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Illinois House Bill HB3551

Illinois 2023-2024 Regular Session

Illinois House Bill HB3551 Compare Versions

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1-Public Act 103-0007
21 HB3551 EnrolledLRB103 30888 HLH 57616 b HB3551 Enrolled LRB103 30888 HLH 57616 b
32 HB3551 Enrolled LRB103 30888 HLH 57616 b
4-AN ACT concerning finance.
5-Be it enacted by the People of the State of Illinois,
6-represented in the General Assembly:
7-Article 1.
8-Section 1-1. References to Act. This Act may be referred
9-to as the Bond Authorization Act of 2023.
10-Article 5.
11-Section 5-1. The State Finance Act is amended by changing
12-Section 6z-78 as follows:
13-(30 ILCS 105/6z-78)
14-Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
15-transfers. Money in the Capital Projects Fund shall, if and
16-when the State of Illinois incurs any bonded indebtedness
17-using the bond authorizations for capital projects enacted in
18-Public Act 96-36, Public Act 96-1554, Public Act 97-771,
19-Public Act 98-94, and using the general obligation bond
20-authorizations for capital projects enacted in Public Act
21-101-30 and in this amendatory Act of the 103rd General
22-Assembly, be set aside and used for the purpose of paying and
23-discharging annually the principal and interest on that bonded
3+1 AN ACT concerning finance.
4+2 Be it enacted by the People of the State of Illinois,
5+3 represented in the General Assembly:
6+4 Article 1.
7+5 Section 1-1. References to Act. This Act may be referred
8+6 to as the Bond Authorization Act of 2023.
9+7 Article 5.
10+8 Section 5-1. The State Finance Act is amended by changing
11+9 Section 6z-78 as follows:
12+10 (30 ILCS 105/6z-78)
13+11 Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
14+12 transfers. Money in the Capital Projects Fund shall, if and
15+13 when the State of Illinois incurs any bonded indebtedness
16+14 using the bond authorizations for capital projects enacted in
17+15 Public Act 96-36, Public Act 96-1554, Public Act 97-771,
18+16 Public Act 98-94, and using the general obligation bond
19+17 authorizations for capital projects enacted in Public Act
20+18 101-30 and in this amendatory Act of the 103rd General
21+19 Assembly, be set aside and used for the purpose of paying and
22+20 discharging annually the principal and interest on that bonded
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30-indebtedness then due and payable.
31-In addition to other transfers to the General Obligation
32-Bond Retirement and Interest Fund made pursuant to Section 15
33-of the General Obligation Bond Act, upon each delivery of
34-general obligation bonds for capital projects using bond
35-authorizations enacted in Public Act 96-36, Public Act
36-96-1554, Public Act 97-771, Public Act 98-94, and Public Act
37-101-30 (except for amounts in Public Act 101-30 that increase
38-bond authorization under paragraph (1) of subsection (a) of
39-Section 4 and subsection (e) of Section 4 of the General
40-Obligation Bond Act), and this amendatory Act of the 103rd
41-General Assembly, the State Comptroller shall compute and
42-certify to the State Treasurer the total amount of principal
43-of, interest on, and premium, if any, on such bonds during the
44-then current and each succeeding fiscal year. With respect to
45-the interest payable on variable rate bonds, such
46-certifications shall be calculated at the maximum rate of
47-interest that may be payable during the fiscal year, after
48-taking into account any credits permitted in the related
49-indenture or other instrument against the amount of such
50-interest required to be appropriated for the period.
51-(a) Except as provided for in subsection (b), on or before
52-the last day of each month, the State Treasurer and State
53-Comptroller shall transfer from the Capital Projects Fund to
54-the General Obligation Bond Retirement and Interest Fund an
55-amount sufficient to pay the aggregate of the principal of,
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31+1 indebtedness then due and payable.
32+2 In addition to other transfers to the General Obligation
33+3 Bond Retirement and Interest Fund made pursuant to Section 15
34+4 of the General Obligation Bond Act, upon each delivery of
35+5 general obligation bonds for capital projects using bond
36+6 authorizations enacted in Public Act 96-36, Public Act
37+7 96-1554, Public Act 97-771, Public Act 98-94, and Public Act
38+8 101-30 (except for amounts in Public Act 101-30 that increase
39+9 bond authorization under paragraph (1) of subsection (a) of
40+10 Section 4 and subsection (e) of Section 4 of the General
41+11 Obligation Bond Act), and this amendatory Act of the 103rd
42+12 General Assembly, the State Comptroller shall compute and
43+13 certify to the State Treasurer the total amount of principal
44+14 of, interest on, and premium, if any, on such bonds during the
45+15 then current and each succeeding fiscal year. With respect to
46+16 the interest payable on variable rate bonds, such
47+17 certifications shall be calculated at the maximum rate of
48+18 interest that may be payable during the fiscal year, after
49+19 taking into account any credits permitted in the related
50+20 indenture or other instrument against the amount of such
51+21 interest required to be appropriated for the period.
52+22 (a) Except as provided for in subsection (b), on or before
53+23 the last day of each month, the State Treasurer and State
54+24 Comptroller shall transfer from the Capital Projects Fund to
55+25 the General Obligation Bond Retirement and Interest Fund an
56+26 amount sufficient to pay the aggregate of the principal of,
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58-interest on, and premium, if any, on the bonds payable on their
59-next payment date, divided by the number of monthly transfers
60-occurring between the last previous payment date (or the
61-delivery date if no payment date has yet occurred) and the next
62-succeeding payment date. Interest payable on variable rate
63-bonds shall be calculated at the maximum rate of interest that
64-may be payable for the relevant period, after taking into
65-account any credits permitted in the related indenture or
66-other instrument against the amount of such interest required
67-to be appropriated for that period. Interest for which moneys
68-have already been deposited into the capitalized interest
69-account within the General Obligation Bond Retirement and
70-Interest Fund shall not be included in the calculation of the
71-amounts to be transferred under this subsection.
72-(b) On or before the last day of each month, the State
73-Treasurer and State Comptroller shall transfer from the
74-Capital Projects Fund to the General Obligation Bond
75-Retirement and Interest Fund an amount sufficient to pay the
76-aggregate of the principal of, interest on, and premium, if
77-any, on the bonds issued prior to January 1, 2012 pursuant to
78-Section 4(d) of the General Obligation Bond Act payable on
79-their next payment date, divided by the number of monthly
80-transfers occurring between the last previous payment date (or
81-the delivery date if no payment date has yet occurred) and the
82-next succeeding payment date. If the available balance in the
83-Capital Projects Fund is not sufficient for the transfer
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86-required in this subsection, the State Treasurer and State
87-Comptroller shall transfer the difference from the Road Fund
88-to the General Obligation Bond Retirement and Interest Fund;
89-except that such Road Fund transfers shall constitute a debt
90-of the Capital Projects Fund which shall be repaid according
91-to subsection (c). Interest payable on variable rate bonds
92-shall be calculated at the maximum rate of interest that may be
93-payable for the relevant period, after taking into account any
94-credits permitted in the related indenture or other instrument
95-against the amount of such interest required to be
96-appropriated for that period. Interest for which moneys have
97-already been deposited into the capitalized interest account
98-within the General Obligation Bond Retirement and Interest
99-Fund shall not be included in the calculation of the amounts to
100-be transferred under this subsection.
101-(c) On the first day of any month when the Capital Projects
102-Fund is carrying a debt to the Road Fund due to the provisions
103-of subsection (b), the State Treasurer and State Comptroller
104-shall transfer from the Capital Projects Fund to the Road Fund
105-an amount sufficient to discharge that debt. These transfers
106-to the Road Fund shall continue until the Capital Projects
107-Fund has repaid to the Road Fund all transfers made from the
108-Road Fund pursuant to subsection (b). Notwithstanding any
109-other law to the contrary, transfers to the Road Fund from the
110-Capital Projects Fund shall be made prior to any other
111-expenditures or transfers out of the Capital Projects Fund.
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114-(Source: P.A. 101-30, eff. 6-28-19; 101-604, eff. 12-13-19.)
115-Article 10.
116-Section 10-1. The General Obligation Bond Act is amended
117-by changing Sections 2, 3, 6, 7, 7.6, 8, 9, 10, 11, and 16 as
118-follows:
119-(30 ILCS 330/2) (from Ch. 127, par. 652)
120-Sec. 2. Authorization for Bonds. The State of Illinois is
121-authorized to issue, sell and provide for the retirement of
122-General Obligation Bonds of the State of Illinois for the
123-categories and specific purposes expressed in Sections 2
124-through 8 of this Act, in the total amount of $79,440,839,969
125-$79,256,839,969.
126-The bonds authorized in this Section 2 and in Section 16 of
127-this Act are herein called "Bonds".
128-Of the total amount of Bonds authorized in this Act, up to
129-$2,200,000,000 in aggregate original principal amount may be
130-issued and sold in accordance with the Baccalaureate Savings
131-Act in the form of General Obligation College Savings Bonds.
132-Of the total amount of Bonds authorized in this Act, up to
133-$300,000,000 in aggregate original principal amount may be
134-issued and sold in accordance with the Retirement Savings Act
135-in the form of General Obligation Retirement Savings Bonds.
136-Of the total amount of Bonds authorized in this Act, the
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67+1 interest on, and premium, if any, on the bonds payable on their
68+2 next payment date, divided by the number of monthly transfers
69+3 occurring between the last previous payment date (or the
70+4 delivery date if no payment date has yet occurred) and the next
71+5 succeeding payment date. Interest payable on variable rate
72+6 bonds shall be calculated at the maximum rate of interest that
73+7 may be payable for the relevant period, after taking into
74+8 account any credits permitted in the related indenture or
75+9 other instrument against the amount of such interest required
76+10 to be appropriated for that period. Interest for which moneys
77+11 have already been deposited into the capitalized interest
78+12 account within the General Obligation Bond Retirement and
79+13 Interest Fund shall not be included in the calculation of the
80+14 amounts to be transferred under this subsection.
81+15 (b) On or before the last day of each month, the State
82+16 Treasurer and State Comptroller shall transfer from the
83+17 Capital Projects Fund to the General Obligation Bond
84+18 Retirement and Interest Fund an amount sufficient to pay the
85+19 aggregate of the principal of, interest on, and premium, if
86+20 any, on the bonds issued prior to January 1, 2012 pursuant to
87+21 Section 4(d) of the General Obligation Bond Act payable on
88+22 their next payment date, divided by the number of monthly
89+23 transfers occurring between the last previous payment date (or
90+24 the delivery date if no payment date has yet occurred) and the
91+25 next succeeding payment date. If the available balance in the
92+26 Capital Projects Fund is not sufficient for the transfer
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139-additional $10,000,000,000 authorized by Public Act 93-2, the
140-$3,466,000,000 authorized by Public Act 96-43, and the
141-$4,096,348,300 authorized by Public Act 96-1497 shall be used
142-solely as provided in Section 7.2.
143-Of the total amount of Bonds authorized in this Act, the
144-additional $6,000,000,000 authorized by Public Act 100-23
145-shall be used solely as provided in Section 7.6 and shall be
146-issued by December 31, 2017.
147-Of the total amount of Bonds authorized in this Act,
148-$2,000,000,000 of the additional amount authorized by Public
149-Act 100-587 and by Public Act 102-718 this amendatory Act of
150-the 102nd General Assembly shall be used solely as provided in
151-Section 7.7.
152-The issuance and sale of Bonds pursuant to the General
153-Obligation Bond Act is an economical and efficient method of
154-financing the long-term capital needs of the State. This Act
155-will permit the issuance of a multi-purpose General Obligation
156-Bond with uniform terms and features. This will not only lower
157-the cost of registration but also reduce the overall cost of
158-issuing debt by improving the marketability of Illinois
159-General Obligation Bonds.
160-(Source: P.A. 101-30, eff. 6-28-19; 102-718, eff. 5-5-22.)
161-(30 ILCS 330/3) (from Ch. 127, par. 653)
162-Sec. 3. Capital facilities. The amount of $18,745,011,269
163-$18,580,011,269 is authorized to be used for the acquisition,
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166-development, construction, reconstruction, improvement,
167-demolition, financing, architectural planning and installation
168-of capital facilities within the State, consisting of
169-buildings, structures, durable equipment, land, interests in
170-land, and the costs associated with the purchase and
171-implementation of information technology, including but not
172-limited to the purchase of hardware and software, for the
173-following specific purposes:
174-(a) $6,333,676,500 $6,268,676,500 for educational
175-purposes by State universities and public community
176-colleges, the Illinois Community College Board created by
177-the Public Community College Act and for grants to public
178-community colleges as authorized by Sections 5-11 and 5-12
179-of the Public Community College Act;
180-(b) $1,690,506,300 for correctional purposes at State
181-prison and correctional centers;
182-(c) $688,492,300 for open spaces, recreational and
183-conservation purposes and the protection of land,
184-including expenditures and grants for the Illinois
185-Conservation Reserve Enhancement Program and for ecosystem
186-restoration and for plugging of abandoned wells;
187-(d) $1,078,503,900 for State child care facilities,
188-mental and public health facilities, and facilities for
189-the care of veterans with disabilities and their spouses,
190-and for grants to public and private community health
191-centers, hospitals, and other health care providers for
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194-capital facilities;
195-(e) $7,568,753,300 $7,518,753,300 for use by the
196-State, its departments, authorities, public corporations,
197-commissions and agencies, including renewable energy
198-upgrades at State facilities;
199-(f) $818,100 for cargo handling facilities at port
200-districts and for breakwaters, including harbor entrances,
201-at port districts in conjunction with facilities for small
202-boats and pleasure crafts;
203-(g) $425,457,000 $375,457,000 for water resource
204-management projects, including flood mitigation and State
205-dam and waterway projects;
206-(h) $16,940,269 for the provision of facilities for
207-food production research and related instructional and
208-public service activities at the State universities and
209-public community colleges;
210-(i) $75,134,700 for grants by the Secretary of State,
211-as State Librarian, for central library facilities
212-authorized by Section 8 of the Illinois Library System Act
213-and for grants by the Capital Development Board to units
214-of local government for public library facilities;
215-(j) $25,000,000 for the acquisition, development,
216-construction, reconstruction, improvement, financing,
217-architectural planning and installation of capital
218-facilities consisting of buildings, structures, durable
219-equipment and land for grants to counties, municipalities
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103+1 required in this subsection, the State Treasurer and State
104+2 Comptroller shall transfer the difference from the Road Fund
105+3 to the General Obligation Bond Retirement and Interest Fund;
106+4 except that such Road Fund transfers shall constitute a debt
107+5 of the Capital Projects Fund which shall be repaid according
108+6 to subsection (c). Interest payable on variable rate bonds
109+7 shall be calculated at the maximum rate of interest that may be
110+8 payable for the relevant period, after taking into account any
111+9 credits permitted in the related indenture or other instrument
112+10 against the amount of such interest required to be
113+11 appropriated for that period. Interest for which moneys have
114+12 already been deposited into the capitalized interest account
115+13 within the General Obligation Bond Retirement and Interest
116+14 Fund shall not be included in the calculation of the amounts to
117+15 be transferred under this subsection.
118+16 (c) On the first day of any month when the Capital Projects
119+17 Fund is carrying a debt to the Road Fund due to the provisions
120+18 of subsection (b), the State Treasurer and State Comptroller
121+19 shall transfer from the Capital Projects Fund to the Road Fund
122+20 an amount sufficient to discharge that debt. These transfers
123+21 to the Road Fund shall continue until the Capital Projects
124+22 Fund has repaid to the Road Fund all transfers made from the
125+23 Road Fund pursuant to subsection (b). Notwithstanding any
126+24 other law to the contrary, transfers to the Road Fund from the
127+25 Capital Projects Fund shall be made prior to any other
128+26 expenditures or transfers out of the Capital Projects Fund.
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222-or public building commissions with correctional
223-facilities that do not comply with the minimum standards
224-of the Department of Corrections under Section 3-15-2 of
225-the Unified Code of Corrections;
226-(k) $5,011,600 for grants by the Department of
227-Conservation for improvement or expansion of aquarium
228-facilities located on property owned by a park district;
229-(l) $599,590,000 to State agencies for grants to local
230-governments for the acquisition, financing, architectural
231-planning, development, alteration, installation, and
232-construction of capital facilities consisting of
233-buildings, structures, durable equipment, and land; and
234-(m) $237,127,300 for the Illinois Open Land Trust
235-Program as defined by the Illinois Open Land Trust Act.
236-The amounts authorized above for capital facilities may be
237-used for the acquisition, installation, alteration,
238-construction, or reconstruction of capital facilities and for
239-the purchase of equipment for the purpose of major capital
240-improvements which will reduce energy consumption in State
241-buildings or facilities.
242-(Source: P.A. 100-587, eff. 6-4-18; 101-30, eff. 6-28-19.)
243-(30 ILCS 330/6) (from Ch. 127, par. 656)
244-Sec. 6. Anti-Pollution.
245-(a) The amount of $611,814,300 $581,814,300 is authorized
246-for allocation by the Environmental Protection Agency for
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249-grants or loans to units of local government, including grants
250-to disadvantaged communities without modern sewage systems, in
251-such amounts, at such times and for such purpose as the Agency
252-deems necessary or desirable for the planning, financing, and
253-construction of sewage treatment works and solid waste
254-disposal facilities and for making of deposits into the Water
255-Revolving Fund and the U.S. Environmental Protection Fund to
256-provide assistance in accordance with the provisions of Title
257-IV-A of the Environmental Protection Act.
