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| [ Senate Amendment 001 ] |
92_HB2828sam002
LRB9206235WHdvam01
1 AMENDMENT TO HOUSE BILL 2828
2 AMENDMENT NO. . Amend House Bill 2828, AS AMENDED,
3 by replacing the title with the following:
4 "AN ACT concerning State finance."; and
5 by replacing everything after the enacting clause with the
6 following:
7 "Section 5. The State Finance Act is amended by changing
8 Section 6z-43 as follows:
9 (30 ILCS 105/6z-43)
10 Sec. 6z-43. Tobacco Settlement Recovery Fund.
11 (a) There is created in the State Treasury a special
12 fund to be known as the Tobacco Settlement Recovery Fund,
13 into which shall be deposited all monies paid to the State
14 pursuant to (1) the Master Settlement Agreement entered in
15 the case of People of the State of Illinois v. Philip Morris,
16 et al. (Circuit Court of Cook County, No. 96-L13146) and (2)
17 any settlement with or judgment against any tobacco product
18 manufacturer other than one participating in the Master
19 Settlement Agreement in satisfaction of any released claim as
20 defined in the Master Settlement Agreement, as well as any
21 other monies as provided by law. All earnings on Fund
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1 investments shall be deposited into the Fund. Upon the
2 creation of the Fund, the State Comptroller shall order the
3 State Treasurer to transfer into the Fund any monies paid to
4 the State as described in item (1) or (2) of this Section
5 before the creation of the Fund plus any interest earned on
6 the investment of those monies. The Treasurer may invest the
7 moneys in the Fund in the same manner, in the same types of
8 investments, and subject to the same limitations provided in
9 the Illinois Pension Code for the investment of pension funds
10 other than those established under Article 3 or 4 of the
11 Code.
12 (b) As soon as may be practical after June 30, 2001,
13 upon notification from and at the direction of the Governor,
14 the State Comptroller shall direct and the State Treasurer
15 shall transfer the unencumbered balance in the Tobacco
16 Settlement Recovery Fund as of June 30, 2001, as determined
17 by the Governor, into the Budget Stabilization Fund. The
18 Treasurer may invest the moneys in the Budget Stabilization
19 Fund in the same manner, in the same types of investments,
20 and subject to the same limitations provided in the Illinois
21 Pension Code for the investment of pension funds other than
22 those established under Article 3 or 4 of the Code.
23 (c) In addition to any other deposits authorized by law,
24 after any delivery of any bonds as authorized by Section 7.5
25 of the General Obligation Bond Act for deposits to the
26 General Revenue Fund and the Budget Stabilization Fund
27 (referred to as "tobacco securitization general obligation
28 bonds"), the Governor shall certify, on or before June 30,
29 2003 and June 30 of each year thereafter, to the State
30 Comptroller and State Treasurer the total amount of principal
31 of, interest on, and premium, if any, due on those bonds in
32 the next fiscal year beginning with amounts due in fiscal
33 year 2004. As soon as practical after the annual payment of
34 tobacco settlement moneys to the Tobacco Settlement Recovery
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1 Fund as described in item (1) of subsection (a), the State
2 Treasurer and State Comptroller shall transfer from the
3 Tobacco Settlement Recovery Fund to the General Obligation
4 Bond Retirement and Interest Fund the amount certified by the
5 Governor, plus any cumulative deficiency in those transfers
6 for prior years.
7 (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00;
8 91-797, eff. 6-9-00; 92-11, eff. 6-11-01; 92-16, eff.
9 6-28-01.)
10 Section 10. The General Obligation Bond Act is amended
11 by changing Sections 2 and 12, and adding Section 7.5 as
12 follows:
13 (30 ILCS 330/2) (from Ch. 127, par. 652)
14 Sec. 2. Authorization for Bonds. The State of Illinois
15 is authorized to issue, sell and provide for the retirement
16 of General Obligation Bonds of the State of Illinois for the
17 categories and specific purposes expressed in Sections 2
18 through 8 of this Act, in the total amount of $16,015,007,500
19 $15,265,007,500.
