Bill Amendment: IL SB0004 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

---

Bill Title: GO RESTRUCTURING BONDS

Status: 2019-01-09 - Session Sine Die [SB0004 Detail]

Download: Illinois-2017-SB0004-Senate_Amendment_001.html

---

Sen. Donne E. Trotter

Filed: 1/24/2017

10000SB0004sam001 LRB100 06348 HLH 18184 a
AMENDMENT TO SENATE BILL 4
AMENDMENT NO. ______. Amend Senate Bill 4 immediately below
the enacting clause, by inserting the following:
"Section 3. The Illinois Finance Authority Act is amended
by changing Section 801-40 as follows:
(20 ILCS 3501/801-40)
Sec. 801-40. In addition to the powers otherwise authorized
by law and in addition to the foregoing general corporate
powers, the Authority shall also have the following additional
specific powers to be exercised in furtherance of the purposes
of this Act.
(a) The Authority shall have power (i) to accept grants,
loans or appropriations from the federal government or the
State, or any agency or instrumentality thereof, to be used for
the operating expenses of the Authority, or for any purposes of
the Authority, including the making of direct loans of such

10000SB0004sam001 - 2 - LRB100 06348 HLH 18184 a
funds with respect to projects, and (ii) to enter into any
agreement with the federal government or the State, or any
agency or instrumentality thereof, in relationship to such
grants, loans or appropriations.
(b) The Authority shall have power to procure and enter
into contracts for any type of insurance and indemnity
agreements covering loss or damage to property from any cause,
including loss of use and occupancy, or covering any other
insurable risk.
(c) The Authority shall have the continuing power to issue
bonds for its corporate purposes. Bonds may be issued by the
Authority in one or more series and may provide for the payment
of any interest deemed necessary on such bonds, of the costs of
issuance of such bonds, of any premium on any insurance, or of
the cost of any guarantees, letters of credit or other similar
documents, may provide for the funding of the reserves deemed
necessary in connection with such bonds, and may provide for
the refunding or advance refunding of any bonds or for accounts
deemed necessary in connection with any purpose of the
Authority. The bonds may bear interest payable at any time or
times and at any rate or rates, notwithstanding any other
provision of law to the contrary, and such rate or rates may be
established by an index or formula which may be implemented or
established by persons appointed or retained therefor by the
Authority, or may bear no interest or may bear interest payable
at maturity or upon redemption prior to maturity, may bear such

10000SB0004sam001 - 3 - LRB100 06348 HLH 18184 a
date or dates, may be payable at such time or times and at such
place or places, may mature at any time or times not later than
40 years from the date of issuance, may be sold at public or
private sale at such time or times and at such price or prices,
may be secured by such pledges, reserves, guarantees, letters
of credit, insurance contracts or other similar credit support
or liquidity instruments, may be executed in such manner, may
be subject to redemption prior to maturity, may provide for the
registration of the bonds, and may be subject to such other
terms and conditions all as may be provided by the resolution
or indenture authorizing the issuance of such bonds. The holder
or holders of any bonds issued by the Authority may bring suits
at law or proceedings in equity to compel the performance and
observance by any person or by the Authority or any of its
agents or employees of any contract or covenant made with the
holders of such bonds and to compel such person or the
Authority and any of its agents or employees to perform any
duties required to be performed for the benefit of the holders
of any such bonds by the provision of the resolution
authorizing their issuance, and to enjoin such person or the
Authority and any of its agents or employees from taking any
action in conflict with any such contract or covenant.
Notwithstanding the form and tenor of any such bonds and in the
absence of any express recital on the face thereof that it is
non-negotiable, all such bonds shall be negotiable
instruments. Pending the preparation and execution of any such

10000SB0004sam001 - 4 - LRB100 06348 HLH 18184 a
bonds, temporary bonds may be issued as provided by the
resolution. The bonds shall be sold by the Authority in such
manner as it shall determine. The bonds may be secured as
provided in the authorizing resolution by the receipts,
revenues, income and other available funds of the Authority and
by any amounts derived by the Authority from the loan agreement
or lease agreement with respect to the project or projects; and
bonds may be issued as general obligations of the Authority
payable from such revenues, funds and obligations of the
Authority as the bond resolution shall provide, or may be
issued as limited obligations with a claim for payment solely
from such revenues, funds and obligations as the bond
resolution shall provide. The Authority may grant a specific
pledge or assignment of and lien on or security interest in
such rights, revenues, income, or amounts and may grant a
specific pledge or assignment of and lien on or security
interest in any reserves, funds or accounts established in the
resolution authorizing the issuance of bonds. Any such pledge,
assignment, lien or security interest for the benefit of the
holders of the Authority's bonds shall be valid and binding
from the time the bonds are issued without any physical
delivery or further act, and shall be valid and binding as
against and prior to the claims of all other parties having
claims against the Authority or any other person irrespective
of whether the other parties have notice of the pledge,
assignment, lien or security interest. As evidence of such

