Bill Amendment: IL HB3871 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: STATE GOV-PRIORITY OF PAYMENTS

Status: 2019-01-08 - Session Sine Die [HB3871 Detail]

Download: Illinois-2017-HB3871-House_Amendment_002.html

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Rep. Robert Martwick

Filed: 5/24/2017

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AMENDMENT TO HOUSE BILL 3871
AMENDMENT NO. ______. Amend House Bill 3871 by replacing
everything after the enacting clause with the following:
"Section 5. The State Budget Law of the Civil
Administrative Code of Illinois is amended by adding Sections
50-23 and 50-24 as follows:
(15 ILCS 20/50-23 new)
Sec. 50-23. Funding for public education.
(a) As it is a fundamental goal that the State support the
educational development of all people of Illinois and as the
State has primary responsibility for financing the system of
public education, it is the policy of the State of Illinois
that stability of payments for education shall be a priority.
(b) For purposes of this Section:
"Funding for public education" means appropriations
made available for public education from the General

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Revenue Fund; Education Assistance Fund; Common School
Fund; Fund for the Advancement of Education; Personal
Property Tax Replacement Fund; Drivers Education Fund;
School District Emergency Financial Assistance Fund;
School Technology Revolving Loan Fund; SBE Federal
Department of Education Fund; and School Infrastructure
Fund.
"Public education" means services provided for by a
school under the jurisdiction of the State Board of
Education or an institution of higher education under the
jurisdiction of the Board of Higher Education.
(15 ILCS 20/50-24 new)
Sec. 50-24. Funding for human services.
(a) To provide for public health and welfare it is the
policy of the State that in payments from general revenue,
stability of payments for human needs shall be a priority.
(b) For purposes of this Section:
"Human services" means all services provided for by the
following Departments: the Department of Human Services,
the Department on Aging, the Department of Healthcare and
Family Services, the Department of Children and Family
Services, and the Department of Public Health.
"Funding for human services" means appropriations made
available for human services from the General Revenue Fund;
Commitment to Human Services Fund; Long Term Care Ombudsman

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Fund; Tobacco Settlement Recovery Fund; and Department on
Aging State Projects Fund.
Section 10. The State Comptroller Act is amended by adding
Section 9.5 as follows:
(15 ILCS 405/9.5 new)
Sec. 9.5. Prioritization of payments.
(a) It is the policy of the State that in payments from the
General Revenue Fund, payments for education and human needs
should be prioritized in order to provide for the health,
safety and well-being of the people of Illinois. The
Comptroller is responsible for implementing this policy.
(b) As used in this section:
"Education" means services provided for by a school
under the jurisdiction of the State Board of Education or
an institution of higher education under the jurisdiction
of the Board of Higher Education.
"Human services" means all services provided for by the
following Departments: the Department of Human Services,
the Department on Aging, the Department of Healthcare and
Family Services, the Department of Children and Family
Services, and the Department of Public Health.
"Payments for financial services" means payments to
financial institutions for processes related to activities
of State finance from the General Revenue Fund. "Payments

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for financial services" shall not include payments to
bondholders; however, it shall include, but not be limited
to, payments for net payments on interest rate swap
agreements, fees for credit enhancements and re-marketing,
and other fees for financial services associated with
bonds.
(c) If any cash flow deficit resulting from timing
variation between disbursement and receipt of funds in the
General Revenue Fund is anticipated, in efforts to manage
timing variations, the Comptroller shall prioritize payments
for education and human services relative to payments for
financial services.
Section 15. The State Treasurer Act is amended by changing
Section 11 as follows:
(15 ILCS 505/11) (from Ch. 130, par. 11)
Sec. 11. When any warrant is presented to the State
Treasurer to be countersigned, he shall do so if the warrant is
in proper form, and there are sufficient moneys in the fund to
pay the warrant, and the Comptroller certifies that the
provisions of Section 9.5 of the State Comptroller Act have
been followed. He shall also make a record of the date and
amount of each warrant.
Upon request for a wire or electronic transfer of funds
pursuant to a warrant payable from the State treasury, the

