Public Act 097-0771
 
HB4568 EnrolledLRB097 16852 PJG 62035 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 6z-78 as follows:
 
    (30 ILCS 105/6z-78)

    Sec. 6z-78. Capital Projects Fund; bonded indebtedness; 
transfers. Money in the Capital Projects Fund shall, if and 
when the State of Illinois incurs any bonded indebtedness using 
the bond authorizations enacted in Public Act 96-36, and Public 
Act 96-1554 this amendatory Act of the 96th General Assembly, 
and this amendatory Act of the 97th General Assembly, be set 
aside and used for the purpose of paying and discharging 
annually the principal and interest on that bonded indebtedness 
then due and payable.
    In addition to other transfers to the General Obligation 
Bond Retirement and Interest Fund made pursuant to Section 15 
of the General Obligation Bond Act, upon each delivery of 
general obligation bonds using bond authorizations enacted in 
Public Act 96-36, and Public Act 96-1554 this amendatory Act of 
the 96th General Assembly , and this amendatory Act of the 97th 
General Assembly the State Comptroller shall compute and 
certify to the State Treasurer the total amount of principal 
of, interest on, and premium, if any, on such bonds during the 
then current and each succeeding fiscal year.  With respect to 
the interest payable on variable rate bonds, such 
certifications shall be calculated at the maximum rate of 
interest that may be payable during the fiscal year, after 
taking into account any credits permitted in the related 
indenture or other instrument against the amount of such 
interest required to be appropriated for the period.
    (a) Except as provided for in subsection (b), on or before 
the last day of each month, the State Treasurer and State 
Comptroller shall transfer from the Capital Projects  Fund to 
the General Obligation Bond Retirement and Interest Fund an 
amount sufficient to pay the aggregate of the principal of, 
interest on, and premium, if any, on the bonds payable on their 
next payment date, divided by the number of monthly transfers 
occurring between the last previous payment date (or the 
delivery date if no payment date has yet occurred) and the next 
succeeding payment date.  Interest payable on variable rate 
bonds shall be calculated at the maximum rate of interest that 
may be payable for the relevant period, after taking into 
account any credits permitted in the related indenture or other 
instrument against the amount of such interest required to be 
appropriated for that period.  Interest for which moneys have 
already been deposited into the capitalized interest account 
within the General Obligation Bond Retirement and Interest Fund 
shall not be included in the calculation of the amounts to be 
transferred under this subsection.

    (b) On or before the last day of each month, the State 
Treasurer and State Comptroller shall transfer from the Capital 
Projects Fund to the General Obligation Bond Retirement and 
Interest Fund an amount sufficient to pay the aggregate of the 
principal of, interest on, and premium, if any, on the bonds 
issued prior to January 1, 2012 pursuant to Section 4(d) of the 
General Obligation Bond Act payable on their next payment date, 
divided by the number of monthly transfers occurring between 
the last previous payment date (or the delivery date if no 
payment date has yet occurred) and the next succeeding payment 
date. If the available balance in the Capital Projects Fund is 
not sufficient for the transfer required in this subsection, 
the State Treasurer and State Comptroller shall transfer the 
difference from the Road Fund to the General Obligation Bond 
Retirement and Interest Fund; except that such Road Fund 
transfers shall constitute a debt of the Capital Projects Fund 
which shall be repaid according to subsection (c). Interest 
payable on variable rate bonds shall be calculated at the 
maximum rate of interest that may be payable for the relevant 
period, after taking into account any credits permitted in the 
related indenture or other instrument against the amount of 
such interest required to be appropriated for that period. 
Interest for which moneys have already been deposited into the 
capitalized interest account within the General Obligation 
Bond Retirement and Interest Fund shall not be included in the 
calculation of the amounts to be transferred under this 
subsection.
    (c) On the first day of any month when the Capital Projects 
Fund is carrying a debt to the Road Fund due to the provisions 
of subsection (b), the State Treasurer and State Comptroller 
shall transfer from the Capital Projects Fund to the Road Fund 
an amount sufficient to discharge that debt.  These transfers to 
the Road Fund shall continue until the Capital Projects Fund 
has repaid to the Road Fund all transfers made from the Road 
Fund pursuant to subsection (b). Notwithstanding any other law 
to the contrary, transfers to the Road Fund from the Capital 
Projects Fund shall be made prior to any other expenditures or 
transfers out of the Capital Projects Fund. 
(Source: P.A. 96-36, eff. 7-13-09; 96-820, eff. 11-18-09; 
96-1554, eff. 3-18-11.)
 
