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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The General Obligation Bond Act is amended by | ||||||||||||||||||||||||||||||||
5 | changing Sections 2.5, 7.2, 9, and 11 and by adding Section 7.6 | ||||||||||||||||||||||||||||||||
6 | as follows: | ||||||||||||||||||||||||||||||||
7 | (30 ILCS 330/2.5) | ||||||||||||||||||||||||||||||||
8 | Sec. 2.5. Limitation on issuance of Bonds. | ||||||||||||||||||||||||||||||||
9 | (a) Except as provided in subsection (b), no Bonds may be | ||||||||||||||||||||||||||||||||
10 | issued if, after the issuance, in the next State fiscal year | ||||||||||||||||||||||||||||||||
11 | after the issuance of the Bonds, the amount of debt service | ||||||||||||||||||||||||||||||||
12 | (including principal, whether payable at maturity or pursuant | ||||||||||||||||||||||||||||||||
13 | to mandatory sinking fund installments, and interest) on all | ||||||||||||||||||||||||||||||||
14 | then-outstanding Bonds, other than Bonds authorized by Public | ||||||||||||||||||||||||||||||||
15 | Act 96-43 , and other than Bonds authorized by Public Act | ||||||||||||||||||||||||||||||||
16 | 96-1497, and other than Bonds authorized by this amendatory Act | ||||||||||||||||||||||||||||||||
17 | of the 100th General Assembly, would exceed 7% of the aggregate | ||||||||||||||||||||||||||||||||
18 | appropriations from the general funds (which consist of the | ||||||||||||||||||||||||||||||||
19 | General Revenue Fund, the Common School Fund, the General | ||||||||||||||||||||||||||||||||
20 | Revenue Common School Special Account Fund, and the Education | ||||||||||||||||||||||||||||||||
21 | Assistance Fund) and the Road Fund for the fiscal year | ||||||||||||||||||||||||||||||||
22 | immediately prior to the fiscal year of the issuance. | ||||||||||||||||||||||||||||||||
23 | (b) If the Comptroller and Treasurer each consent in |
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| |||||||
1 | writing, Bonds may be issued even if the issuance does not | ||||||
2 | comply with subsection (a). In addition, $2,000,000,000 in | ||||||
3 | Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, | ||||||
4 | and $2,000,000,000 in Refunding Bonds under Section 16, may be | ||||||
5 | issued during State fiscal year 2017 without complying with | ||||||
6 | subsection (a).
| ||||||
7 | (Source: P.A. 99-523, eff. 6-30-16.)
| ||||||
8 | (30 ILCS 330/7.2)
| ||||||
9 | Sec. 7.2. State pension funding.
| ||||||
10 | (a) The amount of $10,000,000,000 is authorized to be used | ||||||
11 | for the
purpose of making contributions to the designated | ||||||
12 | retirement systems.
For the purposes of this Section, | ||||||
13 | "designated retirement systems" means
the State Employees' | ||||||
14 | Retirement System of Illinois;
the Teachers' Retirement System | ||||||
15 | of the State of Illinois;
the State Universities Retirement | ||||||
16 | System;
the Judges Retirement System of Illinois; and
the | ||||||
17 | General Assembly Retirement System.
| ||||||
18 | The amount of $3,466,000,000 of Bonds authorized by Public | ||||||
19 | Act 96-43 is authorized to be used for the purpose of making a | ||||||
20 | portion of the State's Fiscal Year 2010 required contributions | ||||||
21 | to the designated retirement systems. | ||||||
22 | The amount of $4,096,348,300 of Bonds authorized by this | ||||||
23 | amendatory Act of the 96th General Assembly is authorized to be | ||||||
24 | used for the purpose of making a portion of the State's Fiscal | ||||||
25 | Year 2011 required contributions to the designated retirement |
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| |||||||
1 | systems and for the purposes authorized in Section 7.6 of this | ||||||
2 | Act . | ||||||
3 | (b) The Pension Contribution Fund is created as a special | ||||||
4 | fund in the
State Treasury.
