Bill Text: IL HB2613 | 2013-2014 | 98th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the General Obligation Bond Act and the Capital Development Bond Act of 1972. Provides that the unused portion of federal funds received for a capital improvement project for which moneys 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 and for no other purpose, subject to appropriation and as directed by the Capital Development Board.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Passed) 2013-08-09 - Public Act . . . . . . . . . 98-0245 [HB2613 Detail]
Download: Illinois-2013-HB2613-Engrossed.html
Bill Title: Amends the General Obligation Bond Act and the Capital Development Bond Act of 1972. Provides that the unused portion of federal funds received for a capital improvement project for which moneys 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 and for no other purpose, subject to appropriation and as directed by the Capital Development Board.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Passed) 2013-08-09 - Public Act . . . . . . . . . 98-0245 [HB2613 Detail]
Download: Illinois-2013-HB2613-Engrossed.html
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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The General Obligation Bond Act is amended by | ||||||
5 | changing Section 15 as follows:
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6 | (30 ILCS 330/15) (from Ch. 127, par. 665)
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7 | Sec. 15. Computation of Principal and Interest; transfers.
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8 | (a) Upon each delivery of Bonds authorized to be issued | ||||||
9 | under this Act,
the Comptroller shall compute and certify to | ||||||
10 | the Treasurer the total amount
of principal of, interest on, | ||||||
11 | and premium, if any, on Bonds issued that will
be payable in | ||||||
12 | order to retire such Bonds, the amount of principal of,
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13 | interest on and premium, if any, on such Bonds that will be | ||||||
14 | payable on each
payment date according to the tenor of such | ||||||
15 | Bonds during the then current and
each succeeding fiscal year, | ||||||
16 | and the amount of sinking fund payments needed to be deposited | ||||||
17 | in connection with Qualified School Construction Bonds | ||||||
18 | authorized by subsection (e) of Section 9.
With respect to the | ||||||
19 | interest payable on variable rate bonds, such
certifications | ||||||
20 | shall be calculated at the maximum rate of interest that
may be | ||||||
21 | payable during the fiscal year, after taking into account any | ||||||
22 | credits
permitted in the related indenture or other instrument | ||||||
23 | against the amount
of such interest required to be appropriated |
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1 | for such period pursuant to
subsection (c) of Section 14 of | ||||||
2 | this Act. With respect to the interest
payable, such | ||||||
3 | certifications shall include the amounts certified by the
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4 | Director of the
Governor's Office of Management and Budget | ||||||
5 | under subsection (b) of Section 9 of
this Act.
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6 | On or before the last day of each month the State Treasurer | ||||||
7 | and Comptroller
shall transfer from (1) the Road Fund with | ||||||
8 | respect to Bonds issued under
paragraph (a) of Section 4 of | ||||||
9 | this Act or Bonds issued for the purpose of
refunding such | ||||||
10 | bonds, and from (2) the General
Revenue Fund, with respect to | ||||||
11 | all other Bonds issued under this Act, to the
General | ||||||
12 | Obligation Bond Retirement and Interest Fund an amount | ||||||
13 | sufficient to
pay the aggregate of the principal of, interest | ||||||
14 | on, and premium, if any, on
Bonds payable, by their terms on | ||||||
15 | the next payment date divided by the number of
full calendar | ||||||
16 | months between the date of such Bonds and the first such | ||||||
17 | payment
date, and thereafter, divided by the number of months | ||||||
18 | between each succeeding
payment date after the first. Such | ||||||
19 | computations and transfers shall be
made for each series of | ||||||
20 | Bonds issued and delivered. Interest payable on
variable rate | ||||||
21 | bonds shall be calculated at the maximum rate of interest that
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22 | may be payable for the relevant period, after taking into | ||||||
23 | account any credits
permitted in the related indenture or other | ||||||
24 | instrument against the amount of
such interest required to be | ||||||
25 | appropriated for such period pursuant to
subsection (c) of | ||||||
26 | Section 14 of this Act. Computations of interest shall
include |
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1 | the amounts certified by the Director of the
Governor's Office | ||||||
2 | of Management and Budget
under subsection (b) of Section 9 of | ||||||
3 | this Act. Interest for which moneys
have already been deposited | ||||||
4 | into the capitalized interest account within the
General | ||||||
5 | Obligation Bond Retirement and Interest Fund shall not be | ||||||
6 | included
in the calculation of the amounts to be transferred | ||||||
7 | under this subsection. Notwithstanding any other provision in | ||||||
8 | this Section, the transfer provisions provided in this | ||||||
9 | paragraph shall not apply to transfers made in fiscal year 2010 | ||||||
10 | or fiscal year 2011 with respect to Bonds issued in fiscal year | ||||||
11 | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | ||||||
12 | In the case of transfers made in fiscal year 2010 or fiscal | ||||||
13 | year 2011 with respect to the Bonds issued in fiscal year 2010 | ||||||
14 | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | ||||||
15 | before the 15th day of the month prior to the required debt | ||||||
16 | service payment, the State Treasurer and Comptroller shall | ||||||
17 | transfer from the General Revenue Fund to the General | ||||||
18 | Obligation Bond Retirement and Interest Fund an amount | ||||||
19 | sufficient to pay the aggregate of the principal of, interest | ||||||
20 | on, and premium, if any, on the Bonds payable in that next | ||||||
21 | month.
