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90_HB3058
605 ILCS 10/18 from Ch. 121, par. 100-18
605 ILCS 10/24 from Ch. 121, par. 100-24
Amends the Toll Highway Act. To general requirement that
appropriations for payment of expenses incurred as part of
cost of toll highway financed by revenue bonds issued by the
Toll Highway Authority be repaid to the State Treasury out of
bond sale proceeds, excepts appropriations from the Illinois
State Toll Highway Authority Fund. Provides that the Act
constitutes an irrevocable and continuing appropriation from
the Illinois State Toll Highway Authority Fund for amounts to
pay bond expenses and obligations. Eliminates provision that
the Illinois State Toll Highway Authority Fund shall be
considered always appropriated for the purposes of
disbursements. Provides that the ordinary and contingent
expenses for the Illinois State Toll Highway Authority's
annual operations are subject to annual appropriation by the
General Assembly for each fiscal year.
LRB9010529DJcd
LRB9010529DJcd
1 AN ACT to amend the Toll Highway Act by changing Sections
2 18 and 24.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Toll Highway Act is amended by changing
6 Sections 18 and 24 as follows:
7 (605 ILCS 10/18) (from Ch. 121, par. 100-18)
8 Sec. 18. The sums of money appropriated by the General
9 Assembly (other than sums appropriated from the Illinois
10 State Toll Highway Authority Fund) for the payment of
11 ordinary and contingent expenses of the Authority or the
12 payment of compensation of the members of the Authority
13 expended as a part of the cost of a toll highway financed by
14 revenue bonds issued and sold by the Authority under this Act
15 shall be repaid to the State Treasury out of the proceeds of
16 the sale of such bonds, for deposit in the fund from which
17 such sums were appropriated. Any such sums remaining unpaid
18 because expended for preliminary investigation of toll
19 highway routes not constructed shall be repaid by the
20 Authority out of the proceeds of the sale of any of such
21 bonds issued to finance additional toll highways or
22 extensions of existing toll highways. If no such new bonds
23 are issued, and the money appropriated by the General
24 Assembly has not otherwise been repaid in full, then the
25 Authority shall, after payment of all existing bonds and
26 interest thereon, continue to collect tolls for the privilege
27 of using the toll highways constructed pursuant to the
28 authority of "An Act in relation to the construction,
29 operation, regulation and maintenance of a system of toll
30 highways and to create The Illinois State Toll Highway
31 Commission, and to define its powers and duties and to repeal
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1 an Act therein named", approved July 13, 1953, as amended,
2 until such time as the tolls collected are sufficient to
3 repay any such unpaid money. The tolls so collected shall be
4 paid by the Authority to the State treasury for deposit in
5 the fund from which such sums were appropriated.
6 (Source: Laws 1968, p. 199.)
7 (605 ILCS 10/24) (from Ch. 121, par. 100-24)
8 Sec. 24. Except as otherwise provided in any bond
9 resolution, the proceeds derived from the sale of bonds, and
10 all receipts and income derived from tolls, licenses, gifts,
11 donations, concessions, fees, rentals, and all other revenues
12 from whatever source derived, shall, within 3 three days
13 after receipt thereof, be paid to the Treasurer of the State
14 of Illinois, and held by him as a special fund known as the
15 Illinois State Toll Highway Authority Fund, except that the
16 Authority may retain portions of the Illinois State Toll
17 Highway Authority Fund as a locally maintained construction
18 fund revolving account and as a revenue fund revolving
19 account, where authorized by a bond resolution, and as
20 locally maintained change funds, where necessary for the
21 operations of the Authority. The State Treasurer shall be ex
22 officio custodian of such special fund, which fund shall be
23 held, invested and disbursed for the purposes provided herein
24 upon the order of the Authority and in accordance with
25 provisions and covenants of any bond resolution authorizing
26 the issuance of bonds which have not been paid or deemed
27 paid. The interest accruing on said special fund shall be
28 computed and added to the principal thereof every six months.
29 In addition to the special audits prescribed by this Act, the
30 said fund shall also be subject to audit in the same manner
31 as is now, or may hereinafter be, provided for the audit of
32 State funds and accounts. The said special fund shall be
33 protected by a corporate surety bond, executed by the
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1 Treasurer, with a surety authorized to do business under the
2 laws of the State of Illinois. The amount of said bond shall
3 be fixed by resolution of the Authority, approved by the
4 Governor, and may be increased or diminished at any time. The
5 premiums on said bond shall be payable from the funds of the
6 Authority. The bond shall be subject to the approval of the
7 Governor and Attorney General of the State of Illinois, and,
8 when so approved, shall be filed in the office of the
9 Secretary of State. This Act shall constitute an irrevocable
10 and continuing appropriation from the special fund for
11 amounts to pay principal, interest, and other bond expenses
12 and obligations as provided in this Act. All other expenses
13 of the Authority, including the ordinary and contingent
14 expenses for the Authority's annual operations, are subject
15 to annual appropriation by the General Assembly from the
16 special fund (or from other funds as provided in Section 18)
17 for each fiscal year. Said special fund shall be considered
18 always appropriated for the purposes of disbursements, as
19 provided in this Act, and shall be paid out and disbursed
20 only as provided herein, and shall not, at any time be
21 appropriated or diverted to any other use or purpose.
22 (Source: P.A. 83-1258.)