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92_HB2828enr HB2828 Enrolled LRB9206235REmg 1 AN ACT concerning State finance. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The State Finance Act is amended by changing 5 Section 6z-43 as follows: 6 (30 ILCS 105/6z-43) 7 Sec. 6z-43. Tobacco Settlement Recovery Fund. 8 (a) There is created in the State Treasury a special 9 fund to be known as the Tobacco Settlement Recovery Fund, 10 into which shall be deposited all monies paid to the State 11 pursuant to (1) the Master Settlement Agreement entered in 12 the case of People of the State of Illinois v. Philip Morris, 13 et al. (Circuit Court of Cook County, No. 96-L13146) and (2) 14 any settlement with or judgment against any tobacco product 15 manufacturer other than one participating in the Master 16 Settlement Agreement in satisfaction of any released claim as 17 defined in the Master Settlement Agreement, as well as any 18 other monies as provided by law. All earnings on Fund 19 investments shall be deposited into the Fund. Upon the 20 creation of the Fund, the State Comptroller shall order the 21 State Treasurer to transfer into the Fund any monies paid to 22 the State as described in item (1) or (2) of this Section 23 before the creation of the Fund plus any interest earned on 24 the investment of those monies. The Treasurer may invest the 25 moneys in the Fund in the same manner, in the same types of 26 investments, and subject to the same limitations provided in 27 the Illinois Pension Code for the investment of pension funds 28 other than those established under Article 3 or 4 of the 29 Code. 30 (b) As soon as may be practical after June 30, 2001, 31 upon notification from and at the direction of the Governor, HB2828 Enrolled -2- LRB9206235REmg 1 the State Comptroller shall direct and the State Treasurer 2 shall transfer the unencumbered balance in the Tobacco 3 Settlement Recovery Fund as of June 30, 2001, as determined 4 by the Governor, into the Budget Stabilization Fund. The 5 Treasurer may invest the moneys in the Budget Stabilization 6 Fund in the same manner, in the same types of investments, 7 and subject to the same limitations provided in the Illinois 8 Pension Code for the investment of pension funds other than 9 those established under Article 3 or 4 of the Code. 10 (c) In addition to any other deposits authorized by law, 11 after any delivery of any bonds as authorized by Section 7.5 12 of the General Obligation Bond Act for deposits to the 13 General Revenue Fund and the Budget Stabilization Fund 14 (referred to as "tobacco securitization general obligation 15 bonds"), the Governor shall certify, on or before June 30, 16 2003 and June 30 of each year thereafter, to the State 17 Comptroller and State Treasurer the total amount of principal 18 of, interest on, and premium, if any, due on those bonds in 19 the next fiscal year beginning with amounts due in fiscal 20 year 2004. As soon as practical after the annual payment of 21 tobacco settlement moneys to the Tobacco Settlement Recovery 22 Fund as described in item (1) of subsection (a), the State 23 Treasurer and State Comptroller shall transfer from the 24 Tobacco Settlement Recovery Fund to the General Obligation 25 Bond Retirement and Interest Fund the amount certified by the 26 Governor, plus any cumulative deficiency in those transfers 27 for prior years. 28 (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00; 29 91-797, eff. 6-9-00; 92-11, eff. 6-11-01; 92-16, eff. 30 6-28-01.) 31 Section 10. The General Obligation Bond Act is amended 32 by changing Sections 2 and 12, and adding Section 7.5 as 33 follows: HB2828 Enrolled -3- LRB9206235REmg 1 (30 ILCS 330/2) (from Ch. 127, par. 652) 2 Sec. 2. Authorization for Bonds. The State of Illinois 3 is authorized to issue, sell and provide for the retirement 4 of General Obligation Bonds of the State of Illinois for the 5 categories and specific purposes expressed in Sections 2 6 through 8 of this Act, in the total amount of $16,015,007,500 7$15,265,007,500. 