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1 | AN ACT concerning finance.
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2 | WHEREAS, the purpose of this amendatory Act of the 100th | ||||||||||||||||||||||||||||||||||||
3 | General Assembly is to provide financial relief to providers | ||||||||||||||||||||||||||||||||||||
4 | and vendors who do business with the State of Illinois; | ||||||||||||||||||||||||||||||||||||
5 | therefore | ||||||||||||||||||||||||||||||||||||
6 | Be it enacted by the People of the State of Illinois,
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7 | represented in the General Assembly:
| ||||||||||||||||||||||||||||||||||||
8 | Section 5. The General Obligation Bond Act is amended by | ||||||||||||||||||||||||||||||||||||
9 | changing Sections 2, 2.5, 9, 11, 12, and 13 and by adding | ||||||||||||||||||||||||||||||||||||
10 | Section 7.6 as follows: | ||||||||||||||||||||||||||||||||||||
11 | (30 ILCS 330/2) (from Ch. 127, par. 652) | ||||||||||||||||||||||||||||||||||||
12 | Sec. 2. Authorization for Bonds. The State of Illinois is | ||||||||||||||||||||||||||||||||||||
13 | authorized to
issue, sell and provide for the retirement of | ||||||||||||||||||||||||||||||||||||
14 | General Obligation Bonds of
the State of Illinois for the | ||||||||||||||||||||||||||||||||||||
15 | categories and specific purposes expressed in
Sections 2 | ||||||||||||||||||||||||||||||||||||
16 | through 8 of this Act, in the total amount of $56,917,925,743 | ||||||||||||||||||||||||||||||||||||
17 | $49,917,925,743 . | ||||||||||||||||||||||||||||||||||||
18 | The bonds authorized in this Section 2 and in Section 16 of | ||||||||||||||||||||||||||||||||||||
19 | this Act are
herein called "Bonds". | ||||||||||||||||||||||||||||||||||||
20 | Of the total amount of Bonds authorized in this Act, up to | ||||||||||||||||||||||||||||||||||||
21 | $2,200,000,000
in aggregate original principal amount may be | ||||||||||||||||||||||||||||||||||||
22 | issued and sold in accordance
with the Baccalaureate Savings |
| |||||||
| |||||||
1 | Act in the form of General Obligation
College Savings Bonds. | ||||||
2 | Of the total amount of Bonds authorized in this Act, up to | ||||||
3 | $300,000,000 in
aggregate original principal amount may be | ||||||
4 | issued and sold in accordance
with the Retirement Savings Act | ||||||
5 | in the form of General Obligation
Retirement Savings Bonds. | ||||||
6 | Of the total amount of Bonds authorized in this Act, the | ||||||
7 | additional
$10,000,000,000 authorized by Public Act 93-2, the | ||||||
8 | $3,466,000,000 authorized by Public Act 96-43, and the | ||||||
9 | $4,096,348,300 authorized by Public Act 96-1497 shall be used | ||||||
10 | solely as provided in Section 7.2. | ||||||
11 | Of the total amount of Bonds authorized in this Act, the | ||||||
12 | additional $7,000,000,000 authorized by this amendatory Act of | ||||||
13 | the 100th General Assembly shall be used solely as provided in | ||||||
14 | Section 7.6 and shall be issued by September 1, 2017. | ||||||
15 | The issuance and sale of Bonds pursuant to the General | ||||||
16 | Obligation Bond
Act is an economical and efficient method of | ||||||
17 | financing the long-term capital needs of
the State. This Act | ||||||
18 | will permit the issuance of a multi-purpose General
Obligation | ||||||
19 | Bond with uniform terms and features. This will not only lower
| ||||||
20 | the cost of registration but also reduce the overall cost of | ||||||
21 | issuing debt
by improving the marketability of Illinois General | ||||||
22 | Obligation Bonds. | ||||||
23 | (Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | ||||||
24 | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. | ||||||
25 | 8-16-13; 98-781, eff. 7-22-14.) |
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| |||||||
1 | (30 ILCS 330/2.5) | ||||||
2 | Sec. 2.5. Limitation on issuance of Bonds. | ||||||
3 | (a) Except as provided in subsection (b), no Bonds may be | ||||||
4 | issued if, after the issuance, in the next State fiscal year | ||||||
5 | after the issuance of the Bonds, the amount of debt service | ||||||
6 | (including principal, whether payable at maturity or pursuant | ||||||
7 | to mandatory sinking fund installments, and interest) on all | ||||||
8 | then-outstanding Bonds, other than (i) Bonds authorized by this | ||||||
9 | amendatory Act of the 100th General Assembly, (ii) Bonds issued | ||||||
10 | authorized by Public Act 96-43 , and (iii) other than Bonds | ||||||
11 | authorized by Public Act 96-1497, would exceed 7% of the | ||||||
12 | aggregate appropriations from the general funds (which consist | ||||||
13 | of the General Revenue Fund, the Common School Fund, the | ||||||
14 | General Revenue Common School Special Account Fund, and the | ||||||
15 | Education Assistance Fund) and the Road Fund for the fiscal | ||||||
16 | year immediately prior to the fiscal year of the issuance. | ||||||
17 | (b) If the Comptroller and Treasurer each consent in | ||||||
18 | writing, Bonds may be issued even if the issuance does not | ||||||
19 | comply with subsection (a). In addition, $2,000,000,000 in | ||||||
20 | Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, | ||||||
21 | and $2,000,000,000 in Refunding Bonds under Section 16, may be | ||||||
22 | issued during State fiscal year 2017 without complying with | ||||||
23 | subsection (a).