| ||||||
5 | The proceeds of the additional $10,000,000,000 of Bonds | ||||||
6 | authorized by Public Act 93-2, less the amounts authorized in | ||||||
7 | the
Bond Sale Order to be deposited directly into the | ||||||
8 | capitalized interest account
of the General Obligation Bond | ||||||
9 | Retirement and Interest Fund or otherwise
directly paid out for | ||||||
10 | bond sale expenses under Section 8, shall be deposited
into the | ||||||
11 | Pension Contribution Fund and used as provided in this Section.
| ||||||
12 | The proceeds of the additional $3,466,000,000 of Bonds | ||||||
13 | authorized by Public Act 96-43, less the amounts directly paid | ||||||
14 | out for bond sale expenses under Section 8, shall be deposited | ||||||
15 | into the Pension Contribution Fund, and the Comptroller and the | ||||||
16 | Treasurer shall, as soon as practical, (i) first, transfer from | ||||||
17 | the Pension Contribution Fund to the General Revenue Fund or | ||||||
18 | Common School Fund an amount equal to the amount of payments, | ||||||
19 | if any, made to the designated retirement systems from the | ||||||
20 | General Revenue Fund or Common School Fund in State fiscal year | ||||||
21 | 2010 and (ii) second, make transfers from the Pension | ||||||
22 | Contribution Fund to the designated retirement systems | ||||||
23 | pursuant to Sections 2-124, 14-131, 15-155, 16-158, and 18-131 | ||||||
24 | of the Illinois Pension Code. | ||||||
25 | Except as otherwise provided in Section 7.6, the The | ||||||
26 | proceeds of the additional $4,096,348,300 of Bonds authorized |
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1 | by this amendatory Act of the 96th General Assembly, less the | ||||||
2 | amounts directly paid out for bond sale expenses under Section | ||||||
3 | 8, shall be deposited into the Pension Contribution Fund, and | ||||||
4 | the Comptroller and the Treasurer shall, as soon as practical, | ||||||
5 | (i) first, transfer from the Pension Contribution Fund to the | ||||||
6 | General Revenue Fund or Common School Fund an amount equal to | ||||||
7 | the amount of payments, if any, made to the designated | ||||||
8 | retirement systems from the General Revenue Fund or Common | ||||||
9 | School Fund in State fiscal year 2011 and (ii) second, make | ||||||
10 | transfers from the Pension Contribution Fund to the designated | ||||||
11 | retirement systems pursuant to Sections 2-124, 14-131, 15-155, | ||||||
12 | 16-158, and 18-131 of the Illinois Pension Code. | ||||||
13 | (c) Of the amount of Bond proceeds from the bond sale | ||||||
14 | authorized by Public Act 93-2 first deposited into the Pension
| ||||||
15 | Contribution Fund, there shall be reserved for transfers under | ||||||
16 | this subsection
the sum of $300,000,000, representing the | ||||||
17 | required State contributions to the
designated retirement | ||||||
18 | systems for the last quarter of State fiscal year 2003,
plus | ||||||
19 | the sum of $1,860,000,000, representing the required State | ||||||
20 | contributions
to the designated retirement systems for State | ||||||
21 | fiscal year 2004.
| ||||||
22 | Upon the deposit of sufficient moneys from the bond sale | ||||||
23 | authorized by Public Act 93-2 into the Pension Contribution
| ||||||
24 | Fund, the Comptroller and Treasurer shall immediately transfer | ||||||
25 | the sum of
$300,000,000 from the Pension Contribution Fund to | ||||||
26 | the General Revenue Fund.
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1 | Whenever any payment of required State contributions for | ||||||
2 | State fiscal year
2004 is made to one of the designated | ||||||
3 | retirement systems, the Comptroller and
Treasurer shall, as | ||||||
4 | soon as practicable, transfer from the Pension Contribution
| ||||||
5 | Fund to the General Revenue Fund an amount equal to the amount | ||||||
6 | of that payment
to the designated retirement system.
