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90_HB2499
30 ILCS 415/2 from Ch. 127, par. 702
30 ILCS 415/7 from Ch. 127, par. 707
Amends the Transportation Bond Act. Increases the
overall authorization by $211,000,000. Provides that
$211,000,000 of Transportation Bonds, Series A, may be issued
to cover any federal highway fund shortfall for federal
fiscal year 1998. Provides that the General Assembly shall
annually direct the transfer of monies from the General
Revenue Fund to the Transportation Bond, Series A Retirement
and Interest Fund, in an amount sufficient to pay the
principal of and interest on the $211,000,000 of Bonds
authorized by this amendatory Act. Effective immediately.
LRB9008830KDks
LRB9008830KDks
1 AN ACT to amend the Transportation Bond Act by changing
2 Sections 2 and 7.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Transportation Bond Act is amended by
6 changing Sections 2 and 7 as follows:
7 (30 ILCS 415/2) (from Ch. 127, par. 702)
8 Sec. 2. The State of Illinois is authorized to issue,
9 sell and provide for the retirement of bonds of the State of
10 Illinois in the amount of $1,940,000,000 $1,729,000,000,
11 hereinafter called the "Bonds", for the specific purpose of
12 promoting and assuring rapid, efficient, and safe highway,
13 air and mass transportation for the inhabitants of the State
14 by providing monies, including the making of grants and
15 loans, to be used for the acquisition, construction,
16 reconstruction, extension and improvement of the following
17 transportation facilities and equipment and for the
18 acquisition of real property and interests in real property
19 required or expected to be required in connection therewith,
20 and within the limitations set forth in Section 5.1 of this
21 Act for the specific purpose set forth in subsections Section
22 2(b) (2) and (3) of this Section Act:
23 (a) (1) the acquisition, construction, reconstruction,
24 extension and improvement of State highways, arterial
25 highways, freeways, roads, structures separating highways and
26 railroads and bridges; and
27 (2) the repair and reconstruction of bridges on roads
28 maintained by counties, municipalities, townships or road
29 districts;
30 (b) (1) the acquisition, construction, extension,
31 reconstruction and improvement of mass transportation
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1 facilities including rapid transit, rail, bus and other
2 equipment used in connection therewith by the State or any
3 unit of local government, special transportation district,
4 municipal corporation or other corporation or public
5 authority authorized to provide and promote public
6 transportation within the State or two or more of the
7 foregoing acting jointly; and
8 (2) for the purpose of providing immediate relief from
9 existing or impending inability to meet principal and
10 interest payments and thereby aiding in achieving the maximum
11 benefit for the public from the transportation capital
12 improvement program, to provide funds for any payments
13 required to be made for principal of and interest on bonds,
14 certificates, equipment trust certificates or other evidences
15 of indebtedness issued or guaranteed prior to the passage of
16 this Act by the State or any unit of local government,
17 special transportation district, municipal corporation or
18 other corporation or public authority authorized to provide
19 public transportation within the State, or two or more of the
20 foregoing acting jointly, pursuant to any indenture,
21 ordinance, resolution, agreement or contract to obtain and
22 finance transportation facilities; and,
23 (3) for the purpose of reimbursing the General Revenue
24 Fund for monies paid from the General Revenue Fund after
25 passage of this Act for the purpose described in Section 2(b)
26 (2).
27 (c) the acquisition, construction, extension,
28 reconstruction, and improvement of airport or aviation
29 facilities and any equipment used in connection therewith,
30 including reimbursement for certain engineering and land
31 acquisition costs as provided in Section 34a of the "Illinois
32 Aeronautics Act", approved July 24, 1945, as amended, by the
33 State or any unit of local government, special transportation
34 district, municipal corporation or other corporation or
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1 public authority authorized to provide public transportation
2 within the State or two or more of the foregoing acting
3 jointly.
4 $1,537,000,000 $1,326,000,000 of the Bonds will be used
5 for State highway acquisition, construction, reconstruction,
6 extension and improvement as specifically described herein,
7 including covering any federal highway fund shortfall during
8 federal fiscal year 98, hereinafter called the
9 "Transportation Bonds, Series A". $363,000,000 of the Bonds
10 will be used for the mass transportation purposes
11 specifically described herein and $40,000,000 of the Bonds
12 will be used for the aviation purposes specifically described
13 herein, such $403,000,000 of Bonds collectively hereinafter
14 called the "Transportation Bonds, Series B".
15 The $75,000,000 authorized for mass transportation
16 purposes by this amendatory Act of 1973 shall be used for the
17 acquisition of mass transportation equipment including rail
18 and bus, and other equipment used in connection therewith for
19 the area comprising the counties of DuPage, Kane, Lake,
20 McHenry and Will, and that portion of the County of Cook
21 outside the City of Chicago, as determined by the Regional
22 Transportation Authority established pursuant to "The
23 Regional Transportation Authority Act", enacted by the 78th
24 General Assembly. The proceeds of the sale of such bonds
25 shall be expended only to, or with the approval of, such
26 Authority. Nothing in this paragraph prohibits that Authority
27 from using or approving the use of such proceeds for purposes
28 of acquisition of mass transportation equipment for use
29 between such area and other areas.
