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

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: GO RESTRUCTURING BONDS

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

Download: Illinois-2017-SB0004-House_Amendment_001.html

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Rep. Gregory Harris

Filed: 5/22/2017

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AMENDMENT TO SENATE BILL 4
AMENDMENT NO. ______. Amend Senate Bill 4 by replacing
everything after the enacting clause with the following:
"Section 5. The General Obligation Bond Act is amended by
changing Sections 2, 2.5, 9, 11, 12, and 13 and by adding
Section 7.6 as follows:
(30 ILCS 330/2) (from Ch. 127, par. 652)
Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $XXXX
$49,917,925,743.
The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
Of the total amount of Bonds authorized in this Act, up to

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$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
Of the total amount of Bonds authorized in this Act, the
additional $10,000,000,000 authorized by Public Act 93-2, the
$3,466,000,000 authorized by Public Act 96-43, and the
$4,096,348,300 authorized by Public Act 96-1497 shall be used
solely as provided in Section 7.2.
Of the total amount of Bonds authorized in this Act, the
additional $XXXX authorized by this amendatory Act of the 100th
General Assembly shall be used solely as provided in Section
7.6 and shall be issued by September 1, 2017.
The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12;
97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff.

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8-16-13; 98-781, eff. 7-22-14.)
(30 ILCS 330/2.5)
Sec. 2.5. Limitation on issuance of Bonds.
(a) Except as provided in subsection (b), no Bonds may be
issued if, after the issuance, in the next State fiscal year
after the issuance of the Bonds, the amount of debt service
(including principal, whether payable at maturity or pursuant
to mandatory sinking fund installments, and interest) on all
then-outstanding Bonds, other than (i) Bonds authorized by this
amendatory Act of the 100th General Assembly, (ii) Bonds issued
authorized by Public Act 96-43, and (iii) other than Bonds
authorized by Public Act 96-1497, would exceed 7% of the
aggregate appropriations from the general funds (which consist
of the General Revenue Fund, the Common School Fund, the
General Revenue Common School Special Account Fund, and the
Education Assistance Fund) and the Road Fund for the fiscal
year immediately prior to the fiscal year of the issuance.
(b) If the Comptroller and Treasurer each consent in
writing, Bonds may be issued even if the issuance does not
comply with subsection (a). In addition, $2,000,000,000 in
Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7,
and $2,000,000,000 in Refunding Bonds under Section 16, may be
issued during State fiscal year 2017 without complying with
subsection (a).
(Source: P.A. 99-523, eff. 6-30-16.)

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(30 ILCS 330/7.6 new)
Sec. 7.6. State General Obligation Restructuring Bonds.
(a) As used in this Act, "State General Obligation
Restructuring Bonds" means Bonds (i) authorized by this
amendatory Act of the 100th General Assembly or any other
Public Act of the 100th General Assembly authorizing the
issuance of State General Obligation Restructuring Bonds and
(ii) used for the payment of unpaid obligations of the State as
incurred from time to time and as authorized by the General
Assembly.
(b) State General Obligation Restructuring Bonds in the
amount of $XXXX are hereby authorized to be used for purpose of
paying vouchers incurred by the State prior to July 1, 2017.
(c) The proceeds of State General Obligation Restructuring
Bonds authorized in subsection (b) of this Section, less the
amounts authorized in the Bond Sale Order to be deposited
directly into the capitalized interest account of the General
Obligation Bond Retirement and Interest Fund or otherwise
directly paid out for bond sale expenses under Section 8, shall
be deposited into the General Revenue Fund, and the Comptroller
and the Treasurer shall, as soon as practical, make payments as
contemplated by this Section.
(30 ILCS 330/9) (from Ch. 127, par. 659)
Sec. 9. Conditions for Issuance and Sale of Bonds -

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Requirements for Bonds.
(a) Except as otherwise provided in this subsection and
subsection (h), 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 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

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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
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,

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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
Notwithstanding any provision of this Act to the contrary,
State General Obligation Restructuring Bonds issued under
Section 7.6 shall be payable within 7 years from the date of
sale and shall be issued with payment of principal or mandatory
redemption as set forth in subsection (h) of this Section.
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
(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

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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
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

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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
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

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payments to be included in the calculation of interest required
to be paid by the State.
(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,
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

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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
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

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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
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

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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
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.

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(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
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

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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.
(h) Notwithstanding any other provision of this Section,
for purposes of maximizing market efficiencies and cost
savings, State General Obligation Restructuring 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 General Obligation
Restructuring 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 General Obligation Restructuring Bonds, which order

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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 General Obligation Restructuring
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 General
Obligation Restructuring Bonds may be callable or subject to
purchase and retirement or tender and remarketing as fixed and
determined in the Bond Sale Order.
The aggregate principal and interest amounts of State
General Obligation Restructuring Bonds authorized by and
issued pursuant to this amendatory Act of the 100th General
Assembly or other such amendatory Acts of the 100th General
Assembly authorizing the issuance of State General Obligation
Restructuring Bonds shall, in the aggregate, mature or be
subject to redemption in the annual percentages set forth in
the following schedule:
(1) for fiscal year 2019, 14.2857%;
(2) for fiscal year 2020, 14.2857%;
(3) for fiscal year 2021, 14.2857%;
(4) for fiscal year 2022, 14.2857%;
(5) for fiscal year 2023, 14.2857%;
(6) for fiscal year 2024, 14.2857%; and
(7) for fiscal year 2025, 14.2858%.