20 The bonds authorized in this Section 2 and in Section 16
21 of this Act are herein called "Bonds".
22 Of the total amount of Bonds authorized in this Act, up
23 to $2,200,000,000 in aggregate original principal amount may
24 be issued and sold in accordance with the Baccalaureate
25 Savings Act in the form of General Obligation College Savings
26 Bonds.
27 Of the total amount of Bonds authorized in this Act, up
28 to $300,000,000 in aggregate original principal amount may be
29 issued and sold in accordance with the Retirement Savings Act
30 in the form of General Obligation Retirement Savings Bonds.
31 The issuance and sale of Bonds pursuant to the General
32 Obligation Bond Act is an economical and efficient method of
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1 financing the capital and general operating needs of the
2 State. This Act will permit the issuance of a multi-purpose
3 General Obligation Bond with uniform terms and features.
4 This will not only lower the cost of registration but also
5 reduce the overall cost of issuing debt by improving the
6 marketability of Illinois General Obligation Bonds.
7 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff 6-30-99;
8 91-710, eff. 5-17-00; 92-13, eff. 6-22-01.)
9 (30 ILCS 330/7.5 new)
10 Sec. 7.5. Tobacco securitization general obligation
11 bonds. The amount of $750,000,000 is authorized to be issued
12 only during fiscal year 2003 for the making of deposits of
13 50% of net proceeds to the General Revenue Fund to build the
14 fiscal year ending general funds cash balance and to meet the
15 ordinary and contingent expenses of the State and 50% of net
16 proceeds to the Budget Stabilization Fund.
17 (30 ILCS 330/12) (from Ch. 127, par. 662)
18 Sec. 12. Allocation of Proceeds from Sale of Bonds.
19 (a) Proceeds from the sale of Bonds, authorized by
20 Section 3 of this Act, shall be deposited in the separate
21 fund known as the Capital Development Fund.
22 (b) Proceeds from the sale of Bonds, authorized by
23 paragraph (a) of Section 4 of this Act, shall be deposited in
24 the separate fund known as the Transportation Bond, Series A
25 Fund.
26 (c) Proceeds from the sale of Bonds, authorized by
27 paragraphs (b) and (c) of Section 4 of this Act, shall be
28 deposited in the separate fund known as the Transportation
29 Bond, Series B Fund.
30 (d) Proceeds from the sale of Bonds, authorized by
31 Section 5 of this Act, shall be deposited in the separate
32 fund known as the School Construction Fund.
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1 (e) Proceeds from the sale of Bonds, authorized by
2 Section 6 of this Act, shall be deposited in the separate
3 fund known as the Anti-Pollution Fund.
4 (f) Proceeds from the sale of Bonds, authorized by
5 Section 7 of this Act, shall be deposited in the separate
6 fund known as the Coal Development Fund.
7 (f-5) Proceeds from the sale of Bonds, authorized by
8 Section 7.5 of this Act, shall be deposited as set forth in
9 Section 7.5.
10 (g) Proceeds from the sale of Bonds, authorized by
11 Section 8 of this Act, shall be deposited in the Capital
12 Development Fund.
13 (h) Subsequent to the issuance of any Bonds for the
14 purposes described in Sections 2 through 8 of this Act, the
15 Governor and the Director of the Bureau of the Budget may
16 provide for the reallocation of unspent proceeds of such
17 Bonds to any other purposes authorized under said Sections of
18 this Act, subject to the limitations on aggregate principal
19 amounts contained therein. Upon any such reallocation, such
20 unspent proceeds shall be transferred to the appropriate
21 funds as determined by reference to paragraphs (a) through
22 (g) of this Section.
23 (Source: P.A. 90-549, eff. 12-8-97; 90-586, eff. 6-4-98;
24 90-653, eff. 7-29-98.)
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.".