Beginning | ||||||
7 | on the effective date of this amendatory Act of the 93rd
| ||||||
8 | General Assembly, the transfers from the Pension Contribution | ||||||
9 | Fund to
the General Revenue Fund shall be suspended until June | ||||||
10 | 30, 2004, and
the remaining balance in the Pension Contribution | ||||||
11 | Fund shall be
transferred directly to the designated retirement | ||||||
12 | systems as provided
in Section 6z-61 of the State Finance Act. | ||||||
13 | On and after July 1, 2004, in the
event that
any amount is on | ||||||
14 | deposit in the Pension Contribution Fund from time to
time, the | ||||||
15 | Comptroller and
Treasurer shall continue to make such transfers | ||||||
16 | based on fiscal year 2005
payments until the entire amount on | ||||||
17 | deposit has been
transferred.
| ||||||
18 | (d) All amounts deposited into the Pension Contribution | ||||||
19 | Fund, other
than the amounts reserved for the transfers under | ||||||
20 | subsection (c) from the bond sale authorized by Public Act | ||||||
21 | 93-2, other than amounts deposited into the Pension | ||||||
22 | Contribution Fund from the bond sale authorized by Public Act | ||||||
23 | 96-43 and other than amounts deposited into the Pension | ||||||
24 | Contribution Fund from the bond sale authorized by this | ||||||
25 | amendatory Act of the 96th General Assembly, shall be
| ||||||
26 | appropriated to the designated retirement systems to reduce |
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| |||||||
1 | their actuarial
reserve deficiencies. The amount of the | ||||||
2 | appropriation to each designated
retirement system shall | ||||||
3 | constitute a portion of the total appropriation under
this | ||||||
4 | subsection that is the same as that retirement system's portion | ||||||
5 | of the
total actuarial reserve deficiency of the systems, as | ||||||
6 | most recently determined
by the
Governor's Office of Management | ||||||
7 | and Budget under Section 8.12 of the State Finance Act.
| ||||||
8 | With respect to proceeds from the bond sale authorized by | ||||||
9 | Public Act 93-2 only, within 15 days after any Bond proceeds in | ||||||
10 | excess of the amounts initially
reserved under subsection (c) | ||||||
11 | are deposited into the Pension Contribution
Fund, the
| ||||||
12 | Governor's Office of Management and Budget shall (i) allocate | ||||||
13 | those proceeds among the
designated retirement systems in | ||||||
14 | proportion to their respective actuarial
reserve deficiencies, | ||||||
15 | as most recently determined under Section 8.12 of the
State | ||||||
16 | Finance Act, and (ii) certify those allocations to the | ||||||
17 | designated
retirement systems and the Comptroller.
| ||||||
18 | Upon receiving certification of an allocation under this | ||||||
19 | subsection, a
designated retirement system shall submit to the | ||||||
20 | Comptroller a voucher for
the amount of its allocation. The | ||||||
21 | voucher shall be paid out of the amount
appropriated to that | ||||||
22 | designated retirement system from the Pension Contribution
| ||||||
23 | Fund pursuant to this subsection.
| ||||||
24 | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11.)
| ||||||
25 | (30 ILCS 330/7.6 new) |
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1 | Sec. 7.6. Bond payment funding. Up to $2,200,000,000 of the | ||||||
2 | Bonds authorized under Public Act 96-1497 may be re-issued. The | ||||||
3 | proceeds of the Bonds re-issued under this Section, less the | ||||||
4 | amounts directly paid out for bond sale expenses under Section | ||||||
5 | 8, shall be deposited into the General Obligation Bond | ||||||
6 | Retirement and Interest Fund for the sole purpose of retiring | ||||||
7 | the outstanding Bonds authorized by Public Act 96-1497.
| ||||||
8 | (30 ILCS 330/9) (from Ch. 127, par. 659)
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9 | Sec. 9. Conditions for Issuance and Sale of Bonds - | ||||||
10 | Requirements for
Bonds. | ||||||
11 | (a) Except as otherwise provided in this subsection, Bonds | ||||||
12 | shall be issued and sold from time to time, in one or
more | ||||||
13 | series, in such amounts and at such prices as may be directed | ||||||
14 | by the
Governor, upon recommendation by the Director of the
| ||||||
15 | Governor's Office of Management and Budget.