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Notwithstanding the foregoing, the principal amounts
calculated above shall be in increments of $5,000. Moreover,
the percentages set forth in items (1) through (7) shall be
applicable to the aggregate principal amount of State General
Obligation Restructuring Bonds authorized by this amendatory
Act of the 100th General Assembly and any other amendatory Acts
of the 100th General Assembly authorizing State General
Obligation Restructuring Bonds. While individual series of
State General Obligation Restructuring Bonds as may be sold
from time to time need not be scheduled to mature or be subject
to redemption in accordance with the percentages above,
redemptions whether by maturity or sinking fund, in any fiscal
year for all State General Obligation Restructuring Bonds, in
the aggregate, shall be no less than the percentages shown
above. Notwithstanding the foregoing, in the event that fewer
than all of the State General Obligation Restructuring Bonds
authorized by this amendatory Act of the 100th General Assembly
have been issued by September 1, 2017, failure of the
then-outstanding State General Obligation Restructuring Bonds
to satisfy the repayment schedule set forth above shall not
affect the validity of any of those outstanding Bonds.
(Source: P.A. 99-523, eff. 6-30-16.)
(30 ILCS 330/11) (from Ch. 127, par. 661)
Sec. 11. Sale of Bonds. Except as otherwise provided in
this Section, Bonds shall be sold from time to time pursuant to

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notice of sale and public bid or by negotiated sale in such
amounts and at such times as is directed by the Governor, upon
recommendation by the Director of the Governor's Office of
Management and Budget. At least 25%, based on total principal
amount, of all Bonds issued each fiscal year shall be sold
pursuant to notice of sale and public bid. At all times during
each fiscal year, no more than 75%, based on total principal
amount, of the Bonds issued each fiscal year, shall have been
sold by negotiated sale. Failure to satisfy the requirements in
the preceding 2 sentences shall not affect the validity of any
previously issued Bonds; provided that all Bonds authorized by
Public Act 96-43 and Public Act 96-1497 shall not be included
in determining compliance for any fiscal year with the
requirements of the preceding 2 sentences; and further provided
that refunding Bonds satisfying the requirements of Section 16
of this Act and sold during fiscal year 2009, 2010, 2011, or
2017 shall not be subject to the requirements in the preceding
2 sentences.
If any Bonds, including refunding Bonds, are to be sold by
negotiated sale, the Director of the Governor's Office of
Management and Budget shall comply with the competitive request
for proposal process set forth in the Illinois Procurement Code
and all other applicable requirements of that Code.
If Bonds are to be sold pursuant to notice of sale and
public bid, the Director of the Governor's Office of Management
and Budget may, from time to time, as Bonds are to be sold,

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advertise the sale of the Bonds in at least 2 daily newspapers,
one of which is published in the City of Springfield and one in
the City of Chicago. The sale of the Bonds shall also be
advertised in the volume of the Illinois Procurement Bulletin
that is published by the Department of Central Management
Services, and shall be published once at least 10 days prior to
the date fixed for the opening of the bids. The Director of the
Governor's Office of Management and Budget may reschedule the
date of sale upon the giving of such additional notice as the
Director deems adequate to inform prospective bidders of such
change; provided, however, that all other conditions of the
sale shall continue as originally advertised.
Executed Bonds shall, upon payment therefor, be delivered
to the purchaser, and the proceeds of Bonds shall be paid into
the State Treasury as directed by Section 12 of this Act.
All State General Obligation Restructuring Bonds shall
comply with this Section. Notwithstanding anything to the
contrary, however, for purposes of complying with this Section,
State General Obligation Restructuring 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 General Obligation Restructuring Bonds. The
Director of the Governor's Office of Management and Budget
shall determine the time and manner of any competitive sale of

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the State General Obligation Restructuring 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
General Obligation Restructuring Bonds by negotiated sale.
(Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
(30 ILCS 330/12) (from Ch. 127, par. 662)
Sec. 12. Allocation of Proceeds from Sale of Bonds.
(a) Proceeds from the sale of Bonds, authorized by Section
3 of this Act, shall be deposited in the separate fund known as
the Capital Development Fund.
(b) Proceeds from the sale of Bonds, authorized by
paragraph (a) of Section 4 of this Act, shall be deposited in
the separate fund known as the Transportation Bond, Series A
Fund.
(c) Proceeds from the sale of Bonds, authorized by
paragraphs (b) and (c) of Section 4 of this Act, shall be
deposited in the separate fund known as the Transportation
Bond, Series B Fund.
(c-1) Proceeds from the sale of Bonds, authorized by
paragraph (d) of Section 4 of this Act, shall be deposited into
the Transportation Bond Series D Fund, which is hereby created.
(d) Proceeds from the sale of Bonds, authorized by Section
5 of this Act, shall be deposited in the separate fund known as
the School Construction Fund.
(e) Proceeds from the sale of Bonds, authorized by Section