8 The bonds authorized in this Section 2 and in Section 16 9 of this Act are herein called "Bonds". 10 Of the total amount of Bonds authorized in this Act, up 11 to $2,200,000,000 in aggregate original principal amount may 12 be issued and sold in accordance with the Baccalaureate 13 Savings Act in the form of General Obligation College Savings 14 Bonds. 15 Of the total amount of Bonds authorized in this Act, up 16 to $300,000,000 in aggregate original principal amount may be 17 issued and sold in accordance with the Retirement Savings Act 18 in the form of General Obligation Retirement Savings Bonds. 19 The issuance and sale of Bonds pursuant to the General 20 Obligation Bond Act is an economical and efficient method of 21 financing the capital and general operating needs of the 22 State. This Act will permit the issuance of a multi-purpose 23 General Obligation Bond with uniform terms and features. 24 This will not only lower the cost of registration but also 25 reduce the overall cost of issuing debt by improving the 26 marketability of Illinois General Obligation Bonds. 27 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff 6-30-99; 28 91-710, eff. 5-17-00; 92-13, eff. 6-22-01.) 29 (30 ILCS 330/7.5 new) 30 Sec. 7.5. Tobacco securitization general obligation 31 bonds. The amount of $750,000,000 is authorized to be issued 32 only during fiscal year 2003 for the making of deposits of 33 50% of net proceeds to the General Revenue Fund to build the HB2828 Enrolled -4- LRB9206235REmg 1 fiscal year ending general funds cash balance and to meet the 2 ordinary and contingent expenses of the State and 50% of net 3 proceeds to the Budget Stabilization Fund. 4 (30 ILCS 330/12) (from Ch. 127, par. 662) 5 Sec. 12. Allocation of Proceeds from Sale of Bonds. 6 (a) Proceeds from the sale of Bonds, authorized by 7 Section 3 of this Act, shall be deposited in the separate 8 fund known as the Capital Development Fund. 9 (b) Proceeds from the sale of Bonds, authorized by 10 paragraph (a) of Section 4 of this Act, shall be deposited in 11 the separate fund known as the Transportation Bond, Series A 12 Fund. 13 (c) Proceeds from the sale of Bonds, authorized by 14 paragraphs (b) and (c) of Section 4 of this Act, shall be 15 deposited in the separate fund known as the Transportation 16 Bond, Series B Fund. 17 (d) Proceeds from the sale of Bonds, authorized by 18 Section 5 of this Act, shall be deposited in the separate 19 fund known as the School Construction Fund. 20 (e) Proceeds from the sale of Bonds, authorized by 21 Section 6 of this Act, shall be deposited in the separate 22 fund known as the Anti-Pollution Fund. 23 (f) Proceeds from the sale of Bonds, authorized by 24 Section 7 of this Act, shall be deposited in the separate 25 fund known as the Coal Development Fund. 26 (f-5) Proceeds from the sale of Bonds, authorized by 27 Section 7.5 of this Act, shall be deposited as set forth in 28 Section 7.5. 29 (g) Proceeds from the sale of Bonds, authorized by 30 Section 8 of this Act, shall be deposited in the Capital 31 Development Fund. 32 (h) Subsequent to the issuance of any Bonds for the 33 purposes described in Sections 2 through 8 of this Act, the HB2828 Enrolled -5- LRB9206235REmg 1 Governor and the Director of the Bureau of the Budget may 2 provide for the reallocation of unspent proceeds of such 3 Bonds to any other purposes authorized under said Sections of 4 this Act, subject to the limitations on aggregate principal 5 amounts contained therein. Upon any such reallocation, such 6 unspent proceeds shall be transferred to the appropriate 7 funds as determined by reference to paragraphs (a) through 8 (g) of this Section. 9 (Source: P.A. 90-549, eff. 12-8-97; 90-586, eff. 6-4-98; 10 90-653, eff. 7-29-98.) 11 Section 99. Effective date. This Act takes effect upon 12 becoming law.