Bonds shall be in | ||||||
16 | such form (either coupon, registered or book entry), in
such | ||||||
17 | denominations, payable within 25 years from their date, subject | ||||||
18 | to such
terms of redemption with or without premium, bear | ||||||
19 | interest payable at
such times and at such fixed or variable | ||||||
20 | rate or rates, and be dated
as shall be fixed and determined by | ||||||
21 | the Director of
the
Governor's Office of Management and Budget
| ||||||
22 | in the order authorizing the issuance and sale
of any series of | ||||||
23 | Bonds, which order shall be approved by the Governor
and is | ||||||
24 | herein called a "Bond Sale Order"; provided however, that | ||||||
25 | interest
payable at fixed or variable rates shall not exceed |
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1 | that permitted in the
Bond Authorization Act, as now or | ||||||
2 | hereafter amended. Bonds shall be
payable at such place or | ||||||
3 | places, within or without the State of Illinois, and
may be | ||||||
4 | made registrable as to either principal or as to both principal | ||||||
5 | and
interest, as shall be specified in the Bond Sale Order. | ||||||
6 | Bonds may be callable
or subject to purchase and retirement or | ||||||
7 | tender and remarketing as fixed
and determined in the Bond Sale | ||||||
8 | Order. Bonds, other than Bonds issued under Section 3 of this | ||||||
9 | Act for the costs associated with the purchase and | ||||||
10 | implementation of information technology, (i) except for | ||||||
11 | refunding Bonds satisfying the requirements of Section 16 of | ||||||
12 | this Act and sold during fiscal year 2009, 2010, 2011, or 2017 | ||||||
13 | must be issued with principal or mandatory redemption amounts | ||||||
14 | in equal amounts, with the first maturity issued occurring | ||||||
15 | within the fiscal year in which the Bonds are issued or within | ||||||
16 | the next succeeding fiscal year and (ii) must mature or be | ||||||
17 | subject to mandatory redemption each fiscal year thereafter up | ||||||
18 | to 25 years, except for refunding Bonds satisfying the | ||||||
19 | requirements of Section 16 of this Act and sold during fiscal | ||||||
20 | year 2009, 2010, or 2011 which must mature or be subject to | ||||||
21 | mandatory redemption each fiscal year thereafter up to 16 | ||||||
22 | years. Bonds issued under Section 3 of this Act for the costs | ||||||
23 | associated with the purchase and implementation of information | ||||||
24 | technology must be issued with principal or mandatory | ||||||
25 | redemption amounts in equal amounts, with the first maturity | ||||||
26 | issued occurring with the fiscal year in which the respective |
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1 | bonds are issued or with the next succeeding fiscal year, with | ||||||
2 | the respective bonds issued maturing or subject to mandatory | ||||||
3 | redemption each fiscal year thereafter up to 10 years. | ||||||
4 | Notwithstanding any provision of this Act to the contrary, the | ||||||
5 | Bonds authorized by Public Act 96-43 shall be payable within 5 | ||||||
6 | years from their date and must be issued with principal or | ||||||
7 | mandatory redemption amounts in equal amounts, with payment of | ||||||
8 | principal or mandatory redemption beginning in the first fiscal | ||||||
9 | year following the fiscal year in which the Bonds are issued.
| ||||||
10 | Notwithstanding any provision of this Act to the contrary, | ||||||
11 | the Bonds authorized by Public Act 96-1497 shall be payable | ||||||
12 | within 8 years from their date and shall be issued with payment | ||||||
13 | of maturing principal or scheduled mandatory redemptions in | ||||||
14 | accordance with the following schedule, except the following | ||||||
15 | amounts shall be prorated if less than the total additional | ||||||
16 | amount of Bonds authorized by Public Act 96-1497 are issued: | ||||||
17 | Fiscal Year After Issuance Amount | ||||||
18 | 1-2 $0 | ||||||
19 | 3 $110,712,120 | ||||||
20 | 4 $332,136,360 | ||||||
21 | 5 $664,272,720 | ||||||
22 | 6-8 $996,409,080 | ||||||
23 | Notwithstanding any provision of this Act to the contrary, | ||||||
24 | the Bonds authorized by this amendatory Act of the 100th | ||||||
25 | General Assembly shall be payable within 10 years from their | ||||||
26 | date. |
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1 | In the case of any series of Bonds bearing interest at a | ||||||
2 | variable interest
rate ("Variable Rate Bonds"), in lieu of | ||||||
3 | determining the rate or rates at which
such series of Variable | ||||||
4 | Rate Bonds shall bear interest and the price or prices
at which | ||||||
5 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
6 | (in the
event of purchase and subsequent resale), the Bond Sale | ||||||
7 | Order may provide that
such interest rates and prices may vary | ||||||
8 | from time to time depending on criteria
established in such | ||||||
9 | Bond Sale Order, which criteria may include, without
| ||||||
10 | limitation, references to indices or variations in interest | ||||||
11 | rates as may, in
the judgment of a remarketing agent, be | ||||||
12 | necessary to cause Variable Rate Bonds
of such series to be | ||||||
13 | remarketable from time to time at a price equal to their
| ||||||
14 | principal amount, and may provide for appointment of a bank, | ||||||
15 | trust company,
investment bank, or other financial institution | ||||||
16 | to serve as remarketing agent
in that connection.