    Section 10. The General Obligation Bond Act is amended  by 
changing Sections 2 and 4 as follows:
 
    (30 ILCS 330/2)  (from Ch. 127, par. 652)
    Sec. 2. Authorization for Bonds. The State of Illinois is 
authorized to
issue, sell and provide for the retirement of 
General Obligation Bonds of
the State of Illinois for the 
categories and specific purposes expressed in
Sections 2 
through 8 of this Act, in the total amount of $47,092,925,743 
$41,314,125,743 $41,379,777,443.
    The bonds authorized in this Section 2 and in Section 16 of 
this Act are
herein called "Bonds".
    Of the total amount of Bonds authorized in this Act, up to 
$2,200,000,000
in aggregate original principal amount may be 
issued and sold in accordance
with the Baccalaureate Savings 
Act in the form of General Obligation
College Savings Bonds.
    Of the total amount of Bonds authorized in this Act, up to 
$300,000,000 in
aggregate original principal amount may be 
issued and sold in accordance
with the Retirement Savings Act 
in the form of General Obligation
Retirement Savings Bonds.
    Of the total amount of Bonds authorized in this Act, the 
additional
$10,000,000,000 authorized by Public Act 93-2, the 
$3,466,000,000 authorized by Public Act 96-43, and the 
$4,096,348,300 authorized by Public Act 96-1497 this 
amendatory Act of the 96th General Assembly shall be used 
solely as provided in Section 7.2.
    The issuance and sale of Bonds pursuant to the General 
Obligation Bond
Act is an economical and efficient method of 
financing the long-term capital needs of
the State.  This Act 
will permit the issuance of a multi-purpose General
Obligation 
Bond with uniform terms and features.  This will not only lower

the cost of registration but also reduce the overall cost of 
issuing debt
by improving the marketability of Illinois General 
Obligation Bonds.
(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, 
eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10; 
96-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff. 
3-18-11; 97-333, eff. 8-12-11; revised 10-31-11.)
 



    (30 ILCS 330/4)  (from Ch. 127, par. 654)



    Sec. 4. Transportation. The amount of $14,060,599,000 
$12,443,799,000
is authorized for use by the Department of 
Transportation for the specific
purpose of promoting and 
assuring rapid, efficient, and safe highway, air and
mass 
transportation for the inhabitants of the State by providing 
monies,
including the making of grants and loans, for the 
acquisition, construction,
reconstruction, extension and 
improvement of the following transportation
facilities and 
equipment, and for the acquisition of real property and

interests in real property required or expected to be required 
in connection
therewith as follows:

    (a) $5,432,129,000 for State highways, arterial
highways, 
freeways,
roads, bridges, structures separating highways and 
railroads and roads, and
bridges on roads maintained by 
counties, municipalities, townships or road
districts for the 
following specific purposes:


        (1) $3,330,000,000 for use statewide,


        (2) $3,677,000 for use outside the Chicago urbanized

    area,


        (3) $7,543,000 for use within the Chicago urbanized 
    area,


        (4) $13,060,600 for use within the City of Chicago,


        (5) $58,987,500 for use within the counties of Cook,

    DuPage, Kane, Lake, McHenry and Will,


        (6) $18,860,900 for use outside the counties of Cook, 
    DuPage, Kane,
Lake, McHenry and Will, and

        (7) $2,000,000,000 for use on projects included in 
    either (i) the FY09-14 Proposed Highway Improvement 
    Program as published by the Illinois Department of 
    Transportation in May 2008 or (ii) the FY10-15 Proposed 
    Highway Improvement Program to be published by the Illinois 
    Department of Transportation in the spring of 2009; except 
    that all projects must be maintenance projects for the 
    existing State system with the goal of reaching 90% 
    acceptable condition in the system statewide and further 
    except that all projects must reflect the generally 
    accepted historical distribution  of projects throughout 
    the State. 
    (b) $5,079,570,000 $4,280,070,000 for rail facilities and 
for
mass transit facilities, as defined in Section 2705-305 of 
the Department of
Transportation Law (20 ILCS 2705/2705-305), 
including rapid transit, rail, bus
and other equipment used in 
connection therewith by the State or any unit of
local 
government, special transportation district, municipal 
corporation or
other corporation or public  authority 
authorized to provide and promote public
transportation within 
the State or two or more of the foregoing jointly, for
the 
following specific purposes:


        (1) $3,983,770,000 $3,184,270,000 statewide,


        (2) $83,350,000 for use within the counties of Cook,

    DuPage, Kane, Lake, McHenry and Will,


        (3) $12,450,000 for use outside the counties of Cook,

    DuPage, Kane, Lake, McHenry and Will, and

        (4) $1,000,000,000 for use on projects that shall 
    reflect the generally accepted historical distribution of 
    projects throughout the State. 
    (c) $482,600,000 for airport or aviation facilities and any 
equipment used
in connection therewith, including engineering 
and land acquisition costs,
by the State or any unit of local 
government, special transportation district,
municipal 
corporation or other corporation or public authority 
authorized
to provide public transportation within the State, 
or two or more of the
foregoing acting jointly, and for the 
making of deposits into the Airport
Land Loan Revolving Fund 
for loans to public airport owners pursuant to the
Illinois 
Aeronautics Act.

    (d) $3,066,300,000 $2,249,000,000 for use statewide for 
State or local highways, arterial highways, freeways, roads, 
bridges, and structures separating highways and railroads and 
roads, and for grants to counties, municipalities, townships, 
or road districts for planning, engineering, acquisition, 
construction, reconstruction, development, improvement, 
extension, and all construction-related expenses of the public 
infrastructure and other transportation improvement projects 
which are related to economic development in the State of 
Illinois. 
(Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-37, 
eff. 7-13-09; 96-1554, eff. 3-18-11.)

 

    Section 99. Effective date. This Act takes effect July 1, 
2012.