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22 | The transfer of monies herein and above directed is not | ||||||
23 | required if monies
in the General Obligation Bond Retirement | ||||||
24 | and Interest Fund are more than
the amount otherwise to be | ||||||
25 | transferred as herein above provided, and if the
Governor or | ||||||
26 | his authorized representative notifies the State Treasurer and
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1 | Comptroller of such fact in writing.
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2 | (b) After the effective date of this Act, the balance of, | ||||||
3 | and monies
directed to be included in the Capital Development | ||||||
4 | Bond Retirement and
Interest Fund, Anti-Pollution Bond | ||||||
5 | Retirement and Interest Fund,
Transportation Bond, Series A | ||||||
6 | Retirement and Interest Fund, Transportation
Bond, Series B | ||||||
7 | Retirement and Interest Fund, and Coal Development Bond
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8 | Retirement and Interest Fund shall be transferred to and | ||||||
9 | deposited in the
General Obligation Bond Retirement and | ||||||
10 | Interest Fund. This Fund shall be
used to make debt service | ||||||
11 | payments on the State's general obligation Bonds
heretofore | ||||||
12 | issued which are now outstanding and payable from the Funds | ||||||
13 | herein
listed as well as on Bonds issued under this Act.
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14 | (c) The unused portion of federal funds received for a | ||||||
15 | capital
facilities project, as authorized by Section 3 of this | ||||||
16 | Act, for which
monies from the Capital Development Fund have | ||||||
17 | been expended shall remain in the Capital Development Board | ||||||
18 | Contributory Trust Fund and shall be used for capital projects | ||||||
19 | and for no other purpose, subject to appropriation and as | ||||||
20 | directed by the Capital Development Board be
deposited upon | ||||||
21 | completion of the project in the General Obligation Bond
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22 | Retirement and Interest Fund . Any federal funds received as | ||||||
23 | reimbursement
for the completed construction of a capital | ||||||
24 | facilities project, as
authorized by Section 3 of this Act, for | ||||||
25 | which monies from the Capital
Development Fund have been | ||||||
26 | expended shall be deposited in the General
Obligation Bond |
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1 | Retirement and Interest Fund.
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2 | (Source: P.A. 96-43, eff. 7-15-09; 96-828, eff. 12-2-09; | ||||||
3 | 96-1497, eff. 1-14-11.)
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4 | Section 10. The Capital Development Bond Act of 1972 is | ||||||
5 | amended by changing Section 9a as follows:
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6 | (30 ILCS 420/9a) (from Ch. 127, par. 759a)
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7 | Sec. 9a.
The unused portion of federal funds received for a | ||||||
8 | capital improvement
project for which moneys from the Capital | ||||||
9 | Development Fund have been expended
shall remain in the Capital | ||||||
10 | Development Board Contributory Trust Fund and shall be used for | ||||||
11 | capital projects and for no other purpose, subject to | ||||||
12 | appropriation and as directed by the Capital Development Board | ||||||
13 | be deposited upon completion of the project in the Capital | ||||||
14 | Development
Bond Retirement and Interest Fund . Any federal | ||||||
15 | funds received as reimbursement
for the completed construction | ||||||
16 | of a capital improvement project for which
moneys from the | ||||||
17 | Capital Development Fund have been expended shall be deposited
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18 | in the Capital Development Bond Retirement and Interest Fund.
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19 | (Source: P.A. 80-1171.)
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