The Bond Sale | ||||||
17 | Order may provide that alternative interest rates or provisions
| ||||||
18 | for establishing alternative interest rates, different | ||||||
19 | security or claim
priorities, or different call or amortization | ||||||
20 | provisions will apply during
such times as Variable Rate Bonds | ||||||
21 | of any series are held by a person providing
credit or | ||||||
22 | liquidity enhancement arrangements for such Bonds as | ||||||
23 | authorized in
subsection (b) of this Section.
The Bond Sale | ||||||
24 | Order may also provide for such variable interest rates to be
| ||||||
25 | established pursuant to a process generally known as an auction | ||||||
26 | rate process
and may provide for appointment of one or more |
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| |||||||
1 | financial institutions to serve
as auction agents and | ||||||
2 | broker-dealers in connection with the establishment of
such | ||||||
3 | interest rates and the sale and remarketing of such Bonds.
| ||||||
4 | (b) In connection with the issuance of any series of Bonds, | ||||||
5 | the State may
enter into arrangements to provide additional | ||||||
6 | security and liquidity for such
Bonds, including, without | ||||||
7 | limitation, bond or interest rate insurance or
letters of | ||||||
8 | credit, lines of credit, bond purchase contracts, or other
| ||||||
9 | arrangements whereby funds are made available to retire or | ||||||
10 | purchase Bonds,
thereby assuring the ability of owners of the | ||||||
11 | Bonds to sell or redeem their
Bonds. The State may enter into | ||||||
12 | contracts and may agree to pay fees to persons
providing such | ||||||
13 | arrangements, but only under circumstances where the Director | ||||||
14 | of
the
Governor's Office of Management and Budget certifies | ||||||
15 | that he or she reasonably expects the total
interest paid or to | ||||||
16 | be paid on the Bonds, together with the fees for the
| ||||||
17 | arrangements (being treated as if interest), would not, taken | ||||||
18 | together, cause
the Bonds to bear interest, calculated to their | ||||||
19 | stated maturity, at a rate in
excess of the rate that the Bonds | ||||||
20 | would bear in the absence of such
arrangements.
| ||||||
21 | The State may, with respect to Bonds issued or anticipated | ||||||
22 | to be issued,
participate in and enter into arrangements with | ||||||
23 | respect to interest rate
protection or exchange agreements, | ||||||
24 | guarantees, or financial futures contracts
for the purpose of | ||||||
25 | limiting, reducing, or managing interest rate exposure.
The | ||||||
26 | authority granted under this paragraph, however, shall not |
| |||||||
| |||||||
1 | increase the principal amount of Bonds authorized to be issued | ||||||
2 | by law. The arrangements may be executed and delivered by the | ||||||
3 | Director
of the
Governor's Office of Management and Budget on | ||||||
4 | behalf of the State. Net payments for such
arrangements shall | ||||||
5 | constitute interest on the Bonds and shall be paid from the
| ||||||
6 | General Obligation Bond Retirement and Interest Fund. The | ||||||
7 | Director of the
Governor's Office of Management and Budget | ||||||
8 | shall at least annually certify to the Governor and
the
State | ||||||
9 | Comptroller his or her estimate of the amounts of such net | ||||||
10 | payments to
be included in the calculation of interest required | ||||||
11 | to be paid by the State.
