Bill Text: IL SB2198 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the General Obligation Bond Act. Allows for the use of existing bonding authority authorized under Public Act 96-1497 to re-issue and sell bonds of up to $2,200,000,000 and then deposit the proceeds of the sale into the General Obligation Bond Retirement and Interest Fund for the sole purpose of retiring bonds authorized by Public Act 96-1497. Provides that the bonds authorized by the amendatory Act shall be payable within 10 years. Exempts the bonds issued under the amendatory Act from requirements concerning total bond payments compared to aggregate appropriations from the general funds and Road Fund, and from requirements concerning methods of sale.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2017-05-12 - Rule 3-9(a) / Re-referred to Assignments [SB2198 Detail]

Download: Illinois-2017-SB2198-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2198

Introduced 4/27/2017, by Sen. Jim Oberweis

SYNOPSIS AS INTRODUCED:
30 ILCS 330/2.5
30 ILCS 330/7.2
30 ILCS 330/7.6 new
30 ILCS 330/9 from Ch. 127, par. 659
30 ILCS 330/11 from Ch. 127, par. 661

Amends the General Obligation Bond Act. Allows for the use of existing bonding authority authorized under Public Act 96-1497 to re-issue and sell bonds of up to $2,200,000,000 and then deposit the proceeds of the sale into the General Obligation Bond Retirement and Interest Fund for the sole purpose of retiring bonds authorized by Public Act 96-1497. Provides that the bonds authorized by the amendatory Act shall be payable within 10 years. Exempts the bonds issued under the amendatory Act from requirements concerning total bond payments compared to aggregate appropriations from the general funds and Road Fund, and from requirements concerning methods of sale.
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FISCAL NOTE ACT MAY APPLY
STATE DEBT IMPACT NOTE ACT MAY APPLY

A BILL FOR

SB2198LRB100 12421 MLM 25335 b
1 AN ACT concerning finance.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The General Obligation Bond Act is amended by
5changing Sections 2.5, 7.2, 9, and 11 and by adding Section 7.6
6as follows:
7 (30 ILCS 330/2.5)
8 Sec. 2.5. Limitation on issuance of Bonds.
9 (a) Except as provided in subsection (b), no Bonds may be
10issued if, after the issuance, in the next State fiscal year
11after the issuance of the Bonds, the amount of debt service
12(including principal, whether payable at maturity or pursuant
13to mandatory sinking fund installments, and interest) on all
14then-outstanding Bonds, other than Bonds authorized by Public
15Act 96-43, and other than Bonds authorized by Public Act
1696-1497, and other than Bonds authorized by this amendatory Act
17of the 100th General Assembly, would exceed 7% of the aggregate
18appropriations from the general funds (which consist of the
19General Revenue Fund, the Common School Fund, the General
20Revenue Common School Special Account Fund, and the Education
21Assistance Fund) and the Road Fund for the fiscal year
22immediately prior to the fiscal year of the issuance.
23 (b) If the Comptroller and Treasurer each consent in

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1writing, Bonds may be issued even if the issuance does not
2comply with subsection (a). In addition, $2,000,000,000 in
3Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7,
4and $2,000,000,000 in Refunding Bonds under Section 16, may be
5issued during State fiscal year 2017 without complying with
6subsection (a).
7(Source: P.A. 99-523, eff. 6-30-16.)
8 (30 ILCS 330/7.2)
9 Sec. 7.2. State pension funding.
10 (a) The amount of $10,000,000,000 is authorized to be used
11for the purpose of making contributions to the designated
12retirement systems. For the purposes of this Section,
13"designated retirement systems" means the State Employees'
14Retirement System of Illinois; the Teachers' Retirement System
15of the State of Illinois; the State Universities Retirement
16System; the Judges Retirement System of Illinois; and the
17General Assembly Retirement System.
18 The amount of $3,466,000,000 of Bonds authorized by Public
19Act 96-43 is authorized to be used for the purpose of making a
20portion of the State's Fiscal Year 2010 required contributions
21to the designated retirement systems.
22 The amount of $4,096,348,300 of Bonds authorized by this
23amendatory Act of the 96th General Assembly is authorized to be
24used for the purpose of making a portion of the State's Fiscal
25Year 2011 required contributions to the designated retirement