| ||||||
24 | (Source: P.A. 99-523, eff. 6-30-16.) | ||||||
25 | (30 ILCS 330/7.6 new) |
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1 | Sec. 7.6. State General Obligation Restructuring Bonds. | ||||||
2 | (a) As used in this Act, "State General Obligation | ||||||
3 | Restructuring Bonds" means Bonds (i) authorized by this | ||||||
4 | amendatory Act of the 100th General Assembly or any other | ||||||
5 | Public Act of the 100th General Assembly authorizing the | ||||||
6 | issuance of State General Obligation Restructuring Bonds and | ||||||
7 | (ii) used for the payment of unpaid obligations of the State as | ||||||
8 | incurred from time to time and as authorized by the General | ||||||
9 | Assembly. | ||||||
10 | (b) State General Obligation Restructuring Bonds in the | ||||||
11 | amount of $7,000,000,000 are hereby authorized to be used for | ||||||
12 | purpose of paying vouchers incurred by the State prior to July | ||||||
13 | 1, 2017. | ||||||
14 | (c) The proceeds of State General Obligation Restructuring
| ||||||
15 | Bonds authorized in subsection (b) of this Section, less the | ||||||
16 | amounts authorized in the Bond Sale Order to be deposited | ||||||
17 | directly into the capitalized interest account of the General | ||||||
18 | Obligation Bond Retirement and Interest Fund or otherwise | ||||||
19 | directly paid out for bond sale expenses under Section 8, shall | ||||||
20 | be deposited into the General Revenue Fund, and the Comptroller | ||||||
21 | and the Treasurer shall, as soon as practical, make payments as | ||||||
22 | contemplated by this Section.
| ||||||
23 | (30 ILCS 330/9) (from Ch. 127, par. 659)
| ||||||
24 | Sec. 9. Conditions for Issuance and Sale of Bonds - | ||||||
25 | Requirements for
Bonds. |
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1 | (a) Except as otherwise provided in this subsection and | ||||||
2 | subsection (h) , Bonds shall be issued and sold from time to | ||||||
3 | time, in one or
more series, in such amounts and at such prices | ||||||
4 | as may be directed by the
Governor, upon recommendation by the | ||||||
5 | Director of the
Governor's Office of Management and Budget.
| ||||||
6 | Bonds shall be in such form (either coupon, registered or book | ||||||
7 | entry), in
such denominations, payable within 25 years from | ||||||
8 | their date, subject to such
terms of redemption with or without | ||||||
9 | premium, bear interest payable at
such times and at such fixed | ||||||
10 | or variable rate or rates, and be dated
as shall be fixed and | ||||||
11 | determined by the Director of
the
Governor's Office of | ||||||
12 | Management and Budget
in the order authorizing the issuance and | ||||||
13 | sale
of any series of Bonds, which order shall be approved by | ||||||
14 | the Governor
and is herein called a "Bond Sale Order"; provided | ||||||
15 | however, that interest
payable at fixed or variable rates shall | ||||||
16 | not exceed that permitted in the
Bond Authorization Act, as now | ||||||
17 | or hereafter amended. Bonds shall be
payable at such place or | ||||||
18 | places, within or without the State of Illinois, and
may be | ||||||
19 | made registrable as to either principal or as to both principal | ||||||
20 | and
interest, as shall be specified in the Bond Sale Order. | ||||||
21 | Bonds may be callable
or subject to purchase and retirement or | ||||||
22 | tender and remarketing as fixed
and determined in the Bond Sale | ||||||
23 | Order. Bonds, other than Bonds issued under Section 3 of this | ||||||
24 | Act for the costs associated with the purchase and | ||||||
25 | implementation of information technology, (i) except for | ||||||
26 | refunding Bonds satisfying the requirements of Section 16 of |
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| |||||||
1 | this Act and sold during fiscal year 2009, 2010, 2011, or 2017 | ||||||
2 | must be issued with principal or mandatory redemption amounts | ||||||
3 | in equal amounts, with the first maturity issued occurring | ||||||
4 | within the fiscal year in which the Bonds are issued or within | ||||||
5 | the next succeeding fiscal year and (ii) must mature or be | ||||||
6 | subject to mandatory redemption each fiscal year thereafter up | ||||||
7 | to 25 years, except for refunding Bonds satisfying the | ||||||
8 | requirements of Section 16 of this Act and sold during fiscal | ||||||
9 | year 2009, 2010, or 2011 which must mature or be subject to | ||||||
10 | mandatory redemption each fiscal year thereafter up to 16 | ||||||
11 | years. Bonds issued under Section 3 of this Act for the costs | ||||||
12 | associated with the purchase and implementation of information | ||||||
13 | technology must be issued with principal or mandatory | ||||||
14 | redemption amounts in equal amounts, with the first maturity | ||||||
15 | issued occurring with the fiscal year in which the respective | ||||||
16 | bonds are issued or with the next succeeding fiscal year, with | ||||||
17 | the respective bonds issued maturing or subject to mandatory | ||||||
18 | redemption each fiscal year thereafter up to 10 years. | ||||||
19 | Notwithstanding any provision of this Act to the contrary, the | ||||||
20 | Bonds authorized by Public Act 96-43 shall be payable within 5 | ||||||
21 | years from their date and must be issued with principal or | ||||||
22 | mandatory redemption amounts in equal amounts, with payment of | ||||||
23 | principal or mandatory redemption beginning in the first fiscal | ||||||
24 | year following the fiscal year in which the Bonds are issued.