10000SB0004sam001 - 5 - LRB100 06348 HLH 18184 a
pledge, assignment, lien and security interest, the Authority
may execute and deliver a mortgage, trust agreement, indenture
or security agreement or an assignment thereof. A remedy for
any breach or default of the terms of any such agreement by the
Authority may be by mandamus proceedings in any court of
competent jurisdiction to compel the performance and
compliance therewith, but the agreement may prescribe by whom
or on whose behalf such action may be instituted. It is
expressly understood that the Authority may, but need not,
acquire title to any project with respect to which it exercises
its authority.
(c-5) Subject to the limitations set forth in this
subsection (c-5), the Authority shall have the power to issue
State Pension Obligation Acceleration Bonds if in any fiscal
year the amount appropriated for all accelerated pension
benefit payments is less than the amount required for those
payments. The proceeds from the State Pension Obligation
Acceleration Bonds issued under this subsection may be used
only to pay for accelerated pension benefit payments for the
fiscal year in which the State Pension Obligation Acceleration
Bonds are issued.
The Authority may not issue more than $250,000,000 in State
Pension Obligation Acceleration Bonds pursuant to the
authority granted in this subsection (c-5), excluding bonds
issued to refund outstanding State Pension Obligation
Acceleration Bonds.

10000SB0004sam001 - 6 - LRB100 06348 HLH 18184 a
(d) With respect to the powers granted by this Act, the
Authority may adopt rules and regulations prescribing the
procedures by which persons may apply for assistance under this
Act. Nothing herein shall be deemed to preclude the Authority,
prior to the filing of any formal application, from conducting
preliminary discussions and investigations with respect to the
subject matter of any prospective application.
(e) The Authority shall have power to acquire by purchase,
lease, gift or otherwise any property or rights therein from
any person useful for its purposes, whether improved for the
purposes of any prospective project, or unimproved. The
Authority may also accept any donation of funds for its
purposes from any such source. The Authority shall have no
independent power of condemnation but may acquire any property
or rights therein obtained upon condemnation by any other
authority, governmental entity or unit of local government with
such power.
(f) The Authority shall have power to develop, construct
and improve either under its own direction, or through
collaboration with any approved applicant, or to acquire
through purchase or otherwise, any project, using for such
purpose the proceeds derived from the sale of its bonds or from
governmental loans or grants, and to hold title in the name of
the Authority to such projects.
(g) The Authority shall have power to lease pursuant to a
lease agreement any project so developed and constructed or

10000SB0004sam001 - 7 - LRB100 06348 HLH 18184 a
acquired to the approved tenant on such terms and conditions as
may be appropriate to further the purposes of this Act and to
maintain the credit of the Authority. Any such lease may
provide for either the Authority or the approved tenant to
assume initially, in whole or in part, the costs of
maintenance, repair and improvements during the leasehold
period. In no case, however, shall the total rentals from any
project during any initial leasehold period or the total loan
repayments to be made pursuant to any loan agreement, be less
than an amount necessary to return over such lease or loan
period (1) all costs incurred in connection with the
development, construction, acquisition or improvement of the
project and for repair, maintenance and improvements thereto
during the period of the lease or loan; provided, however, that
the rentals or loan repayments need not include costs met
through the use of funds other than those obtained by the
Authority through the issuance of its bonds or governmental
loans; (2) a reasonable percentage additive to be agreed upon
by the Authority and the borrower or tenant to cover a properly
allocable portion of the Authority's general expenses,
including, but not limited to, administrative expenses,
salaries and general insurance, and (3) an amount sufficient to
pay when due all principal of, interest and premium, if any on,
any bonds issued by the Authority with respect to the project.
The portion of total rentals payable under clause (3) of this
subsection (g) shall be deposited in such special accounts,