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State Treasurer may impose upon and collect from the requesting
payee a service charge covering all costs of such transfer.
(Source: P.A. 99-562, eff. 1-1-17.)
Section 20. The General Obligation Bond Act is amended by
changing Sections 9, 14, and 15 as follows:
(30 ILCS 330/9) (from Ch. 127, par. 659)
Sec. 9. Conditions for Issuance and Sale of Bonds -
Requirements for Bonds.
(a) Except as otherwise provided in this subsection, Bonds
shall be issued and sold from time to time, in one or more
series, in such amounts and at such prices as may be directed
by the Governor, upon recommendation by the Director of the
Governor's Office of Management and Budget. Bonds shall be in
such form (either coupon, registered or book entry), in such
denominations, payable within 25 years from their date, subject
to such terms of redemption with or without premium, bear
interest payable at such times and at such fixed or variable
rate or rates, and be dated as shall be fixed and determined by
the Director of the Governor's Office of Management and Budget
in the order authorizing the issuance and sale of any series of
Bonds, which order shall be approved by the Governor and is
herein called a "Bond Sale Order"; provided however, that
interest payable at fixed or variable rates shall not exceed
that permitted in the Bond Authorization Act, as now or

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hereafter amended. Bonds shall be payable at such place or
places, within or without the State of Illinois, and may be
made registrable as to either principal or as to both principal
and interest, as shall be specified in the Bond Sale Order.
Bonds may be callable or subject to purchase and retirement or
tender and remarketing as fixed and determined in the Bond Sale
Order. Bonds, other than Bonds issued under Section 3 of this
Act for the costs associated with the purchase and
implementation of information technology, (i) except for
refunding Bonds satisfying the requirements of Section 16 of
this Act and sold during fiscal year 2009, 2010, 2011, or 2017
must be issued with principal or mandatory redemption amounts
in equal amounts, with the first maturity issued occurring
within the fiscal year in which the Bonds are issued or within
the next succeeding fiscal year and (ii) must mature or be
subject to mandatory redemption each fiscal year thereafter up
to 25 years, except for refunding Bonds satisfying the
requirements of Section 16 of this Act and sold during fiscal
year 2009, 2010, or 2011 which must mature or be subject to
mandatory redemption each fiscal year thereafter up to 16
years. Bonds issued under Section 3 of this Act for the costs
associated with the purchase and implementation of information
technology must be issued with principal or mandatory
redemption amounts in equal amounts, with the first maturity
issued occurring with the fiscal year in which the respective
bonds are issued or with the next succeeding fiscal year, with

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the respective bonds issued maturing or subject to mandatory
redemption each fiscal year thereafter up to 10 years.
Notwithstanding any provision of this Act to the contrary, the
Bonds authorized by Public Act 96-43 shall be payable within 5
years from their date and must be issued with principal or
mandatory redemption amounts in equal amounts, with payment of
principal or mandatory redemption beginning in the first fiscal
year following the fiscal year in which the Bonds are issued.
Notwithstanding any provision of this Act to the contrary,
the Bonds authorized by Public Act 96-1497 shall be payable
within 8 years from their date and shall be issued with payment
of maturing principal or scheduled mandatory redemptions in
accordance with the following schedule, except the following
amounts shall be prorated if less than the total additional
amount of Bonds authorized by Public Act 96-1497 are issued:
Fiscal Year After Issuance Amount
1-2 $0
3 $110,712,120
4 $332,136,360
5 $664,272,720
6-8 $996,409,080
In the case of any series of Bonds bearing interest at a
variable interest rate ("Variable Rate Bonds"), in lieu of
determining the rate or rates at which such series of Variable
Rate Bonds shall bear interest and the price or prices at which
such Variable Rate Bonds shall be initially sold or remarketed

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(in the event of purchase and subsequent resale), the Bond Sale
Order may provide that such interest rates and prices may vary
from time to time depending on criteria established in such
Bond Sale Order, which criteria may include, without
limitation, references to indices or variations in interest
rates as may, in the judgment of a remarketing agent, be
necessary to cause Variable Rate Bonds of such series to be
remarketable from time to time at a price equal to their
principal amount, and may provide for appointment of a bank,
trust company, investment bank, or other financial institution
to serve as remarketing agent in that connection. The Bond Sale
Order may provide that alternative interest rates or provisions
for establishing alternative interest rates, different
security or claim priorities, or different call or amortization
provisions will apply during such times as Variable Rate Bonds
of any series are held by a person providing credit or
liquidity enhancement arrangements for such Bonds as
authorized in subsection (b) of this Section. The Bond Sale
Order may also provide for such variable interest rates to be
established pursuant to a process generally known as an auction
rate process and may provide for appointment of one or more
financial institutions to serve as auction agents and
broker-dealers in connection with the establishment of such
interest rates and the sale and remarketing of such Bonds.
(b) In connection with the issuance of any series of Bonds,
the State may enter into arrangements to provide additional