| ||||||
25 | Notwithstanding any provision of this Act to the contrary, | ||||||
26 | the Bonds authorized by Public Act 96-1497 shall be payable |
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1 | within 8 years from their date and shall be issued with payment | ||||||
2 | of maturing principal or scheduled mandatory redemptions in | ||||||
3 | accordance with the following schedule, except the following | ||||||
4 | amounts shall be prorated if less than the total additional | ||||||
5 | amount of Bonds authorized by Public Act 96-1497 are issued: | ||||||
6 | Fiscal Year After Issuance Amount | ||||||
7 | 1-2 $0 | ||||||
8 | 3 $110,712,120 | ||||||
9 | 4 $332,136,360 | ||||||
10 | 5 $664,272,720 | ||||||
11 | 6-8 $996,409,080 | ||||||
12 | Notwithstanding any provision of this Act to the contrary, | ||||||
13 | State General Obligation Restructuring Bonds issued under | ||||||
14 | Section 7.6 shall be payable within 7 years from the date of | ||||||
15 | sale and shall be issued with payment of principal or mandatory | ||||||
16 | redemption as set forth in subsection (h) of this Section. | ||||||
17 | In the case of any series of Bonds bearing interest at a | ||||||
18 | variable interest
rate ("Variable Rate Bonds"), in lieu of | ||||||
19 | determining the rate or rates at which
such series of Variable | ||||||
20 | Rate Bonds shall bear interest and the price or prices
at which | ||||||
21 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
22 | (in the
event of purchase and subsequent resale), the Bond Sale | ||||||
23 | Order may provide that
such interest rates and prices may vary | ||||||
24 | from time to time depending on criteria
established in such | ||||||
25 | Bond Sale Order, which criteria may include, without
| ||||||
26 | limitation, references to indices or variations in interest |
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| |||||||
1 | rates as may, in
the judgment of a remarketing agent, be | ||||||
2 | necessary to cause Variable Rate Bonds
of such series to be | ||||||
3 | remarketable from time to time at a price equal to their
| ||||||
4 | principal amount, and may provide for appointment of a bank, | ||||||
5 | trust company,
investment bank, or other financial institution | ||||||
6 | to serve as remarketing agent
in that connection.
The Bond Sale | ||||||
7 | Order may provide that alternative interest rates or provisions
| ||||||
8 | for establishing alternative interest rates, different | ||||||
9 | security or claim
priorities, or different call or amortization | ||||||
10 | provisions will apply during
such times as Variable Rate Bonds | ||||||
11 | of any series are held by a person providing
credit or | ||||||
12 | liquidity enhancement arrangements for such Bonds as | ||||||
13 | authorized in
subsection (b) of this Section.
The Bond Sale | ||||||
14 | Order may also provide for such variable interest rates to be
| ||||||
15 | established pursuant to a process generally known as an auction | ||||||
16 | rate process
and may provide for appointment of one or more | ||||||
17 | financial institutions to serve
as auction agents and | ||||||
18 | broker-dealers in connection with the establishment of
such | ||||||
19 | interest rates and the sale and remarketing of such Bonds.
| ||||||
20 | (b) In connection with the issuance of any series of Bonds, | ||||||
21 | the State may
enter into arrangements to provide additional | ||||||
22 | security and liquidity for such
Bonds, including, without | ||||||
23 | limitation, bond or interest rate insurance or
letters of | ||||||
24 | credit, lines of credit, bond purchase contracts, or other
| ||||||
25 | arrangements whereby funds are made available to retire or | ||||||
26 | purchase Bonds,
thereby assuring the ability of owners of the |
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| |||||||
1 | Bonds to sell or redeem their
Bonds. The State may enter into | ||||||
2 | contracts and may agree to pay fees to persons
providing such | ||||||
3 | arrangements, but only under circumstances where the Director | ||||||
4 | of
the
Governor's Office of Management and Budget certifies | ||||||
5 | that he or she reasonably expects the total
interest paid or to | ||||||
6 | be paid on the Bonds, together with the fees for the
| ||||||
7 | arrangements (being treated as if interest), would not, taken | ||||||
8 | together, cause
the Bonds to bear interest, calculated to their | ||||||
9 | stated maturity, at a rate in
excess of the rate that the Bonds | ||||||
10 | would bear in the absence of such
arrangements.
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11 | The State may, with respect to Bonds issued or anticipated | ||||||
12 | to be issued,
participate in and enter into arrangements with | ||||||
13 | respect to interest rate
protection or exchange agreements, | ||||||
14 | guarantees, or financial futures contracts
for the purpose of | ||||||
15 | limiting, reducing, or managing interest rate exposure.
