Bill Text: IL SB1985 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the General Obligation Bond Act. Removes provisions requiring transfer of funds from the Road Fund to pay the aggregate of the principal of, interest on, and premium on bonds authorized under Public Act 98-781. Amends the Regional Transportation Authority Act. Removes provisions authorizing transfer of the first $100,000,000 of specified occupation and use taxes to the Road Fund (rather than the General Revenue Fund). Makes conforming changes. Effective July 1, 2019.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB1985 Detail]

Download: Illinois-2019-SB1985-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB1985 Introduced 2/15/2019, by Sen. Dan McConchie SYNOPSIS AS INTRODUCED:
30 ILCS 330/15 from Ch. 127, par. 665
70 ILCS 3615/4.09 from Ch. 111 2/3, par. 704.09
Amends the General Obligation Bond Act. Removes provisions requiring transfer of funds from the Road Fund to pay the aggregate of the principal of, interest on, and premium on bonds authorized under Public Act 98-781. Amends the Regional Transportation Authority Act. Removes provisions authorizing transfer of the first $100,000,000 of specified occupation and use taxes to the Road Fund (rather than the General Revenue Fund). Makes conforming changes. Effective July 1, 2019.
LRB101 08217 AWJ 53283 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
SB1985 LRB101 08217 AWJ 53283 b
AN ACT concerning local government.
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

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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 under authorization in Public Act
98-781, 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

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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. 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

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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 or as
reimbursement 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.
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 may be used for any expense
or project necessary for implementation of the Quincy Veterans'

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Home Rehabilitation and Rebuilding Act for a period of 5 years
from the effective date of this amendatory Act of the 100th
General Assembly, and any remaining funds shall be deposited in
the General Obligation Bond Retirement and Interest Fund.
(Source: P.A. 100-23, eff. 7-6-17; 100-610, eff. 7-17-18.)
Section 10. The Regional Transportation Authority Act is
amended by changing Section 4.09 as follows:
(70 ILCS 3615/4.09) (from Ch. 111 2/3, par. 704.09)
Sec. 4.09. Public Transportation Fund and the Regional
Transportation Authority Occupation and Use Tax Replacement
Fund.
(a)(1) As Except as otherwise provided in paragraph (4), as
soon as possible after the first day of each month, beginning
July 1, 1984, upon certification of the Department of Revenue,
the Comptroller shall order transferred and the Treasurer shall
transfer from the General Revenue Fund to a special fund in the
State Treasury to be known as the Public Transportation Fund an
amount equal to 25% of the net revenue, before the deduction of
the serviceman and retailer discounts pursuant to Section 9 of
the Service Occupation Tax Act and Section 3 of the Retailers'
Occupation Tax Act, realized from any tax imposed by the
Authority pursuant to Sections 4.03 and 4.03.1 and 25% of the
amounts deposited into the Regional Transportation Authority
tax fund created by Section 4.03 of this Act, from the County

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and Mass Transit District Fund as provided in Section 6z-20 of
the State Finance Act and 25% of the amounts deposited into the
Regional Transportation Authority Occupation and Use Tax
Replacement Fund from the State and Local Sales Tax Reform Fund
as provided in Section 6z-17 of the State Finance Act. On the
first day of the month following the date that the Department
receives revenues from increased taxes under Section 4.03(m) as
authorized by this amendatory Act of the 95th General Assembly,
in lieu of the transfers authorized in the preceding sentence,
upon certification of the Department of Revenue, the
Comptroller shall order transferred and the Treasurer shall
transfer from the General Revenue Fund to the Public
Transportation Fund an amount equal to 25% of the net revenue,
before the deduction of the serviceman and retailer discounts
pursuant to Section 9 of the Service Occupation Tax Act and
Section 3 of the Retailers' Occupation Tax Act, realized from
(i) 80% of the proceeds of any tax imposed by the Authority at
a rate of 1.25% in Cook County, (ii) 75% of the proceeds of any
tax imposed by the Authority at the rate of 1% in Cook County,
and (iii) one-third of the proceeds of any tax imposed by the
Authority at the rate of 0.75% in the Counties of DuPage, Kane,
Lake, McHenry, and Will, all pursuant to Section 4.03, and 25%
of the net revenue realized from any tax imposed by the
Authority pursuant to Section 4.03.1, and 25% of the amounts
deposited into the Regional Transportation Authority tax fund
created by Section 4.03 of this Act from the County and Mass

