[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] | [ House Amendment 001 ] |
91_HB0357
LRB9102240MWgc
1 AN ACT to amend the State Finance Act by changing Section
2 6z-45.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The State Finance Act is amended by changing
6 Section 6z-45 as follows:
7 (30 ILCS 105/6z-45)
8 Sec. 6z-45. The School Infrastructure Fund. The School
9 Infrastructure Fund is created as a special fund in the State
10 Treasury. Subject to the transfer provisions set forth
11 below, money in the School Infrastructure Fund shall, if and
12 when the State of Illinois incurs any bonded indebtedness for
13 the construction of school improvements under the School
14 Construction Act, be set aside and used for the purpose of
15 paying and discharging annually the principal and interest on
16 that bonded indebtedness then due and payable, and for no
17 other purpose. In addition to other transfers to the General
18 Obligation Bond Retirement and Interest Fund made pursuant to
19 Section 15 of the General Obligation Bond Act, upon each
20 delivery of bonds issued for construction of school
21 improvements under the School Construction Act, the State
22 Comptroller shall compute and certify to the State Treasurer
23 the total amount of principal of, interest on, and premium,
24 if any, on such bonds during the then current and each
25 succeeding fiscal year. On or before the last day of each
26 month, the State Treasurer and State Comptroller shall
27 transfer from the School Infrastructure Fund to the General
28 Obligation Bond Retirement and Interest Fund an amount
29 sufficient to pay the aggregate of the principal of, interest
30 on, and premium, if any, on the bonds payable on their next
31 payment date, divided by the number of monthly transfers
-2- LRB9102240MWgc
1 occurring between the last previous payment date (or the
2 delivery date if no payment date has yet occurred) and the
3 next succeeding payment date.
4 The surplus, if any, in the School Infrastructure Fund
5 after the payment of principal and interest on that bonded
6 indebtedness then annually due shall, subject to
7 appropriation, be used as follows:
8 First--to make 3 transfers payments to the School
9 Technology Revolving Loan Fund as follows:
10 Transfer of $30,000,000 in fiscal year 1999;
11 Transfer of $20,000,000 in fiscal year 2000; and
12 Transfer of $10,000,000 in fiscal year 2001.
13 Second--to pay, subject to appropriation, the expenses of
14 the State Board of Education and the Capital Development
15 Board in administering programs under the School Construction
16 Act, the total expenses not to exceed $1,000,000 in any
17 fiscal year.
18 Third--to pay, subject to appropriation, any amounts due
19 for grants for school construction projects and debt service
20 under the School Construction Act.
21 (Source: P.A. 90-548, eff. 1-1-98; 90-587, eff. 7-1-98.)