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6 of this Act, shall be deposited in the separate fund known as
the Anti-Pollution Fund.
(f) Proceeds from the sale of Bonds, authorized by Section
7 of this Act, shall be deposited in the separate fund known as
the Coal Development Fund.
(f-2) Proceeds from the sale of Bonds, authorized by
Section 7.2 of this Act, shall be deposited as set forth in
Section 7.2.
(f-5) Proceeds from the sale of Bonds, authorized by
Section 7.5 of this Act, shall be deposited as set forth in
Section 7.5.
(f-7) Proceeds from the sale of Bonds, authorized by
Section 7.6 of this Act, shall be deposited as set forth in
Section 7.6.
(g) Proceeds from the sale of Bonds, authorized by Section
8 of this Act, shall be deposited in the Capital Development
Fund.
(h) Subsequent to the issuance of any Bonds for the
purposes described in Sections 2 through 8 of this Act, the
Governor and the Director of the Governor's Office of
Management and Budget may provide for the reallocation of
unspent proceeds of such Bonds to any other purposes authorized
under said Sections of this Act, subject to the limitations on
aggregate principal amounts contained therein. Upon any such
reallocation, such unspent proceeds shall be transferred to the
appropriate funds as determined by reference to paragraphs (a)

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through (g) of this Section.
(Source: P.A. 96-36, eff. 7-13-09.)
(30 ILCS 330/13) (from Ch. 127, par. 663)
Sec. 13. Appropriation of Proceeds from Sale of Bonds.
(a) At all times, the proceeds from the sale of Bonds
issued pursuant to this Act are subject to appropriation by the
General Assembly and, except as provided in Sections Section
7.2 and 7.6, may be obligated or expended only with the written
approval of the Governor, in such amounts, at such times, and
for such purposes as the respective State agencies, as defined
in Section 1-7 of the Illinois State Auditing Act, as amended,
deem necessary or desirable for the specific purposes
contemplated in Sections 2 through 8 of this Act.
Notwithstanding any other provision of this Act, proceeds from
the sale of Bonds issued pursuant to this Act appropriated by
the General Assembly to the Architect of the Capitol may be
obligated or expended by the Architect of the Capitol without
the written approval of the Governor.
(b) Proceeds from the sale of Bonds for the purpose of
development of coal and alternative forms of energy shall be
expended in such amounts and at such times as the Department of
Commerce and Economic Opportunity, with the advice and
recommendation of the Illinois Coal Development Board for coal
development projects, may deem necessary and desirable for the
specific purpose contemplated by Section 7 of this Act. In

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considering the approval of projects to be funded, the
Department of Commerce and Economic Opportunity shall give
special consideration to projects designed to remove sulfur and
other pollutants in the preparation and utilization of coal,
and in the use and operation of electric utility generating
plants and industrial facilities which utilize Illinois coal as
their primary source of fuel.
(c) Except as directed in subsection (c-1) or (c-2), any
monies received by any officer or employee of the state
representing a reimbursement of expenditures previously paid
from general obligation bond proceeds shall be deposited into
the General Obligation Bond Retirement and Interest Fund
authorized in Section 14 of this Act.
(c-1) Any money received by the Department of
Transportation as reimbursement for expenditures for high
speed rail purposes pursuant to appropriations from the
Transportation Bond, Series B Fund for (i) CREATE (Chicago
Region Environmental and Transportation Efficiency), (ii) High
Speed Rail, or (iii) AMTRAK projects authorized by the federal
government under the provisions of the American Recovery and
Reinvestment Act of 2009 or the Safe Accountable Flexible
Efficient Transportation Equity Act�A Legacy for Users
(SAFETEA-LU), or any successor federal transportation
authorization Act, shall be deposited into the Federal High
Speed Rail Trust Fund.
(c-2) Any money received by the Department of

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Transportation as reimbursement for expenditures for transit
capital purposes pursuant to appropriations from the
Transportation Bond, Series B Fund for projects authorized by
the federal government under the provisions of the American
Recovery and Reinvestment Act of 2009 or the Safe Accountable
Flexible Efficient Transportation Equity Act�A Legacy for
Users (SAFETEA-LU), or any successor federal transportation
authorization Act, shall be deposited into the Federal Mass
Transit Trust Fund.
(Source: P.A. 98-674, eff. 6-30-14.)
Section 99. Effective date. This Act takes effect upon
becoming law.".