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Transit District Fund as provided in Section 6z-20 of the State
Finance Act, and 25% of the amounts deposited into the Regional
Transportation Authority Occupation and Use Tax Replacement
Fund from the State and Local Sales Tax Reform Fund as provided
in Section 6z-17 of the State Finance Act. As used in this
Section, net revenue realized for a month shall be the revenue
collected by the State pursuant to Sections 4.03 and 4.03.1
during the previous month from within the metropolitan region,
less the amount paid out during that same month as refunds to
taxpayers for overpayment of liability in the metropolitan
region under Sections 4.03 and 4.03.1.
Notwithstanding any provision of law to the contrary,
beginning on the effective date of this amendatory Act of the
100th General Assembly, those amounts required under this
paragraph (1) of subsection (a) to be transferred by the
Treasurer into the Public Transportation Fund from the General
Revenue Fund shall be directly deposited into the Public
Transportation Fund as the revenues are realized from the taxes
indicated.
(2) On Except as otherwise provided in paragraph (4), on
the first day of the month following the effective date of this
amendatory Act of the 95th General Assembly and each month
thereafter, upon certification by the Department of Revenue,
the Comptroller shall order transferred and the Treasurer shall
transfer from the General Revenue Fund to the Public
Transportation Fund an amount equal to 5% of the net revenue,

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before the deduction of the serviceman and retailer discounts
pursuant to Section 9 of the Service Occupation Tax Act and
Section 3 of the Retailers' Occupation Tax Act, realized from
any tax imposed by the Authority pursuant to Sections 4.03 and
4.03.1 and certified by the Department of Revenue under Section
4.03(n) of this Act to be paid to the Authority and 5% of the
amounts deposited into the Regional Transportation Authority
tax fund created by Section 4.03 of this Act from the County
and Mass Transit District Fund as provided in Section 6z-20 of
the State Finance Act, and 5% of the amounts deposited into the
Regional Transportation Authority Occupation and Use Tax
Replacement Fund from the State and Local Sales Tax Reform Fund
as provided in Section 6z-17 of the State Finance Act, and 5%
of the revenue realized by the Chicago Transit Authority as
financial assistance from the City of Chicago from the proceeds
of any tax imposed by the City of Chicago under Section 8-3-19
of the Illinois Municipal Code.
Notwithstanding any provision of law to the contrary,
beginning on July 6, 2017 (the effective date of Public Act
100-23), those amounts required under this paragraph (2) of
subsection (a) to be transferred by the Treasurer into the
Public Transportation Fund from the General Revenue Fund shall
be directly deposited into the Public Transportation Fund as
the revenues are realized from the taxes indicated.
(3) As Except as otherwise provided in paragraph (4), as
soon as possible after the first day of January, 2009 and each

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month thereafter, upon certification of the Department of
Revenue with respect to the taxes collected under Section 4.03,
the Comptroller shall order transferred and the Treasurer shall
transfer from the General Revenue Fund to the Public
Transportation Fund an amount equal to 25% of the net revenue,
before the deduction of the serviceman and retailer discounts
pursuant to Section 9 of the Service Occupation Tax Act and
Section 3 of the Retailers' Occupation Tax Act, realized from
(i) 20% of the proceeds of any tax imposed by the Authority at
a rate of 1.25% in Cook County, (ii) 25% of the proceeds of any
tax imposed by the Authority at the rate of 1% in Cook County,
and (iii) one-third of the proceeds of any tax imposed by the
Authority at the rate of 0.75% in the Counties of DuPage, Kane,
Lake, McHenry, and Will, all pursuant to Section 4.03, and the
Comptroller shall order transferred and the Treasurer shall
transfer from the General Revenue Fund to the Public
Transportation Fund (iv) an amount equal to 25% of the revenue
realized by the Chicago Transit Authority as financial
assistance from the City of Chicago from the proceeds of any
tax imposed by the City of Chicago under Section 8-3-19 of the
Illinois Municipal Code.
Notwithstanding any provision of law to the contrary,
beginning on July 6, 2017 (the effective date of Public Act
100-23), those amounts required under this paragraph (3) of
subsection (a) to be transferred by the Treasurer into the
Public Transportation Fund from the General Revenue Fund shall