10000SB0004sam001 - 8 - LRB100 06348 HLH 18184 a
including all sinking funds, acquisition or construction
funds, debt service and other funds as provided by any
resolution, mortgage or trust agreement of the Authority
pursuant to which any bond is issued.
(h) The Authority has the power, upon the termination of
any leasehold period of any project, to sell or lease for a
further term or terms such project on such terms and conditions
as the Authority shall deem reasonable and consistent with the
purposes of the Act. The net proceeds from all such sales and
the revenues or income from such leases shall be used to
satisfy any indebtedness of the Authority with respect to such
project and any balance may be used to pay any expenses of the
Authority or be used for the further development, construction,
acquisition or improvement of projects. In the event any
project is vacated by a tenant prior to the termination of the
initial leasehold period, the Authority shall sell or lease the
facilities of the project on the most advantageous terms
available. The net proceeds of any such disposition shall be
treated in the same manner as the proceeds from sales or the
revenues or income from leases subsequent to the termination of
any initial leasehold period.
(i) The Authority shall have the power to make loans to
persons to finance a project, to enter into loan agreements
with respect thereto, and to accept guarantees from persons of
its loans or the resultant evidences of obligations of the
Authority.

10000SB0004sam001 - 9 - LRB100 06348 HLH 18184 a
(j) The Authority may fix, determine, charge and collect
any premiums, fees, charges, costs and expenses, including,
without limitation, any application fees, commitment fees,
program fees, financing charges or publication fees from any
person in connection with its activities under this Act.
(k) In addition to the funds established as provided
herein, the Authority shall have the power to create and
establish such reserve funds and accounts as may be necessary
or desirable to accomplish its purposes under this Act and to
deposit its available monies into the funds and accounts.
(l) At the request of the governing body of any unit of
local government, the Authority is authorized to market such
local government's revenue bond offerings by preparing bond
issues for sale, advertising for sealed bids, receiving bids at
its offices, making the award to the bidder that offers the
most favorable terms or arranging for negotiated placements or
underwritings of such securities. The Authority may, at its
discretion, offer for concurrent sale the revenue bonds of
several local governments. Sales by the Authority of revenue
bonds under this Section shall in no way imply State guarantee
of such debt issue. The Authority may require such financial
information from participating local governments as it deems
necessary in order to carry out the purposes of this subsection
(1).
(m) The Authority may make grants to any county to which
Division 5-37 of the Counties Code is applicable to assist in

10000SB0004sam001 - 10 - LRB100 06348 HLH 18184 a
the financing of capital development, construction and
renovation of new or existing facilities for hospitals and
health care facilities under that Act. Such grants may only be
made from funds appropriated for such purposes from the Build
Illinois Bond Fund.
(n) The Authority may establish an urban development action
grant program for the purpose of assisting municipalities in
Illinois which are experiencing severe economic distress to
help stimulate economic development activities needed to aid in
economic recovery. The Authority shall determine the types of
activities and projects for which the urban development action
grants may be used, provided that such projects and activities
are broadly defined to include all reasonable projects and
activities the primary objectives of which are the development
of viable urban communities, including decent housing and a
suitable living environment, and expansion of economic
opportunity, principally for persons of low and moderate
incomes. The Authority shall enter into grant agreements from
monies appropriated for such purposes from the Build Illinois
Bond Fund. The Authority shall monitor the use of the grants,
and shall provide for audits of the funds as well as recovery
by the Authority of any funds determined to have been spent in
violation of this subsection (n) or any rule or regulation
promulgated hereunder. The Authority shall provide technical
assistance with regard to the effective use of the urban
development action grants. The Authority shall file an annual

10000SB0004sam001 - 11 - LRB100 06348 HLH 18184 a
report to the General Assembly concerning the progress of the
grant program.
(o) The Authority may establish a Housing Partnership
Program whereby the Authority provides zero-interest loans to
municipalities for the purpose of assisting in the financing of
projects for the rehabilitation of affordable multi-family
housing for low and moderate income residents. The Authority
may provide such loans only upon a municipality's providing
evidence that it has obtained private funding for the
rehabilitation project. The Authority shall provide 3 State
dollars for every 7 dollars obtained by the municipality from
sources other than the State of Illinois. The loans shall be
made from monies appropriated for such purpose from the Build
Illinois Bond Fund. The total amount of loans available under
the Housing Partnership Program shall not exceed $30,000,000.
State loan monies under this subsection shall be used only for
the acquisition and rehabilitation of existing buildings
containing 4 or more dwelling units. The terms of any loan made
by the municipality under this subsection shall require
repayment of the loan to the municipality upon any sale or
other transfer of the project.
(p) The Authority may award grants to universities and
research institutions, research consortiums and other
not-for-profit entities for the purposes of: remodeling or
otherwise physically altering existing laboratory or research
facilities, expansion or physical additions to existing