258-(b) The amount of $236,500,000 is authorized for
259-allocation by the Environmental Protection Agency for payment
260-of claims submitted to the State and approved for payment
261-under the Leaking Underground Storage Tank Program established
262-in Title XVI of the Environmental Protection Act.
263-(Source: P.A. 101-30, eff. 6-28-19.)
264-(30 ILCS 330/7) (from Ch. 127, par. 657)
265-Sec. 7. Coal and Energy Development. The amount of
266-$212,700,000 $242,700,000 is authorized to be used by the
267-Department of Commerce and Economic Opportunity (formerly
268-Department of Commerce and Community Affairs) for coal and
269-energy development purposes, pursuant to Sections 2, 3 and 3.1
270-of the Illinois Coal and Energy Development Bond Act, for the
271-purposes specified in Section 8.1 of the Energy Conservation
272-and Coal Development Act, for the purposes specified in
273-Section 605-332 of the Department of Commerce and Economic
133+
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274135
275136
276-Opportunity Law of the Civil Administrative Code of Illinois,
277-and for the purpose of facility cost reports prepared pursuant
278-to Sections 1-58 or 1-75(d)(4) of the Illinois Power Agency
279-Act and for the purpose of development costs pursuant to
280-Section 8.1 of the Energy Conservation and Coal Development
281-Act. Of this amount:
282-(a) $128,500,000 $143,500,000 is for the specific purposes
283-of acquisition, development, construction, reconstruction,
284-improvement, financing, architectural and technical planning
285-and installation of capital facilities consisting of
286-buildings, structures, durable equipment, and land for the
287-purpose of capital development of coal resources within the
288-State and for the purposes specified in Section 8.1 of the
289-Energy Conservation and Coal Development Act;
290-(b) $20,000,000 $35,000,000 is for the purposes specified
291-in Section 8.1 of the Energy Conservation and Coal Development
292-Act and making grants to generating stations and coal
293-gasification facilities within the State of Illinois and to
294-the owner of a generating station located in Illinois and
295-having at least three coal-fired generating units with
296-accredited summer capability greater than 500 megawatts each
297-at such generating station as provided in Section 6 of that
298-Bond Act;
299-(c) $13,200,000 is for research, development and
300-demonstration of forms of energy other than that derived from
301-coal, either on or off State property;
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139+1 (Source: P.A. 101-30, eff. 6-28-19; 101-604, eff. 12-13-19.)
140+2 Article 10.
141+3 Section 10-1. The General Obligation Bond Act is amended
142+4 by changing Sections 2, 3, 6, 7, 7.6, 8, 9, 10, 11, and 16 as
143+5 follows:
144+6 (30 ILCS 330/2) (from Ch. 127, par. 652)
145+7 Sec. 2. Authorization for Bonds. The State of Illinois is
146+8 authorized to issue, sell and provide for the retirement of
147+9 General Obligation Bonds of the State of Illinois for the
148+10 categories and specific purposes expressed in Sections 2
149+11 through 8 of this Act, in the total amount of $79,440,839,969
150+12 $79,256,839,969.
151+13 The bonds authorized in this Section 2 and in Section 16 of
152+14 this Act are herein called "Bonds".
153+15 Of the total amount of Bonds authorized in this Act, up to
154+16 $2,200,000,000 in aggregate original principal amount may be
155+17 issued and sold in accordance with the Baccalaureate Savings
156+18 Act in the form of General Obligation College Savings Bonds.
157+19 Of the total amount of Bonds authorized in this Act, up to
158+20 $300,000,000 in aggregate original principal amount may be
159+21 issued and sold in accordance with the Retirement Savings Act
160+22 in the form of General Obligation Retirement Savings Bonds.
161+23 Of the total amount of Bonds authorized in this Act, the
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304-(d) $0 is for the purpose of providing financial
305-assistance to new electric generating facilities as provided
306-in Section 605-332 of the Department of Commerce and Economic
307-Opportunity Law of the Civil Administrative Code of Illinois;
308-and
309-(e) $51,000,000 is for the purpose of facility cost
310-reports prepared for not more than one facility pursuant to
311-Section 1-75(d)(4) of the Illinois Power Agency Act and not
312-more than one facility pursuant to Section 1-58 of the
313-Illinois Power Agency Act and for the purpose of up to
314-$6,000,000 of development costs pursuant to Section 8.1 of the
315-Energy Conservation and Coal Development Act.
316-(Source: P.A. 98-94, eff. 7-17-13; 98-781, eff. 7-22-14.)
317-(30 ILCS 330/7.6)
318-Sec. 7.6. Income Tax Proceed Bonds.
319-(a) As used in this Act, "Income Tax Proceed Bonds" means
320-Bonds (i) authorized by Public Act 100-23 this amendatory Act
321-of the 100th General Assembly or any other Public Act of the
322-100th or 101st General Assembly authorizing the issuance of
323-Income Tax Proceed Bonds and (ii) used for the payment of
324-unpaid obligations of the State as incurred from time to time
325-and as authorized by the General Assembly.
326-(b) Income Tax Proceed Bonds in the amount of
327-$6,000,000,000 are hereby authorized to be used for the
328-purpose of paying vouchers incurred by the State prior to July
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331-1, 2017. Additional Income Tax Proceed Bonds in the amount of
332-$1,200,000,000 are hereby authorized to be used for the
333-purpose of paying vouchers incurred by the State and accruing
334-interest payable by the State prior to the date on which the
335-Income Tax Proceed Bonds are issued.
336-(c) The Income Tax Bond Fund is hereby created as a special
337-fund in the State treasury. All moneys from the proceeds of the
338-sale of the Income Tax Proceed Bonds, less the amounts
339-authorized in the Bond Sale Order to be directly paid out for
340-bond sale expenses under Section 8, shall be deposited into
341-the Income Tax Bond Fund. All moneys in the Income Tax Bond
342-Fund shall be used for the purpose of paying vouchers incurred
343-by the State prior to July 1, 2017 or for paying vouchers
344-incurred by the State more than 90 days prior to the date on
345-which the Income Tax Proceed Bonds are issued. For the purpose
346-of paying such vouchers, the Comptroller has the authority to
347-transfer moneys from the Income Tax Bond Fund to general funds
348-and the Health Insurance Reserve Fund. "General funds" has the
349-meaning provided in Section 50-40 of the State Budget Law.
350-(Source: P.A. 100-23, eff. 7-6-17; 101-30, eff. 6-28-19;
351-101-604, eff. 12-13-19.)
352-(30 ILCS 330/8) (from Ch. 127, par. 658)
353-Sec. 8. Bond sale expenses.
354-(a) An amount not to exceed 0.5 percent of the principal
355-amount of the proceeds of sale of each bond sale is authorized
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358-to be used to pay the reasonable costs of each issuance and
359-sale, including, without limitation, underwriter's discounts
360-and fees, but excluding bond insurance, of State of Illinois
361-general obligation bonds authorized and sold pursuant to this
362-Act, including, without limitation, underwriter's discounts
363-and fees, but excluding bond insurance; provided that no
364-salaries of State employees or other State office operating
365-expenses shall be paid out of non-appropriated proceeds, and
366-provided further that the percent shall be 1.0% for each sale
367-of "Build America Bonds" or "Qualified School Construction
368-Bonds" as defined in subsections (d) and (e) of Section 9,
369-respectively. The Governor's Office of Management and Budget
370-shall compile a summary of all costs of issuance on each sale
371-(including both costs paid out of proceeds and those paid out
372-of appropriated funds) and post that summary on its web site
373-within 20 business days after the issuance of the Bonds. The
374-summary shall include, as applicable, the respective
375-percentages of participation and compensation of each
376-underwriter that is a member of the underwriting syndicate,
377-legal counsel, financial advisors, and other professionals for
378-the bond issue and an identification of all costs of issuance
379-paid to minority-owned businesses, women-owned businesses, and
380-businesses owned by persons with disabilities. The terms
381-"minority-owned businesses", "women-owned businesses", and
382-"business owned by a person with a disability" have the
383-meanings given to those terms in the Business Enterprise for
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172+1 additional $10,000,000,000 authorized by Public Act 93-2, the
173+2 $3,466,000,000 authorized by Public Act 96-43, and the
174+3 $4,096,348,300 authorized by Public Act 96-1497 shall be used
175+4 solely as provided in Section 7.2.
176+5 Of the total amount of Bonds authorized in this Act, the
177+6 additional $6,000,000,000 authorized by Public Act 100-23
178+7 shall be used solely as provided in Section 7.6 and shall be
179+8 issued by December 31, 2017.
180+9 Of the total amount of Bonds authorized in this Act,
181+10 $2,000,000,000 of the additional amount authorized by Public
182+11 Act 100-587 and by Public Act 102-718 this amendatory Act of
183+12 the 102nd General Assembly shall be used solely as provided in
184+13 Section 7.7.
185+14 The issuance and sale of Bonds pursuant to the General
186+15 Obligation Bond Act is an economical and efficient method of
187+16 financing the long-term capital needs of the State. This Act
188+17 will permit the issuance of a multi-purpose General Obligation
189+18 Bond with uniform terms and features. This will not only lower
190+19 the cost of registration but also reduce the overall cost of
191+20 issuing debt by improving the marketability of Illinois
192+21 General Obligation Bonds.
193+22 (Source: P.A. 101-30, eff. 6-28-19; 102-718, eff. 5-5-22.)
194+23 (30 ILCS 330/3) (from Ch. 127, par. 653)
195+24 Sec. 3. Capital facilities. The amount of $18,745,011,269
196+25 $18,580,011,269 is authorized to be used for the acquisition,
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385198
386-Minorities, Women, and Persons with Disabilities Act. The
387-summary That posting shall be posted maintained on the web
388-site for a period of at least 30 days. In addition, the
389-Governor's Office of Management and Budget shall provide a
390-written copy of each summary of costs to the Speaker and
391-Minority Leader of the House of Representatives, the President
392-and Minority Leader of the Senate, and the Commission on
393-Government Forecasting and Accountability within 20 business
394-days after each issuance of the Bonds. In addition, the
395-Governor's Office of Management and Budget shall provide
396-copies of all contracts under which any costs of issuance are
397-paid or to be paid to the Commission on Government Forecasting
398-and Accountability within 20 business days after the issuance
399-of Bonds for which those costs are paid or to be paid. Instead
400-of filing a second or subsequent copy of the same contract, the
401-Governor's Office of Management and Budget may file a
402-statement that specified costs are paid under specified
403-contracts filed earlier with the Commission.
404-(b) The Director of the Governor's Office of Management
405-and Budget shall not, in connection with the issuance of
406-Bonds, contract with any underwriter, financial advisor, or
407-attorney unless that underwriter, financial advisor, or
408-attorney certifies that the underwriter, financial advisor, or
409-attorney has not and will not pay a contingent fee, whether
410-directly or indirectly, to a third party for having promoted
411-the selection of the underwriter, financial advisor, or
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414-attorney for that contract. In the event that the Governor's
415-Office of Management and Budget determines that an
416-underwriter, financial advisor, or attorney has filed a false
417-certification with respect to the payment of contingent fees,
418-the Governor's Office of Management and Budget shall not
419-contract with that underwriter, financial advisor, or
420-attorney, or with any firm employing any person who signed
421-false certifications, for a period of 2 calendar years,
422-beginning with the date the determination is made. The
423-validity of Bonds issued under such circumstances of violation
424-pursuant to this Section shall not be affected.
425-(Source: P.A. 100-391, eff. 8-25-17.)
426-(30 ILCS 330/9) (from Ch. 127, par. 659)
427-Sec. 9. Conditions for issuance and sale of Bonds;
428-requirements for Bonds.
429-(a) Except as otherwise provided in this subsection,
430-subsection (h), and subsection (i), Bonds shall be issued and
431-sold from time to time, in one or more series, in such amounts
432-and at such prices as may be directed by the Governor, upon
433-recommendation by the Director of the Governor's Office of
434-Management and Budget. Bonds shall be in such form (either
435-coupon, registered or book entry), in such denominations,
436-payable within 25 years from their date, subject to such terms
437-of redemption with or without premium, bear interest payable
438-at such times and at such fixed or variable rate or rates, and
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441-be dated as shall be fixed and determined by the Director of
442-the Governor's Office of Management and Budget in the order
443-authorizing the issuance and sale of any series of Bonds,
444-which order shall be approved by the Governor and is herein
445-called a "Bond Sale Order"; provided however, that interest
446-payable at fixed or variable rates shall not exceed that
447-permitted in the Bond Authorization Act, as now or hereafter
448-amended. Bonds shall be payable at such place or places,
449-within or without the State of Illinois, and may be made
450-registrable as to either principal or as to both principal and
451-interest, as shall be specified in the Bond Sale Order. Bonds
452-may be callable or subject to purchase and retirement or
453-tender and remarketing as fixed and determined in the Bond
454-Sale Order. Bonds, other than Bonds issued under Section 3 of
455-this Act for the costs associated with the purchase and
456-implementation of information technology, (i) except for
457-refunding Bonds satisfying the requirements of Section 16 of
458-this Act must be issued with principal or mandatory redemption
459-amounts in equal amounts, with the first maturity issued
460-occurring within the fiscal year in which the Bonds are issued
461-or within the next succeeding fiscal year and (ii) must mature
462-or be subject to mandatory redemption each fiscal year
463-thereafter up to 25 years, except for refunding Bonds
464-satisfying the requirements of Section 16 of this Act and sold
465-during fiscal year 2009, 2010, or 2011 which must mature or be
466-subject to mandatory redemption each fiscal year thereafter up
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207+1 development, construction, reconstruction, improvement,
208+2 demolition, financing, architectural planning and installation
209+3 of capital facilities within the State, consisting of
210+4 buildings, structures, durable equipment, land, interests in
211+5 land, and the costs associated with the purchase and
212+6 implementation of information technology, including but not
213+7 limited to the purchase of hardware and software, for the
214+8 following specific purposes:
215+9 (a) $6,333,676,500 $6,268,676,500 for educational
216+10 purposes by State universities and public community
217+11 colleges, the Illinois Community College Board created by
218+12 the Public Community College Act and for grants to public
219+13 community colleges as authorized by Sections 5-11 and 5-12
220+14 of the Public Community College Act;
221+15 (b) $1,690,506,300 for correctional purposes at State
222+16 prison and correctional centers;
223+17 (c) $688,492,300 for open spaces, recreational and
224+18 conservation purposes and the protection of land,
225+19 including expenditures and grants for the Illinois
226+20 Conservation Reserve Enhancement Program and for ecosystem
227+21 restoration and for plugging of abandoned wells;
228+22 (d) $1,078,503,900 for State child care facilities,
229+23 mental and public health facilities, and facilities for
230+24 the care of veterans with disabilities and their spouses,
231+25 and for grants to public and private community health
232+26 centers, hospitals, and other health care providers for
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468234
469-to 16 years. Bonds issued under Section 3 of this Act for the
470-costs associated with the purchase and implementation of
471-information technology must be issued with principal or
472-mandatory redemption amounts in equal amounts, with the first
473-maturity issued occurring with the fiscal year in which the
474-respective bonds are issued or with the next succeeding fiscal
475-year, with the respective bonds issued maturing or subject to
476-mandatory redemption each fiscal year thereafter up to 10
477-years. Notwithstanding any provision of this Act to the
478-contrary, the Bonds authorized by Public Act 96-43 shall be
479-payable within 5 years from their date and must be issued with
480-principal or mandatory redemption amounts in equal amounts,
481-with payment of principal or mandatory redemption beginning in
482-the first fiscal year following the fiscal year in which the
483-Bonds are issued.
484-Notwithstanding any provision of this Act to the contrary,
485-the Bonds authorized by Public Act 96-1497 shall be payable
486-within 8 years from their date and shall be issued with payment
487-of maturing principal or scheduled mandatory redemptions in
488-accordance with the following schedule, except the following
489-amounts shall be prorated if less than the total additional
490-amount of Bonds authorized by Public Act 96-1497 are issued:
491-Fiscal Year After Issuance Amount
492-1-2 $0
493-3 $110,712,120
494-4 $332,136,360
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496236
497-5 $664,272,720
498-6-8 $996,409,080
499-Notwithstanding any provision of this Act to the contrary,
500-Income Tax Proceed Bonds issued under Section 7.6 shall be
501-payable 12 years from the date of sale and shall be issued with
502-payment of principal or mandatory redemption.
503-In the case of any series of Bonds bearing interest at a
504-variable interest rate ("Variable Rate Bonds"), in lieu of
505-determining the rate or rates at which such series of Variable
506-Rate Bonds shall bear interest and the price or prices at which
507-such Variable Rate Bonds shall be initially sold or remarketed
508-(in the event of purchase and subsequent resale), the Bond
509-Sale Order may provide that such interest rates and prices may
510-vary from time to time depending on criteria established in
511-such Bond Sale Order, which criteria may include, without
512-limitation, references to indices or variations in interest
513-rates as may, in the judgment of a remarketing agent, be
514-necessary to cause Variable Rate Bonds of such series to be
515-remarketable from time to time at a price equal to their
516-principal amount, and may provide for appointment of a bank,
517-trust company, investment bank, or other financial institution
518-to serve as remarketing agent in that connection. The Bond
519-Sale Order may provide that alternative interest rates or
520-provisions for establishing alternative interest rates,
521-different security or claim priorities, or different call or
522-amortization provisions will apply during such times as
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525-Variable Rate Bonds of any series are held by a person
526-providing credit or liquidity enhancement arrangements for
527-such Bonds as authorized in subsection (b) of this Section.