The | ||||||
16 | authority granted under this paragraph, however, shall not | ||||||
17 | increase the principal amount of Bonds authorized to be issued | ||||||
18 | by law. The arrangements may be executed and delivered by the | ||||||
19 | Director
of the
Governor's Office of Management and Budget on | ||||||
20 | behalf of the State. Net payments for such
arrangements shall | ||||||
21 | constitute interest on the Bonds and shall be paid from the
| ||||||
22 | General Obligation Bond Retirement and Interest Fund. The | ||||||
23 | Director of the
Governor's Office of Management and Budget | ||||||
24 | shall at least annually certify to the Governor and
the
State | ||||||
25 | Comptroller his or her estimate of the amounts of such net | ||||||
26 | payments to
be included in the calculation of interest required |
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| |||||||
1 | to be paid by the State.
| ||||||
2 | (c) Prior to the issuance of any Variable Rate Bonds | ||||||
3 | pursuant to
subsection (a), the Director of the
Governor's | ||||||
4 | Office of Management and Budget shall adopt an
interest rate | ||||||
5 | risk management policy providing that the amount of the State's
| ||||||
6 | variable rate exposure with respect to Bonds shall not exceed | ||||||
7 | 20%. This policy
shall remain in effect while any Bonds are | ||||||
8 | outstanding and the issuance of
Bonds
shall be subject to the | ||||||
9 | terms of such policy. The terms of this policy may be
amended | ||||||
10 | from time to time by the Director of the
Governor's Office of | ||||||
11 | Management and Budget but in no
event shall any amendment cause | ||||||
12 | the permitted level of the State's variable
rate exposure with | ||||||
13 | respect to Bonds to exceed 20%.
| ||||||
14 | (d) "Build America Bonds" in this Section means Bonds | ||||||
15 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
16 | 1986, as amended ("Internal Revenue Code"), and bonds issued | ||||||
17 | from time to time to refund or continue to refund "Build | ||||||
18 | America Bonds". | ||||||
19 | (e) Notwithstanding any other provision of this Section, | ||||||
20 | Qualified School Construction Bonds shall be issued and sold | ||||||
21 | from time to time, in one or more series, in such amounts and | ||||||
22 | at such prices as may be directed by the Governor, upon | ||||||
23 | recommendation by the Director of the Governor's Office of | ||||||
24 | Management and Budget. Qualified School Construction Bonds | ||||||
25 | shall be in such form (either coupon, registered or book | ||||||
26 | entry), in such denominations, payable within 25 years from |
| |||||||
| |||||||
1 | their date, subject to such terms of redemption with or without | ||||||
2 | premium, and if the Qualified School Construction Bonds are | ||||||
3 | issued with a supplemental coupon, bear interest payable at | ||||||
4 | such times and at such fixed or variable rate or rates, and be | ||||||
5 | dated as shall be fixed and determined by the Director of the | ||||||
6 | Governor's Office of Management and Budget in the order | ||||||
7 | authorizing the issuance and sale of any series of Qualified | ||||||
8 | School Construction Bonds, which order shall be approved by the | ||||||
9 | Governor and is herein called a "Bond Sale Order"; except that | ||||||
10 | interest payable at fixed or variable rates, if any, shall not | ||||||
11 | exceed that permitted in the Bond Authorization Act, as now or | ||||||
12 | hereafter amended. Qualified School Construction Bonds shall | ||||||
13 | be payable at such place or places, within or without the State | ||||||
14 | of Illinois, and may be made registrable as to either principal | ||||||
15 | or as to both principal and interest, as shall be specified in | ||||||
16 | the Bond Sale Order. Qualified School Construction Bonds may be | ||||||
17 | callable or subject to purchase and retirement or tender and | ||||||
18 | remarketing as fixed and determined in the Bond Sale Order. | ||||||
19 | Qualified School Construction Bonds must be issued with | ||||||
20 | principal or mandatory redemption amounts or sinking fund | ||||||
21 | payments into the General Obligation Bond Retirement and | ||||||
22 | Interest Fund (or subaccount therefor) in equal amounts, with | ||||||
23 | the first maturity issued, mandatory redemption payment or | ||||||
24 | sinking fund payment occurring within the fiscal year in which | ||||||
25 | the Qualified School Construction Bonds are issued or within | ||||||
26 | the next succeeding fiscal year, with Qualified School |
| |||||||
| |||||||
1 | Construction Bonds issued maturing or subject to mandatory | ||||||
2 | redemption or with sinking fund payments thereof deposited each | ||||||
3 | fiscal year thereafter up to 25 years. Sinking fund payments | ||||||
4 | set forth in this subsection shall be permitted only to the | ||||||
5 | extent authorized in Section 54F of the Internal Revenue Code | ||||||
6 | or as otherwise determined by the Director of the Governor's | ||||||
7 | Office of Management and Budget. "Qualified School | ||||||
8 | Construction Bonds" in this subsection means Bonds authorized | ||||||
9 | by Section 54F of the Internal Revenue Code and for bonds | ||||||
10 | issued from time to time to refund or continue to refund such | ||||||
11 | "Qualified School Construction Bonds". | ||||||
12 | (f) Beginning with the next issuance by the Governor's | ||||||
13 | Office of Management and Budget to the Procurement Policy Board | ||||||
14 | of a request for quotation for the purpose of formulating a new | ||||||
15 | pool of qualified underwriting banks list, all entities | ||||||
16 | responding to such a request for quotation for inclusion on | ||||||
17 | that list shall provide a written report to the Governor's | ||||||
18 | Office of Management and Budget and the Illinois Comptroller. | ||||||
19 | The written report submitted to the Comptroller shall (i) be | ||||||
20 | published on the Comptroller's Internet website and (ii) be | ||||||
21 | used by the Governor's Office of Management and Budget for the | ||||||