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be directly deposited into the Public Transportation Fund as
the revenues are realized from the taxes indicated.
(4) (Blank). Notwithstanding any provision of law to the
contrary, of the transfers to be made under paragraphs (1),
(2), and (3) of this subsection (a) from the General Revenue
Fund to the Public Transportation Fund, the first $100,000,000
that would have otherwise been transferred from the General
Revenue Fund shall be transferred from the Road Fund. The
remaining balance of such transfers shall be made from the
General Revenue Fund.
(5) For State fiscal year 2018 only, notwithstanding any
provision of law to the contrary, the total amount of revenue
and deposits under this subsection (a) attributable to revenues
realized during State fiscal year 2018 shall be reduced by 10%.
(6) For State fiscal year 2019 only, notwithstanding any
provision of law to the contrary, the total amount of revenue
and deposits under this Section attributable to revenues
realized during State fiscal year 2019 shall be reduced by 5%.
(b)(1) All moneys deposited in the Public Transportation
Fund and the Regional Transportation Authority Occupation and
Use Tax Replacement Fund, whether deposited pursuant to this
Section or otherwise, are allocated to the Authority. The
Comptroller, as soon as possible after each monthly transfer
provided in this Section and after each deposit into the Public
Transportation Fund, shall order the Treasurer to pay to the
Authority out of the Public Transportation Fund the amount so

SB1985 - 11 - LRB101 08217 AWJ 53283 b
transferred or deposited. Any Additional State Assistance and
Additional Financial Assistance paid to the Authority under
this Section shall be expended by the Authority for its
purposes as provided in this Act. The balance of the amounts
paid to the Authority from the Public Transportation Fund shall
be expended by the Authority as provided in Section 4.03.3. The
Comptroller, as soon as possible after each deposit into the
Regional Transportation Authority Occupation and Use Tax
Replacement Fund provided in this Section and Section 6z-17 of
the State Finance Act, shall order the Treasurer to pay to the
Authority out of the Regional Transportation Authority
Occupation and Use Tax Replacement Fund the amount so
deposited. Such amounts paid to the Authority may be expended
by it for its purposes as provided in this Act. The provisions
directing the distributions from the Public Transportation
Fund and the Regional Transportation Authority Occupation and
Use Tax Replacement Fund provided for in this Section shall
constitute an irrevocable and continuing appropriation of all
amounts as provided herein. The State Treasurer and State
Comptroller are hereby authorized and directed to make
distributions as provided in this Section. (2) Provided,
however, no moneys deposited under subsection (a) of this
Section shall be paid from the Public Transportation Fund to
the Authority or its assignee for any fiscal year until the
Authority has certified to the Governor, the Comptroller, and
the Mayor of the City of Chicago that it has adopted for that

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fiscal year an Annual Budget and Two-Year Financial Plan
meeting the requirements in Section 4.01(b).
(c) In recognition of the efforts of the Authority to
enhance the mass transportation facilities under its control,
the State shall provide financial assistance ("Additional
State Assistance") in excess of the amounts transferred to the
Authority from the General Revenue Fund under subsection (a) of
this Section. Additional State Assistance shall be calculated
as provided in subsection (d), but shall in no event exceed the
following specified amounts with respect to the following State
fiscal years:
1990 $5,000,000;
1991 $5,000,000;
1992 $10,000,000;
1993 $10,000,000;
1994 $20,000,000;
1995 $30,000,000;
1996 $40,000,000;
1997 $50,000,000;
1998 $55,000,000; and
each year thereafter $55,000,000.
(c-5) The State shall provide financial assistance
("Additional Financial Assistance") in addition to the
Additional State Assistance provided by subsection (c) and the
amounts transferred to the Authority from the General Revenue
Fund under subsection (a) of this Section. Additional Financial