528-The Bond Sale Order may also provide for such variable
529-interest rates to be established pursuant to a process
530-generally known as an auction rate process and may provide for
531-appointment of one or more financial institutions to serve as
532-auction agents and broker-dealers in connection with the
533-establishment of such interest rates and the sale and
534-remarketing of such Bonds.
535-(b) In connection with the issuance of any series of
536-Bonds, the State may enter into arrangements to provide
537-additional security and liquidity for such Bonds, including,
538-without limitation, bond or interest rate insurance or letters
539-of credit, lines of credit, bond purchase contracts, or other
540-arrangements whereby funds are made available to retire or
541-purchase Bonds, thereby assuring the ability of owners of the
542-Bonds to sell or redeem their Bonds. The State may enter into
543-contracts and may agree to pay fees to persons providing such
544-arrangements, but only under circumstances where the Director
545-of the Governor's Office of Management and Budget certifies
546-that he or she reasonably expects the total interest paid or to
547-be paid on the Bonds, together with the fees for the
548-arrangements (being treated as if interest), would not, taken
549-together, cause the Bonds to bear interest, calculated to
550-their stated maturity, at a rate in excess of the rate that the
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243+1 capital facilities;
244+2 (e) $7,568,753,300 $7,518,753,300 for use by the
245+3 State, its departments, authorities, public corporations,
246+4 commissions and agencies, including renewable energy
247+5 upgrades at State facilities;
248+6 (f) $818,100 for cargo handling facilities at port
249+7 districts and for breakwaters, including harbor entrances,
250+8 at port districts in conjunction with facilities for small
251+9 boats and pleasure crafts;
252+10 (g) $425,457,000 $375,457,000 for water resource
253+11 management projects, including flood mitigation and State
254+12 dam and waterway projects;
255+13 (h) $16,940,269 for the provision of facilities for
256+14 food production research and related instructional and
257+15 public service activities at the State universities and
258+16 public community colleges;
259+17 (i) $75,134,700 for grants by the Secretary of State,
260+18 as State Librarian, for central library facilities
261+19 authorized by Section 8 of the Illinois Library System Act
262+20 and for grants by the Capital Development Board to units
263+21 of local government for public library facilities;
264+22 (j) $25,000,000 for the acquisition, development,
265+23 construction, reconstruction, improvement, financing,
266+24 architectural planning and installation of capital
267+25 facilities consisting of buildings, structures, durable
268+26 equipment and land for grants to counties, municipalities
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553-Bonds would bear in the absence of such arrangements.
554-The State may, with respect to Bonds issued or anticipated
555-to be issued, participate in and enter into arrangements with
556-respect to interest rate protection or exchange agreements,
557-guarantees, or financial futures contracts for the purpose of
558-limiting, reducing, or managing interest rate exposure. The
559-authority granted under this paragraph, however, shall not
560-increase the principal amount of Bonds authorized to be issued
561-by law. The arrangements may be executed and delivered by the
562-Director of the Governor's Office of Management and Budget on
563-behalf of the State. Net payments for such arrangements shall
564-constitute interest on the Bonds and shall be paid from the
565-General Obligation Bond Retirement and Interest Fund. The
566-Director of the Governor's Office of Management and Budget
567-shall at least annually certify to the Governor and the State
568-Comptroller his or her estimate of the amounts of such net
569-payments to be included in the calculation of interest
570-required to be paid by the State.
571-(c) Prior to the issuance of any Variable Rate Bonds
572-pursuant to subsection (a), the Director of the Governor's
573-Office of Management and Budget shall adopt an interest rate
574-risk management policy providing that the amount of the
575-State's variable rate exposure with respect to Bonds shall not
576-exceed 20%. This policy shall remain in effect while any Bonds
577-are outstanding and the issuance of Bonds shall be subject to
578-the terms of such policy. The terms of this policy may be
579271
580272
581-amended from time to time by the Director of the Governor's
582-Office of Management and Budget but in no event shall any
583-amendment cause the permitted level of the State's variable
584-rate exposure with respect to Bonds to exceed 20%.
585-(d) "Build America Bonds" in this Section means Bonds
586-authorized by Section 54AA of the Internal Revenue Code of
587-1986, as amended ("Internal Revenue Code"), and bonds issued
588-from time to time to refund or continue to refund "Build
589-America Bonds".
590-(e) Notwithstanding any other provision of this Section,
591-Qualified School Construction Bonds shall be issued and sold
592-from time to time, in one or more series, in such amounts and
593-at such prices as may be directed by the Governor, upon
594-recommendation by the Director of the Governor's Office of
595-Management and Budget. Qualified School Construction Bonds
596-shall be in such form (either coupon, registered or book
597-entry), in such denominations, payable within 25 years from
598-their date, subject to such terms of redemption with or
599-without premium, and if the Qualified School Construction
600-Bonds are issued with a supplemental coupon, bear interest
601-payable at such times and at such fixed or variable rate or
602-rates, and be dated as shall be fixed and determined by the
603-Director of the Governor's Office of Management and Budget in
604-the order authorizing the issuance and sale of any series of
605-Qualified School Construction Bonds, which order shall be
606-approved by the Governor and is herein called a "Bond Sale
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609-Order"; except that interest payable at fixed or variable
610-rates, if any, shall not exceed that permitted in the Bond
611-Authorization Act, as now or hereafter amended. Qualified
612-School Construction Bonds shall be payable at such place or
613-places, within or without the State of Illinois, and may be
614-made registrable as to either principal or as to both
615-principal and interest, as shall be specified in the Bond Sale
616-Order. Qualified School Construction Bonds may be callable or
617-subject to purchase and retirement or tender and remarketing
618-as fixed and determined in the Bond Sale Order. Qualified
619-School Construction Bonds must be issued with principal or
620-mandatory redemption amounts or sinking fund payments into the
621-General Obligation Bond Retirement and Interest Fund (or
622-subaccount therefor) in equal amounts, with the first maturity
623-issued, mandatory redemption payment or sinking fund payment
624-occurring within the fiscal year in which the Qualified School
625-Construction Bonds are issued or within the next succeeding
626-fiscal year, with Qualified School Construction Bonds issued
627-maturing or subject to mandatory redemption or with sinking
628-fund payments thereof deposited each fiscal year thereafter up
629-to 25 years. Sinking fund payments set forth in this
630-subsection shall be permitted only to the extent authorized in
631-Section 54F of the Internal Revenue Code or as otherwise
632-determined by the Director of the Governor's Office of
633-Management and Budget. "Qualified School Construction Bonds"
634-in this subsection means Bonds authorized by Section 54F of
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279+1 or public building commissions with correctional
280+2 facilities that do not comply with the minimum standards
281+3 of the Department of Corrections under Section 3-15-2 of
282+4 the Unified Code of Corrections;
283+5 (k) $5,011,600 for grants by the Department of
284+6 Conservation for improvement or expansion of aquarium
285+7 facilities located on property owned by a park district;
286+8 (l) $599,590,000 to State agencies for grants to local
287+9 governments for the acquisition, financing, architectural
288+10 planning, development, alteration, installation, and
289+11 construction of capital facilities consisting of
290+12 buildings, structures, durable equipment, and land; and
291+13 (m) $237,127,300 for the Illinois Open Land Trust
292+14 Program as defined by the Illinois Open Land Trust Act.
293+15 The amounts authorized above for capital facilities may be
294+16 used for the acquisition, installation, alteration,
295+17 construction, or reconstruction of capital facilities and for
296+18 the purchase of equipment for the purpose of major capital
297+19 improvements which will reduce energy consumption in State
298+20 buildings or facilities.
299+21 (Source: P.A. 100-587, eff. 6-4-18; 101-30, eff. 6-28-19.)
300+22 (30 ILCS 330/6) (from Ch. 127, par. 656)
301+23 Sec. 6. Anti-Pollution.
302+24 (a) The amount of $611,814,300 $581,814,300 is authorized
303+25 for allocation by the Environmental Protection Agency for
635304
636305
637-the Internal Revenue Code and for bonds issued from time to
638-time to refund or continue to refund such "Qualified School
639-Construction Bonds".
640-(f) Beginning with the next issuance by the Governor's
641-Office of Management and Budget to the Procurement Policy
642-Board of a request for qualifications quotation for the
643-purpose of formulating a new pool of qualified underwriters
644-underwriting banks list, all entities responding to such a
645-request for qualifications quotation for inclusion on that
646-list shall provide a written report to the Governor's Office
647-of Management and Budget and the Illinois Comptroller. The
648-written report submitted to the Comptroller shall (i) be
649-published on the Comptroller's Internet website and (ii) be
650-used by the Governor's Office of Management and Budget for the
651-purposes of scoring such a request for qualifications
652-quotation. The written report, at a minimum, shall:
653-(1) disclose whether, within the past 3 months,
654-pursuant to its credit default swap market-making
655-activities, the firm has entered into any State of
656-Illinois credit default swaps ("CDS");
657-(2) include, in the event of State of Illinois CDS
658-activity, disclosure of the firm's cumulative notional
659-volume of State of Illinois CDS trades and the firm's
660-outstanding gross and net notional amount of State of
661-Illinois CDS, as of the end of the current 3-month period;
662-(3) indicate, pursuant to the firm's proprietary
663306
664307
665-trading activities, disclosure of whether the firm, within
666-the past 3 months, has entered into any proprietary trades
667-for its own account in State of Illinois CDS;
668-(4) include, in the event of State of Illinois
669-proprietary trades, disclosure of the firm's outstanding
670-gross and net notional amount of proprietary State of
671-Illinois CDS and whether the net position is short or long
672-credit protection, as of the end of the current 3-month
673-period;
674-(5) list all time periods during the past 3 months
675-during which the firm held net long or net short State of
676-Illinois CDS proprietary credit protection positions, the
677-amount of such positions, and whether those positions were
678-net long or net short credit protection positions; and
679-(6) indicate whether, within the previous 3 months,
680-the firm released any publicly available research or
681-marketing reports that reference State of Illinois CDS and
682-include those research or marketing reports as
683-attachments.
684-(g) All entities included on a Governor's Office of
685-Management and Budget's pool of qualified underwriters
686-underwriting banks list shall, as soon as possible after March
687-18, 2011 (the effective date of Public Act 96-1554), but not
688-later than January 21, 2011, and on a quarterly fiscal basis
689-thereafter, provide a written report to the Governor's Office
690-of Management and Budget and the Illinois Comptroller. The
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693-written reports submitted to the Comptroller shall be
694-published on the Comptroller's Internet website. The written
695-reports, at a minimum, shall:
696-(1) disclose whether, within the past 3 months,
697-pursuant to its credit default swap market-making
698-activities, the firm has entered into any State of
699-Illinois credit default swaps ("CDS");
700-(2) include, in the event of State of Illinois CDS
701-activity, disclosure of the firm's cumulative notional
702-volume of State of Illinois CDS trades and the firm's
703-outstanding gross and net notional amount of State of
704-Illinois CDS, as of the end of the current 3-month period;
705-(3) indicate, pursuant to the firm's proprietary
706-trading activities, disclosure of whether the firm, within
707-the past 3 months, has entered into any proprietary trades
708-for its own account in State of Illinois CDS;
709-(4) include, in the event of State of Illinois
710-proprietary trades, disclosure of the firm's outstanding
711-gross and net notional amount of proprietary State of
712-Illinois CDS and whether the net position is short or long
713-credit protection, as of the end of the current 3-month
714-period;
715-(5) list all time periods during the past 3 months
716-during which the firm held net long or net short State of
717-Illinois CDS proprietary credit protection positions, the
718-amount of such positions, and whether those positions were
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314+1 grants or loans to units of local government, including grants
315+2 to disadvantaged communities without modern sewage systems, in
316+3 such amounts, at such times and for such purpose as the Agency
317+4 deems necessary or desirable for the planning, financing, and
318+5 construction of sewage treatment works and solid waste
319+6 disposal facilities and for making of deposits into the Water
320+7 Revolving Fund and the U.S. Environmental Protection Fund to
321+8 provide assistance in accordance with the provisions of Title
322+9 IV-A of the Environmental Protection Act.
323+10 (b) The amount of $236,500,000 is authorized for
324+11 allocation by the Environmental Protection Agency for payment
325+12 of claims submitted to the State and approved for payment
326+13 under the Leaking Underground Storage Tank Program established
327+14 in Title XVI of the Environmental Protection Act.
328+15 (Source: P.A. 101-30, eff. 6-28-19.)
329+16 (30 ILCS 330/7) (from Ch. 127, par. 657)
330+17 Sec. 7. Coal and Energy Development. The amount of
331+18 $212,700,000 $242,700,000 is authorized to be used by the
332+19 Department of Commerce and Economic Opportunity (formerly
333+20 Department of Commerce and Community Affairs) for coal and
334+21 energy development purposes, pursuant to Sections 2, 3 and 3.1
335+22 of the Illinois Coal and Energy Development Bond Act, for the
336+23 purposes specified in Section 8.1 of the Energy Conservation
337+24 and Coal Development Act, for the purposes specified in
338+25 Section 605-332 of the Department of Commerce and Economic
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721-net long or net short credit protection positions; and
722-(6) indicate whether, within the previous 3 months,
723-the firm released any publicly available research or
724-marketing reports that reference State of Illinois CDS and
725-include those research or marketing reports as
726-attachments.
727-(h) Notwithstanding any other provision of this Section,
728-for purposes of maximizing market efficiencies and cost
729-savings, Income Tax Proceed Bonds may be issued and sold from
730-time to time, in one or more series, in such amounts and at
731-such prices as may be directed by the Governor, upon
732-recommendation by the Director of the Governor's Office of
733-Management and Budget. Income Tax Proceed Bonds shall be in
734-such form, either coupon, registered, or book entry, in such
735-denominations, shall bear interest payable at such times and
736-at such fixed or variable rate or rates, and be dated as shall
737-be fixed and determined by the Director of the Governor's
738-Office of Management and Budget in the order authorizing the
739-issuance and sale of any series of Income Tax Proceed Bonds,
740-which order shall be approved by the Governor and is herein
741-called a "Bond Sale Order"; provided, however, that interest
742-payable at fixed or variable rates shall not exceed that
743-permitted in the Bond Authorization Act. Income Tax Proceed
744-Bonds shall be payable at such place or places, within or
745-without the State of Illinois, and may be made registrable as
746-to either principal or as to both principal and interest, as
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749-shall be specified in the Bond Sale Order. Income Tax Proceed
750-Bonds may be callable or subject to purchase and retirement or
751-tender and remarketing as fixed and determined in the Bond
752-Sale Order.
753-(i) Notwithstanding any other provision of this Section,
754-for purposes of maximizing market efficiencies and cost
755-savings, State Pension Obligation Acceleration Bonds may be
756-issued and sold from time to time, in one or more series, in
757-such amounts and at such prices as may be directed by the
758-Governor, upon recommendation by the Director of the
759-Governor's Office of Management and Budget. State Pension
760-Obligation Acceleration Bonds shall be in such form, either
761-coupon, registered, or book entry, in such denominations,
762-shall bear interest payable at such times and at such fixed or
763-variable rate or rates, and be dated as shall be fixed and
764-determined by the Director of the Governor's Office of
765-Management and Budget in the order authorizing the issuance
766-and sale of any series of State Pension Obligation
767-Acceleration Bonds, which order shall be approved by the
768-Governor and is herein called a "Bond Sale Order"; provided,
769-however, that interest payable at fixed or variable rates
770-shall not exceed that permitted in the Bond Authorization Act.
771-State Pension Obligation Acceleration Bonds shall be payable
772-at such place or places, within or without the State of
773-Illinois, and may be made registrable as to either principal
774-or as to both principal and interest, as shall be specified in
343+
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775345
776346
777-the Bond Sale Order. State Pension Obligation Acceleration
778-Bonds may be callable or subject to purchase and retirement or
779-tender and remarketing as fixed and determined in the Bond
780-Sale Order.
781-(Source: P.A. 100-23, Article 25, Section 25-5, eff. 7-6-17;
782-100-23, Article 75, Section 75-10, eff. 7-6-17; 100-587,
783-Article 60, Section 60-5, eff. 6-4-18; 100-587, Article 110,
784-Section 110-15, eff. 6-4-18; 100-863, eff. 8-14-18; 101-30,
785-eff. 6-28-19; 101-81, eff. 7-12-19.)
786-(30 ILCS 330/10) (from Ch. 127, par. 660)
787-Sec. 10. Execution of Bonds. Bonds shall be signed by the
788-Governor and attested by the Secretary of State under the
789-printed facsimile seal of the State and countersigned by the
790-State Treasurer by his manual signature or by his duly
791-authorized deputy. If Bonds are issued in registered form
792-pursuant to the Registered Bond Act, the signatures of the
793-Governor, the Secretary of State and the State Treasurer may
794-be printed facsimile signatures. Unless Bonds are issued in
795-fully registered form, interest coupons with facsimile
796-signatures of the Governor, Secretary of State and State
797-Treasurer may be attached to the Bonds. The fact that an
798-officer whose signature or facsimile thereof appears on a Bond
799-or interest coupon no longer holds such office at the time the
800-Bond or coupon is delivered shall not invalidate such Bond or
801-interest coupon.