10000SB0004sam001 - 12 - LRB100 06348 HLH 18184 a
laboratory or research facilities, construction of new
laboratory or research facilities or acquisition of modern
equipment to support laboratory or research operations
provided that such grants (i) be used solely in support of
project and equipment acquisitions which enhance technology
transfer, and (ii) not constitute more than 60 percent of the
total project or acquisition cost.
(q) Grants may be awarded by the Authority to units of
local government for the purpose of developing the appropriate
infrastructure or defraying other costs to the local government
in support of laboratory or research facilities provided that
such grants may not exceed 40% of the cost to the unit of local
government.
(r) The Authority may establish a Direct Loan Program to
make loans to individuals, partnerships or corporations for the
purpose of an industrial project, as defined in Section 801-10
of this Act. For the purposes of such program and not by way of
limitation on any other program of the Authority, the Authority
shall have the power to issue bonds, notes, or other evidences
of indebtedness including commercial paper for purposes of
providing a fund of capital from which it may make such loans.
The Authority shall have the power to use any appropriations
from the State made especially for the Authority's Direct Loan
Program for additional capital to make such loans or for the
purposes of reserve funds or pledged funds which secure the
Authority's obligations of repayment of any bond, note or other

10000SB0004sam001 - 13 - LRB100 06348 HLH 18184 a
form of indebtedness established for the purpose of providing
capital for which it intends to make such loans under the
Direct Loan Program. For the purpose of obtaining such capital,
the Authority may also enter into agreements with financial
institutions and other persons for the purpose of selling loans
and developing a secondary market for such loans. Loans made
under the Direct Loan Program may be in an amount not to exceed
$300,000 and shall be made for a portion of an industrial
project which does not exceed 50% of the total project. No loan
may be made by the Authority unless approved by the affirmative
vote of at least 8 members of the board. The Authority shall
establish procedures and publish rules which shall provide for
the submission, review, and analysis of each direct loan
application and which shall preserve the ability of each board
member to reach an individual business judgment regarding the
propriety of making each direct loan. The collective discretion
of the board to approve or disapprove each loan shall be
unencumbered. The Authority may establish and collect such fees
and charges, determine and enforce such terms and conditions,
and charge such interest rates as it determines to be necessary
and appropriate to the successful administration of the Direct
Loan Program. The Authority may require such interests in
collateral and such guarantees as it determines are necessary
to project the Authority's interest in the repayment of the
principal and interest of each loan made under the Direct Loan
Program.

10000SB0004sam001 - 14 - LRB100 06348 HLH 18184 a
(s) The Authority may guarantee private loans to third
parties up to a specified dollar amount in order to promote
economic development in this State.
(t) The Authority may adopt rules and regulations as may be
necessary or advisable to implement the powers conferred by
this Act.
(u) The Authority shall have the power to issue bonds,
notes or other evidences of indebtedness, which may be used to
make loans to units of local government which are authorized to
enter into loan agreements and other documents and to issue
bonds, notes and other evidences of indebtedness for the
purpose of financing the protection of storm sewer outfalls,
the construction of adequate storm sewer outfalls, and the
provision for flood protection of sanitary sewage treatment
plans, in counties that have established a stormwater
management planning committee in accordance with Section
5-1062 of the Counties Code. Any such loan shall be made by the
Authority pursuant to the provisions of Section 820-5 to 820-60
of this Act. The unit of local government shall pay back to the
Authority the principal amount of the loan, plus annual
interest as determined by the Authority. The Authority shall
have the power, subject to appropriations by the General
Assembly, to subsidize or buy down a portion of the interest on
such loans, up to 4% per annum.
(v) The Authority may accept security interests as provided
in Sections 11-3 and 11-3.3 of the Illinois Public Aid Code.