22 | purposes of scoring such a request for quotation. The written | ||||||
23 | report, at a minimum, shall: | ||||||
24 | (1) disclose whether, within the past 3 months, | ||||||
25 | pursuant to its credit default swap market-making | ||||||
26 | activities, the firm has entered into any State of Illinois |
| |||||||
| |||||||
1 | credit default swaps ("CDS"); | ||||||
2 | (2) include, in the event of State of Illinois CDS | ||||||
3 | activity, disclosure of the firm's cumulative notional | ||||||
4 | volume of State of Illinois CDS trades and the firm's | ||||||
5 | outstanding gross and net notional amount of State of | ||||||
6 | Illinois CDS, as of the end of the current 3-month period; | ||||||
7 | (3) indicate, pursuant to the firm's proprietary | ||||||
8 | trading activities, disclosure of whether the firm, within | ||||||
9 | the past 3 months, has entered into any proprietary trades | ||||||
10 | for its own account in State of Illinois CDS; | ||||||
11 | (4) include, in the event of State of Illinois | ||||||
12 | proprietary trades, disclosure of the firm's outstanding | ||||||
13 | gross and net notional amount of proprietary State of | ||||||
14 | Illinois CDS and whether the net position is short or long | ||||||
15 | credit protection, as of the end of the current 3-month | ||||||
16 | period; | ||||||
17 | (5) list all time periods during the past 3 months | ||||||
18 | during which the firm held net long or net short State of | ||||||
19 | Illinois CDS proprietary credit protection positions, the | ||||||
20 | amount of such positions, and whether those positions were | ||||||
21 | net long or net short credit protection positions; and | ||||||
22 | (6) indicate whether, within the previous 3 months, the | ||||||
23 | firm released any publicly available research or marketing | ||||||
24 | reports that reference State of Illinois CDS and include | ||||||
25 | those research or marketing reports as attachments. | ||||||
26 | (g) All entities included on a Governor's Office of |
| |||||||
| |||||||
1 | Management and Budget's pool of qualified underwriting banks | ||||||
2 | list shall, as soon as possible after March 18, 2011 (the | ||||||
3 | effective date of Public Act 96-1554), but not later than | ||||||
4 | January 21, 2011, and on a quarterly fiscal basis thereafter, | ||||||
5 | provide a written report to the Governor's Office of Management | ||||||
6 | and Budget and the Illinois Comptroller. The written reports | ||||||
7 | submitted to the Comptroller shall be published on the | ||||||
8 | Comptroller's Internet website. The written reports, at a | ||||||
9 | minimum, shall: | ||||||
10 | (1) disclose whether, within the past 3 months, | ||||||
11 | pursuant to its credit default swap market-making | ||||||
12 | activities, the firm has entered into any State of Illinois | ||||||
13 | credit default swaps ("CDS"); | ||||||
14 | (2) include, in the event of State of Illinois CDS | ||||||
15 | activity, disclosure of the firm's cumulative notional | ||||||
16 | volume of State of Illinois CDS trades and the firm's | ||||||
17 | outstanding gross and net notional amount of State of | ||||||
18 | Illinois CDS, as of the end of the current 3-month period; | ||||||
19 | (3) indicate, pursuant to the firm's proprietary | ||||||
20 | trading activities, disclosure of whether the firm, within | ||||||
21 | the past 3 months, has entered into any proprietary trades | ||||||
22 | for its own account in State of Illinois CDS; | ||||||
23 | (4) include, in the event of State of Illinois | ||||||
24 | proprietary trades, disclosure of the firm's outstanding | ||||||
25 | gross and net notional amount of proprietary State of | ||||||
26 | Illinois CDS and whether the net position is short or long |
| |||||||
| |||||||
1 | credit protection, as of the end of the current 3-month | ||||||
2 | period; | ||||||
3 | (5) list all time periods during the past 3 months | ||||||
4 | during which the firm held net long or net short State of | ||||||
5 | Illinois CDS proprietary credit protection positions, the | ||||||
6 | amount of such positions, and whether those positions were | ||||||
7 | net long or net short credit protection positions; and | ||||||
8 | (6) indicate whether, within the previous 3 months, the | ||||||
9 | firm released any publicly available research or marketing | ||||||
10 | reports that reference State of Illinois CDS and include | ||||||
11 | those research or marketing reports as attachments. | ||||||
12 | (h) Notwithstanding any other provision of this Section, | ||||||
13 | for purposes of maximizing market efficiencies and cost | ||||||
14 | savings, State General Obligation Restructuring Bonds may be | ||||||
15 | issued and sold from time to time, in one or more series, in | ||||||
16 | such amounts and at such prices as may be directed by the | ||||||
17 | Governor, upon recommendation by the Director of the Governor's | ||||||
18 | Office of Management and Budget. State General Obligation | ||||||
19 | Restructuring Bonds shall be in such form, either coupon, | ||||||
20 | registered, or book entry, in such denominations, shall bear | ||||||
21 | interest payable at such times and at such fixed or variable | ||||||
22 | rate or rates, and be dated as shall be fixed and determined by | ||||||
23 | the Director of the Governor's Office of Management and Budget | ||||||
24 | in the order authorizing the issuance and sale of any series of | ||||||
25 | State General Obligation Restructuring Bonds, which order | ||||||
26 | shall be approved by the Governor and is herein called a "Bond |
| |||||||
| |||||||
1 | Sale Order"; provided, however, that interest payable at fixed | ||||||
2 | or variable rates shall not exceed that permitted in the Bond | ||||||
3 | Authorization Act. State General Obligation Restructuring | ||||||
4 | Bonds shall be payable at such place or places, within or | ||||||
5 | without the State of Illinois, and may be made registrable as | ||||||
6 | to either principal or as to both principal and interest, as | ||||||
7 | shall be specified in the Bond Sale Order.