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349+1 Opportunity Law of the Civil Administrative Code of Illinois,
350+2 and for the purpose of facility cost reports prepared pursuant
351+3 to Sections 1-58 or 1-75(d)(4) of the Illinois Power Agency
352+4 Act and for the purpose of development costs pursuant to
353+5 Section 8.1 of the Energy Conservation and Coal Development
354+6 Act. Of this amount:
355+7 (a) $128,500,000 $143,500,000 is for the specific purposes
356+8 of acquisition, development, construction, reconstruction,
357+9 improvement, financing, architectural and technical planning
358+10 and installation of capital facilities consisting of
359+11 buildings, structures, durable equipment, and land for the
360+12 purpose of capital development of coal resources within the
361+13 State and for the purposes specified in Section 8.1 of the
362+14 Energy Conservation and Coal Development Act;
363+15 (b) $20,000,000 $35,000,000 is for the purposes specified
364+16 in Section 8.1 of the Energy Conservation and Coal Development
365+17 Act and making grants to generating stations and coal
366+18 gasification facilities within the State of Illinois and to
367+19 the owner of a generating station located in Illinois and
368+20 having at least three coal-fired generating units with
369+21 accredited summer capability greater than 500 megawatts each
370+22 at such generating station as provided in Section 6 of that
371+23 Bond Act;
372+24 (c) $13,200,000 is for research, development and
373+25 demonstration of forms of energy other than that derived from
374+26 coal, either on or off State property;
802375
803376
804-(Source: P.A. 83-1490.)
805-(30 ILCS 330/11) (from Ch. 127, par. 661)
806-Sec. 11. Sale of Bonds. Except as otherwise provided in
807-this Section, Bonds shall be sold from time to time pursuant to
808-notice of sale and public bid or by negotiated sale in such
809-amounts and at such times as is directed by the Governor, upon
810-recommendation by the Director of the Governor's Office of
811-Management and Budget. At least 25%, based on total principal
812-amount, of all Bonds issued each fiscal year shall be sold
813-pursuant to notice of sale and public bid. At all times during
814-each fiscal year, no more than 75%, based on total principal
815-amount, of the Bonds issued each fiscal year, shall have been
816-sold by negotiated sale. Failure to satisfy the requirements
817-in the preceding 2 sentences shall not affect the validity of
818-any previously issued Bonds; provided that all Bonds
819-authorized by Public Act 96-43 and Public Act 96-1497 shall
820-not be included in determining compliance for any fiscal year
821-with the requirements of the preceding 2 sentences; and
822-further provided that refunding Bonds satisfying the
823-requirements of Section 16 of this Act shall not be subject to
824-the requirements in the preceding 2 sentences.
825-The If any Bonds, including refunding Bonds, are to be
826-sold by negotiated sale, the Director of the Governor's Office
827-of Management and Budget shall comply in the selection of any
828-bond counsel with the competitive request for proposal process
829377
830378
831-set forth in the Illinois Procurement Code and all other
832-applicable requirements of that Code. The Director of the
833-Governor's Office of Management and Budget may select any
834-financial advisor from a pool of qualified advisors
835-established pursuant to a request for qualifications. If any
836-Bonds, including refunding Bonds, are to be sold by negotiated
837-sale, the Director of the Governor's Office of Management and
838-Budget shall select any underwriter from a pool of qualified
839-underwriters established pursuant to a request for
840-qualifications.
841-If Bonds are to be sold pursuant to notice of sale and
842-public bid, the Director of the Governor's Office of
843-Management and Budget may, from time to time, as Bonds are to
844-be sold, advertise the sale of the Bonds in at least 2 daily
845-newspapers, one of which is published in the City of
846-Springfield and one in the City of Chicago. The sale of the
847-Bonds shall also be advertised in the BidBuy eProcurement
848-System or any successor procurement platform maintained volume
849-of the Illinois Procurement Bulletin that is published by the
850-Chief Procurement Officer for General Services Department of
851-Central Management Services, and shall be published once at
852-least 10 days prior to the date fixed for the opening of the
853-bids. The Director of the Governor's Office of Management and
854-Budget may reschedule the date of sale upon the giving of such
855-additional notice as the Director deems adequate to inform
856-prospective bidders of such change; provided, however, that
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857381
858382
859-all other conditions of the sale shall continue as originally
860-advertised.
861-Executed Bonds shall, upon payment therefor, be delivered
862-to the purchaser, and the proceeds of Bonds shall be paid into
863-the State Treasury as directed by Section 12 of this Act.
864-All Income Tax Proceed Bonds shall comply with this
865-Section. Notwithstanding anything to the contrary, however,
866-for purposes of complying with this Section, Income Tax
867-Proceed Bonds, regardless of the number of series or issuances
868-sold thereunder, shall be considered a single issue or series.
869-Furthermore, for purposes of complying with the competitive
870-bidding requirements of this Section, the words "at all times"
871-shall not apply to any such sale of the Income Tax Proceed
872-Bonds. The Director of the Governor's Office of Management and
873-Budget shall determine the time and manner of any competitive
874-sale of the Income Tax Proceed Bonds; however, that sale shall
875-under no circumstances take place later than 60 days after the
876-State closes the sale of 75% of the Income Tax Proceed Bonds by
877-negotiated sale.
878-All State Pension Obligation Acceleration Bonds shall
879-comply with this Section. Notwithstanding anything to the
880-contrary, however, for purposes of complying with this
881-Section, State Pension Obligation Acceleration Bonds,
882-regardless of the number of series or issuances sold
883-thereunder, shall be considered a single issue or series.
884-Furthermore, for purposes of complying with the competitive
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385+1 (d) $0 is for the purpose of providing financial
386+2 assistance to new electric generating facilities as provided
387+3 in Section 605-332 of the Department of Commerce and Economic
388+4 Opportunity Law of the Civil Administrative Code of Illinois;
389+5 and
390+6 (e) $51,000,000 is for the purpose of facility cost
391+7 reports prepared for not more than one facility pursuant to
392+8 Section 1-75(d)(4) of the Illinois Power Agency Act and not
393+9 more than one facility pursuant to Section 1-58 of the
394+10 Illinois Power Agency Act and for the purpose of up to
395+11 $6,000,000 of development costs pursuant to Section 8.1 of the
396+12 Energy Conservation and Coal Development Act.
397+13 (Source: P.A. 98-94, eff. 7-17-13; 98-781, eff. 7-22-14.)
398+14 (30 ILCS 330/7.6)
399+15 Sec. 7.6. Income Tax Proceed Bonds.
400+16 (a) As used in this Act, "Income Tax Proceed Bonds" means
401+17 Bonds (i) authorized by Public Act 100-23 this amendatory Act
402+18 of the 100th General Assembly or any other Public Act of the
403+19 100th or 101st General Assembly authorizing the issuance of
404+20 Income Tax Proceed Bonds and (ii) used for the payment of
405+21 unpaid obligations of the State as incurred from time to time
406+22 and as authorized by the General Assembly.
407+23 (b) Income Tax Proceed Bonds in the amount of
408+24 $6,000,000,000 are hereby authorized to be used for the
409+25 purpose of paying vouchers incurred by the State prior to July
885410
886411
887-bidding requirements of this Section, the words "at all times"
888-shall not apply to any such sale of the State Pension
889-Obligation Acceleration Bonds. The Director of the Governor's
890-Office of Management and Budget shall determine the time and
891-manner of any competitive sale of the State Pension Obligation
892-Acceleration Bonds; however, that sale shall under no
893-circumstances take place later than 60 days after the State
894-closes the sale of 75% of the State Pension Obligation
895-Acceleration Bonds by negotiated sale.
896-(Source: P.A. 100-23, Article 25, Section 25-5, eff. 7-6-17;
897-100-23, Article 75, Section 75-10, eff. 7-6-17; 100-587,
898-Article 60, Section 60-5, eff. 6-4-18; 100-587, Article 110,
899-Section 110-15, eff. 6-4-18; 100-863, eff. 8-4-18; 101-30,
900-eff. 6-28-19; 101-81, eff. 7-12-19.)
901-(30 ILCS 330/16) (from Ch. 127, par. 666)
902-Sec. 16. Refunding Bonds. The State of Illinois is
903-authorized to issue, sell, and provide for the retirement of
904-General Obligation Bonds of the State of Illinois in the
905-amount of $4,839,025,000, at any time and from time to time
906-outstanding, for the purpose of refunding any State of
907-Illinois general obligation Bonds then outstanding, including
908-(i) the payment of any redemption premium thereon, (ii) any
909-reasonable expenses of such refunding, (iii) any interest
910-accrued or to accrue to the earliest or any subsequent date of
911-redemption or maturity of such outstanding Bonds, (iv) for
912412
913413
914-fiscal year 2019 only, any necessary payments to providers of
915-interest rate exchange agreements in connection with the
916-termination of such agreements by the State in connection with
917-the refunding, and (v) any interest to accrue to the first
918-interest payment on the refunding Bonds; provided that all
919-non-refunding Bonds in an issue that includes refunding Bonds
920-shall mature no later than the final maturity date of Bonds
921-being refunded; provided that no refunding Bonds shall be
922-offered for sale unless the net present value of debt service
923-savings to be achieved by the issuance of the refunding Bonds
924-is 3% or more of the principal amount of the refunded Bonds or
925-the principal amount of the refunding Bonds to be issued;
926-refunding Bonds shall mature within the term of the Bonds
927-being refunded in compliance with paragraph (e) of Section 9
928-of Article IX of the Illinois Constitution of 1970 and further
929-provided that, except for refunding Bonds sold in fiscal year
930-2009, 2010, 2011, 2017, 2018, 2019, or 2022, the maturities of
931-the refunding Bonds shall not extend beyond the maturities of
932-the Bonds they refund, so that for each fiscal year in the
933-maturity schedule of a particular issue of refunding Bonds,
934-the total amount of refunding principal maturing and
935-redemption amounts due in that fiscal year and all prior
936-fiscal years in that schedule shall be greater than or equal to
937-the total amount of refunded principal and redemption amounts
938-that had been due over that year and all prior fiscal years
939-prior to the refunding.
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941417
942-The Governor shall notify the State Treasurer and
943-Comptroller of such refunding. The proceeds received from the
944-sale of refunding Bonds shall be used for the retirement at
945-maturity or redemption of such outstanding Bonds on any
946-maturity or redemption date and, pending such use, shall be
947-placed in escrow, subject to such terms and conditions as
948-shall be provided for in the Bond Sale Order relating to the
949-Refunding Bonds. Proceeds not needed for deposit in an escrow
950-account shall be deposited in the General Obligation Bond
951-Retirement and Interest Fund. This Act shall constitute an
952-irrevocable and continuing appropriation of all amounts
953-necessary to establish an escrow account for the purpose of
954-refunding outstanding general obligation Bonds and to pay the
955-reasonable expenses of such refunding and of the issuance and
956-sale of the refunding Bonds. Any such escrowed proceeds may be
957-invested and reinvested in direct obligations of the United
958-States of America, maturing at such time or times as shall be
959-appropriate to assure the prompt payment, when due, of the
960-principal of and interest and redemption premium, if any, on
961-the refunded Bonds. After the terms of the escrow have been
962-fully satisfied, any remaining balance of such proceeds and
963-interest, income and profits earned or realized on the
964-investments thereof shall be paid into the General Revenue
965-Fund. The liability of the State upon the Bonds shall
966-continue, provided that the holders thereof shall thereafter
967-be entitled to payment only out of the moneys deposited in the
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420+1 1, 2017. Additional Income Tax Proceed Bonds in the amount of
421+2 $1,200,000,000 are hereby authorized to be used for the
422+3 purpose of paying vouchers incurred by the State and accruing
423+4 interest payable by the State prior to the date on which the
424+5 Income Tax Proceed Bonds are issued.
425+6 (c) The Income Tax Bond Fund is hereby created as a special
426+7 fund in the State treasury. All moneys from the proceeds of the
427+8 sale of the Income Tax Proceed Bonds, less the amounts
428+9 authorized in the Bond Sale Order to be directly paid out for
429+10 bond sale expenses under Section 8, shall be deposited into
430+11 the Income Tax Bond Fund. All moneys in the Income Tax Bond
431+12 Fund shall be used for the purpose of paying vouchers incurred
432+13 by the State prior to July 1, 2017 or for paying vouchers
433+14 incurred by the State more than 90 days prior to the date on
434+15 which the Income Tax Proceed Bonds are issued. For the purpose
435+16 of paying such vouchers, the Comptroller has the authority to
436+17 transfer moneys from the Income Tax Bond Fund to general funds
437+18 and the Health Insurance Reserve Fund. "General funds" has the
438+19 meaning provided in Section 50-40 of the State Budget Law.
439+20 (Source: P.A. 100-23, eff. 7-6-17; 101-30, eff. 6-28-19;
440+21 101-604, eff. 12-13-19.)
441+22 (30 ILCS 330/8) (from Ch. 127, par. 658)
442+23 Sec. 8. Bond sale expenses.
443+24 (a) An amount not to exceed 0.5 percent of the principal
444+25 amount of the proceeds of sale of each bond sale is authorized
968445
969446
970-escrow account.
971-Except as otherwise herein provided in this Section, such
972-refunding Bonds shall in all other respects be subject to the
973-terms and conditions of this Act.
974-(Source: P.A. 102-16, eff. 6-17-21.)
975-Article 15.
976-Section 15-1. The Build Illinois Bond Act is amended by
977-changing Sections 2, 4, 5, 8, and 15 as follows:
978-(30 ILCS 425/2) (from Ch. 127, par. 2802)
979-Sec. 2. Authorization for Bonds. The State of Illinois is
980-authorized to issue, sell and provide for the retirement of
981-limited obligation bonds, notes and other evidences of
982-indebtedness of the State of Illinois in the total principal
983-amount of $10,019,681,100 $9,484,681,100 herein called
984-"Bonds". Such amount of authorized Bonds shall be exclusive of
985-any refunding Bonds issued pursuant to Section 15 of this Act
986-and exclusive of any Bonds issued pursuant to this Section
987-which are redeemed, purchased, advance refunded, or defeased
988-in accordance with paragraph (f) of Section 4 of this Act.
989-Bonds shall be issued for the categories and specific purposes
990-expressed in Section 4 of this Act.
991-(Source: P.A. 101-30, eff. 6-28-19; 102-1071, eff. 6-10-22.)
992447
993448
994-(30 ILCS 425/4) (from Ch. 127, par. 2804)
995-Sec. 4. Purposes of Bonds. Bonds shall be issued for the
996-following purposes and in the approximate amounts as set forth
997-below:
998-(a) $4,506,094,533 $4,372,761,200 for the expenses of
999-issuance and sale of Bonds, including bond discounts, and for
1000-planning, engineering, acquisition, construction,
1001-reconstruction, development, improvement, demolition, and
1002-extension of the public infrastructure in the State of
1003-Illinois, including: the making of loans or grants to local
1004-governments for waste disposal systems, water and sewer line
1005-extensions and water distribution and purification facilities,
1006-rail or air or water port improvements, gas and electric
1007-utility extensions, publicly owned industrial and commercial
1008-sites, buildings used for public administration purposes and
1009-other public infrastructure capital improvements; the making
1010-of loans or grants to units of local government for financing
1011-and construction of wastewater facilities, including grants to
1012-serve unincorporated areas; refinancing or retiring bonds
1013-issued between January 1, 1987 and January 1, 1990 by home rule
1014-municipalities, debt service on which is provided from a tax
1015-imposed by home rule municipalities prior to January 1, 1990
1016-on the sale of food and drugs pursuant to Section 8-11-1 of the
1017-Home Rule Municipal Retailers' Occupation Tax Act or Section
1018-8-11-5 of the Home Rule Municipal Service Occupation Tax Act;
1019-the making of deposits not to exceed $70,000,000 in the
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1021452
1022-aggregate into the Water Pollution Control Revolving Fund to
1023-provide assistance in accordance with the provisions of Title
1024-IV-A of the Environmental Protection Act; the planning,
1025-engineering, acquisition, construction, reconstruction,
1026-alteration, expansion, extension and improvement of highways,
1027-bridges, structures separating highways and railroads, rest
1028-areas, interchanges, access roads to and from any State or
1029-local highway and other transportation improvement projects
1030-which are related to economic development activities; the
1031-making of loans or grants for planning, engineering,
1032-rehabilitation, improvement or construction of rail and
1033-transit facilities; the planning, engineering, acquisition,
1034-construction, reconstruction and improvement of watershed,
1035-drainage, flood control, recreation and related improvements
1036-and facilities, including expenses related to land and
1037-easement acquisition, relocation, control structures, channel
1038-work and clearing and appurtenant work; the planning,
1039-engineering, acquisition, construction, reconstruction and
1040-improvement of State facilities and related infrastructure;
1041-the making of Park and Recreational Facilities Construction
1042-(PARC) grants; the making of grants to units of local
1043-government for community development capital projects; the
1044-making of grants for improvement and development of zoos and
1045-park district field houses and related structures; and the
1046-making of grants for improvement and development of Navy Pier
1047-and related structures.