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1systems and for the purposes authorized in Section 7.6 of this
2Act.
3 (b) The Pension Contribution Fund is created as a special
4fund in the State Treasury.
5 The proceeds of the additional $10,000,000,000 of Bonds
6authorized by Public Act 93-2, less the amounts authorized in
7the Bond Sale Order to be deposited directly into the
8capitalized interest account of the General Obligation Bond
9Retirement and Interest Fund or otherwise directly paid out for
10bond sale expenses under Section 8, shall be deposited into the
11Pension Contribution Fund and used as provided in this Section.
12 The proceeds of the additional $3,466,000,000 of Bonds
13authorized by Public Act 96-43, less the amounts directly paid
14out for bond sale expenses under Section 8, shall be deposited
15into the Pension Contribution Fund, and the Comptroller and the
16Treasurer shall, as soon as practical, (i) first, transfer from
17the Pension Contribution Fund to the General Revenue Fund or
18Common School Fund an amount equal to the amount of payments,
19if any, made to the designated retirement systems from the
20General Revenue Fund or Common School Fund in State fiscal year
212010 and (ii) second, make transfers from the Pension
22Contribution Fund to the designated retirement systems
23pursuant to Sections 2-124, 14-131, 15-155, 16-158, and 18-131
24of the Illinois Pension Code.
25 Except as otherwise provided in Section 7.6, the The
26proceeds of the additional $4,096,348,300 of Bonds authorized

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1by this amendatory Act of the 96th General Assembly, less the
2amounts directly paid out for bond sale expenses under Section
38, shall be deposited into the Pension Contribution Fund, and
4the Comptroller and the Treasurer shall, as soon as practical,
5(i) first, transfer from the Pension Contribution Fund to the
6General Revenue Fund or Common School Fund an amount equal to
7the amount of payments, if any, made to the designated
8retirement systems from the General Revenue Fund or Common
9School Fund in State fiscal year 2011 and (ii) second, make
10transfers from the Pension Contribution Fund to the designated
11retirement systems pursuant to Sections 2-124, 14-131, 15-155,
1216-158, and 18-131 of the Illinois Pension Code.
13 (c) Of the amount of Bond proceeds from the bond sale
14authorized by Public Act 93-2 first deposited into the Pension
15Contribution Fund, there shall be reserved for transfers under
16this subsection the sum of $300,000,000, representing the
17required State contributions to the designated retirement
18systems for the last quarter of State fiscal year 2003, plus
19the sum of $1,860,000,000, representing the required State
20contributions to the designated retirement systems for State
21fiscal year 2004.
22 Upon the deposit of sufficient moneys from the bond sale
23authorized by Public Act 93-2 into the Pension Contribution
24Fund, the Comptroller and Treasurer shall immediately transfer
25the sum of $300,000,000 from the Pension Contribution Fund to
26the General Revenue Fund.

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1 Whenever any payment of required State contributions for
2State fiscal year 2004 is made to one of the designated
3retirement systems, the Comptroller and Treasurer shall, as
4soon as practicable, transfer from the Pension Contribution
5Fund to the General Revenue Fund an amount equal to the amount
6of that payment to the designated retirement system. Beginning
7on the effective date of this amendatory Act of the 93rd
8General Assembly, the transfers from the Pension Contribution
9Fund to the General Revenue Fund shall be suspended until June
1030, 2004, and the remaining balance in the Pension Contribution
11Fund shall be transferred directly to the designated retirement
12systems as provided in Section 6z-61 of the State Finance Act.
13On and after July 1, 2004, in the event that any amount is on
14deposit in the Pension Contribution Fund from time to time, the
15Comptroller and Treasurer shall continue to make such transfers
16based on fiscal year 2005 payments until the entire amount on
17deposit has been transferred.
18 (d) All amounts deposited into the Pension Contribution
19Fund, other than the amounts reserved for the transfers under
20subsection (c) from the bond sale authorized by Public Act
2193-2, other than amounts deposited into the Pension
22Contribution Fund from the bond sale authorized by Public Act
2396-43 and other than amounts deposited into the Pension
24Contribution Fund from the bond sale authorized by this
25amendatory Act of the 96th General Assembly, shall be
26appropriated to the designated retirement systems to reduce

