92nd General Assembly
Summary of SB1004
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Senate Sponsors:

Short description: 
TOLL HWY-BONDS-APROPRIATIONS                                               

Synopsis of Bill as introduced:
        Amends the Toll Highway Act.  Provides that the Toll Highway  Act      
   shall  constitute an irrevocable and continuing appropriation from the      
   Illinois  State  Toll  Highway  Authority  Fund  for  amounts  to  pay      
   principal, interest, and other bond expenses and obligations  (instead      
   of the Fund being considered always appropriated for repayment of debt      
   service and other bond obligations).  Provides that all other expenses      
   are  subject  to annual appropriation by the General Assembly from the      
   Fund (or from other funds) for each fiscal year.  Provides  that  only      
   those  amounts  appropriated to the Authority other than from the Fund      
   shall be repaid. Provides that before  bonds  may  be  issued  for  or      
   construction  may be commenced on any new segment of toll highway, the      
   issuance of bonds for or the  commencement  of  construction  of  that      
   particular  segment  must  be  approved by the General Assembly by law      
   (rather than being authorized  by  joint  resolution  of  the  General      
   Assembly).  Provides that any general increase in toll rates must have      
   the prior approval of the General Assembly, by a three-fifths majority      
   vote.    Provides  that  the Toll Highway Authority may issue bonds to      
   implement its capital plan only in amounts and for purposes that  have      
   been  approved  by law. Provides that for all outstanding bonds issued      
   by the Authority before the effective date of the amendatory Act,  the      
   State  guarantees the timely payment of any principal or interest that      
   is not paid by the Authority when due, with recourse to the  Court  of      
   Claims.   The  Authority  shall,  with  respect  to  all revenue bonds      
   outstanding as of the effective date of the amendatory  Act,  maintain      
   in a debt service fund an amount equal to 140% of the amount needed to      
   pay annual debt service or the bonds.                                       
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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