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455+1 to be used to pay the reasonable costs of each issuance and
456+2 sale, including, without limitation, underwriter's discounts
457+3 and fees, but excluding bond insurance, of State of Illinois
458+4 general obligation bonds authorized and sold pursuant to this
459+5 Act, including, without limitation, underwriter's discounts
460+6 and fees, but excluding bond insurance; provided that no
461+7 salaries of State employees or other State office operating
462+8 expenses shall be paid out of non-appropriated proceeds, and
463+9 provided further that the percent shall be 1.0% for each sale
464+10 of "Build America Bonds" or "Qualified School Construction
465+11 Bonds" as defined in subsections (d) and (e) of Section 9,
466+12 respectively. The Governor's Office of Management and Budget
467+13 shall compile a summary of all costs of issuance on each sale
468+14 (including both costs paid out of proceeds and those paid out
469+15 of appropriated funds) and post that summary on its web site
470+16 within 20 business days after the issuance of the Bonds. The
471+17 summary shall include, as applicable, the respective
472+18 percentages of participation and compensation of each
473+19 underwriter that is a member of the underwriting syndicate,
474+20 legal counsel, financial advisors, and other professionals for
475+21 the bond issue and an identification of all costs of issuance
476+22 paid to minority-owned businesses, women-owned businesses, and
477+23 businesses owned by persons with disabilities. The terms
478+24 "minority-owned businesses", "women-owned businesses", and
479+25 "business owned by a person with a disability" have the
480+26 meanings given to those terms in the Business Enterprise for
1048481
1049482
1050-(b) $2,474,636,967 $2,122,970,300 for fostering economic
1051-development and increased employment and fostering the well
1052-being of the citizens of Illinois through community
1053-development, including: the making of grants for improvement
1054-and development of McCormick Place and related structures; the
1055-planning and construction of a microelectronics research
1056-center, including the planning, engineering, construction,
1057-improvement, renovation and acquisition of buildings,
1058-equipment and related utility support systems; the making of
1059-loans to businesses and investments in small businesses;
1060-acquiring real properties for industrial or commercial site
1061-development; acquiring, rehabilitating and reconveying
1062-industrial and commercial properties for the purpose of
1063-expanding employment and encouraging private and other public
1064-sector investment in the economy of Illinois; the payment of
1065-expenses associated with siting the Superconducting Super
1066-Collider Particle Accelerator in Illinois and with its
1067-acquisition, construction, maintenance, operation, promotion
1068-and support; the making of loans for the planning,
1069-engineering, acquisition, construction, improvement and
1070-conversion of facilities and equipment which will foster the
1071-use of Illinois coal; the payment of expenses associated with
1072-the promotion, establishment, acquisition and operation of
1073-small business incubator facilities and agribusiness research
1074-facilities, including the lease, purchase, renovation,
1075-planning, engineering, construction and maintenance of
1076483
1077484
1078-buildings, utility support systems and equipment designated
1079-for such purposes and the establishment and maintenance of
1080-centralized support services within such facilities; the
1081-making of grants for transportation electrification
1082-infrastructure projects that promote use of clean and
1083-renewable energy; the making of capital expenditures and
1084-grants for broadband development and for a statewide broadband
1085-deployment grant program; the making of grants to public
1086-entities and private persons and entities for community
1087-development capital projects; the making of grants to public
1088-entities and private persons and entities for capital projects
1089-in the context of grant programs focused on assisting
1090-economically depressed areas, expanding affordable housing,
1091-supporting the provision of human services, supporting
1092-emerging technology enterprises, and supporting minority owned
1093-businesses; and the making of grants or loans to units of local
1094-government for Urban Development Action Grant and Housing
1095-Partnership programs.
1096-(c) $2,761,076,600 $2,711,076,600 for the development and
1097-improvement of educational, scientific, technical and
1098-vocational programs and facilities and the expansion of health
1099-and human services for all citizens of Illinois, including:
1100-the making of grants to school districts and not-for-profit
1101-organizations for early childhood construction projects
1102-pursuant to Section 5-300 of the School Construction Law; the
1103-making of grants to educational institutions for educational,
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1106-scientific, technical and vocational program equipment and
1107-facilities; the making of grants to museums for equipment and
1108-facilities; the making of construction and improvement grants
1109-and loans to public libraries and library systems; the making
1110-of grants and loans for planning, engineering, acquisition and
1111-construction of a new State central library in Springfield;
1112-the planning, engineering, acquisition and construction of an
1113-animal and dairy sciences facility; the planning, engineering,
1114-acquisition and construction of a campus and all related
1115-buildings, facilities, equipment and materials for Richland
1116-Community College; the acquisition, rehabilitation and
1117-installation of equipment and materials for scientific and
1118-historical surveys; the making of grants or loans for
1119-distribution to eligible vocational education instructional
1120-programs for the upgrading of vocational education programs,
1121-school shops and laboratories, including the acquisition,
1122-rehabilitation and installation of technical equipment and
1123-materials; the making of grants or loans for distribution to
1124-eligible local educational agencies for the upgrading of math
1125-and science instructional programs, including the acquisition
1126-of instructional equipment and materials; miscellaneous
1127-capital improvements for universities and community colleges
1128-including the planning, engineering, construction,
1129-reconstruction, remodeling, improvement, repair and
1130-installation of capital facilities and costs of planning,
1131-supplies, equipment, materials, services, and all other
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491+1 Minorities, Women, and Persons with Disabilities Act. The
492+2 summary That posting shall be posted maintained on the web
493+3 site for a period of at least 30 days. In addition, the
494+4 Governor's Office of Management and Budget shall provide a
495+5 written copy of each summary of costs to the Speaker and
496+6 Minority Leader of the House of Representatives, the President
497+7 and Minority Leader of the Senate, and the Commission on
498+8 Government Forecasting and Accountability within 20 business
499+9 days after each issuance of the Bonds. In addition, the
500+10 Governor's Office of Management and Budget shall provide
501+11 copies of all contracts under which any costs of issuance are
502+12 paid or to be paid to the Commission on Government Forecasting
503+13 and Accountability within 20 business days after the issuance
504+14 of Bonds for which those costs are paid or to be paid. Instead
505+15 of filing a second or subsequent copy of the same contract, the
506+16 Governor's Office of Management and Budget may file a
507+17 statement that specified costs are paid under specified
508+18 contracts filed earlier with the Commission.
509+19 (b) The Director of the Governor's Office of Management
510+20 and Budget shall not, in connection with the issuance of
511+21 Bonds, contract with any underwriter, financial advisor, or
512+22 attorney unless that underwriter, financial advisor, or
513+23 attorney certifies that the underwriter, financial advisor, or
514+24 attorney has not and will not pay a contingent fee, whether
515+25 directly or indirectly, to a third party for having promoted
516+26 the selection of the underwriter, financial advisor, or
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1133518
1134-required expenses; the making of grants or loans for repair,
1135-renovation and miscellaneous capital improvements for
1136-privately operated colleges and universities and community
1137-colleges, including the planning, engineering, acquisition,
1138-construction, reconstruction, remodeling, improvement, repair
1139-and installation of capital facilities and costs of planning,
1140-supplies, equipment, materials, services, and all other
1141-required expenses; and the making of grants or loans for
1142-distribution to local governments for hospital and other
1143-health care facilities including the planning, engineering,
1144-acquisition, construction, reconstruction, remodeling,
1145-improvement, repair and installation of capital facilities and
1146-costs of planning, supplies, equipment, materials, services
1147-and all other required expenses.
1148-(d) $277,873,000 for protection, preservation, restoration
1149-and conservation of environmental and natural resources,
1150-including: the making of grants to soil and water conservation
1151-districts for the planning and implementation of conservation
1152-practices and for funding contracts with the Soil Conservation
1153-Service for watershed planning; the making of grants to units
1154-of local government for the capital development and
1155-improvement of recreation areas, including planning and
1156-engineering costs, sewer projects, including planning and
1157-engineering costs and water projects, including planning and
1158-engineering costs, and for the acquisition of open space
1159-lands, including the acquisition of easements and other
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1161520
1162-property interests of less than fee simple ownership; the
1163-making of grants to units of local government through the
1164-Illinois Green Infrastructure Grant Program to protect water
1165-quality and mitigate flooding; the acquisition and related
1166-costs and development and management of natural heritage
1167-lands, including natural areas and areas providing habitat for
1168-endangered species and nongame wildlife, and buffer area
1169-lands; the acquisition and related costs and development and
1170-management of habitat lands, including forest, wildlife
1171-habitat and wetlands; and the removal and disposition of
1172-hazardous substances, including the cost of project
1173-management, equipment, laboratory analysis, and contractual
1174-services necessary for preventative and corrective actions
1175-related to the preservation, restoration and conservation of
1176-the environment, including deposits not to exceed $60,000,000
1177-in the aggregate into the Hazardous Waste Fund and the
1178-Brownfields Redevelopment Fund for improvements in accordance
1179-with the provisions of Titles V and XVII of the Environmental
1180-Protection Act.
1181-(e) The amount specified in paragraph (a) above shall
1182-include an amount necessary to pay reasonable expenses of each
1183-issuance and sale of the Bonds, as specified in the related
1184-Bond Sale Order (hereinafter defined).
1185-(f) Any unexpended proceeds from any sale of Bonds which
1186-are held in the Build Illinois Bond Fund may be used to redeem,
1187-purchase, advance refund, or defease any Bonds outstanding.
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1189524
1190-(Source: P.A. 101-30, eff. 6-28-19.)
1191-(30 ILCS 425/5) (from Ch. 127, par. 2805)
1192-Sec. 5. Bond sale expenses.
1193-(a) Costs for advertising, printing, bond rating, travel
1194-of outside vendors, security, delivery, and legal and
1195-financial advisory services, initial fees of trustees,
1196-registrars, paying agents and other fiduciaries, initial costs
1197-of credit or liquidity enhancement arrangements, initial fees
1198-of indexing and remarketing agents, and initial costs of
1199-interest rate swaps, guarantees or arrangements to limit
1200-interest rate risk, as determined in the related Bond Sale
1201-Order, may be paid as reasonable costs of issuance and sale
1202-from the proceeds of each Bond sale. An amount not to exceed 1%
1203-0.5% of the principal amount of the proceeds of the sale of
1204-each bond sale is authorized to be used to pay additional
1205-reasonable costs of each issuance and sale of Bonds authorized
1206-and sold pursuant to this Act, including, without limitation,
1207-underwriter's discounts and fees, but excluding bond
1208-insurance; , advertising, printing, bond rating, travel of
1209-outside vendors, security, delivery, legal and financial
1210-advisory services, initial fees of trustees, registrars,
1211-paying agents and other fiduciaries, initial costs of credit
1212-or liquidity enhancement arrangements, initial fees of
1213-indexing and remarketing agents, and initial costs of interest
1214-rate swaps, guarantees or arrangements to limit interest rate
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527+1 attorney for that contract. In the event that the Governor's
528+2 Office of Management and Budget determines that an
529+3 underwriter, financial advisor, or attorney has filed a false
530+4 certification with respect to the payment of contingent fees,
531+5 the Governor's Office of Management and Budget shall not
532+6 contract with that underwriter, financial advisor, or
533+7 attorney, or with any firm employing any person who signed
534+8 false certifications, for a period of 2 calendar years,
535+9 beginning with the date the determination is made. The
536+10 validity of Bonds issued under such circumstances of violation
537+11 pursuant to this Section shall not be affected.
538+12 (Source: P.A. 100-391, eff. 8-25-17.)
539+13 (30 ILCS 330/9) (from Ch. 127, par. 659)
540+14 Sec. 9. Conditions for issuance and sale of Bonds;
541+15 requirements for Bonds.
542+16 (a) Except as otherwise provided in this subsection,
543+17 subsection (h), and subsection (i), Bonds shall be issued and
544+18 sold from time to time, in one or more series, in such amounts
545+19 and at such prices as may be directed by the Governor, upon
546+20 recommendation by the Director of the Governor's Office of
547+21 Management and Budget. Bonds shall be in such form (either
548+22 coupon, registered or book entry), in such denominations,
549+23 payable within 25 years from their date, subject to such terms
550+24 of redemption with or without premium, bear interest payable
551+25 at such times and at such fixed or variable rate or rates, and
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1216553
1217-risk, as determined in the related Bond Sale Order, from the
1218-proceeds of each Bond sale, provided that no salaries of State
1219-employees or other State office operating expenses shall be
1220-paid out of non-appropriated proceeds, and provided further
1221-that the percent shall be 1.0% for each sale of "Build America
1222-Bonds" as defined in subsection (c) of Section 6. The
1223-Governor's Office of Management and Budget shall compile a
1224-summary of all costs of issuance on each sale (including both
1225-costs paid out of proceeds and those paid out of appropriated
1226-funds) and post that summary on its web site within 20 business
1227-days after the issuance of the bonds. That posting shall be
1228-maintained on the web site for a period of at least 30 days. In
1229-addition, the Governor's Office of Management and Budget shall
1230-provide a written copy of each summary of costs to the Speaker
1231-and Minority Leader of the House of Representatives, the
1232-President and Minority Leader of the Senate, and the
1233-Commission on Government Forecasting and Accountability within
1234-20 business days after each issuance of the bonds. The This
1235-summary shall include, as applicable, the respective
1236-percentage of participation and compensation of each
1237-underwriter that is a member of the underwriting syndicate,
1238-legal counsel, financial advisors, and other professionals for
1239-the Bond issue, and an identification of all costs of issuance
1240-paid to minority-owned businesses, women-owned businesses, and
1241-businesses owned by persons with disabilities. The terms
1242-"minority-owned businesses", "women-owned businesses", and
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1244555
1245-"business owned by a person with a disability" have the
1246-meanings given to those terms in the Business Enterprise for
1247-Minorities, Women, and Persons with Disabilities Act. The
1248-summary shall be posted on the website for a period of at least
1249-30 days. In addition, the Governor's Office of Management and
1250-Budget shall provide a written copy of each summary of costs to
1251-the Speaker and Minority Leader of the House of
1252-Representatives, the President and Minority Leader of the
1253-Senate, and the Commission on Government Forecasting and
1254-Accountability within 20 business days after each issuance of
1255-the bonds. In addition, the Governor's Office of Management
1256-and Budget shall provide copies of all contracts under which
1257-any costs of issuance are paid or to be paid to the Commission
1258-on Government Forecasting and Accountability within 20
1259-business days after the issuance of Bonds for which those
1260-costs are paid or to be paid. Instead of filing a second or
1261-subsequent copy of the same contract, the Governor's Office of
1262-Management and Budget may file a statement that specified
1263-costs are paid under specified contracts filed earlier with
1264-the Commission.
1265-(b) The Director of the Governor's Office of Management
1266-and Budget shall not, in connection with the issuance of
1267-Bonds, contract with any underwriter, financial advisor, or
1268-attorney unless that underwriter, financial advisor, or
1269-attorney certifies that the underwriter, financial advisor, or
1270-attorney has not and will not pay a contingent fee, whether
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1273-directly or indirectly, to any third party for having promoted
1274-the selection of the underwriter, financial advisor, or
1275-attorney for that contract. In the event that the Governor's
1276-Office of Management and Budget determines that an
1277-underwriter, financial advisor, or attorney has filed a false
1278-certification with respect to the payment of contingent fees,
1279-the Governor's Office of Management and Budget shall not
1280-contract with that underwriter, financial advisor, or
1281-attorney, or with any firm employing any person who signed
1282-false certifications, for a period of 2 calendar years,
1283-beginning with the date the determination is made. The
1284-validity of Bonds issued under such circumstances of violation
1285-pursuant to this Section shall not be affected.
1286-(Source: P.A. 100-391, eff. 8-25-17.)
1287-(30 ILCS 425/8) (from Ch. 127, par. 2808)
1288-Sec. 8. Sale of Bonds. Bonds, except as otherwise provided
1289-in this Section, shall be sold from time to time pursuant to
1290-notice of sale and public bid or by negotiated sale in such
1291-amounts and at such times as are directed by the Governor, upon
1292-recommendation by the Director of the Governor's Office of
1293-Management and Budget. At least 25%, based on total principal
1294-amount, of all Bonds issued each fiscal year shall be sold
1295-pursuant to notice of sale and public bid. At all times during
1296-each fiscal year, no more than 75%, based on total principal
1297-amount, of the Bonds issued each fiscal year shall have been
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562+1 be dated as shall be fixed and determined by the Director of
563+2 the Governor's Office of Management and Budget in the order
564+3 authorizing the issuance and sale of any series of Bonds,
565+4 which order shall be approved by the Governor and is herein
566+5 called a "Bond Sale Order"; provided however, that interest
567+6 payable at fixed or variable rates shall not exceed that
568+7 permitted in the Bond Authorization Act, as now or hereafter
569+8 amended. Bonds shall be payable at such place or places,
570+9 within or without the State of Illinois, and may be made
571+10 registrable as to either principal or as to both principal and
572+11 interest, as shall be specified in the Bond Sale Order. Bonds
573+12 may be callable or subject to purchase and retirement or
574+13 tender and remarketing as fixed and determined in the Bond
575+14 Sale Order. Bonds, other than Bonds issued under Section 3 of
576+15 this Act for the costs associated with the purchase and
577+16 implementation of information technology, (i) except for
578+17 refunding Bonds satisfying the requirements of Section 16 of
579+18 this Act must be issued with principal or mandatory redemption
580+19 amounts in equal amounts, with the first maturity issued
581+20 occurring within the fiscal year in which the Bonds are issued
582+21 or within the next succeeding fiscal year and (ii) must mature
583+22 or be subject to mandatory redemption each fiscal year
584+23 thereafter up to 25 years, except for refunding Bonds
585+24 satisfying the requirements of Section 16 of this Act and sold
586+25 during fiscal year 2009, 2010, or 2011 which must mature or be
587+26 subject to mandatory redemption each fiscal year thereafter up
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1300-sold by negotiated sale. Failure to satisfy the requirements
1301-in the preceding 2 sentences shall not affect the validity of
1302-any previously issued Bonds; and further provided that
1303-refunding Bonds satisfying the requirements of Section 15 of
1304-this Act shall not be subject to the requirements in the
1305-preceding 2 sentences.