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security and liquidity for such Bonds, including, without
limitation, bond or interest rate insurance or letters of
credit, lines of credit, bond purchase contracts, or other
arrangements whereby funds are made available to retire or
purchase Bonds, thereby assuring the ability of owners of the
Bonds to sell or redeem their Bonds. The State may enter into
contracts and may agree to pay fees to persons providing such
arrangements, but only under circumstances where the Director
of the Governor's Office of Management and Budget certifies
that he or she reasonably expects the total interest paid or to
be paid on the Bonds, together with the fees for the
arrangements (being treated as if interest), would not, taken
together, cause the Bonds to bear interest, calculated to their
stated maturity, at a rate in excess of the rate that the Bonds
would bear in the absence of such arrangements.
The State may, with respect to Bonds issued or anticipated
to be issued, participate in and enter into arrangements with
respect to interest rate protection or exchange agreements,
guarantees, or financial futures contracts for the purpose of
limiting, reducing, or managing interest rate exposure. The
authority granted under this paragraph, however, shall not
increase the principal amount of Bonds authorized to be issued
by law. The arrangements may be executed and delivered by the
Director of the Governor's Office of Management and Budget on
behalf of the State. Net payments for such arrangements shall
constitute interest on the Bonds and shall be paid from the

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General Obligation Bond Retirement and Interest Fund. The
Director of the Governor's Office of Management and Budget
shall at least annually certify to the Governor and the State
Comptroller his or her estimate of the amounts of such net
payments to be included in the calculation of interest required
to be paid by the State. The estimate of the amounts of such
net payments shall be itemized by each agreement or contract
for which a net amount has been included.
(c) Prior to the issuance of any Variable Rate Bonds
pursuant to subsection (a), the Director of the Governor's
Office of Management and Budget shall adopt an interest rate
risk management policy providing that the amount of the State's
variable rate exposure with respect to Bonds shall not exceed
20%. This policy shall remain in effect while any Bonds are
outstanding and the issuance of Bonds shall be subject to the
terms of such policy. The terms of this policy may be amended
from time to time by the Director of the Governor's Office of
Management and Budget but in no event shall any amendment cause
the permitted level of the State's variable rate exposure with
respect to Bonds to exceed 20%.
(d) "Build America Bonds" in this Section means Bonds
authorized by Section 54AA of the Internal Revenue Code of
1986, as amended ("Internal Revenue Code"), and bonds issued
from time to time to refund or continue to refund "Build
America Bonds".
(e) Notwithstanding any other provision of this Section,

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Qualified School Construction Bonds shall be issued and sold
from time to time, in one or more series, in such amounts and
at such prices as may be directed by the Governor, upon
recommendation by the Director of the Governor's Office of
Management and Budget. Qualified School Construction Bonds
shall be in such form (either coupon, registered or book
entry), in such denominations, payable within 25 years from
their date, subject to such terms of redemption with or without
premium, and if the Qualified School Construction Bonds are
issued with a supplemental coupon, bear interest payable at
such times and at such fixed or variable rate or rates, and be
dated as shall be fixed and determined by the Director of the
Governor's Office of Management and Budget in the order
authorizing the issuance and sale of any series of Qualified
School Construction Bonds, which order shall be approved by the
Governor and is herein called a "Bond Sale Order"; except that
interest payable at fixed or variable rates, if any, shall not
exceed that permitted in the Bond Authorization Act, as now or
hereafter amended. Qualified School Construction Bonds shall
be payable at such place or places, within or without the State
of Illinois, and may be made registrable as to either principal
or as to both principal and interest, as shall be specified in
the Bond Sale Order. Qualified School Construction Bonds may be
callable or subject to purchase and retirement or tender and
remarketing as fixed and determined in the Bond Sale Order.
Qualified School Construction Bonds must be issued with

