and certify to
10the Treasurer the total amount of principal of, interest on,
11and premium, if any, on Bonds issued that will be payable in
12order to retire such Bonds, the amount of principal of,
13interest on and premium, if any, on such Bonds that will be
14payable on each payment date according to the tenor of such
15Bonds during the then current and each succeeding fiscal year,
16and the amount of sinking fund payments needed to be deposited
17in connection with Qualified School Construction Bonds
18authorized by subsection (e) of Section 9. With respect to the
19interest payable on variable rate bonds, such certifications
20shall be calculated at the maximum rate of interest that may be
21payable during the fiscal year, after taking into account any
22credits permitted in the related indenture or other instrument
23against the amount of such interest required to be appropriated

 

 

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1for such period pursuant to subsection (c) of Section 14 of
2this Act. With respect to the interest payable, such
3certifications shall include the amounts certified by the
4Director of the Governor's Office of Management and Budget
5under subsection (b) of Section 9 of this Act.
6    On or before the last day of each month the State Treasurer
7and Comptroller shall transfer from (1) the Road Fund with
8respect to Bonds issued under paragraph (a) of Section 4 of
9this Act, or Bonds issued under authorization in Public Act
1098-781, or Bonds issued for the purpose of refunding such
11bonds, and from (2) the General Revenue Fund, with respect to
12all other Bonds issued under this Act, to the General
13Obligation Bond Retirement and Interest Fund an amount
14sufficient to pay the aggregate of the principal of, interest
15on, and premium, if any, on Bonds payable, by their terms on
16the next payment date divided by the number of full calendar
17months between the date of such Bonds and the first such
18payment date, and thereafter, divided by the number of months
19between each succeeding payment date after the first. Such
20computations and transfers shall be made for each series of
21Bonds issued and delivered. Interest payable on variable rate
22bonds shall be calculated at the maximum rate of interest that
23may be payable for the relevant period, after taking into
24account any credits permitted in the related indenture or other
25instrument against the amount of such interest required to be
26appropriated for such period pursuant to subsection (c) of

 

 

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1Section 14 of this Act. Computations of interest shall include
2the amounts certified by the Director of the Governor's Office
3of Management and Budget under subsection (b) of Section 9 of
4this Act. Interest for which moneys have already been deposited
5into the capitalized interest account within the General
6Obligation Bond Retirement and Interest Fund shall not be
7included in the calculation of the amounts to be transferred
8under this subsection. Notwithstanding any other provision in
9this Section, the transfer provisions provided in this
10paragraph shall not apply to transfers made in fiscal year 2010
11or fiscal year 2011 with respect to Bonds issued in fiscal year
122010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
13In the case of transfers made in fiscal year 2010 or fiscal
14year 2011 with respect to the Bonds issued in fiscal year 2010
15or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
16before the 15th day of the month prior to the required debt
17service payment, the State Treasurer and Comptroller shall
18transfer from the General Revenue Fund to the General
19Obligation Bond Retirement and Interest Fund an amount
20sufficient to pay the aggregate of the principal of, interest
21on, and premium, if any, on the Bonds payable in that next
22month.
23    The transfer of monies herein and above directed is not
24required if monies in the General Obligation Bond Retirement
25and Interest Fund are more than the amount otherwise to be
26transferred as herein above provided, and if the Governor or

 

 

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1his authorized representative notifies the State Treasurer and
2Comptroller of such fact in writing.
3    (b) After the effective date of this Act, the balance of,
4and monies directed to be included in the Capital Development
5Bond Retirement and Interest Fund, Anti-Pollution Bond
6Retirement and Interest Fund, Transportation Bond, Series A
7Retirement and Interest Fund, Transportation Bond, Series B
8Retirement and Interest Fund, and Coal Development Bond
9Retirement and Interest Fund shall be transferred to and
10deposited in the General Obligation Bond Retirement and
11Interest Fund. This Fund shall be used to make debt service
12payments on the State's general obligation Bonds heretofore
13issued which are now outstanding and payable from the Funds
14herein listed as well as on Bonds issued under this Act.
15    (c) The unused portion of federal funds received for or as
16reimbursement for a capital facilities project, as authorized
17by Section 3 of this Act, for which monies from the Capital
18Development Fund have been expended shall remain in the Capital
19Development Board Contributory Trust Fund and shall be used for
20capital projects and for no other purpose, subject to
21appropriation and as directed by the Capital Development Board.
22Any federal funds received as reimbursement for the completed
23construction of a capital facilities project, as authorized by
24Section 3 of this Act, for which monies from the Capital
25Development Fund have been expended shall be deposited in the
26General Obligation Bond Retirement and Interest Fund.

 

 

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1(Source: P.A. 100-23, eff. 7-6-17.)
 
2    Section 10. The Capital Development Bond Act of 1972 is
3amended by changing Section 9a as follows:
 
4    (30 ILCS 420/9a)  (from Ch. 127, par. 759a)
5    Sec. 9a. The unused portion of federal funds received for
6or as reimbursement for a capital improvement project for which
7moneys from the Capital Development Fund have been expended
8shall remain in the Capital Development Board Contributory
9Trust Fund and shall be used for capital projects and for no
10other purpose, subject to appropriation and as directed by the
11Capital Development Board. Any federal funds received as
12reimbursement for the completed construction of a capital
13improvement project for which moneys from the Capital
14Development Fund have been expended shall be deposited in the
15Capital Development Bond Retirement and Interest Fund.
16(Source: P.A. 98-245, eff. 1-1-14.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.