1306-The If any Bonds are to be sold pursuant to notice of sale
1307-and public bid, the Director of the Governor's Office of
1308-Management and Budget shall comply in the selection of any
1309-bond counsel with the competitive request for proposal process
1310-set forth in the Illinois Procurement Code and all other
1311-applicable requirements of that Code. The Director of the
1312-Governor's Office of Management and Budget may select any
1313-financial advisor from a pool of qualified advisors
1314-established pursuant to a request for qualifications. If any
1315-Bonds, including refunding Bonds, are to be sold by negotiated
1316-sale, the Director of the Governor's Office of Management and
1317-Budget shall select any underwriters from a pool of qualified
1318-underwriters established pursuant to a request for
1319-qualifications.
1320-If Bonds are to be sold pursuant to notice of sale and
1321-public bid, the Director of the Governor's Office of
1322-Management and Budget may, from time to time, as Bonds are to
1323-be sold, advertise the sale of the Bonds in at least 2 daily
1324-newspapers, one of which is published in the City of
1325-Springfield and one in the City of Chicago. The sale of the
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1328-Bonds shall also be advertised in the BidBuy eProcurement
1329-System or any successor procurement platform maintained volume
1330-of the Illinois Procurement Bulletin that is published by the
1331-Chief Procurement Officer for General Services Department of
1332-Central Management Services, and shall be published once at
1333-least 10 days prior to the date fixed for the opening of the
1334-bids. The Director of the Governor's Office of Management and
1335-Budget may reschedule the date of sale upon the giving of such
1336-additional notice as the Director deems adequate to inform
1337-prospective bidders of the change; provided, however, that all
1338-other conditions of the sale shall continue as originally
1339-advertised. Executed Bonds shall, upon payment therefor, be
1340-delivered to the purchaser, and the proceeds of Bonds shall be
1341-paid into the State Treasury as directed by Section 9 of this
1342-Act. The Governor or the Director of the Governor's Office of
1343-Management and Budget are is hereby authorized and directed to
1344-execute and deliver contracts of sale with underwriters and to
1345-execute and deliver such certificates, indentures, agreements
1346-and documents, including any supplements or amendments
1347-thereto, and to take such actions and do such things as shall
1348-be necessary or desirable to carry out the purposes of this
1349-Act. Any action authorized or permitted to be taken by the
1350-Director of the Governor's Office of Management and Budget
1351-pursuant to this Act is hereby authorized to be taken by any
1352-person specifically designated by the Governor to take such
1353-action in a certificate signed by the Governor and filed with
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1356-the Secretary of State.
1357-(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
1358-101-30, eff. 6-28-19.)
1359-(30 ILCS 425/15) (from Ch. 127, par. 2815)
1360-Sec. 15. Refunding Bonds. Refunding Bonds are hereby
1361-authorized for the purpose of refunding any outstanding Bonds,
1362-including the payment of any redemption premium thereon, any
1363-reasonable expenses of such refunding, and any interest
1364-accrued or to accrue to the earliest or any subsequent date of
1365-redemption or maturity of outstanding Bonds; provided that all
1366-non-refunding Bonds in an issue that includes refunding Bonds
1367-shall mature no later than the final maturity date of Bonds
1368-being refunded; provided that no refunding Bonds shall be
1369-offered for sale unless the net present value of debt service
1370-savings to be achieved by the issuance of the refunding Bonds
1371-is 3% or more of the principal amount of the refunded Bonds or
1372-the principal amount of the refunding Bonds to be issued; and
1373-further provided that refunding Bonds shall mature within the
1374-term of the Bonds being refunded in compliance with paragraph
1375-(e) of Section 9 of Article IX of the Illinois Constitution of
1376-1970 , except for refunding Bonds sold in fiscal years 2009,
1377-2010, 2011, 2017, 2018, 2019, or 2022 the maturities of the
1378-refunding Bonds shall not extend beyond the maturities of the
1379-Bonds they refund, so that for each fiscal year in the maturity
1380-schedule of a particular issue of refunding Bonds, the total
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598+1 to 16 years. Bonds issued under Section 3 of this Act for the
599+2 costs associated with the purchase and implementation of
600+3 information technology must be issued with principal or
601+4 mandatory redemption amounts in equal amounts, with the first
602+5 maturity issued occurring with the fiscal year in which the
603+6 respective bonds are issued or with the next succeeding fiscal
604+7 year, with the respective bonds issued maturing or subject to
605+8 mandatory redemption each fiscal year thereafter up to 10
606+9 years. Notwithstanding any provision of this Act to the
607+10 contrary, the Bonds authorized by Public Act 96-43 shall be
608+11 payable within 5 years from their date and must be issued with
609+12 principal or mandatory redemption amounts in equal amounts,
610+13 with payment of principal or mandatory redemption beginning in
611+14 the first fiscal year following the fiscal year in which the
612+15 Bonds are issued.
613+16 Notwithstanding any provision of this Act to the contrary,
614+17 the Bonds authorized by Public Act 96-1497 shall be payable
615+18 within 8 years from their date and shall be issued with payment
616+19 of maturing principal or scheduled mandatory redemptions in
617+20 accordance with the following schedule, except the following
618+21 amounts shall be prorated if less than the total additional
619+22 amount of Bonds authorized by Public Act 96-1497 are issued:
620+23 Fiscal Year After Issuance Amount
621+24 1-2 $0
622+25 3 $110,712,120
623+26 4 $332,136,360
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1382625
1383-amount of refunding principal maturing and redemption amounts
1384-due in that fiscal year and all prior fiscal years in that
1385-schedule shall be greater than or equal to the total amount of
1386-refunded principal and redemption amounts that had been due
1387-over that year and all prior fiscal years prior to the
1388-refunding.
1389-Refunding Bonds may be sold in such amounts and at such
1390-times, as directed by the Governor upon recommendation by the
1391-Director of the Governor's Office of Management and Budget.
1392-The Governor shall notify the State Treasurer and Comptroller
1393-of such refunding. The proceeds received from the sale of
1394-refunding Bonds shall be used for the retirement at maturity
1395-or redemption of such outstanding Bonds on any maturity or
1396-redemption date and, pending such use, shall be placed in
1397-escrow, subject to such terms and conditions as shall be
1398-provided for in the Bond Sale Order relating to the refunding
1399-Bonds. This Act shall constitute an irrevocable and continuing
1400-appropriation of all amounts necessary to establish an escrow
1401-account for the purpose of refunding outstanding Bonds and to
1402-pay the reasonable expenses of such refunding and of the
1403-issuance and sale of the refunding Bonds. Any such escrowed
1404-proceeds may be invested and reinvested in direct obligations
1405-of the United States of America, maturing at such time or times
1406-as shall be appropriate to assure the prompt payment, when
1407-due, of the principal of and interest and redemption premium,
1408-if any, on the refunded Bonds. After the terms of the escrow
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1411-have been fully satisfied, any remaining balance of such
1412-proceeds and interest, income and profits earned or realized
1413-on the investments thereof shall be paid into the General
1414-Revenue Fund. The liability of the State upon the refunded
1415-Bonds shall continue, provided that the holders thereof shall
1416-thereafter be entitled to payment only out of the moneys
1417-deposited in the escrow account and the refunded Bonds shall
1418-be deemed paid, discharged and no longer to be outstanding.
1419-Except as otherwise herein provided in this Section, such
1420-refunding Bonds shall in all other respects be issued pursuant
1421-to and subject to the terms and conditions of this Act and
1422-shall be secured by and payable from only the funds and sources
1423-which are provided under this Act.
1424-(Source: P.A. 102-16, eff. 6-17-21.)
1425-Article 99.
1426-Section 99-99. Effective date. This Act takes effect July
1427-1, 2023.
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634+1 5 $664,272,720
635+2 6-8 $996,409,080
636+3 Notwithstanding any provision of this Act to the contrary,
637+4 Income Tax Proceed Bonds issued under Section 7.6 shall be
638+5 payable 12 years from the date of sale and shall be issued with
639+6 payment of principal or mandatory redemption.
640+7 In the case of any series of Bonds bearing interest at a
641+8 variable interest rate ("Variable Rate Bonds"), in lieu of
642+9 determining the rate or rates at which such series of Variable
643+10 Rate Bonds shall bear interest and the price or prices at which
644+11 such Variable Rate Bonds shall be initially sold or remarketed
645+12 (in the event of purchase and subsequent resale), the Bond
646+13 Sale Order may provide that such interest rates and prices may
647+14 vary from time to time depending on criteria established in
648+15 such Bond Sale Order, which criteria may include, without
649+16 limitation, references to indices or variations in interest
650+17 rates as may, in the judgment of a remarketing agent, be
651+18 necessary to cause Variable Rate Bonds of such series to be
652+19 remarketable from time to time at a price equal to their
653+20 principal amount, and may provide for appointment of a bank,
654+21 trust company, investment bank, or other financial institution
655+22 to serve as remarketing agent in that connection. The Bond
656+23 Sale Order may provide that alternative interest rates or
657+24 provisions for establishing alternative interest rates,
658+25 different security or claim priorities, or different call or
659+26 amortization provisions will apply during such times as
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670+1 Variable Rate Bonds of any series are held by a person
671+2 providing credit or liquidity enhancement arrangements for
672+3 such Bonds as authorized in subsection (b) of this Section.
673+4 The Bond Sale Order may also provide for such variable
674+5 interest rates to be established pursuant to a process
675+6 generally known as an auction rate process and may provide for
676+7 appointment of one or more financial institutions to serve as
677+8 auction agents and broker-dealers in connection with the
678+9 establishment of such interest rates and the sale and
679+10 remarketing of such Bonds.
680+11 (b) In connection with the issuance of any series of
681+12 Bonds, the State may enter into arrangements to provide
682+13 additional security and liquidity for such Bonds, including,
683+14 without limitation, bond or interest rate insurance or letters
684+15 of credit, lines of credit, bond purchase contracts, or other
685+16 arrangements whereby funds are made available to retire or
686+17 purchase Bonds, thereby assuring the ability of owners of the
687+18 Bonds to sell or redeem their Bonds. The State may enter into
688+19 contracts and may agree to pay fees to persons providing such
689+20 arrangements, but only under circumstances where the Director
690+21 of the Governor's Office of Management and Budget certifies
691+22 that he or she reasonably expects the total interest paid or to
692+23 be paid on the Bonds, together with the fees for the
693+24 arrangements (being treated as if interest), would not, taken
694+25 together, cause the Bonds to bear interest, calculated to
695+26 their stated maturity, at a rate in excess of the rate that the
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706+1 Bonds would bear in the absence of such arrangements.
707+2 The State may, with respect to Bonds issued or anticipated
708+3 to be issued, participate in and enter into arrangements with
709+4 respect to interest rate protection or exchange agreements,
710+5 guarantees, or financial futures contracts for the purpose of
711+6 limiting, reducing, or managing interest rate exposure. The
712+7 authority granted under this paragraph, however, shall not
713+8 increase the principal amount of Bonds authorized to be issued
714+9 by law. The arrangements may be executed and delivered by the
715+10 Director of the Governor's Office of Management and Budget on
716+11 behalf of the State. Net payments for such arrangements shall
717+12 constitute interest on the Bonds and shall be paid from the
718+13 General Obligation Bond Retirement and Interest Fund. The
719+14 Director of the Governor's Office of Management and Budget
720+15 shall at least annually certify to the Governor and the State
721+16 Comptroller his or her estimate of the amounts of such net
722+17 payments to be included in the calculation of interest
723+18 required to be paid by the State.
724+19 (c) Prior to the issuance of any Variable Rate Bonds
725+20 pursuant to subsection (a), the Director of the Governor's
726+21 Office of Management and Budget shall adopt an interest rate
727+22 risk management policy providing that the amount of the
728+23 State's variable rate exposure with respect to Bonds shall not
729+24 exceed 20%. This policy shall remain in effect while any Bonds
730+25 are outstanding and the issuance of Bonds shall be subject to
731+26 the terms of such policy. The terms of this policy may be
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742+1 amended from time to time by the Director of the Governor's
743+2 Office of Management and Budget but in no event shall any
744+3 amendment cause the permitted level of the State's variable
745+4 rate exposure with respect to Bonds to exceed 20%.
746+5 (d) "Build America Bonds" in this Section means Bonds
747+6 authorized by Section 54AA of the Internal Revenue Code of
748+7 1986, as amended ("Internal Revenue Code"), and bonds issued
749+8 from time to time to refund or continue to refund "Build
750+9 America Bonds".
751+10 (e) Notwithstanding any other provision of this Section,
752+11 Qualified School Construction Bonds shall be issued and sold
753+12 from time to time, in one or more series, in such amounts and
754+13 at such prices as may be directed by the Governor, upon
755+14 recommendation by the Director of the Governor's Office of
756+15 Management and Budget. Qualified School Construction Bonds
757+16 shall be in such form (either coupon, registered or book
758+17 entry), in such denominations, payable within 25 years from
759+18 their date, subject to such terms of redemption with or
760+19 without premium, and if the Qualified School Construction
761+20 Bonds are issued with a supplemental coupon, bear interest
762+21 payable at such times and at such fixed or variable rate or
763+22 rates, and be dated as shall be fixed and determined by the
764+23 Director of the Governor's Office of Management and Budget in
765+24 the order authorizing the issuance and sale of any series of
766+25 Qualified School Construction Bonds, which order shall be
767+26 approved by the Governor and is herein called a "Bond Sale
768+
769+
770+
771+
772+
773+ HB3551 Enrolled - 22 - LRB103 30888 HLH 57616 b
774+
775+
776+HB3551 Enrolled- 23 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 23 - LRB103 30888 HLH 57616 b
777+ HB3551 Enrolled - 23 - LRB103 30888 HLH 57616 b
778+1 Order"; except that interest payable at fixed or variable
779+2 rates, if any, shall not exceed that permitted in the Bond
780+3 Authorization Act, as now or hereafter amended. Qualified
781+4 School Construction Bonds shall be payable at such place or
782+5 places, within or without the State of Illinois, and may be
783+6 made registrable as to either principal or as to both
784+7 principal and interest, as shall be specified in the Bond Sale
785+8 Order. Qualified School Construction Bonds may be callable or
786+9 subject to purchase and retirement or tender and remarketing
787+10 as fixed and determined in the Bond Sale Order. Qualified
788+11 School Construction Bonds must be issued with principal or
789+12 mandatory redemption amounts or sinking fund payments into the
790+13 General Obligation Bond Retirement and Interest Fund (or
791+14 subaccount therefor) in equal amounts, with the first maturity
792+15 issued, mandatory redemption payment or sinking fund payment
793+16 occurring within the fiscal year in which the Qualified School
794+17 Construction Bonds are issued or within the next succeeding
795+18 fiscal year, with Qualified School Construction Bonds issued
796+19 maturing or subject to mandatory redemption or with sinking
797+20 fund payments thereof deposited each fiscal year thereafter up
798+21 to 25 years. Sinking fund payments set forth in this
799+22 subsection shall be permitted only to the extent authorized in
800+23 Section 54F of the Internal Revenue Code or as otherwise
801+24 determined by the Director of the Governor's Office of
802+25 Management and Budget. "Qualified School Construction Bonds"
803+26 in this subsection means Bonds authorized by Section 54F of
804+
805+
806+
807+
808+
809+ HB3551 Enrolled - 23 - LRB103 30888 HLH 57616 b
810+
811+
812+HB3551 Enrolled- 24 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 24 - LRB103 30888 HLH 57616 b
813+ HB3551 Enrolled - 24 - LRB103 30888 HLH 57616 b
814+1 the Internal Revenue Code and for bonds issued from time to
815+2 time to refund or continue to refund such "Qualified School
816+3 Construction Bonds".