30 Of the Bonds authorized to be used for highway purposes,
31 the proceeds of $14,965,100 of such bonds shall be used by
32 the Department of Transportation for the purpose of the
33 repair and reconstruction of unsafe and substandard bridges
34 on roads maintained by counties, municipalities, townships
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1 and road districts under the Illinois Highway Code and the
2 proceeds of $12,000,000 of such bonds shall be used by the
3 Department of Transportation for the same purposes as
4 provided in Sections 6-902 through 6-905 of the Illinois
5 Highway Code.
6 Of the Bonds authorized to be sold for highway purposes,
7 the proceeds of $36,939,400 of the Bonds shall be used for
8 such purposes within the City of Chicago, the proceeds of
9 $42,457,000 of the Bonds shall be used for such purposes in
10 the Chicago urbanized area, the proceeds of $46,359,000 of
11 the bonds shall be used for such purposes outside the Chicago
12 urbanized area, the proceeds of $142,105,500 of the Bonds
13 shall be used for such purposes within the Counties of Cook,
14 DuPage, Kane, Lake, McHenry and Will, the proceeds of
15 $181,139,100 of the Bonds shall be used for such purposes
16 within the Counties of the State outside the Counties of
17 Cook, DuPage, Kane, Lake, McHenry and Will.
18 Of the $106,000,000 of Bonds authorized to be sold for
19 mass transportation purposes by this amendatory Act of 1979,
20 $98,000,000 of the Bonds shall be used for such purposes
21 within the Counties of Cook, DuPage, Kane, Lake, McHenry and
22 Will and the proceeds of $8,000,000 of the Bonds shall be
23 used for such purposes within the Counties of the State
24 outside the Counties of Cook, DuPage, Kane, Lake, McHenry and
25 Will.
26 Of the $211,000,000 of Bonds authorized to be sold for
27 highway purposes by this amendatory Act of 1998, all of the
28 proceeds shall be used to cover any federal highway fund
29 shortfall during federal fiscal year 1998.
30 (Source: P.A. 86-453.)
31 (30 ILCS 415/7) (from Ch. 127, par. 707)
32 Sec. 7.
33 The Governor shall include an appropriation in each
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1 annual State budget of monies in such amount as shall be
2 necessary and sufficient, for the period covered by such
3 budget, to pay the interest, as it shall accrue, on all Bonds
4 issued under this Act and also to pay and discharge the
5 principal of such of the Bonds as shall fall due during such
6 period. To provide for the manner of repayment of the
7 Transportation Bonds, Series A, a separate fund in the State
8 Treasury called the "Transportation Bond, Series A Retirement
9 and Interest Fund" is hereby created. The General Assembly
10 shall annually make appropriations for monies to pay the
11 principal of and interest on the Transportation Bonds, Series
12 A from the Transportation Bond, Series A Retirement and
13 Interest Fund and shall direct the transfer from time to time
14 of monies from the Road Fund to the Transportation Bond,
15 Series A Retirement and Interest Fund, an amount which shall
16 be sufficient to pay the principal of and interest on the
17 Transportation Bonds, Series A as the same become due, except
18 that with respect to the issuance of $211,000,000 of Bonds
19 authorized by this amendatory Act of 1998 for the purposes
20 prescribed in subsection (c) of Section 2 of this Act, the
21 General Assembly shall annually direct the transfer of monies
22 from the General Revenue Fund to the Transportation Bond,
23 Series A Retirement and Interest Fund in an amount sufficient
24 to pay the principal of and interest on those Bonds. If there
25 are insufficient funds in the Road Fund to pay the principal
26 of and interest on the Transportation Bonds, Series A, as the
27 same become due, the General Assembly shall direct the
28 transfer from time to time of monies from the General Revenue
29 Fund to the Transportation Bond, Series A Retirement and
30 Interest Fund to the extent such transfer of monies is
31 necessary to pay the principal of and interest on such
32 Transportation Bonds, Series A which could not be paid by
33 monies transferred from the Road Fund. To provide for the
34 manner of repayment of the Transportation Bonds, Series B a
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1 separate fund in the State Treasury called the
2 "Transportation Bond, Series B Retirement and Interest Fund"
3 is hereby created. The General Assembly shall make
4 appropriations for monies to pay the principal of and
5 interest on the Transportation Bonds, Series B from the
6 Transportation Bond, Series B Retirement and Interest Fund
7 and shall direct the transfer from time to time of monies
8 from the General Revenue Fund to the Transportation Bond,
9 Series B Retirement and Interest Fund, an amount which shall
10 be sufficient to pay the principal of and interest on the
11 Transportation Bonds, Series B as the same become due.
12 If for any reason the General Assembly fails to make
13 appropriations for or transfers to the said Transportation
14 Bond, Series A Retirement and Interest Fund and the
15 Transportation Bond, Series B Retirement and Interest Fund,
16 as the case may be, of amounts sufficient for the State to
17 pay the principal of and interest on the Bonds as the same
18 become due, this Act shall constitute an irrevocable and
19 continuing appropriation of all amounts necessary for that
20 purpose, and the irrevocable and continuing authority for and
21 direction to the Auditor of Public Accounts, or Comptroller
22 as his successor, and to the Treasurer of the State to make
23 the necessary transfers out of and disbursements from the
24 revenues and funds of the State for that purpose.
25 All Bonds issued in accordance with the provisions of
26 this Act shall be direct, general obligations of the State of
27 Illinois and shall so state on the face thereof, and the full
28 faith and credit of the State of Illinois are hereby pledged
29 for the punctual payment of the interest thereon as the same
30 shall become due and for the punctual payment of the
31 principal thereof at maturity, and the provisions of this
32 Section shall be irrepealable until all such Bonds are paid
33 in full as to both principal and interest.
34 (Source: P.A. 77-150.)
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1 Section 99. Effective date. This Act takes effect upon
2 becoming law.