State General | ||||||
8 | Obligation Restructuring Bonds may be callable or subject to | ||||||
9 | purchase and retirement or tender and remarketing as fixed and | ||||||
10 | determined in the Bond Sale Order. | ||||||
11 | The aggregate principal and interest amounts of State | ||||||
12 | General Obligation Restructuring Bonds authorized by and | ||||||
13 | issued pursuant to this
amendatory Act of the 100th General | ||||||
14 | Assembly or other such amendatory Acts of the 100th General | ||||||
15 | Assembly authorizing the issuance of State General Obligation | ||||||
16 | Restructuring Bonds shall, in the aggregate, mature or be | ||||||
17 | subject to redemption in the annual percentages set forth in | ||||||
18 | the following schedule: | ||||||
19 | (1) for fiscal year 2019, 14.2857%; | ||||||
20 | (2) for fiscal year 2020, 14.2857%; | ||||||
21 | (3) for fiscal year 2021, 14.2857%; | ||||||
22 | (4) for fiscal year 2022, 14.2857%; | ||||||
23 | (5) for fiscal year 2023, 14.2857%; | ||||||
24 | (6) for fiscal year 2024, 14.2857%; and | ||||||
25 | (7) for fiscal year 2025, 14.2858%. | ||||||
26 | Notwithstanding the foregoing, the principal amounts |
| |||||||
| |||||||
1 | calculated above shall be in increments of $5,000. Moreover, | ||||||
2 | the percentages set forth in items (1) through (7) shall be | ||||||
3 | applicable to the aggregate principal amount of State General | ||||||
4 | Obligation Restructuring Bonds authorized by this amendatory | ||||||
5 | Act of the 100th General
Assembly and any other amendatory Acts | ||||||
6 | of the 100th General Assembly authorizing State General | ||||||
7 | Obligation Restructuring Bonds. While individual series of | ||||||
8 | State General Obligation Restructuring Bonds as may be sold | ||||||
9 | from time to time need not be scheduled to mature or be subject | ||||||
10 | to redemption in accordance with the percentages above, | ||||||
11 | redemptions whether by maturity or sinking fund, in any fiscal | ||||||
12 | year for all State General Obligation Restructuring Bonds, in | ||||||
13 | the aggregate, shall be no less than the percentages shown | ||||||
14 | above. Notwithstanding the foregoing, in the event that fewer | ||||||
15 | than all of the State General Obligation Restructuring Bonds | ||||||
16 | authorized by this amendatory Act of the 100th General
Assembly | ||||||
17 | have been issued by September 1, 2017, failure of the | ||||||
18 | then-outstanding State General Obligation Restructuring Bonds | ||||||
19 | to satisfy the repayment schedule set forth above shall not | ||||||
20 | affect the validity of any of those outstanding Bonds. | ||||||
21 | (Source: P.A. 99-523, eff. 6-30-16.)
| ||||||
22 | (30 ILCS 330/11) (from Ch. 127, par. 661)
| ||||||
23 | Sec. 11. Sale of Bonds. Except as otherwise provided in | ||||||
24 | this Section,
Bonds shall be sold from time to time pursuant to
| ||||||
25 | notice of sale and public bid or by negotiated sale
in such |
| |||||||
| |||||||
1 | amounts and at such
times as is directed by the Governor, upon | ||||||
2 | recommendation by the Director of
the
Governor's Office of | ||||||
3 | Management and Budget. At least 25%, based on total principal | ||||||
4 | amount, of all Bonds issued each fiscal year shall be sold | ||||||
5 | pursuant to notice of sale and public bid. At all times during | ||||||
6 | each fiscal year, no more than 75%, based on total principal | ||||||
7 | amount, of the Bonds issued each fiscal year, shall have been | ||||||
8 | sold by negotiated sale. Failure to satisfy the requirements in | ||||||
9 | the preceding 2 sentences shall not affect the validity of any | ||||||
10 | previously issued Bonds; provided that all Bonds authorized by | ||||||
11 | Public Act 96-43 and Public Act 96-1497 shall not be included | ||||||
12 | in determining compliance for any fiscal year with the | ||||||
13 | requirements of the preceding 2 sentences; and further provided | ||||||
14 | that refunding Bonds satisfying the requirements of Section 16 | ||||||
15 | of this Act and sold during fiscal year 2009, 2010, 2011, or | ||||||
16 | 2017 shall not be subject to the requirements in the preceding | ||||||
17 | 2 sentences.