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1their actuarial reserve deficiencies. The amount of the
2appropriation to each designated retirement system shall
3constitute a portion of the total appropriation under this
4subsection that is the same as that retirement system's portion
5of the total actuarial reserve deficiency of the systems, as
6most recently determined by the Governor's Office of Management
7and Budget under Section 8.12 of the State Finance Act.
8 With respect to proceeds from the bond sale authorized by
9Public Act 93-2 only, within 15 days after any Bond proceeds in
10excess of the amounts initially reserved under subsection (c)
11are deposited into the Pension Contribution Fund, the
12Governor's Office of Management and Budget shall (i) allocate
13those proceeds among the designated retirement systems in
14proportion to their respective actuarial reserve deficiencies,
15as most recently determined under Section 8.12 of the State
16Finance Act, and (ii) certify those allocations to the
17designated retirement systems and the Comptroller.
18 Upon receiving certification of an allocation under this
19subsection, a designated retirement system shall submit to the
20Comptroller a voucher for the amount of its allocation. The
21voucher shall be paid out of the amount appropriated to that
22designated retirement system from the Pension Contribution
23Fund pursuant to this subsection.
24(Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11.)
25 (30 ILCS 330/7.6 new)

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1 Sec. 7.6. Bond payment funding. Up to $2,200,000,000 of the
2Bonds authorized under Public Act 96-1497 may be re-issued. The
3proceeds of the Bonds re-issued under this Section, less the
4amounts directly paid out for bond sale expenses under Section
58, shall be deposited into the General Obligation Bond
6Retirement and Interest Fund for the sole purpose of retiring
7the outstanding Bonds authorized by Public Act 96-1497.
8 (30 ILCS 330/9) (from Ch. 127, par. 659)
9 Sec. 9. Conditions for Issuance and Sale of Bonds -
10Requirements for Bonds.
11 (a) Except as otherwise provided in this subsection, Bonds
12shall be issued and sold from time to time, in one or more
13series, in such amounts and at such prices as may be directed
14by the Governor, upon recommendation by the Director of the
15Governor's Office of Management and Budget. Bonds shall be in
16such form (either coupon, registered or book entry), in such
17denominations, payable within 25 years from their date, subject
18to such terms of redemption with or without premium, bear
19interest payable at such times and at such fixed or variable
20rate or rates, and be dated as shall be fixed and determined by
21the Director of the Governor's Office of Management and Budget
22in the order authorizing the issuance and sale of any series of
23Bonds, which order shall be approved by the Governor and is
24herein called a "Bond Sale Order"; provided however, that
25interest payable at fixed or variable rates shall not exceed

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1that permitted in the Bond Authorization Act, as now or
2hereafter amended. Bonds shall be payable at such place or
3places, within or without the State of Illinois, and may be
4made registrable as to either principal or as to both principal
5and interest, as shall be specified in the Bond Sale Order.
6Bonds may be callable or subject to purchase and retirement or
7tender and remarketing as fixed and determined in the Bond Sale
8Order. Bonds, other than Bonds issued under Section 3 of this
9Act for the costs associated with the purchase and
10implementation of information technology, (i) except for
11refunding Bonds satisfying the requirements of Section 16 of
12this Act and sold during fiscal year 2009, 2010, 2011, or 2017
13must be issued with principal or mandatory redemption amounts
14in equal amounts, with the first maturity issued occurring
15within the fiscal year in which the Bonds are issued or within
16the next succeeding fiscal year and (ii) must mature or be
17subject to mandatory redemption each fiscal year thereafter up
18to 25 years, except for refunding Bonds satisfying the
19requirements of Section 16 of this Act and sold during fiscal
20year 2009, 2010, or 2011 which must mature or be subject to
21mandatory redemption each fiscal year thereafter up to 16
22years. Bonds issued under Section 3 of this Act for the costs
23associated with the purchase and implementation of information
24technology must be issued with principal or mandatory
25redemption amounts in equal amounts, with the first maturity
26issued occurring with the fiscal year in which the respective

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1bonds are issued or with the next succeeding fiscal year, with
2the respective bonds issued maturing or subject to mandatory
3redemption each fiscal year thereafter up to 10 years.
4Notwithstanding any provision of this Act to the contrary, the
5Bonds authorized by Public Act 96-43 shall be payable within 5
6years from their date and must be issued with principal or
7mandatory redemption amounts in equal amounts, with payment of
8principal or mandatory redemption beginning in the first fiscal
9year following the fiscal year in which the Bonds are issued.
10 Notwithstanding any provision of this Act to the contrary,
11the Bonds authorized by Public Act 96-1497 shall be payable
12within 8 years from their date and shall be issued with payment
13of maturing principal or scheduled mandatory redemptions in
14accordance with the following schedule, except the following
15amounts shall be prorated if less than the total additional
16amount of Bonds authorized by Public Act 96-1497 are issued:
17 Fiscal Year After Issuance Amount
18 1-2 $0
19 3 $110,712,120
20 4 $332,136,360
21 5 $664,272,720
22 6-8 $996,409,080
23 Notwithstanding any provision of this Act to the contrary,
24the Bonds authorized by this amendatory Act of the 100th
25General Assembly shall be payable within 10 years from their
26date.