10000SB0004sam001 - 15 - LRB100 06348 HLH 18184 a
(w) Moral Obligation. In the event that the Authority
determines that monies of the Authority will not be sufficient
for the payment of the principal of and interest on its bonds
during the next State fiscal year, the Chairperson, as soon as
practicable, shall certify to the Governor the amount required
by the Authority to enable it to pay such principal of and
interest on the bonds. The Governor shall submit the amount so
certified to the General Assembly as soon as practicable, but
no later than the end of the current State fiscal year. This
subsection shall apply only to any bonds or notes as to which
the Authority shall have determined, in the resolution
authorizing the issuance of the bonds or notes, that this
subsection shall apply. Whenever the Authority makes such a
determination, that fact shall be plainly stated on the face of
the bonds or notes and that fact shall also be reported to the
Governor. In the event of a withdrawal of moneys from a reserve
fund established with respect to any issue or issues of bonds
of the Authority to pay principal or interest on those bonds,
the Chairperson of the Authority, as soon as practicable, shall
certify to the Governor the amount required to restore the
reserve fund to the level required in the resolution or
indenture securing those bonds. The Governor shall submit the
amount so certified to the General Assembly as soon as
practicable, but no later than the end of the current State
fiscal year. The Authority shall obtain written approval from
the Governor for any bonds and notes to be issued under this

10000SB0004sam001 - 16 - LRB100 06348 HLH 18184 a
Section. In addition to any other bonds authorized to be issued
under Sections 825-60, 825-65(e), 830-25 and 845-5, the
principal amount of Authority bonds outstanding issued under
this Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS
360/2-6(c), which have been assumed by the Authority, shall not
exceed $150,000,000. This subsection (w) shall in no way be
applied to any bonds issued by the Authority on behalf of the
Illinois Power Agency under Section 825-90 of this Act.
(x) The Authority may enter into agreements or contracts
with any person necessary or appropriate to place the payment
obligations of the Authority under any of its bonds in whole or
in part on any interest rate basis, cash flow basis, or other
basis desired by the Authority, including without limitation
agreements or contracts commonly known as "interest rate swap
agreements", "forward payment conversion agreements", and
"futures", or agreements or contracts to exchange cash flows or
a series of payments, or agreements or contracts, including
without limitation agreements or contracts commonly known as
"options", "puts", or "calls", to hedge payment, rate spread,
or similar exposure; provided that any such agreement or
contract shall not constitute an obligation for borrowed money
and shall not be taken into account under Section 845-5 of this
Act or any other debt limit of the Authority or the State of
Illinois.
(y) The Authority shall publish summaries of projects and
actions approved by the members of the Authority on its

10000SB0004sam001 - 17 - LRB100 06348 HLH 18184 a
website. These summaries shall include, but not be limited to,
information regarding the:
(1) project;
(2) Board's action or actions;
(3) purpose of the project;
(4) Authority's program and contribution;
(5) volume cap;
(6) jobs retained;
(7) projected new jobs;
(8) construction jobs created;
(9) estimated sources and uses of funds;
(10) financing summary;
(11) project summary;
(12) business summary;
(13) ownership or economic disclosure statement;
(14) professional and financial information;
(15) service area; and
(16) legislative district.
The disclosure of information pursuant to this subsection
shall comply with the Freedom of Information Act.
(Source: P.A. 95-470, eff. 8-27-07; 95-481, eff. 8-28-07;
95-876, eff. 8-21-08; 96-795, eff. 7-1-10 (see Section 5 of
P.A. 96-793 for the effective date of changes made by P.A.
96-795).)
Section 4. The State Finance Act is amended by adding

10000SB0004sam001 - 18 - LRB100 06348 HLH 18184 a
Section 5.878 as follows:
(30 ILCS 105/5.878 new)
Sec. 5.878. The State Pension Obligation Acceleration Bond
Fund."; and
on page 1, line 10, by replacing "Section 7.6" with "Sections
7.6 and 7.7"; and
on page 1, line 16, by replacing "$56,917,915,743" with
"$57,167,925,743"; and
on page 2, by replacing lines 11 through 14 with the following:
"Of the total amount of Bonds authorized in this Act, the
additional $7,000,000,000 authorized by Section 7.6 shall be
used solely as provided in Section 7.6 and shall be issued by
September 1, 2017.
Of the total amount of Bonds authorized in this Act, the
additional $250,000,000 authorized by Section 7.7 shall be used
solely as provided in Section 7.7."; and
on page 4, immediately below line 22, by inserting the
following:
"(30 ILCS 330/7.7 new)
Sec. 7.7. State Pension Obligation Acceleration Bonds.