| ||||||
18 | If
any Bonds, including refunding Bonds, are to be sold by | ||||||
19 | negotiated
sale, the
Director of the
Governor's Office of | ||||||
20 | Management and Budget
shall comply with the
competitive request | ||||||
21 | for proposal process set forth in the Illinois
Procurement Code | ||||||
22 | and all other applicable requirements of that Code.
| ||||||
23 | If Bonds are to be sold pursuant to notice of sale and | ||||||
24 | public bid, the
Director of the
Governor's Office of Management | ||||||
25 | and Budget may, from time to time, as Bonds are to be sold, | ||||||
26 | advertise
the sale of the Bonds in at least 2 daily newspapers, |
| |||||||
| |||||||
1 | one of which is
published in the City of Springfield and one in | ||||||
2 | the City of Chicago. The sale
of the Bonds shall also be
| ||||||
3 | advertised in the volume of the Illinois Procurement Bulletin | ||||||
4 | that is
published by the Department of Central Management | ||||||
5 | Services, and shall be published once at least
10 days prior to | ||||||
6 | the date fixed
for the opening of the bids. The Director of the
| ||||||
7 | Governor's Office of Management and Budget may
reschedule the | ||||||
8 | date of sale upon the giving of such additional notice as the
| ||||||
9 | Director deems adequate to inform prospective bidders of
such | ||||||
10 | change; provided, however, that all other conditions of the | ||||||
11 | sale shall
continue as originally advertised.
| ||||||
12 | Executed Bonds shall, upon payment therefor, be delivered | ||||||
13 | to the purchaser,
and the proceeds of Bonds shall be paid into | ||||||
14 | the State Treasury as directed by
Section 12 of this Act.
| ||||||
15 | All State General Obligation Restructuring Bonds shall | ||||||
16 | comply with this Section. Notwithstanding anything to the | ||||||
17 | contrary, however, for purposes of complying with this Section, | ||||||
18 | State General Obligation Restructuring Bonds, regardless of | ||||||
19 | the number of series or issuances sold thereunder, shall be
| ||||||
20 | considered a single issue or series. Furthermore, for purposes | ||||||
21 | of complying with the competitive bidding requirements of this | ||||||
22 | Section, the words "at all times" shall not apply to any such | ||||||
23 | sale of the State General Obligation Restructuring Bonds. The | ||||||
24 | Director of the Governor's Office of Management and Budget | ||||||
25 | shall determine the time and manner of any competitive sale of | ||||||
26 | the State General Obligation Restructuring Bonds; however, |
| |||||||
| |||||||
1 | that sale shall under no circumstances take place later than 60 | ||||||
2 | days after the State closes the sale of 75% of the State | ||||||
3 | General Obligation Restructuring Bonds by negotiated sale. | ||||||
4 | (Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
| ||||||
5 | (30 ILCS 330/12) (from Ch. 127, par. 662)
| ||||||
6 | Sec. 12. Allocation of Proceeds from Sale of Bonds.
| ||||||
7 | (a) Proceeds from the sale of Bonds, authorized by Section | ||||||
8 | 3 of this Act,
shall be deposited in the separate fund known as | ||||||
9 | the Capital Development Fund.
| ||||||
10 | (b) Proceeds from the sale of Bonds, authorized by | ||||||
11 | paragraph (a) of Section
4 of this Act, shall be deposited in | ||||||
12 | the separate fund known as the
Transportation Bond, Series A | ||||||
13 | Fund.
| ||||||
14 | (c) Proceeds from the sale of Bonds, authorized by | ||||||
15 | paragraphs (b) and (c)
of Section 4 of this Act, shall be | ||||||
16 | deposited in the separate fund known
as the Transportation | ||||||
17 | Bond, Series B Fund.
| ||||||
18 | (c-1) Proceeds from the sale of Bonds, authorized by | ||||||
19 | paragraph (d) of Section 4 of this Act, shall be deposited into | ||||||
20 | the Transportation Bond Series D Fund, which is hereby created. | ||||||
21 | (d) Proceeds from the sale of Bonds, authorized by Section | ||||||
22 | 5 of this
Act, shall be deposited in the separate fund known as | ||||||
23 | the School Construction
Fund.
| ||||||
24 | (e) Proceeds from the sale of Bonds, authorized by Section | ||||||
25 | 6 of this Act,
shall be deposited in the separate fund known as |
| |||||||
| |||||||
1 | the Anti-Pollution Fund.
| ||||||
2 | (f) Proceeds from the sale of Bonds, authorized by Section | ||||||
3 | 7 of this Act,
shall be deposited in the separate fund known as | ||||||
4 | the Coal Development Fund.
| ||||||
5 | (f-2) Proceeds from the sale of Bonds, authorized by | ||||||
6 | Section 7.2 of this
Act, shall be deposited as set forth in | ||||||
7 | Section 7.2.
| ||||||
8 | (f-5) Proceeds from the sale of Bonds, authorized by | ||||||
9 | Section 7.5 of this
Act, shall be deposited as set forth in | ||||||
10 | Section 7.5.
| ||||||
11 | (f-7) Proceeds from the sale of Bonds, authorized by | ||||||
12 | Section 7.6 of this Act, shall be deposited as set forth in | ||||||
13 | Section 7.6. | ||||||
14 | (g) Proceeds from the sale of Bonds, authorized by Section | ||||||
15 | 8 of this Act,
shall be deposited in
the Capital Development | ||||||
16 | Fund.