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1 In the case of any series of Bonds bearing interest at a
2variable interest rate ("Variable Rate Bonds"), in lieu of
3determining the rate or rates at which such series of Variable
4Rate Bonds shall bear interest and the price or prices at which
5such Variable Rate Bonds shall be initially sold or remarketed
6(in the event of purchase and subsequent resale), the Bond Sale
7Order may provide that such interest rates and prices may vary
8from time to time depending on criteria established in such
9Bond Sale Order, which criteria may include, without
10limitation, references to indices or variations in interest
11rates as may, in the judgment of a remarketing agent, be
12necessary to cause Variable Rate Bonds of such series to be
13remarketable from time to time at a price equal to their
14principal amount, and may provide for appointment of a bank,
15trust company, investment bank, or other financial institution
16to serve as remarketing agent in that connection. The Bond Sale
17Order may provide that alternative interest rates or provisions
18for establishing alternative interest rates, different
19security or claim priorities, or different call or amortization
20provisions will apply during such times as Variable Rate Bonds
21of any series are held by a person providing credit or
22liquidity enhancement arrangements for such Bonds as
23authorized in subsection (b) of this Section. The Bond Sale
24Order may also provide for such variable interest rates to be
25established pursuant to a process generally known as an auction
26rate process and may provide for appointment of one or more

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1financial institutions to serve as auction agents and
2broker-dealers in connection with the establishment of such
3interest rates and the sale and remarketing of such Bonds.
4 (b) In connection with the issuance of any series of Bonds,
5the State may enter into arrangements to provide additional
6security and liquidity for such Bonds, including, without
7limitation, bond or interest rate insurance or letters of
8credit, lines of credit, bond purchase contracts, or other
9arrangements whereby funds are made available to retire or
10purchase Bonds, thereby assuring the ability of owners of the
11Bonds to sell or redeem their Bonds. The State may enter into
12contracts and may agree to pay fees to persons providing such
13arrangements, but only under circumstances where the Director
14of the Governor's Office of Management and Budget certifies
15that he or she reasonably expects the total interest paid or to
16be paid on the Bonds, together with the fees for the
17arrangements (being treated as if interest), would not, taken
18together, cause the Bonds to bear interest, calculated to their
19stated maturity, at a rate in excess of the rate that the Bonds
20would bear in the absence of such arrangements.
21 The State may, with respect to Bonds issued or anticipated
22to be issued, participate in and enter into arrangements with
23respect to interest rate protection or exchange agreements,
24guarantees, or financial futures contracts for the purpose of
25limiting, reducing, or managing interest rate exposure. The
26authority granted under this paragraph, however, shall not

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1increase the principal amount of Bonds authorized to be issued
2by law. The arrangements may be executed and delivered by the
3Director of the Governor's Office of Management and Budget on
4behalf of the State. Net payments for such arrangements shall
5constitute interest on the Bonds and shall be paid from the
6General Obligation Bond Retirement and Interest Fund. The
7Director of the Governor's Office of Management and Budget
8shall at least annually certify to the Governor and the State
9Comptroller his or her estimate of the amounts of such net
10payments to be included in the calculation of interest required
11to be paid by the State.
12 (c) Prior to the issuance of any Variable Rate Bonds
13pursuant to subsection (a), the Director of the Governor's
14Office of Management and Budget shall adopt an interest rate
15risk management policy providing that the amount of the State's
16variable rate exposure with respect to Bonds shall not exceed
1720%. This policy shall remain in effect while any Bonds are
18outstanding and the issuance of Bonds shall be subject to the
19terms of such policy. The terms of this policy may be amended
20from time to time by the Director of the Governor's Office of
21Management and Budget but in no event shall any amendment cause
22the permitted level of the State's variable rate exposure with
23respect to Bonds to exceed 20%.
24 (d) "Build America Bonds" in this Section means Bonds
25authorized by Section 54AA of the Internal Revenue Code of
261986, as amended ("Internal Revenue Code"), and bonds issued