| ||||||
12 | (c) Prior to the issuance of any Variable Rate Bonds | ||||||
13 | pursuant to
subsection (a), the Director of the
Governor's | ||||||
14 | Office of Management and Budget shall adopt an
interest rate | ||||||
15 | risk management policy providing that the amount of the State's
| ||||||
16 | variable rate exposure with respect to Bonds shall not exceed | ||||||
17 | 20%. This policy
shall remain in effect while any Bonds are | ||||||
18 | outstanding and the issuance of
Bonds
shall be subject to the | ||||||
19 | terms of such policy. The terms of this policy may be
amended | ||||||
20 | from time to time by the Director of the
Governor's Office of | ||||||
21 | Management and Budget but in no
event shall any amendment cause | ||||||
22 | the permitted level of the State's variable
rate exposure with | ||||||
23 | respect to Bonds to exceed 20%.
| ||||||
24 | (d) "Build America Bonds" in this Section means Bonds | ||||||
25 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
26 | 1986, as amended ("Internal Revenue Code"), and bonds issued |
| |||||||
| |||||||
1 | from time to time to refund or continue to refund "Build | ||||||
2 | America Bonds". | ||||||
3 | (e) Notwithstanding any other provision of this Section, | ||||||
4 | Qualified School Construction Bonds shall be issued and sold | ||||||
5 | from time to time, in one or more series, in such amounts and | ||||||
6 | at such prices as may be directed by the Governor, upon | ||||||
7 | recommendation by the Director of the Governor's Office of | ||||||
8 | Management and Budget. Qualified School Construction Bonds | ||||||
9 | shall be in such form (either coupon, registered or book | ||||||
10 | entry), in such denominations, payable within 25 years from | ||||||
11 | their date, subject to such terms of redemption with or without | ||||||
12 | premium, and if the Qualified School Construction Bonds are | ||||||
13 | issued with a supplemental coupon, bear interest payable at | ||||||
14 | such times and at such fixed or variable rate or rates, and be | ||||||
15 | dated as shall be fixed and determined by the Director of the | ||||||
16 | Governor's Office of Management and Budget in the order | ||||||
17 | authorizing the issuance and sale of any series of Qualified | ||||||
18 | School Construction Bonds, which order shall be approved by the | ||||||
19 | Governor and is herein called a "Bond Sale Order"; except that | ||||||
20 | interest payable at fixed or variable rates, if any, shall not | ||||||
21 | exceed that permitted in the Bond Authorization Act, as now or | ||||||
22 | hereafter amended. Qualified School Construction Bonds shall | ||||||
23 | be payable at such place or places, within or without the State | ||||||
24 | of Illinois, and may be made registrable as to either principal | ||||||
25 | or as to both principal and interest, as shall be specified in | ||||||
26 | the Bond Sale Order. Qualified School Construction Bonds may be |
| |||||||
| |||||||
1 | callable or subject to purchase and retirement or tender and | ||||||
2 | remarketing as fixed and determined in the Bond Sale Order. | ||||||
3 | Qualified School Construction Bonds must be issued with | ||||||
4 | principal or mandatory redemption amounts or sinking fund | ||||||
5 | payments into the General Obligation Bond Retirement and | ||||||
6 | Interest Fund (or subaccount therefor) in equal amounts, with | ||||||
7 | the first maturity issued, mandatory redemption payment or | ||||||
8 | sinking fund payment occurring within the fiscal year in which | ||||||
9 | the Qualified School Construction Bonds are issued or within | ||||||
10 | the next succeeding fiscal year, with Qualified School | ||||||
11 | Construction Bonds issued maturing or subject to mandatory | ||||||
12 | redemption or with sinking fund payments thereof deposited each | ||||||
13 | fiscal year thereafter up to 25 years. Sinking fund payments | ||||||
14 | set forth in this subsection shall be permitted only to the | ||||||
15 | extent authorized in Section 54F of the Internal Revenue Code | ||||||
16 | or as otherwise determined by the Director of the Governor's | ||||||
17 | Office of Management and Budget. "Qualified School | ||||||
18 | Construction Bonds" in this subsection means Bonds authorized | ||||||
19 | by Section 54F of the Internal Revenue Code and for bonds | ||||||
20 | issued from time to time to refund or continue to refund such | ||||||
21 | "Qualified School Construction Bonds". | ||||||
22 | (f) Beginning with the next issuance by the Governor's | ||||||
23 | Office of Management and Budget to the Procurement Policy Board | ||||||
24 | of a request for quotation for the purpose of formulating a new | ||||||
25 | pool of qualified underwriting banks list, all entities | ||||||
26 | responding to such a request for quotation for inclusion on |
| |||||||
| |||||||