| ||||||
17 | (h) Subsequent to the issuance of any Bonds for the | ||||||
18 | purposes described
in Sections 2 through 8 of this Act, the | ||||||
19 | Governor and the Director of the
Governor's Office of | ||||||
20 | Management and Budget may provide for the reallocation of | ||||||
21 | unspent proceeds
of such Bonds to any other purposes authorized | ||||||
22 | under said Sections of this
Act, subject to the limitations on | ||||||
23 | aggregate principal amounts contained
therein. Upon any such | ||||||
24 | reallocation, such unspent proceeds shall be
transferred to the | ||||||
25 | appropriate funds as determined by reference to
paragraphs (a) | ||||||
26 | through (g) of this Section.
|
| |||||||
| |||||||
1 | (Source: P.A. 96-36, eff. 7-13-09.)
| ||||||
2 | (30 ILCS 330/13) (from Ch. 127, par. 663)
| ||||||
3 | Sec. 13. Appropriation of Proceeds from Sale of Bonds.
| ||||||
4 | (a) At all times, the proceeds from the sale of Bonds | ||||||
5 | issued pursuant
to this Act are subject to appropriation by the | ||||||
6 | General Assembly and,
except as provided in Sections Section | ||||||
7 | 7.2 and 7.6 , may be obligated or expended only
with the written | ||||||
8 | approval of the Governor, in such amounts, at such times,
and | ||||||
9 | for such purposes as the respective
State agencies, as defined | ||||||
10 | in Section 1-7 of the Illinois State Auditing
Act, as amended, | ||||||
11 | deem necessary or desirable for the specific purposes
| ||||||
12 | contemplated in Sections 2 through 8 of this Act. | ||||||
13 | Notwithstanding any other provision of this Act, proceeds from | ||||||
14 | the sale of Bonds issued pursuant to this Act appropriated by | ||||||
15 | the General Assembly to the Architect of the Capitol may be | ||||||
16 | obligated or expended by the Architect of the Capitol without | ||||||
17 | the written approval of the Governor.
| ||||||
18 | (b) Proceeds from the sale of Bonds for the purpose of | ||||||
19 | development of
coal and alternative forms of energy shall be | ||||||
20 | expended in such amounts and
at such times as the Department of | ||||||
21 | Commerce and Economic Opportunity, with the
advice and | ||||||
22 | recommendation of the Illinois Coal Development Board for coal
| ||||||
23 | development projects, may deem necessary and desirable for the | ||||||
24 | specific
purpose contemplated by Section 7 of this Act. In | ||||||
25 | considering the approval
of projects to be funded, the |
| |||||||
| |||||||
1 | Department of Commerce and
Economic Opportunity shall give
| ||||||
2 | special
consideration to projects designed to remove sulfur and | ||||||
3 | other pollutants in
the preparation and utilization of coal, | ||||||
4 | and in the use and operation of
electric utility generating | ||||||
5 | plants and industrial facilities which utilize
Illinois coal as | ||||||
6 | their primary source of fuel.
| ||||||
7 | (c) Except as directed in subsection (c-1) or (c-2), any | ||||||
8 | monies received by any officer or employee of the state
| ||||||
9 | representing a reimbursement of expenditures previously paid | ||||||
10 | from general
obligation bond proceeds shall be deposited into | ||||||
11 | the General Obligation
Bond Retirement and Interest Fund | ||||||
12 | authorized in Section 14 of this Act.
| ||||||
13 | (c-1) Any money received by the Department of | ||||||
14 | Transportation as reimbursement for expenditures for high | ||||||
15 | speed rail purposes pursuant to appropriations from the | ||||||
16 | Transportation Bond, Series B Fund for (i) CREATE (Chicago | ||||||
17 | Region Environmental and Transportation Efficiency), (ii) High | ||||||
18 | Speed Rail, or (iii) AMTRAK projects authorized by the federal | ||||||
19 | government under the provisions of the American Recovery and | ||||||
20 | Reinvestment Act of 2009 or the Safe Accountable Flexible | ||||||
21 | Efficient Transportation Equity Act輸 Legacy for Users | ||||||
22 | (SAFETEA-LU), or any successor federal transportation | ||||||
23 | authorization Act, shall be deposited into the Federal High | ||||||
24 | Speed Rail Trust Fund. | ||||||
25 | (c-2) Any money received by the Department of | ||||||
26 | Transportation as reimbursement for expenditures for transit |
| |||||||
| |||||||
1 | capital purposes pursuant to appropriations from the | ||||||
2 | Transportation Bond, Series B Fund for projects authorized by | ||||||
3 | the federal government under the provisions of the American | ||||||
4 | Recovery and Reinvestment Act of 2009 or the Safe Accountable | ||||||
5 | Flexible Efficient Transportation Equity Act輸 Legacy for | ||||||
6 | Users (SAFETEA-LU), or any successor federal transportation | ||||||
7 | authorization Act, shall be deposited into the Federal Mass | ||||||
8 | Transit Trust Fund. | ||||||
9 | (Source: P.A. 98-674, eff. 6-30-14.)
| ||||||
10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law, but this Act does not take effect at all unless | ||||||
12 | Senate Bills 1, 2, 3, 5, 6, 7, 8, 9, 10, 11, 12, and 13 of the | ||||||
13 | 100th General Assembly become law.
|