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principal or mandatory redemption amounts or sinking fund
payments into the General Obligation Bond Retirement and
Interest Fund (or subaccount therefor) in equal amounts, with
the first maturity issued, mandatory redemption payment or
sinking fund payment occurring within the fiscal year in which
the Qualified School Construction Bonds are issued or within
the next succeeding fiscal year, with Qualified School
Construction Bonds issued maturing or subject to mandatory
redemption or with sinking fund payments thereof deposited each
fiscal year thereafter up to 25 years. Sinking fund payments
set forth in this subsection shall be permitted only to the
extent authorized in Section 54F of the Internal Revenue Code
or as otherwise determined by the Director of the Governor's
Office of Management and Budget. "Qualified School
Construction Bonds" in this subsection means Bonds authorized
by Section 54F of the Internal Revenue Code and for bonds
issued from time to time to refund or continue to refund such
"Qualified School Construction Bonds".
(f) Beginning with the next issuance by the Governor's
Office of Management and Budget to the Procurement Policy Board
of a request for quotation for the purpose of formulating a new
pool of qualified underwriting banks list, all entities
responding to such a request for quotation for inclusion on
that list shall provide a written report to the Governor's
Office of Management and Budget and the Illinois Comptroller.
The written report submitted to the Comptroller shall (i) be

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published on the Comptroller's Internet website and (ii) be
used by the Governor's Office of Management and Budget for the
purposes of scoring such a request for quotation. The written
report, at a minimum, shall:
(1) disclose whether, within the past 3 months,
pursuant to its credit default swap market-making
activities, the firm has entered into any State of Illinois
credit default swaps ("CDS");
(2) include, in the event of State of Illinois CDS
activity, disclosure of the firm's cumulative notional
volume of State of Illinois CDS trades and the firm's
outstanding gross and net notional amount of State of
Illinois CDS, as of the end of the current 3-month period;
(3) indicate, pursuant to the firm's proprietary
trading activities, disclosure of whether the firm, within
the past 3 months, has entered into any proprietary trades
for its own account in State of Illinois CDS;
(4) include, in the event of State of Illinois
proprietary trades, disclosure of the firm's outstanding
gross and net notional amount of proprietary State of
Illinois CDS and whether the net position is short or long
credit protection, as of the end of the current 3-month
period;
(5) list all time periods during the past 3 months
during which the firm held net long or net short State of
Illinois CDS proprietary credit protection positions, the

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amount of such positions, and whether those positions were
net long or net short credit protection positions; and
(6) indicate whether, within the previous 3 months, the
firm released any publicly available research or marketing
reports that reference State of Illinois CDS and include
those research or marketing reports as attachments.
(g) All entities included on a Governor's Office of
Management and Budget's pool of qualified underwriting banks
list shall, as soon as possible after March 18, 2011 (the
effective date of Public Act 96-1554), but not later than
January 21, 2011, and on a quarterly fiscal basis thereafter,
provide a written report to the Governor's Office of Management
and Budget and the Illinois Comptroller. The written reports
submitted to the Comptroller shall be published on the
Comptroller's Internet website. The written reports, at a
minimum, shall:
(1) disclose whether, within the past 3 months,
pursuant to its credit default swap market-making
activities, the firm has entered into any State of Illinois
credit default swaps ("CDS");
(2) include, in the event of State of Illinois CDS
activity, disclosure of the firm's cumulative notional
volume of State of Illinois CDS trades and the firm's
outstanding gross and net notional amount of State of
Illinois CDS, as of the end of the current 3-month period;
(3) indicate, pursuant to the firm's proprietary