1 | that list shall provide a written report to the Governor's | ||||||
2 | Office of Management and Budget and the Illinois Comptroller. | ||||||
3 | The written report submitted to the Comptroller shall (i) be | ||||||
4 | published on the Comptroller's Internet website and (ii) be | ||||||
5 | used by the Governor's Office of Management and Budget for the | ||||||
6 | purposes of scoring such a request for quotation. The written | ||||||
7 | report, at a minimum, shall: | ||||||
8 | (1) disclose whether, within the past 3 months, | ||||||
9 | pursuant to its credit default swap market-making | ||||||
10 | activities, the firm has entered into any State of Illinois | ||||||
11 | credit default swaps ("CDS"); | ||||||
12 | (2) include, in the event of State of Illinois CDS | ||||||
13 | activity, disclosure of the firm's cumulative notional | ||||||
14 | volume of State of Illinois CDS trades and the firm's | ||||||
15 | outstanding gross and net notional amount of State of | ||||||
16 | Illinois CDS, as of the end of the current 3-month period; | ||||||
17 | (3) indicate, pursuant to the firm's proprietary | ||||||
18 | trading activities, disclosure of whether the firm, within | ||||||
19 | the past 3 months, has entered into any proprietary trades | ||||||
20 | for its own account in State of Illinois CDS; | ||||||
21 | (4) include, in the event of State of Illinois | ||||||
22 | proprietary trades, disclosure of the firm's outstanding | ||||||
23 | gross and net notional amount of proprietary State of | ||||||
24 | Illinois CDS and whether the net position is short or long | ||||||
25 | credit protection, as of the end of the current 3-month | ||||||
26 | period; |
| |||||||
| |||||||
1 | (5) list all time periods during the past 3 months | ||||||
2 | during which the firm held net long or net short State of | ||||||
3 | Illinois CDS proprietary credit protection positions, the | ||||||
4 | amount of such positions, and whether those positions were | ||||||
5 | net long or net short credit protection positions; and | ||||||
6 | (6) indicate whether, within the previous 3 months, the | ||||||
7 | firm released any publicly available research or marketing | ||||||
8 | reports that reference State of Illinois CDS and include | ||||||
9 | those research or marketing reports as attachments. | ||||||
10 | (g) All entities included on a Governor's Office of | ||||||
11 | Management and Budget's pool of qualified underwriting banks | ||||||
12 | list shall, as soon as possible after March 18, 2011 (the | ||||||
13 | effective date of Public Act 96-1554), but not later than | ||||||
14 | January 21, 2011, and on a quarterly fiscal basis thereafter, | ||||||
15 | provide a written report to the Governor's Office of Management | ||||||
16 | and Budget and the Illinois Comptroller. The written reports | ||||||
17 | submitted to the Comptroller shall be published on the | ||||||
18 | Comptroller's Internet website. The written reports, at a | ||||||
19 | minimum, shall: | ||||||
20 | (1) disclose whether, within the past 3 months, | ||||||
21 | pursuant to its credit default swap market-making | ||||||
22 | activities, the firm has entered into any State of Illinois | ||||||
23 | credit default swaps ("CDS"); | ||||||
24 | (2) include, in the event of State of Illinois CDS | ||||||
25 | activity, disclosure of the firm's cumulative notional | ||||||
26 | volume of State of Illinois CDS trades and the firm's |
| |||||||
| |||||||
1 | outstanding gross and net notional amount of State of | ||||||
2 | Illinois CDS, as of the end of the current 3-month period; | ||||||
3 | (3) indicate, pursuant to the firm's proprietary | ||||||
4 | trading activities, disclosure of whether the firm, within | ||||||
5 | the past 3 months, has entered into any proprietary trades | ||||||
6 | for its own account in State of Illinois CDS; | ||||||
7 | (4) include, in the event of State of Illinois | ||||||
8 | proprietary trades, disclosure of the firm's outstanding | ||||||
9 | gross and net notional amount of proprietary State of | ||||||
10 | Illinois CDS and whether the net position is short or long | ||||||
11 | credit protection, as of the end of the current 3-month | ||||||
12 | period; | ||||||
13 | (5) list all time periods during the past 3 months | ||||||
14 | during which the firm held net long or net short State of | ||||||
15 | Illinois CDS proprietary credit protection positions, the | ||||||
16 | amount of such positions, and whether those positions were | ||||||
17 | net long or net short credit protection positions; and | ||||||
18 | (6) indicate whether, within the previous 3 months, the | ||||||
19 | firm released any publicly available research or marketing | ||||||
20 | reports that reference State of Illinois CDS and include | ||||||
21 | those research or marketing reports as attachments. | ||||||
22 | (Source: P.A. 99-523, eff. 6-30-16.)
