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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 State Finance Act is amended by changing | ||||||
5 | Sections 5.857 and 6z-100 as follows: | ||||||
6 | (30 ILCS 105/5.857) | ||||||
7 | (Section scheduled to be repealed on July 1, 2018) | ||||||
8 | Sec. 5.857. The Capital Development Board Revolving Fund. | ||||||
9 | This Section is repealed July 1, 2022 July 1, 2018 .
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10 | (Source: P.A. 99-78, eff. 7-20-15; 99-523, eff. 6-30-16; | ||||||
11 | 100-23, eff. 7-6-17.) | ||||||
12 | (30 ILCS 105/6z-100) | ||||||
13 | (Section scheduled to be repealed on July 1, 2018) | ||||||
14 | Sec. 6z-100. Capital Development Board Revolving Fund; | ||||||
15 | payments into and use. All monies received by the Capital | ||||||
16 | Development Board for publications or copies issued by the | ||||||
17 | Board, and all monies received for contract administration | ||||||
18 | fees, charges, or reimbursements owing to the Board shall be | ||||||
19 | deposited into a special fund known as the Capital Development | ||||||
20 | Board Revolving Fund, which is hereby created in the State | ||||||
21 | treasury. The monies in this Fund shall be used by the Capital | ||||||
22 | Development Board, as appropriated, for expenditures for |
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1 | personal services, retirement, social security, contractual | ||||||
2 | services, legal services, travel, commodities, printing, | ||||||
3 | equipment, electronic data processing, or telecommunications. | ||||||
4 | Unexpended moneys in the Fund shall not be transferred or | ||||||
5 | allocated by the Comptroller or Treasurer to any other fund, | ||||||
6 | nor shall the Governor authorize the transfer or allocation of | ||||||
7 | those moneys to any other fund. This Section is repealed July | ||||||
8 | 1, 2022 July 1, 2018 .
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9 | (Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17.) | ||||||
10 | Section 10. The General Obligation Bond Act is amended by | ||||||
11 | changing Section 15 as follows:
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12 | (30 ILCS 330/15) (from Ch. 127, par. 665)
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13 | Sec. 15. Computation of Principal and Interest; transfers.
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14 | (a) Upon each delivery of Bonds authorized to be issued | ||||||
15 | under this Act,
the Comptroller shall compute and certify to | ||||||
16 | the Treasurer the total amount
of principal of, interest on, | ||||||
17 | and premium, if any, on Bonds issued that will
be payable in | ||||||
18 | order to retire such Bonds, the amount of principal of,
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19 | interest on and premium, if any, on such Bonds that will be | ||||||
20 | payable on each
payment date according to the tenor of such | ||||||
21 | Bonds during the then current and
each succeeding fiscal year, | ||||||
22 | and the amount of sinking fund payments needed to be deposited | ||||||
23 | in connection with Qualified School Construction Bonds | ||||||
24 | authorized by subsection (e) of Section 9.
With respect to the |
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1 | interest payable on variable rate bonds, such
certifications | ||||||
2 | shall be calculated at the maximum rate of interest that
may be | ||||||
3 | payable during the fiscal year, after taking into account any | ||||||
4 | credits
permitted in the related indenture or other instrument | ||||||
5 | against the amount
of such interest required to be appropriated | ||||||
6 | for such period pursuant to
subsection (c) of Section 14 of | ||||||
7 | this Act. With respect to the interest
payable, such | ||||||
8 | certifications shall include the amounts certified by the
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9 | Director of the
Governor's Office of Management and Budget | ||||||
10 | under subsection (b) of Section 9 of
this Act.
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11 | On or before the last day of each month the State Treasurer | ||||||
12 | and Comptroller
shall transfer from (1) the Road Fund with | ||||||
13 | respect to Bonds issued under
paragraph (a) of Section 4 of | ||||||
14 | this Act, or Bonds issued under authorization in Public Act | ||||||
15 | 98-781, or Bonds issued for the purpose of
refunding such | ||||||
16 | bonds, and from (2) the General
Revenue Fund, with respect to | ||||||
17 | all other Bonds issued under this Act, to the
General | ||||||
18 | Obligation Bond Retirement and Interest Fund an amount | ||||||
19 | sufficient to
pay the aggregate of the principal of, interest | ||||||
20 | on, and premium, if any, on
Bonds payable, by their terms on | ||||||
21 | the next payment date divided by the number of
full calendar | ||||||
22 | months between the date of such Bonds and the first such | ||||||
23 | payment
date, and thereafter, divided by the number of months | ||||||
24 | between each succeeding
payment date after the first. Such | ||||||
25 | computations and transfers shall be
made for each series of | ||||||
26 | Bonds issued and delivered. Interest payable on
variable rate |
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1 | bonds shall be calculated at the maximum rate of interest that
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2 | may be payable for the relevant period, after taking into | ||||||
3 | account any credits
permitted in the related indenture or other | ||||||
4 | instrument against the amount of
such interest required to be | ||||||
5 | appropriated for such period pursuant to
subsection (c) of | ||||||
6 | Section 14 of this Act. Computations of interest shall
include | ||||||
7 | the amounts certified by the Director of the
Governor's Office | ||||||
8 | of Management and Budget
under subsection (b) of Section 9 of | ||||||
9 | this Act. Interest for which moneys
have already been deposited | ||||||
10 | into the capitalized interest account within the
General | ||||||
11 | Obligation Bond Retirement and Interest Fund shall not be | ||||||
12 | included
in the calculation of the amounts to be transferred | ||||||
13 | under this subsection. Notwithstanding any other provision in | ||||||
14 | this Section, the transfer provisions provided in this | ||||||
15 | paragraph shall not apply to transfers made in fiscal year 2010 | ||||||
16 | or fiscal year 2011 with respect to Bonds issued in fiscal year | ||||||
17 | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | ||||||
18 | In the case of transfers made in fiscal year 2010 or fiscal | ||||||
19 | year 2011 with respect to the Bonds issued in fiscal year 2010 | ||||||
20 | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | ||||||
21 | before the 15th day of the month prior to the required debt | ||||||
22 | service payment, the State Treasurer and Comptroller shall | ||||||
23 | transfer from the General Revenue Fund to the General | ||||||
24 | Obligation Bond Retirement and Interest Fund an amount | ||||||
25 | sufficient to pay the aggregate of the principal of, interest | ||||||
26 | on, and premium, if any, on the Bonds payable in that next |
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1 | month.
