Public Act 097-0792
 
HB5656 EnrolledLRB097 20381 PJG 65851 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The State Finance Act is amended by changing
Section 6t as follows:
 
    (30 ILCS 105/6t)  (from Ch. 127, par. 142t)
    Sec. 6t. The Capital Development Board Contributory Trust
Fund is created and there shall be paid into the Capital
Development Board Contributory Trust Fund the monies
contributed by and received from Public Community College
Districts, Elementary, Secondary, and Unit School Districts,
and Vocational Education Facilities, provided, however, no
monies shall be required from a participating Public Community
College District, Elementary, Secondary, or Unit School
District, or Vocational Education Facility more than 30 days
prior to anticipated need under the particular contract for the
Public Community College District, Elementary, Secondary, or
Unit School District, or Vocational Education Facility. No
monies in any fund in the State Treasury, nor any funds under
the control or beneficial control of any state agency,
university, college, department, commission, board or any
other unit of state government shall be deposited, paid into,
or by any other means caused to be placed into the Capital
Development Board Contributory Trust Fund, except for federal
funds, bid bond forfeitures, and insurance proceeds as provided
for below.
    There shall be paid into the Capital Development Board
Contributory Trust Fund all federal funds to be utilized for
the construction of capital projects under the jurisdiction of
the Capital Development Board, and all proceeds resulting from
such federal funds. All such funds shall be remitted to the
Capital Development Board within 10 working days of their
receipt by the receiving authority.
    There shall also be paid into this Fund all monies
designated as gifts, donations or charitable contributions
which may be contributed by an individual or entity, whether
public or private, for a specific capital improvement project.
    There shall also be paid into this Fund all proceeds from
bid bond forfeitures in connection with any project formally
bid and awarded by the Capital Development Board.
    There shall also be paid into this Fund all builders risk
insurance policy proceeds and all other funds recovered from
contractors, sureties, architects, material suppliers or other
persons contracting with the Capital Development Board for
capital improvement projects which are received by way of
reimbursement for losses resulting from destruction of or
damage to capital improvement projects while under
construction by the Capital Development Board or received by
way of settlement agreement or court order.
    The monies in the Capital Development Board Contributory
Trust Fund shall be expended only for actual contracts let, and
then only for the specific project for which funds were
received in accordance with the judgment of the Capital
Development Board, compatible with the duties and obligations
of the Capital Development Board in furtherance of the specific
capital improvement for which such funds were received.
Contributions, insured-loss reimbursements or other funds
received as damages through settlement or judgement for damage,
destruction or loss of capital improvement projects shall be
expended for the repair of such projects; or if the projects
have been or are being repaired before receipt of the funds,
the funds may be used to repair other such capital improvement
projects. Any funds not expended for a project within 36 months
after the date received shall be paid into the General
Obligation Bond Retirement and Interest Fund.
    Contributions or insured-loss reimbursements not expended
in furtherance of the project for which they were received
within 36 months of the date received, shall be returned to the
contributing party. Proceeds from builders risk insurance
shall be expended only for the amelioration of damage arising
from the incident for which the proceeds were paid to the State
or the Capital Development Contributory Trust Fund. Any
residual amounts remaining after the completion of such
repairs, renovation, reconstruction or other work necessary to
restore the capital improvement project to acceptable
condition shall be returned to the proper fund or entity
financing or contributing towards the cost of the capital
improvement project. Such returns shall be made in amounts
proportionate to the contributions made in furtherance of the
project.
    Any monies received as a gift, donation or charitable
contribution for a specific capital improvement which have not
been expended in furtherance of that project shall be returned
to the contributing party after completion of the project or if
the legislature fails to authorize the capital improvement.
    The unused portion of any federal funds received for a
capital improvement project which are not contributed, upon its
completion, towards the cost of the project, shall remain in
the Capital Development Board Contributory Trust Fund and shall
be used for capital projects and for no other purpose, subject
to appropriation and as directed by the Capital Development
Board be deposited in the Capital Development Bond Retirement
and Interest Fund if moneys from the Capital Development Fund
have been utilized for the project.
(Source: P.A. 92-34, eff. 7-1-01.)
 
    Section 99. Effective date. This Act takes effect January
1, 2013.

Effective Date: 1/1/2013