817+4 (f) Beginning with the next issuance by the Governor's
818+5 Office of Management and Budget to the Procurement Policy
819+6 Board of a request for qualifications quotation for the
820+7 purpose of formulating a new pool of qualified underwriters
821+8 underwriting banks list, all entities responding to such a
822+9 request for qualifications quotation for inclusion on that
823+10 list shall provide a written report to the Governor's Office
824+11 of Management and Budget and the Illinois Comptroller. The
825+12 written report submitted to the Comptroller shall (i) be
826+13 published on the Comptroller's Internet website and (ii) be
827+14 used by the Governor's Office of Management and Budget for the
828+15 purposes of scoring such a request for qualifications
829+16 quotation. The written report, at a minimum, shall:
830+17 (1) disclose whether, within the past 3 months,
831+18 pursuant to its credit default swap market-making
832+19 activities, the firm has entered into any State of
833+20 Illinois credit default swaps ("CDS");
834+21 (2) include, in the event of State of Illinois CDS
835+22 activity, disclosure of the firm's cumulative notional
836+23 volume of State of Illinois CDS trades and the firm's
837+24 outstanding gross and net notional amount of State of
838+25 Illinois CDS, as of the end of the current 3-month period;
839+26 (3) indicate, pursuant to the firm's proprietary
840+
841+
842+
843+
844+
845+ HB3551 Enrolled - 24 - LRB103 30888 HLH 57616 b
846+
847+
848+HB3551 Enrolled- 25 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 25 - LRB103 30888 HLH 57616 b
849+ HB3551 Enrolled - 25 - LRB103 30888 HLH 57616 b
850+1 trading activities, disclosure of whether the firm, within
851+2 the past 3 months, has entered into any proprietary trades
852+3 for its own account in State of Illinois CDS;
853+4 (4) include, in the event of State of Illinois
854+5 proprietary trades, disclosure of the firm's outstanding
855+6 gross and net notional amount of proprietary State of
856+7 Illinois CDS and whether the net position is short or long
857+8 credit protection, as of the end of the current 3-month
858+9 period;
859+10 (5) list all time periods during the past 3 months
860+11 during which the firm held net long or net short State of
861+12 Illinois CDS proprietary credit protection positions, the
862+13 amount of such positions, and whether those positions were
863+14 net long or net short credit protection positions; and
864+15 (6) indicate whether, within the previous 3 months,
865+16 the firm released any publicly available research or
866+17 marketing reports that reference State of Illinois CDS and
867+18 include those research or marketing reports as
868+19 attachments.
869+20 (g) All entities included on a Governor's Office of
870+21 Management and Budget's pool of qualified underwriters
871+22 underwriting banks list shall, as soon as possible after March
872+23 18, 2011 (the effective date of Public Act 96-1554), but not
873+24 later than January 21, 2011, and on a quarterly fiscal basis
874+25 thereafter, provide a written report to the Governor's Office
875+26 of Management and Budget and the Illinois Comptroller. The
876+
877+
878+
879+
880+
881+ HB3551 Enrolled - 25 - LRB103 30888 HLH 57616 b
882+
883+
884+HB3551 Enrolled- 26 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 26 - LRB103 30888 HLH 57616 b
885+ HB3551 Enrolled - 26 - LRB103 30888 HLH 57616 b
886+1 written reports submitted to the Comptroller shall be
887+2 published on the Comptroller's Internet website. The written
888+3 reports, at a minimum, shall:
889+4 (1) disclose whether, within the past 3 months,
890+5 pursuant to its credit default swap market-making
891+6 activities, the firm has entered into any State of
892+7 Illinois credit default swaps ("CDS");
893+8 (2) include, in the event of State of Illinois CDS
894+9 activity, disclosure of the firm's cumulative notional
895+10 volume of State of Illinois CDS trades and the firm's
896+11 outstanding gross and net notional amount of State of
897+12 Illinois CDS, as of the end of the current 3-month period;
898+13 (3) indicate, pursuant to the firm's proprietary
899+14 trading activities, disclosure of whether the firm, within
900+15 the past 3 months, has entered into any proprietary trades
901+16 for its own account in State of Illinois CDS;
902+17 (4) include, in the event of State of Illinois
903+18 proprietary trades, disclosure of the firm's outstanding
904+19 gross and net notional amount of proprietary State of
905+20 Illinois CDS and whether the net position is short or long
906+21 credit protection, as of the end of the current 3-month
907+22 period;
908+23 (5) list all time periods during the past 3 months
909+24 during which the firm held net long or net short State of
910+25 Illinois CDS proprietary credit protection positions, the
911+26 amount of such positions, and whether those positions were
912+
913+
914+
915+
916+
917+ HB3551 Enrolled - 26 - LRB103 30888 HLH 57616 b
918+
919+
920+HB3551 Enrolled- 27 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 27 - LRB103 30888 HLH 57616 b
921+ HB3551 Enrolled - 27 - LRB103 30888 HLH 57616 b
922+1 net long or net short credit protection positions; and
923+2 (6) indicate whether, within the previous 3 months,
924+3 the firm released any publicly available research or
925+4 marketing reports that reference State of Illinois CDS and
926+5 include those research or marketing reports as
927+6 attachments.
928+7 (h) Notwithstanding any other provision of this Section,
929+8 for purposes of maximizing market efficiencies and cost
930+9 savings, Income Tax Proceed Bonds may be issued and sold from
931+10 time to time, in one or more series, in such amounts and at
932+11 such prices as may be directed by the Governor, upon
933+12 recommendation by the Director of the Governor's Office of
934+13 Management and Budget. Income Tax Proceed Bonds shall be in
935+14 such form, either coupon, registered, or book entry, in such
936+15 denominations, shall bear interest payable at such times and
937+16 at such fixed or variable rate or rates, and be dated as shall
938+17 be fixed and determined by the Director of the Governor's
939+18 Office of Management and Budget in the order authorizing the
940+19 issuance and sale of any series of Income Tax Proceed Bonds,
941+20 which order shall be approved by the Governor and is herein
942+21 called a "Bond Sale Order"; provided, however, that interest
943+22 payable at fixed or variable rates shall not exceed that
944+23 permitted in the Bond Authorization Act. Income Tax Proceed
945+24 Bonds shall be payable at such place or places, within or
946+25 without the State of Illinois, and may be made registrable as
947+26 to either principal or as to both principal and interest, as
948+
949+
950+
951+
952+
953+ HB3551 Enrolled - 27 - LRB103 30888 HLH 57616 b
954+
955+
956+HB3551 Enrolled- 28 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 28 - LRB103 30888 HLH 57616 b
957+ HB3551 Enrolled - 28 - LRB103 30888 HLH 57616 b
958+1 shall be specified in the Bond Sale Order. Income Tax Proceed
959+2 Bonds may be callable or subject to purchase and retirement or
960+3 tender and remarketing as fixed and determined in the Bond
961+4 Sale Order.
962+5 (i) Notwithstanding any other provision of this Section,
963+6 for purposes of maximizing market efficiencies and cost
964+7 savings, State Pension Obligation Acceleration Bonds may be
965+8 issued and sold from time to time, in one or more series, in
966+9 such amounts and at such prices as may be directed by the
967+10 Governor, upon recommendation by the Director of the
968+11 Governor's Office of Management and Budget. State Pension
969+12 Obligation Acceleration Bonds shall be in such form, either
970+13 coupon, registered, or book entry, in such denominations,
971+14 shall bear interest payable at such times and at such fixed or
972+15 variable rate or rates, and be dated as shall be fixed and
973+16 determined by the Director of the Governor's Office of
974+17 Management and Budget in the order authorizing the issuance
975+18 and sale of any series of State Pension Obligation
976+19 Acceleration Bonds, which order shall be approved by the
977+20 Governor and is herein called a "Bond Sale Order"; provided,
978+21 however, that interest payable at fixed or variable rates
979+22 shall not exceed that permitted in the Bond Authorization Act.
980+23 State Pension Obligation Acceleration Bonds shall be payable
981+24 at such place or places, within or without the State of
982+25 Illinois, and may be made registrable as to either principal
983+26 or as to both principal and interest, as shall be specified in
984+
985+
986+
987+
988+
989+ HB3551 Enrolled - 28 - LRB103 30888 HLH 57616 b
990+
991+
992+HB3551 Enrolled- 29 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 29 - LRB103 30888 HLH 57616 b
993+ HB3551 Enrolled - 29 - LRB103 30888 HLH 57616 b
994+1 the Bond Sale Order. State Pension Obligation Acceleration
995+2 Bonds may be callable or subject to purchase and retirement or
996+3 tender and remarketing as fixed and determined in the Bond
997+4 Sale Order.
998+5 (Source: P.A. 100-23, Article 25, Section 25-5, eff. 7-6-17;
999+6 100-23, Article 75, Section 75-10, eff. 7-6-17; 100-587,
1000+7 Article 60, Section 60-5, eff. 6-4-18; 100-587, Article 110,
1001+8 Section 110-15, eff. 6-4-18; 100-863, eff. 8-14-18; 101-30,
1002+9 eff. 6-28-19; 101-81, eff. 7-12-19.)
1003+10 (30 ILCS 330/10) (from Ch. 127, par. 660)
1004+11 Sec. 10. Execution of Bonds. Bonds shall be signed by the
1005+12 Governor and attested by the Secretary of State under the
1006+13 printed facsimile seal of the State and countersigned by the
1007+14 State Treasurer by his manual signature or by his duly
1008+15 authorized deputy. If Bonds are issued in registered form
1009+16 pursuant to the Registered Bond Act, the signatures of the
1010+17 Governor, the Secretary of State and the State Treasurer may
1011+18 be printed facsimile signatures. Unless Bonds are issued in
1012+19 fully registered form, interest coupons with facsimile
1013+20 signatures of the Governor, Secretary of State and State
1014+21 Treasurer may be attached to the Bonds. The fact that an
1015+22 officer whose signature or facsimile thereof appears on a Bond
1016+23 or interest coupon no longer holds such office at the time the
1017+24 Bond or coupon is delivered shall not invalidate such Bond or
1018+25 interest coupon.
1019+
1020+
1021+
1022+
1023+
1024+ HB3551 Enrolled - 29 - LRB103 30888 HLH 57616 b
1025+
1026+
1027+HB3551 Enrolled- 30 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 30 - LRB103 30888 HLH 57616 b
1028+ HB3551 Enrolled - 30 - LRB103 30888 HLH 57616 b
1029+1 (Source: P.A. 83-1490.)
1030+2 (30 ILCS 330/11) (from Ch. 127, par. 661)
1031+3 Sec. 11. Sale of Bonds. Except as otherwise provided in
1032+4 this Section, Bonds shall be sold from time to time pursuant to
1033+5 notice of sale and public bid or by negotiated sale in such
1034+6 amounts and at such times as is directed by the Governor, upon
1035+7 recommendation by the Director of the Governor's Office of
1036+8 Management and Budget. At least 25%, based on total principal
1037+9 amount, of all Bonds issued each fiscal year shall be sold
1038+10 pursuant to notice of sale and public bid. At all times during
1039+11 each fiscal year, no more than 75%, based on total principal
1040+12 amount, of the Bonds issued each fiscal year, shall have been
1041+13 sold by negotiated sale. Failure to satisfy the requirements
1042+14 in the preceding 2 sentences shall not affect the validity of
1043+15 any previously issued Bonds; provided that all Bonds
1044+16 authorized by Public Act 96-43 and Public Act 96-1497 shall
1045+17 not be included in determining compliance for any fiscal year
1046+18 with the requirements of the preceding 2 sentences; and
1047+19 further provided that refunding Bonds satisfying the
1048+20 requirements of Section 16 of this Act shall not be subject to
1049+21 the requirements in the preceding 2 sentences.
1050+22 The If any Bonds, including refunding Bonds, are to be
1051+23 sold by negotiated sale, the Director of the Governor's Office
1052+24 of Management and Budget shall comply in the selection of any
1053+25 bond counsel with the competitive request for proposal process
1054+
1055+
1056+
1057+
1058+
1059+ HB3551 Enrolled - 30 - LRB103 30888 HLH 57616 b
1060+
1061+
1062+HB3551 Enrolled- 31 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 31 - LRB103 30888 HLH 57616 b
1063+ HB3551 Enrolled - 31 - LRB103 30888 HLH 57616 b
1064+1 set forth in the Illinois Procurement Code and all other
1065+2 applicable requirements of that Code. The Director of the
1066+3 Governor's Office of Management and Budget may select any
1067+4 financial advisor from a pool of qualified advisors
1068+5 established pursuant to a request for qualifications. If any
1069+6 Bonds, including refunding Bonds, are to be sold by negotiated
1070+7 sale, the Director of the Governor's Office of Management and
1071+8 Budget shall select any underwriter from a pool of qualified
1072+9 underwriters established pursuant to a request for
1073+10 qualifications.
1074+11 If Bonds are to be sold pursuant to notice of sale and
1075+12 public bid, the Director of the Governor's Office of
1076+13 Management and Budget may, from time to time, as Bonds are to
1077+14 be sold, advertise the sale of the Bonds in at least 2 daily
1078+15 newspapers, one of which is published in the City of
1079+16 Springfield and one in the City of Chicago. The sale of the
1080+17 Bonds shall also be advertised in the BidBuy eProcurement
1081+18 System or any successor procurement platform maintained volume
1082+19 of the Illinois Procurement Bulletin that is published by the
1083+20 Chief Procurement Officer for General Services Department of
1084+21 Central Management Services, and shall be published once at
1085+22 least 10 days prior to the date fixed for the opening of the
1086+23 bids. The Director of the Governor's Office of Management and
1087+24 Budget may reschedule the date of sale upon the giving of such
1088+25 additional notice as the Director deems adequate to inform
1089+26 prospective bidders of such change; provided, however, that
1090+
1091+
1092+
1093+
1094+
1095+ HB3551 Enrolled - 31 - LRB103 30888 HLH 57616 b
1096+
1097+
1098+HB3551 Enrolled- 32 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 32 - LRB103 30888 HLH 57616 b
1099+ HB3551 Enrolled - 32 - LRB103 30888 HLH 57616 b
1100+1 all other conditions of the sale shall continue as originally
1101+2 advertised.
1102+3 Executed Bonds shall, upon payment therefor, be delivered
1103+4 to the purchaser, and the proceeds of Bonds shall be paid into
1104+5 the State Treasury as directed by Section 12 of this Act.
1105+6 All Income Tax Proceed Bonds shall comply with this
1106+7 Section. Notwithstanding anything to the contrary, however,
1107+8 for purposes of complying with this Section, Income Tax
1108+9 Proceed Bonds, regardless of the number of series or issuances
1109+10 sold thereunder, shall be considered a single issue or series.
1110+11 Furthermore, for purposes of complying with the competitive
1111+12 bidding requirements of this Section, the words "at all times"
1112+13 shall not apply to any such sale of the Income Tax Proceed
1113+14 Bonds. The Director of the Governor's Office of Management and
1114+15 Budget shall determine the time and manner of any competitive
1115+16 sale of the Income Tax Proceed Bonds; however, that sale shall
1116+17 under no circumstances take place later than 60 days after the
1117+18 State closes the sale of 75% of the Income Tax Proceed Bonds by
1118+19 negotiated sale.
1119+20 All State Pension Obligation Acceleration Bonds shall
1120+21 comply with this Section. Notwithstanding anything to the
1121+22 contrary, however, for purposes of complying with this
1122+23 Section, State Pension Obligation Acceleration Bonds,
1123+24 regardless of the number of series or issuances sold
1124+25 thereunder, shall be considered a single issue or series.
1125+26 Furthermore, for purposes of complying with the competitive
1126+
1127+
1128+
1129+
1130+
1131+ HB3551 Enrolled - 32 - LRB103 30888 HLH 57616 b
1132+
1133+
1134+HB3551 Enrolled- 33 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 33 - LRB103 30888 HLH 57616 b
1135+ HB3551 Enrolled - 33 - LRB103 30888 HLH 57616 b
1136+1 bidding requirements of this Section, the words "at all times"
1137+2 shall not apply to any such sale of the State Pension
1138+3 Obligation Acceleration Bonds. The Director of the Governor's
1139+4 Office of Management and Budget shall determine the time and
1140+5 manner of any competitive sale of the State Pension Obligation
1141+6 Acceleration Bonds; however, that sale shall under no
1142+7 circumstances take place later than 60 days after the State
1143+8 closes the sale of 75% of the State Pension Obligation
1144+9 Acceleration Bonds by negotiated sale.
1145+10 (Source: P.A. 100-23, Article 25, Section 25-5, eff. 7-6-17;
1146+11 100-23, Article 75, Section 75-10, eff. 7-6-17; 100-587,
1147+12 Article 60, Section 60-5, eff. 6-4-18; 100-587, Article 110,
1148+13 Section 110-15, eff. 6-4-18; 100-863, eff. 8-4-18; 101-30,
1149+14 eff. 6-28-19; 101-81, eff. 7-12-19.)