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Assistance provided by this subsection shall be calculated as
provided in subsection (d), but shall in no event exceed the
following specified amounts with respect to the following State
fiscal years:
2000 $0;
2001 $16,000,000;
2002 $35,000,000;
2003 $54,000,000;
2004 $73,000,000;
2005 $93,000,000; and
each year thereafter $100,000,000.
(d) Beginning with State fiscal year 1990 and continuing
for each State fiscal year thereafter, the Authority shall
annually certify to the State Comptroller and State Treasurer,
separately with respect to each of subdivisions (g)(2) and
(g)(3) of Section 4.04 of this Act, the following amounts:
(1) The amount necessary and required, during the State
fiscal year with respect to which the certification is
made, to pay its obligations for debt service on all
outstanding bonds or notes issued by the Authority under
subdivisions (g)(2) and (g)(3) of Section 4.04 of this Act.
(2) An estimate of the amount necessary and required to
pay its obligations for debt service for any bonds or notes
which the Authority anticipates it will issue under
subdivisions (g)(2) and (g)(3) of Section 4.04 during that
State fiscal year.

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(3) Its debt service savings during the preceding State
fiscal year from refunding or advance refunding of bonds or
notes issued under subdivisions (g)(2) and (g)(3) of
Section 4.04.
(4) The amount of interest, if any, earned by the
Authority during the previous State fiscal year on the
proceeds of bonds or notes issued pursuant to subdivisions
(g)(2) and (g)(3) of Section 4.04, other than refunding or
advance refunding bonds or notes.
The certification shall include a specific schedule of debt
service payments, including the date and amount of each payment
for all outstanding bonds or notes and an estimated schedule of
anticipated debt service for all bonds and notes it intends to
issue, if any, during that State fiscal year, including the
estimated date and estimated amount of each payment.
Immediately upon the issuance of bonds for which an
estimated schedule of debt service payments was prepared, the
Authority shall file an amended certification with respect to
item (2) above, to specify the actual schedule of debt service
payments, including the date and amount of each payment, for
the remainder of the State fiscal year.
On the first day of each month of the State fiscal year in
which there are bonds outstanding with respect to which the
certification is made, the State Comptroller shall order
transferred and the State Treasurer shall transfer from the
General Revenue Road Fund to the Public Transportation Fund the

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Additional State Assistance and Additional Financial
Assistance in an amount equal to the aggregate of (i)
one-twelfth of the sum of the amounts certified under items (1)
and (3) above less the amount certified under item (4) above,
plus (ii) the amount required to pay debt service on bonds and
notes issued during the fiscal year, if any, divided by the
number of months remaining in the fiscal year after the date of
issuance, or some smaller portion as may be necessary under
subsection (c) or (c-5) of this Section for the relevant State
fiscal year, plus (iii) any cumulative deficiencies in
transfers for prior months, until an amount equal to the sum of
the amounts certified under items (1) and (3) above, plus the
actual debt service certified under item (2) above, less the
amount certified under item (4) above, has been transferred;
except that these transfers are subject to the following
limits:
(A) In no event shall the total transfers in any State
fiscal year relating to outstanding bonds and notes issued
by the Authority under subdivision (g)(2) of Section 4.04
exceed the lesser of the annual maximum amount specified in
subsection (c) or the sum of the amounts certified under
items (1) and (3) above, plus the actual debt service
certified under item (2) above, less the amount certified
under item (4) above, with respect to those bonds and
notes.
(B) In no event shall the total transfers in any State

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fiscal year relating to outstanding bonds and notes issued
by the Authority under subdivision (g)(3) of Section 4.04
exceed the lesser of the annual maximum amount specified in
subsection (c-5) or the sum of the amounts certified under
items (1) and (3) above, plus the actual debt service
certified under item (2) above, less the amount certified
under item (4) above, with respect to those bonds and
notes.
The term "outstanding" does not include bonds or notes for
which refunding or advance refunding bonds or notes have been
issued.
(e) Neither Additional State Assistance nor Additional
Financial Assistance may be pledged, either directly or
indirectly as general revenues of the Authority, as security
for any bonds issued by the Authority. The Authority may not
assign its right to receive Additional State Assistance or
Additional Financial Assistance, or direct payment of
Additional State Assistance or Additional Financial
Assistance, to a trustee or any other entity for the payment of
debt service on its bonds.
(f) The certification required under subsection (d) with
respect to outstanding bonds and notes of the Authority shall
be filed as early as practicable before the beginning of the
State fiscal year to which it relates. The certification shall
be revised as may be necessary to accurately state the debt
service requirements of the Authority.