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trading activities, disclosure of whether the firm, within
the past 3 months, has entered into any proprietary trades
for its own account in State of Illinois CDS;
(4) include, in the event of State of Illinois
proprietary trades, disclosure of the firm's outstanding
gross and net notional amount of proprietary State of
Illinois CDS and whether the net position is short or long
credit protection, as of the end of the current 3-month
period;
(5) list all time periods during the past 3 months
during which the firm held net long or net short State of
Illinois CDS proprietary credit protection positions, the
amount of such positions, and whether those positions were
net long or net short credit protection positions; and
(6) indicate whether, within the previous 3 months, the
firm released any publicly available research or marketing
reports that reference State of Illinois CDS and include
those research or marketing reports as attachments.
(Source: P.A. 99-523, eff. 6-30-16.)
(30 ILCS 330/14) (from Ch. 127, par. 664)
Sec. 14. Repayment.
(a) To provide for the manner of repayment of Bonds, the
Governor shall include an appropriation in each annual State
Budget of monies in such amount as shall be necessary and
sufficient, for the period covered by such budget, to pay the

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interest, as it shall accrue, on all Bonds issued under this
Act, to pay and discharge the principal of such Bonds as shall,
by their terms, fall due during such period, to pay a premium,
if any, on Bonds to be redeemed prior to the maturity date, and
to pay sinking fund payments in connection with Qualified
School Construction Bonds authorized by subsection (e) of
Section 9. Amounts included in such appropriations for the
payment of interest on variable rate bonds shall be the maximum
amounts of interest that may be payable for the period covered
by the budget, after taking into account any credits permitted
in the related indenture or other instrument against the amount
of such interest required to be appropriated for such period.
Amounts included in such appropriations for the payment of
interest shall include the total amount amounts certified by
the Director of the Governor's Office of Management and Budget
under subsection (b) of Section 9 of this Act.
(b) A separate fund in the State Treasury called the
"General Obligation Bond Retirement and Interest Fund" is
hereby created.
(c) The General Assembly shall annually make
appropriations to pay the principal of, interest on, and
premium, if any, on Bonds sold under this Act from the General
Obligation Bond Retirement and Interest Fund. Amounts included
in such appropriations for the payment of interest on variable
rate bonds shall be the maximum amounts of interest that may be
payable during the fiscal year, after taking into account any

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credits permitted in the related indenture or other instrument
against the amount of such interest required to be appropriated
for such period. Amounts included in such appropriations for
the payment of interest shall include the total amount amounts
certified by the Director of the Governor's Office of
Management and Budget under subsection (b) of Section 9 of this
Act.
If for any reason there are insufficient funds in either
the General Revenue Fund or the Road Fund to make transfers to
the General Obligation Bond Retirement and Interest Fund as
required by Section 15 of this Act, or if for any reason the
General Assembly fails to make appropriations sufficient to pay
the principal of, interest on, and premium, if any, on the
Bonds, as the same by their terms shall become due, this Act
shall constitute an irrevocable and continuing appropriation
of all amounts necessary for that purpose, and the irrevocable
and continuing authority for and direction to the State
Treasurer and the Comptroller to make the necessary transfers,
as directed by the Governor, out of and disbursements from the
revenues and funds of the State.
(d) If, because of insufficient funds in either the General
Revenue Fund or the Road Fund, monies have been transferred to
the General Obligation Bond Retirement and Interest Fund, as
required by subsection (c) of this Section, this Act shall
constitute the irrevocable and continuing authority for and
direction to the State Treasurer and Comptroller to reimburse

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these funds of the State from the General Revenue Fund or the
Road Fund, as appropriate, by transferring, at such times and
in such amounts, as directed by the Governor, an amount to
these funds equal to that transferred from them.
(Source: P.A. 96-828, eff. 12-2-09.)
(30 ILCS 330/15) (from Ch. 127, par. 665)
Sec. 15. Computation of Principal and Interest; transfers.
(a) Upon each delivery of Bonds authorized to be issued
under this Act, the Comptroller shall compute and certify to
the Treasurer the total amount of principal of, interest on,
and premium, if any, on Bonds issued that will be payable in
order to retire such Bonds, the amount of principal of,
interest on and premium, if any, on such Bonds that will be
payable on each payment date according to the tenor of such
Bonds during the then current and each succeeding fiscal year,
and the amount of sinking fund payments needed to be deposited
in connection with Qualified School Construction Bonds
authorized by subsection (e) of Section 9. With respect to the
interest payable on variable rate bonds, such certifications
shall be calculated at the maximum rate of interest that may be
payable during the fiscal year, after taking into account any
credits permitted in the related indenture or other instrument
against the amount of such interest required to be appropriated
for such period pursuant to subsection (c) of Section 14 of
this Act. Such With respect to the interest payable, such