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1from time to time to refund or continue to refund "Build
2America Bonds".
3 (e) Notwithstanding any other provision of this Section,
4Qualified School Construction Bonds shall be issued and sold
5from time to time, in one or more series, in such amounts and
6at such prices as may be directed by the Governor, upon
7recommendation by the Director of the Governor's Office of
8Management and Budget. Qualified School Construction Bonds
9shall be in such form (either coupon, registered or book
10entry), in such denominations, payable within 25 years from
11their date, subject to such terms of redemption with or without
12premium, and if the Qualified School Construction Bonds are
13issued with a supplemental coupon, bear interest payable at
14such times and at such fixed or variable rate or rates, and be
15dated as shall be fixed and determined by the Director of the
16Governor's Office of Management and Budget in the order
17authorizing the issuance and sale of any series of Qualified
18School Construction Bonds, which order shall be approved by the
19Governor and is herein called a "Bond Sale Order"; except that
20interest payable at fixed or variable rates, if any, shall not
21exceed that permitted in the Bond Authorization Act, as now or
22hereafter amended. Qualified School Construction Bonds shall
23be payable at such place or places, within or without the State
24of Illinois, and may be made registrable as to either principal
25or as to both principal and interest, as shall be specified in
26the Bond Sale Order. Qualified School Construction Bonds may be

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1callable or subject to purchase and retirement or tender and
2remarketing as fixed and determined in the Bond Sale Order.
3Qualified School Construction Bonds must be issued with
4principal or mandatory redemption amounts or sinking fund
5payments into the General Obligation Bond Retirement and
6Interest Fund (or subaccount therefor) in equal amounts, with
7the first maturity issued, mandatory redemption payment or
8sinking fund payment occurring within the fiscal year in which
9the Qualified School Construction Bonds are issued or within
10the next succeeding fiscal year, with Qualified School
11Construction Bonds issued maturing or subject to mandatory
12redemption or with sinking fund payments thereof deposited each
13fiscal year thereafter up to 25 years. Sinking fund payments
14set forth in this subsection shall be permitted only to the
15extent authorized in Section 54F of the Internal Revenue Code
16or as otherwise determined by the Director of the Governor's
17Office of Management and Budget. "Qualified School
18Construction Bonds" in this subsection means Bonds authorized
19by Section 54F of the Internal Revenue Code and for bonds
20issued from time to time to refund or continue to refund such
21"Qualified School Construction Bonds".
22 (f) Beginning with the next issuance by the Governor's
23Office of Management and Budget to the Procurement Policy Board
24of a request for quotation for the purpose of formulating a new
25pool of qualified underwriting banks list, all entities
26responding to such a request for quotation for inclusion on

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1that list shall provide a written report to the Governor's
2Office of Management and Budget and the Illinois Comptroller.
3The written report submitted to the Comptroller shall (i) be
4published on the Comptroller's Internet website and (ii) be
5used by the Governor's Office of Management and Budget for the
6purposes of scoring such a request for quotation. The written
7report, at a minimum, shall:
8 (1) disclose whether, within the past 3 months,
9 pursuant to its credit default swap market-making
10 activities, the firm has entered into any State of Illinois
11 credit default swaps ("CDS");
12 (2) include, in the event of State of Illinois CDS
13 activity, disclosure of the firm's cumulative notional
14 volume of State of Illinois CDS trades and the firm's
15 outstanding gross and net notional amount of State of
16 Illinois CDS, as of the end of the current 3-month period;
17 (3) indicate, pursuant to the firm's proprietary
18 trading activities, disclosure of whether the firm, within
19 the past 3 months, has entered into any proprietary trades
20 for its own account in State of Illinois CDS;
21 (4) include, in the event of State of Illinois
22 proprietary trades, disclosure of the firm's outstanding
23 gross and net notional amount of proprietary State of
24 Illinois CDS and whether the net position is short or long
25 credit protection, as of the end of the current 3-month
26 period;