| ||||||
23 | (30 ILCS 330/11) (from Ch. 127, par. 661)
| ||||||
24 | Sec. 11. Sale of Bonds. Except as otherwise provided in | ||||||
25 | this Section,
Bonds shall be sold from time to time pursuant to
|
| |||||||
| |||||||
1 | notice of sale and public bid or by negotiated sale
in such | ||||||
2 | amounts and at such
times as is directed by the Governor, upon | ||||||
3 | recommendation by the Director of
the
Governor's Office of | ||||||
4 | Management and Budget. At least 25%, based on total principal | ||||||
5 | amount, of all Bonds issued each fiscal year shall be sold | ||||||
6 | pursuant to notice of sale and public bid. At all times during | ||||||
7 | each fiscal year, no more than 75%, based on total principal | ||||||
8 | amount, of the Bonds issued each fiscal year, shall have been | ||||||
9 | sold by negotiated sale. Failure to satisfy the requirements in | ||||||
10 | the preceding 2 sentences shall not affect the validity of any | ||||||
11 | previously issued Bonds; provided that all Bonds authorized by | ||||||
12 | Public Act 96-43 , and Public Act 96-1497 , and this amendatory | ||||||
13 | Act of the 100th General Assembly shall not be included in | ||||||
14 | determining compliance for any fiscal year with the | ||||||
15 | requirements of the preceding 2 sentences; and further provided | ||||||
16 | that refunding Bonds satisfying the requirements of Section 16 | ||||||
17 | of this Act and sold during fiscal year 2009, 2010, 2011, or | ||||||
18 | 2017 shall not be subject to the requirements in the preceding | ||||||
19 | 2 sentences.
| ||||||
20 | If
any Bonds, including refunding Bonds, are to be sold by | ||||||
21 | negotiated
sale, the
Director of the
Governor's Office of | ||||||
22 | Management and Budget
shall comply with the
competitive request | ||||||
23 | for proposal process set forth in the Illinois
Procurement Code | ||||||
24 | and all other applicable requirements of that Code.
| ||||||
25 | If Bonds are to be sold pursuant to notice of sale and | ||||||
26 | public bid, the
Director of the
Governor's Office of Management |
| |||||||
| |||||||
1 | and Budget may, from time to time, as Bonds are to be sold, | ||||||
2 | advertise
the sale of the Bonds in at least 2 daily newspapers, | ||||||
3 | one of which is
published in the City of Springfield and one in | ||||||
4 | the City of Chicago. The sale
of the Bonds shall also be
| ||||||
5 | advertised in the volume of the Illinois Procurement Bulletin | ||||||
6 | that is
published by the Department of Central Management | ||||||
7 | Services, and shall be published once at least
10 days prior to | ||||||
8 | the date fixed
for the opening of the bids. The Director of the
| ||||||
9 | Governor's Office of Management and Budget may
reschedule the | ||||||
10 | date of sale upon the giving of such additional notice as the
| ||||||
11 | Director deems adequate to inform prospective bidders of
such | ||||||
12 | change; provided, however, that all other conditions of the | ||||||
13 | sale shall
continue as originally advertised.
| ||||||
14 | Executed Bonds shall, upon payment therefor, be delivered | ||||||
15 | to the purchaser,
and the proceeds of Bonds shall be paid into | ||||||
16 | the State Treasury as directed by
Section 12 of this Act.
| ||||||
17 | (Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
|