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certifications shall include the amounts certified by the
Director of the Governor's Office of Management and Budget
under subsection (b) of Section 9 of this Act. Any amounts
included in the Comptroller's computations and certifications
that are based on amounts from the Director of the Governor's
Office of Management and Budget certified under subsection (b)
of Section 9 shall be itemized by each agreement or contract
for which a net amount has been included.
On or before the last day of each month the State Treasurer
and Comptroller shall transfer from (1) the Road Fund with
respect to Bonds issued under paragraph (a) of Section 4 of
this Act or Bonds issued for the purpose of refunding such
bonds, and from (2) the General Revenue Fund, with respect to
all other Bonds issued under this Act, to the General
Obligation Bond Retirement and Interest Fund an amount
sufficient to pay the aggregate of the principal of, interest
on, and premium, if any, on Bonds payable, by their terms on
the next payment date divided by the number of full calendar
months between the date of such Bonds and the first such
payment date, and thereafter, divided by the number of months
between each succeeding payment date after the first. Such
computations and transfers shall be made for each series of
Bonds issued and delivered. Interest payable on variable rate
bonds shall be calculated at the maximum rate of interest that
may be payable for the relevant period, after taking into
account any credits permitted in the related indenture or other

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instrument against the amount of such interest required to be
appropriated for such period pursuant to subsection (c) of
Section 14 of this Act. Computations of interest shall include
the amounts certified by the Director of the Governor's Office
of Management and Budget under subsection (b) of Section 9 of
this Act. Computations that include amounts certified under
subsection (b) of section 9 shall be itemized by each agreement
or contract for which a net amount is included, and documents
created by either the State Treasurer or State Comptroller in
the course of executing transfers and payments shall include
this itemization. Interest for which moneys have already been
deposited into the capitalized interest account within the
General Obligation Bond Retirement and Interest Fund shall not
be included in the calculation of the amounts to be transferred
under this subsection. Notwithstanding any other provision in
this Section, the transfer provisions provided in this
paragraph shall not apply to transfers made in fiscal year 2010
or fiscal year 2011 with respect to Bonds issued in fiscal year
2010 or fiscal year 2011 pursuant to Section 7.2 of this Act.
In the case of transfers made in fiscal year 2010 or fiscal
year 2011 with respect to the Bonds issued in fiscal year 2010
or fiscal year 2011 pursuant to Section 7.2 of this Act, on or
before the 15th day of the month prior to the required debt
service payment, the State Treasurer and Comptroller shall
transfer from the General Revenue Fund to the General
Obligation Bond Retirement and Interest Fund an amount

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sufficient to pay the aggregate of the principal of, interest
on, and premium, if any, on the Bonds payable in that next
month.
The transfer of monies herein and above directed is not
required if monies in the General Obligation Bond Retirement
and Interest Fund are more than the amount otherwise to be
transferred as herein above provided, and if the Governor or
his authorized representative notifies the State Treasurer and
Comptroller of such fact in writing.
(b) After the effective date of this Act, the balance of,
and monies directed to be included in the Capital Development
Bond Retirement and Interest Fund, Anti-Pollution Bond
Retirement and Interest Fund, Transportation Bond, Series A
Retirement and Interest Fund, Transportation Bond, Series B
Retirement and Interest Fund, and Coal Development Bond
Retirement and Interest Fund shall be transferred to and
deposited in the General Obligation Bond Retirement and
Interest Fund. This Fund shall be used to make debt service
payments on the State's general obligation Bonds heretofore
issued which are now outstanding and payable from the Funds
herein listed as well as on Bonds issued under this Act.
(c) The unused portion of federal funds received for a
capital facilities project, as authorized by Section 3 of this
Act, for which monies from the Capital Development Fund have
been expended shall remain in the Capital Development Board
Contributory Trust Fund and shall be used for capital projects

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and for no other purpose, subject to appropriation and as
directed by the Capital Development Board. Any federal funds
received as reimbursement for the completed construction of a
capital facilities project, as authorized by Section 3 of this
Act, for which monies from the Capital Development Fund have
been expended shall be deposited in the General Obligation Bond
Retirement and Interest Fund.
(Source: P.A. 98-245, eff. 1-1-14.)".