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1 (5) list all time periods during the past 3 months
2 during which the firm held net long or net short State of
3 Illinois CDS proprietary credit protection positions, the
4 amount of such positions, and whether those positions were
5 net long or net short credit protection positions; and
6 (6) indicate whether, within the previous 3 months, the
7 firm released any publicly available research or marketing
8 reports that reference State of Illinois CDS and include
9 those research or marketing reports as attachments.
10 (g) All entities included on a Governor's Office of
11Management and Budget's pool of qualified underwriting banks
12list shall, as soon as possible after March 18, 2011 (the
13effective date of Public Act 96-1554), but not later than
14January 21, 2011, and on a quarterly fiscal basis thereafter,
15provide a written report to the Governor's Office of Management
16and Budget and the Illinois Comptroller. The written reports
17submitted to the Comptroller shall be published on the
18Comptroller's Internet website. The written reports, at a
19minimum, shall:
20 (1) disclose whether, within the past 3 months,
21 pursuant to its credit default swap market-making
22 activities, the firm has entered into any State of Illinois
23 credit default swaps ("CDS");
24 (2) include, in the event of State of Illinois CDS
25 activity, disclosure of the firm's cumulative notional
26 volume of State of Illinois CDS trades and the firm's

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1 outstanding gross and net notional amount of State of
2 Illinois CDS, as of the end of the current 3-month period;
3 (3) indicate, pursuant to the firm's proprietary
4 trading activities, disclosure of whether the firm, within
5 the past 3 months, has entered into any proprietary trades
6 for its own account in State of Illinois CDS;
7 (4) include, in the event of State of Illinois
8 proprietary trades, disclosure of the firm's outstanding
9 gross and net notional amount of proprietary State of
10 Illinois CDS and whether the net position is short or long
11 credit protection, as of the end of the current 3-month
12 period;
13 (5) list all time periods during the past 3 months
14 during which the firm held net long or net short State of
15 Illinois CDS proprietary credit protection positions, the
16 amount of such positions, and whether those positions were
17 net long or net short credit protection positions; and
18 (6) indicate whether, within the previous 3 months, the
19 firm released any publicly available research or marketing
20 reports that reference State of Illinois CDS and include
21 those research or marketing reports as attachments.
22(Source: P.A. 99-523, eff. 6-30-16.)
23 (30 ILCS 330/11) (from Ch. 127, par. 661)
24 Sec. 11. Sale of Bonds. Except as otherwise provided in
25this Section, Bonds shall be sold from time to time pursuant to

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1notice of sale and public bid or by negotiated sale in such
2amounts and at such times as is directed by the Governor, upon
3recommendation by the Director of the Governor's Office of
4Management and Budget. At least 25%, based on total principal
5amount, of all Bonds issued each fiscal year shall be sold
6pursuant to notice of sale and public bid. At all times during
7each fiscal year, no more than 75%, based on total principal
8amount, of the Bonds issued each fiscal year, shall have been
9sold by negotiated sale. Failure to satisfy the requirements in
10the preceding 2 sentences shall not affect the validity of any
11previously issued Bonds; provided that all Bonds authorized by
12Public Act 96-43, and Public Act 96-1497, and this amendatory
13Act of the 100th General Assembly shall not be included in
14determining compliance for any fiscal year with the
15requirements of the preceding 2 sentences; and further provided
16that refunding Bonds satisfying the requirements of Section 16
17of this Act and sold during fiscal year 2009, 2010, 2011, or
182017 shall not be subject to the requirements in the preceding
192 sentences.
20 If any Bonds, including refunding Bonds, are to be sold by
21negotiated sale, the Director of the Governor's Office of
22Management and Budget shall comply with the competitive request
23for proposal process set forth in the Illinois Procurement Code
24and all other applicable requirements of that Code.
25 If Bonds are to be sold pursuant to notice of sale and
26public bid, the Director of the Governor's Office of Management

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1and Budget may, from time to time, as Bonds are to be sold,
2advertise the sale of the Bonds in at least 2 daily newspapers,
3one of which is published in the City of Springfield and one in
4the City of Chicago. The sale of the Bonds shall also be
5advertised in the volume of the Illinois Procurement Bulletin
6that is published by the Department of Central Management
7Services, and shall be published once at least 10 days prior to
8the date fixed for the opening of the bids. The Director of the
9Governor's Office of Management and Budget may reschedule the
10date of sale upon the giving of such additional notice as the
11Director deems adequate to inform prospective bidders of such
12change; provided, however, that all other conditions of the
13sale shall continue as originally advertised.
14 Executed Bonds shall, upon payment therefor, be delivered
15to the purchaser, and the proceeds of Bonds shall be paid into
16the State Treasury as directed by Section 12 of this Act.
17(Source: P.A. 98-44, eff. 6-28-13; 99-523, eff. 6-30-16.)
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