Bill Text: IL HB2613 | 2013-2014 | 98th General Assembly | Enrolled

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-Enrolled.html

---

HB2613 Enrolled LRB098 09100 HLH 39237 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The General Obligation Bond Act is amended by
changing Section 15 as follows:
(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

HB2613 Enrolled - 2 - LRB098 09100 HLH 39237 b
for such period pursuant to subsection (c) of Section 14 of
this Act. With respect to the interest payable, such
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.
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
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

HB2613 Enrolled - 3 - LRB098 09100 HLH 39237 b
the amounts certified by the Director of the Governor's Office
of Management and Budget under subsection (b) of Section 9 of
this Act. 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
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

HB2613 Enrolled - 4 - LRB098 09100 HLH 39237 b
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
and for no other purpose, subject to appropriation and as
directed by the Capital Development Board be deposited upon
completion of the project in the General Obligation Bond
Retirement and Interest Fund. 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

HB2613 Enrolled - 5 - LRB098 09100 HLH 39237 b
Retirement and Interest Fund.
(Source: P.A. 96-43, eff. 7-15-09; 96-828, eff. 12-2-09;
96-1497, eff. 1-14-11.)
Section 10. The Capital Development Bond Act of 1972 is
amended by changing Section 9a as follows:
(30 ILCS 420/9a) (from Ch. 127, par. 759a)
Sec. 9a. 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
be deposited upon completion of the project in the Capital
Development Bond Retirement and Interest Fund. Any federal
funds received as reimbursement for the completed construction
of a capital improvement project for which moneys from the
Capital Development Fund have been expended shall be deposited
in the Capital Development Bond Retirement and Interest Fund.
(Source: P.A. 80-1171.)