10000SB0004sam001 - 19 - LRB100 06348 HLH 18184 a
(a) As used in this Act, "State Pension Obligation
Acceleration Bonds" means Bonds authorized by this amendatory
Act of the 100th General Assembly and used for the purposes set
forth in subsection (c-5) of Section 801-40 of the Illinois
Finance Authority Act.
(b) State Pension Obligation Acceleration Bonds in the
amount of $250,000,000 are hereby authorized to be used for the
purposes set forth in subsection (c-5) of Section 801-40 of the
Illinois Finance Authority Act.
(c) The proceeds of State Pension Obligation Acceleration
Bonds authorized in subsection (b) of this Section, less the
amounts authorized in the Bond Sale Order to be directly paid
out for bond sale expenses under Section 8, shall be deposited
directly into the State Pension Obligation Acceleration Bond
Fund, and the Comptroller and the Treasurer shall, as soon as
practical, make payments as contemplated by subsection (c-5) of
Section 801-40 of the Illinois Finance Authority Act.
(d) There is created the State Pension Obligation
Acceleration Bond Fund as a special fund in the State Treasury.
Funds deposited in the State Pension Obligation Acceleration
Bond Fund may only be used for the purposes set forth in
subsection (c-5) of Section 801-40 of the Illinois Finance
Authority Act or for the payment of principal and interest due
on State Pension Obligation Acceleration Bonds."; and
on page 5, line 2, by replacing "subsection (h)" with

10000SB0004sam001 - 20 - LRB100 06348 HLH 18184 a
"subsections (h) and (i)"; and
on page 17, immediately below line 20, by inserting the
following:
"(i) Notwithstanding any other provision of this Section,
for purposes of maximizing market efficiencies and cost
savings, State Pension Obligation Acceleration Bonds may 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. State Pension Obligation
Acceleration Bonds shall be in such form, either coupon,
registered, or book entry, in such denominations, shall 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
State Pension Obligation Acceleration 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. State Pension Obligation Acceleration 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. State Pension Obligation

10000SB0004sam001 - 21 - LRB100 06348 HLH 18184 a
Acceleration Bonds may be callable or subject to purchase and
retirement or tender and remarketing as fixed and determined in
the Bond Sale Order."; and
on page 20, immediately below line 3, by inserting the
following:
"All State Pension Obligation Acceleration Bonds shall
comply with this Section. Notwithstanding anything to the
contrary, however, for purposes of complying with this Section,
State Pension Obligation Acceleration Bonds, regardless of the
number of series or issuances sold thereunder, shall be
considered a single issue or series. Furthermore, for purposes
of complying with the competitive bidding requirements of this
Section, the words "at all times" shall not apply to any such
sale of the State Pension Obligation Acceleration Bonds. The
Director of the Governor's Office of Management and Budget
shall determine the time and manner of any competitive sale of
the State Pension Obligation Acceleration Bonds; however, that
sale shall under no circumstances take place later than 60 days
after the State closes the sale of 75% of the State Pension
Obligation Acceleration Bonds by negotiated sale."; and
on page 21, immediately below line 13, by inserting the
following:
"(f-8) Proceeds from the sale of Bonds, authorized by
Section 7.7 of this Act, shall be deposited as set forth in

10000SB0004sam001 - 22 - LRB100 06348 HLH 18184 a
Section 7.7."; and
on page 22, line 7, by replacing "7.2 and 7.6" with "7.2, 7.6,
and 7.7"; and
on page 24, immediately below line 9, by inserting the
following:
"Section 10. The State Pension Funds Continuing
Appropriation Act is amended by adding Section 1.10 as follows:
(40 ILCS 15/1.10 new)
Sec. 1.10. Appropriations for State Pension Obligation
Acceleration Bonds. If for any reason the aggregate
appropriations made available are insufficient to meet the
levels required for the payment of principal and interest due
on State Pension Obligation Acceleration Bonds under Section
7.6 of the General Obligation Bond Act, this Section shall
constitute a continuing appropriation of all amounts necessary
for those purposes.".