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(g) Within 6 months of the end of each fiscal year, the
Authority shall determine:
(i) whether the aggregate of all system generated
revenues for public transportation in the metropolitan
region which is provided by, or under grant or purchase of
service contracts with, the Service Boards equals 50% of
the aggregate of all costs of providing such public
transportation. "System generated revenues" include all
the proceeds of fares and charges for services provided,
contributions received in connection with public
transportation from units of local government other than
the Authority, except for contributions received by the
Chicago Transit Authority from a real estate transfer tax
imposed under subsection (i) of Section 8-3-19 of the
Illinois Municipal Code, and from the State pursuant to
subsection (i) of Section 2705-305 of the Department of
Transportation Law (20 ILCS 2705/2705-305), and all other
revenues properly included consistent with generally
accepted accounting principles but may not include: the
proceeds from any borrowing, and, beginning with the 2007
fiscal year, all revenues and receipts, including but not
limited to fares and grants received from the federal,
State or any unit of local government or other entity,
derived from providing ADA paratransit service pursuant to
Section 2.30 of the Regional Transportation Authority Act.
"Costs" include all items properly included as operating

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costs consistent with generally accepted accounting
principles, including administrative costs, but do not
include: depreciation; payment of principal and interest
on bonds, notes or other evidences of obligations for
borrowed money of the Authority; payments with respect to
public transportation facilities made pursuant to
subsection (b) of Section 2.20; any payments with respect
to rate protection contracts, credit enhancements or
liquidity agreements made under Section 4.14; any other
cost as to which it is reasonably expected that a cash
expenditure will not be made; costs for passenger security
including grants, contracts, personnel, equipment and
administrative expenses, except in the case of the Chicago
Transit Authority, in which case the term does not include
costs spent annually by that entity for protection against
crime as required by Section 27a of the Metropolitan
Transit Authority Act; the costs of Debt Service paid by
the Chicago Transit Authority, as defined in Section 12c of
the Metropolitan Transit Authority Act, or bonds or notes
issued pursuant to that Section; the payment by the
Commuter Rail Division of debt service on bonds issued
pursuant to Section 3B.09; expenses incurred by the
Suburban Bus Division for the cost of new public
transportation services funded from grants pursuant to
Section 2.01e of this amendatory Act of the 95th General
Assembly for a period of 2 years from the date of

SB1985 - 19 - LRB101 08217 AWJ 53283 b
initiation of each such service; costs as exempted by the
Board for projects pursuant to Section 2.09 of this Act;
or, beginning with the 2007 fiscal year, expenses related
to providing ADA paratransit service pursuant to Section
2.30 of the Regional Transportation Authority Act; or in
fiscal years 2008 through 2012 inclusive, costs in the
amount of $200,000,000 in fiscal year 2008, reducing by
$40,000,000 in each fiscal year thereafter until this
exemption is eliminated. If said system generated revenues
are less than 50% of said costs, the Board shall remit an
amount equal to the amount of the deficit to the State. The
Treasurer shall deposit any such payment in the General
Revenue Road Fund; and
(ii) whether, beginning with the 2007 fiscal year, the
aggregate of all fares charged and received for ADA
paratransit services equals the system generated ADA
paratransit services revenue recovery ratio percentage of
the aggregate of all costs of providing such ADA
paratransit services.
(h) If the Authority makes any payment to the State under
paragraph (g), the Authority shall reduce the amount provided
to a Service Board from funds transferred under paragraph (a)
in proportion to the amount by which that Service Board failed
to meet its required system generated revenues recovery ratio.
A Service Board which is affected by a reduction in funds under
this paragraph shall submit to the Authority concurrently with

SB1985 - 20 - LRB101 08217 AWJ 53283 b
its next due quarterly report a revised budget incorporating
the reduction in funds. The revised budget must meet the
criteria specified in clauses (i) through (vi) of Section
4.11(b)(2). The Board shall review and act on the revised
budget as provided in Section 4.11(b)(3).
(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)
Section 99. Effective date. This Act takes effect July 1,
2019.