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2 | The transfer of monies herein and above directed is not | ||||||
3 | required if monies
in the General Obligation Bond Retirement | ||||||
4 | and Interest Fund are more than
the amount otherwise to be | ||||||
5 | transferred as herein above provided, and if the
Governor or | ||||||
6 | his authorized representative notifies the State Treasurer and
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7 | Comptroller of such fact in writing.
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8 | (b) After the effective date of this Act, the balance of, | ||||||
9 | and monies
directed to be included in the Capital Development | ||||||
10 | Bond Retirement and
Interest Fund, Anti-Pollution Bond | ||||||
11 | Retirement and Interest Fund,
Transportation Bond, Series A | ||||||
12 | Retirement and Interest Fund, Transportation
Bond, Series B | ||||||
13 | Retirement and Interest Fund, and Coal Development Bond
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14 | Retirement and Interest Fund shall be transferred to and | ||||||
15 | deposited in the
General Obligation Bond Retirement and | ||||||
16 | Interest Fund. This Fund shall be
used to make debt service | ||||||
17 | payments on the State's general obligation Bonds
heretofore | ||||||
18 | issued which are now outstanding and payable from the Funds | ||||||
19 | herein
listed as well as on Bonds issued under this Act.
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20 | (c) The unused portion of federal funds received for or as | ||||||
21 | a reimbursement for a capital
facilities project, as authorized | ||||||
22 | by Section 3 of this Act, for which
monies from the Capital | ||||||
23 | Development Fund have been expended shall remain in the Capital | ||||||
24 | Development Board Contributory Trust Fund and shall be used for | ||||||
25 | capital projects and for no other purpose, subject to | ||||||
26 | appropriation and as directed by the Capital Development Board. |
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1 | Any federal funds received as reimbursement
for the completed | ||||||
2 | construction of a capital facilities project, as
authorized by | ||||||
3 | Section 3 of this Act, for which monies from the Capital
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4 | Development Fund have been expended shall be deposited in the | ||||||
5 | General
Obligation Bond Retirement and Interest Fund.
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6 | (Source: P.A. 100-23, eff. 7-6-17.)
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7 | Section 15. The Capital Development Bond Act of 1972 is | ||||||
8 | amended by changing Section 9a as follows:
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9 | (30 ILCS 420/9a) (from Ch. 127, par. 759a)
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10 | Sec. 9a.
The unused portion of federal funds received for | ||||||
11 | or as a reimbursement for a capital improvement
project for | ||||||
12 | which moneys from the Capital Development Fund have been | ||||||
13 | expended
shall remain in the Capital Development Board | ||||||
14 | Contributory Trust Fund and shall be used for capital projects | ||||||
15 | and for no other purpose, subject to appropriation and as | ||||||
16 | directed by the Capital Development Board. Any federal funds | ||||||
17 | received as reimbursement
for the completed construction of a | ||||||
18 | capital improvement project for which
moneys from the Capital | ||||||
19 | Development Fund have been expended shall be deposited
in the | ||||||
20 | Capital Development Bond Retirement and Interest Fund.
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21 | (Source: P.A. 98-245, eff. 1-1-14.)
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22 | Section 20. The School Construction Law is amended by | ||||||
23 | changing Section 5-10 as follows:
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1 | (105 ILCS 230/5-10)
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2 | Sec. 5-10. Grant awards. The Capital Development Board is | ||||||
3 | authorized to
make grants to school districts for school | ||||||
4 | construction projects with funds
appropriated by the General
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5 | Assembly from the School Infrastructure Fund or the School | ||||||
6 | Construction Fund pursuant to the provisions of this
Article. | ||||||
7 | The State Board of Education is authorized to make grants to | ||||||
8 | school
districts for debt service with funds appropriated by | ||||||
9 | the General Assembly from
the School Infrastructure Fund | ||||||
10 | pursuant to the provisions of
this Article.
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11 | (Source: P.A. 90-548, eff. 1-1-98.)
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12 | Section 99. Effective date. This Act takes effect upon | ||||||
13 | becoming law.
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