1150+15 (30 ILCS 330/16) (from Ch. 127, par. 666)
1151+16 Sec. 16. Refunding Bonds. The State of Illinois is
1152+17 authorized to issue, sell, and provide for the retirement of
1153+18 General Obligation Bonds of the State of Illinois in the
1154+19 amount of $4,839,025,000, at any time and from time to time
1155+20 outstanding, for the purpose of refunding any State of
1156+21 Illinois general obligation Bonds then outstanding, including
1157+22 (i) the payment of any redemption premium thereon, (ii) any
1158+23 reasonable expenses of such refunding, (iii) any interest
1159+24 accrued or to accrue to the earliest or any subsequent date of
1160+25 redemption or maturity of such outstanding Bonds, (iv) for
1161+
1162+
1163+
1164+
1165+
1166+ HB3551 Enrolled - 33 - LRB103 30888 HLH 57616 b
1167+
1168+
1169+HB3551 Enrolled- 34 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 34 - LRB103 30888 HLH 57616 b
1170+ HB3551 Enrolled - 34 - LRB103 30888 HLH 57616 b
1171+1 fiscal year 2019 only, any necessary payments to providers of
1172+2 interest rate exchange agreements in connection with the
1173+3 termination of such agreements by the State in connection with
1174+4 the refunding, and (v) any interest to accrue to the first
1175+5 interest payment on the refunding Bonds; provided that all
1176+6 non-refunding Bonds in an issue that includes refunding Bonds
1177+7 shall mature no later than the final maturity date of Bonds
1178+8 being refunded; provided that no refunding Bonds shall be
1179+9 offered for sale unless the net present value of debt service
1180+10 savings to be achieved by the issuance of the refunding Bonds
1181+11 is 3% or more of the principal amount of the refunded Bonds or
1182+12 the principal amount of the refunding Bonds to be issued;
1183+13 refunding Bonds shall mature within the term of the Bonds
1184+14 being refunded in compliance with paragraph (e) of Section 9
1185+15 of Article IX of the Illinois Constitution of 1970 and further
1186+16 provided that, except for refunding Bonds sold in fiscal year
1187+17 2009, 2010, 2011, 2017, 2018, 2019, or 2022, the maturities of
1188+18 the refunding Bonds shall not extend beyond the maturities of
1189+19 the Bonds they refund, so that for each fiscal year in the
1190+20 maturity schedule of a particular issue of refunding Bonds,
1191+21 the total amount of refunding principal maturing and
1192+22 redemption amounts due in that fiscal year and all prior
1193+23 fiscal years in that schedule shall be greater than or equal to
1194+24 the total amount of refunded principal and redemption amounts
1195+25 that had been due over that year and all prior fiscal years
1196+26 prior to the refunding.
1197+
1198+
1199+
1200+
1201+
1202+ HB3551 Enrolled - 34 - LRB103 30888 HLH 57616 b
1203+
1204+
1205+HB3551 Enrolled- 35 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 35 - LRB103 30888 HLH 57616 b
1206+ HB3551 Enrolled - 35 - LRB103 30888 HLH 57616 b
1207+1 The Governor shall notify the State Treasurer and
1208+2 Comptroller of such refunding. The proceeds received from the
1209+3 sale of refunding Bonds shall be used for the retirement at
1210+4 maturity or redemption of such outstanding Bonds on any
1211+5 maturity or redemption date and, pending such use, shall be
1212+6 placed in escrow, subject to such terms and conditions as
1213+7 shall be provided for in the Bond Sale Order relating to the
1214+8 Refunding Bonds. Proceeds not needed for deposit in an escrow
1215+9 account shall be deposited in the General Obligation Bond
1216+10 Retirement and Interest Fund. This Act shall constitute an
1217+11 irrevocable and continuing appropriation of all amounts
1218+12 necessary to establish an escrow account for the purpose of
1219+13 refunding outstanding general obligation Bonds and to pay the
1220+14 reasonable expenses of such refunding and of the issuance and
1221+15 sale of the refunding Bonds. Any such escrowed proceeds may be
1222+16 invested and reinvested in direct obligations of the United
1223+17 States of America, maturing at such time or times as shall be
1224+18 appropriate to assure the prompt payment, when due, of the
1225+19 principal of and interest and redemption premium, if any, on
1226+20 the refunded Bonds. After the terms of the escrow have been
1227+21 fully satisfied, any remaining balance of such proceeds and
1228+22 interest, income and profits earned or realized on the
1229+23 investments thereof shall be paid into the General Revenue
1230+24 Fund. The liability of the State upon the Bonds shall
1231+25 continue, provided that the holders thereof shall thereafter
1232+26 be entitled to payment only out of the moneys deposited in the
1233+
1234+
1235+
1236+
1237+
1238+ HB3551 Enrolled - 35 - LRB103 30888 HLH 57616 b
1239+
1240+
1241+HB3551 Enrolled- 36 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 36 - LRB103 30888 HLH 57616 b
1242+ HB3551 Enrolled - 36 - LRB103 30888 HLH 57616 b
1243+1 escrow account.
1244+2 Except as otherwise herein provided in this Section, such
1245+3 refunding Bonds shall in all other respects be subject to the
1246+4 terms and conditions of this Act.
1247+5 (Source: P.A. 102-16, eff. 6-17-21.)
1248+6 Article 15.
1249+7 Section 15-1. The Build Illinois Bond Act is amended by
1250+8 changing Sections 2, 4, 5, 8, and 15 as follows:
1251+9 (30 ILCS 425/2) (from Ch. 127, par. 2802)
1252+10 Sec. 2. Authorization for Bonds. The State of Illinois is
1253+11 authorized to issue, sell and provide for the retirement of
1254+12 limited obligation bonds, notes and other evidences of
1255+13 indebtedness of the State of Illinois in the total principal
1256+14 amount of $10,019,681,100 $9,484,681,100 herein called
1257+15 "Bonds". Such amount of authorized Bonds shall be exclusive of
1258+16 any refunding Bonds issued pursuant to Section 15 of this Act
1259+17 and exclusive of any Bonds issued pursuant to this Section
1260+18 which are redeemed, purchased, advance refunded, or defeased
1261+19 in accordance with paragraph (f) of Section 4 of this Act.
1262+20 Bonds shall be issued for the categories and specific purposes
1263+21 expressed in Section 4 of this Act.
1264+22 (Source: P.A. 101-30, eff. 6-28-19; 102-1071, eff. 6-10-22.)
1265+
1266+
1267+
1268+
1269+
1270+ HB3551 Enrolled - 36 - LRB103 30888 HLH 57616 b
1271+
1272+
1273+HB3551 Enrolled- 37 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 37 - LRB103 30888 HLH 57616 b
1274+ HB3551 Enrolled - 37 - LRB103 30888 HLH 57616 b
1275+1 (30 ILCS 425/4) (from Ch. 127, par. 2804)
1276+2 Sec. 4. Purposes of Bonds. Bonds shall be issued for the
1277+3 following purposes and in the approximate amounts as set forth
1278+4 below:
1279+5 (a) $4,506,094,533 $4,372,761,200 for the expenses of
1280+6 issuance and sale of Bonds, including bond discounts, and for
1281+7 planning, engineering, acquisition, construction,
1282+8 reconstruction, development, improvement, demolition, and
1283+9 extension of the public infrastructure in the State of
1284+10 Illinois, including: the making of loans or grants to local
1285+11 governments for waste disposal systems, water and sewer line
1286+12 extensions and water distribution and purification facilities,
1287+13 rail or air or water port improvements, gas and electric
1288+14 utility extensions, publicly owned industrial and commercial
1289+15 sites, buildings used for public administration purposes and
1290+16 other public infrastructure capital improvements; the making
1291+17 of loans or grants to units of local government for financing
1292+18 and construction of wastewater facilities, including grants to
1293+19 serve unincorporated areas; refinancing or retiring bonds
1294+20 issued between January 1, 1987 and January 1, 1990 by home rule
1295+21 municipalities, debt service on which is provided from a tax
1296+22 imposed by home rule municipalities prior to January 1, 1990
1297+23 on the sale of food and drugs pursuant to Section 8-11-1 of the
1298+24 Home Rule Municipal Retailers' Occupation Tax Act or Section
1299+25 8-11-5 of the Home Rule Municipal Service Occupation Tax Act;
1300+26 the making of deposits not to exceed $70,000,000 in the
1301+
1302+
1303+
1304+
1305+
1306+ HB3551 Enrolled - 37 - LRB103 30888 HLH 57616 b
1307+
1308+
1309+HB3551 Enrolled- 38 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 38 - LRB103 30888 HLH 57616 b
1310+ HB3551 Enrolled - 38 - LRB103 30888 HLH 57616 b
1311+1 aggregate into the Water Pollution Control Revolving Fund to
1312+2 provide assistance in accordance with the provisions of Title
1313+3 IV-A of the Environmental Protection Act; the planning,
1314+4 engineering, acquisition, construction, reconstruction,
1315+5 alteration, expansion, extension and improvement of highways,
1316+6 bridges, structures separating highways and railroads, rest
1317+7 areas, interchanges, access roads to and from any State or
1318+8 local highway and other transportation improvement projects
1319+9 which are related to economic development activities; the
1320+10 making of loans or grants for planning, engineering,
1321+11 rehabilitation, improvement or construction of rail and
1322+12 transit facilities; the planning, engineering, acquisition,
1323+13 construction, reconstruction and improvement of watershed,
1324+14 drainage, flood control, recreation and related improvements
1325+15 and facilities, including expenses related to land and
1326+16 easement acquisition, relocation, control structures, channel
1327+17 work and clearing and appurtenant work; the planning,
1328+18 engineering, acquisition, construction, reconstruction and
1329+19 improvement of State facilities and related infrastructure;
1330+20 the making of Park and Recreational Facilities Construction
1331+21 (PARC) grants; the making of grants to units of local
1332+22 government for community development capital projects; the
1333+23 making of grants for improvement and development of zoos and
1334+24 park district field houses and related structures; and the
1335+25 making of grants for improvement and development of Navy Pier
1336+26 and related structures.
1337+
1338+
1339+
1340+
1341+
1342+ HB3551 Enrolled - 38 - LRB103 30888 HLH 57616 b
1343+
1344+
1345+HB3551 Enrolled- 39 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 39 - LRB103 30888 HLH 57616 b
1346+ HB3551 Enrolled - 39 - LRB103 30888 HLH 57616 b
1347+1 (b) $2,474,636,967 $2,122,970,300 for fostering economic
1348+2 development and increased employment and fostering the well
1349+3 being of the citizens of Illinois through community
1350+4 development, including: the making of grants for improvement
1351+5 and development of McCormick Place and related structures; the
1352+6 planning and construction of a microelectronics research
1353+7 center, including the planning, engineering, construction,
1354+8 improvement, renovation and acquisition of buildings,
1355+9 equipment and related utility support systems; the making of
1356+10 loans to businesses and investments in small businesses;
1357+11 acquiring real properties for industrial or commercial site
1358+12 development; acquiring, rehabilitating and reconveying
1359+13 industrial and commercial properties for the purpose of
1360+14 expanding employment and encouraging private and other public
1361+15 sector investment in the economy of Illinois; the payment of
1362+16 expenses associated with siting the Superconducting Super
1363+17 Collider Particle Accelerator in Illinois and with its
1364+18 acquisition, construction, maintenance, operation, promotion
1365+19 and support; the making of loans for the planning,
1366+20 engineering, acquisition, construction, improvement and
1367+21 conversion of facilities and equipment which will foster the
1368+22 use of Illinois coal; the payment of expenses associated with
1369+23 the promotion, establishment, acquisition and operation of
1370+24 small business incubator facilities and agribusiness research
1371+25 facilities, including the lease, purchase, renovation,
1372+26 planning, engineering, construction and maintenance of
1373+
1374+
1375+
1376+
1377+
1378+ HB3551 Enrolled - 39 - LRB103 30888 HLH 57616 b
1379+
1380+
1381+HB3551 Enrolled- 40 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 40 - LRB103 30888 HLH 57616 b
1382+ HB3551 Enrolled - 40 - LRB103 30888 HLH 57616 b
1383+1 buildings, utility support systems and equipment designated
1384+2 for such purposes and the establishment and maintenance of
1385+3 centralized support services within such facilities; the
1386+4 making of grants for transportation electrification
1387+5 infrastructure projects that promote use of clean and
1388+6 renewable energy; the making of capital expenditures and
1389+7 grants for broadband development and for a statewide broadband
1390+8 deployment grant program; the making of grants to public
1391+9 entities and private persons and entities for community
1392+10 development capital projects; the making of grants to public
1393+11 entities and private persons and entities for capital projects
1394+12 in the context of grant programs focused on assisting
1395+13 economically depressed areas, expanding affordable housing,
1396+14 supporting the provision of human services, supporting
1397+15 emerging technology enterprises, and supporting minority owned
1398+16 businesses; and the making of grants or loans to units of local
1399+17 government for Urban Development Action Grant and Housing
1400+18 Partnership programs.
1401+19 (c) $2,761,076,600 $2,711,076,600 for the development and
1402+20 improvement of educational, scientific, technical and
1403+21 vocational programs and facilities and the expansion of health
1404+22 and human services for all citizens of Illinois, including:
1405+23 the making of grants to school districts and not-for-profit
1406+24 organizations for early childhood construction projects
1407+25 pursuant to Section 5-300 of the School Construction Law; the
1408+26 making of grants to educational institutions for educational,
1409+
1410+
1411+
1412+
1413+
1414+ HB3551 Enrolled - 40 - LRB103 30888 HLH 57616 b
1415+
1416+
1417+HB3551 Enrolled- 41 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 41 - LRB103 30888 HLH 57616 b
1418+ HB3551 Enrolled - 41 - LRB103 30888 HLH 57616 b
1419+1 scientific, technical and vocational program equipment and
1420+2 facilities; the making of grants to museums for equipment and
1421+3 facilities; the making of construction and improvement grants
1422+4 and loans to public libraries and library systems; the making
1423+5 of grants and loans for planning, engineering, acquisition and
1424+6 construction of a new State central library in Springfield;
1425+7 the planning, engineering, acquisition and construction of an
1426+8 animal and dairy sciences facility; the planning, engineering,
1427+9 acquisition and construction of a campus and all related
1428+10 buildings, facilities, equipment and materials for Richland
1429+11 Community College; the acquisition, rehabilitation and
1430+12 installation of equipment and materials for scientific and
1431+13 historical surveys; the making of grants or loans for
1432+14 distribution to eligible vocational education instructional
1433+15 programs for the upgrading of vocational education programs,
1434+16 school shops and laboratories, including the acquisition,
1435+17 rehabilitation and installation of technical equipment and
1436+18 materials; the making of grants or loans for distribution to
1437+19 eligible local educational agencies for the upgrading of math
1438+20 and science instructional programs, including the acquisition
1439+21 of instructional equipment and materials; miscellaneous
1440+22 capital improvements for universities and community colleges
1441+23 including the planning, engineering, construction,
1442+24 reconstruction, remodeling, improvement, repair and
1443+25 installation of capital facilities and costs of planning,
1444+26 supplies, equipment, materials, services, and all other
1445+
1446+
1447+
1448+
1449+
1450+ HB3551 Enrolled - 41 - LRB103 30888 HLH 57616 b
1451+
1452+
1453+HB3551 Enrolled- 42 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 42 - LRB103 30888 HLH 57616 b
1454+ HB3551 Enrolled - 42 - LRB103 30888 HLH 57616 b
1455+1 required expenses; the making of grants or loans for repair,
1456+2 renovation and miscellaneous capital improvements for
1457+3 privately operated colleges and universities and community
1458+4 colleges, including the planning, engineering, acquisition,
1459+5 construction, reconstruction, remodeling, improvement, repair
1460+6 and installation of capital facilities and costs of planning,
1461+7 supplies, equipment, materials, services, and all other
1462+8 required expenses; and the making of grants or loans for
1463+9 distribution to local governments for hospital and other
1464+10 health care facilities including the planning, engineering,
1465+11 acquisition, construction, reconstruction, remodeling,
1466+12 improvement, repair and installation of capital facilities and
1467+13 costs of planning, supplies, equipment, materials, services
1468+14 and all other required expenses.
1469+15 (d) $277,873,000 for protection, preservation, restoration
1470+16 and conservation of environmental and natural resources,
1471+17 including: the making of grants to soil and water conservation
1472+18 districts for the planning and implementation of conservation
1473+19 practices and for funding contracts with the Soil Conservation
1474+20 Service for watershed planning; the making of grants to units
1475+21 of local government for the capital development and
1476+22 improvement of recreation areas, including planning and
1477+23 engineering costs, sewer projects, including planning and
1478+24 engineering costs and water projects, including planning and
1479+25 engineering costs, and for the acquisition of open space
1480+26 lands, including the acquisition of easements and other
1481+
1482+
1483+
1484+
1485+
1486+ HB3551 Enrolled - 42 - LRB103 30888 HLH 57616 b
1487+
1488+
1489+HB3551 Enrolled- 43 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 43 - LRB103 30888 HLH 57616 b
1490+ HB3551 Enrolled - 43 - LRB103 30888 HLH 57616 b
1491+1 property interests of less than fee simple ownership; the
1492+2 making of grants to units of local government through the
1493+3 Illinois Green Infrastructure Grant Program to protect water
1494+4 quality and mitigate flooding; the acquisition and related
1495+5 costs and development and management of natural heritage
1496+6 lands, including natural areas and areas providing habitat for
1497+7 endangered species and nongame wildlife, and buffer area
1498+8 lands; the acquisition and related costs and development and
1499+9 management of habitat lands, including forest, wildlife
1500+10 habitat and wetlands; and the removal and disposition of
1501+11 hazardous substances, including the cost of project
1502+12 management, equipment, laboratory analysis, and contractual
1503+13 services necessary for preventative and corrective actions
1504+14 related to the preservation, restoration and conservation of
1505+15 the environment, including deposits not to exceed $60,000,000
1506+16 in the aggregate into the Hazardous Waste Fund and the
1507+17 Brownfields Redevelopment Fund for improvements in accordance
1508+18 with the provisions of Titles V and XVII of the Environmental
1509+19 Protection Act.
1510+20 (e) The amount specified in paragraph (a) above shall
1511+21 include an amount necessary to pay reasonable expenses of each
1512+22 issuance and sale of the Bonds, as specified in the related
1513+23 Bond Sale Order (hereinafter defined).
1514+24 (f) Any unexpended proceeds from any sale of Bonds which
1515+25 are held in the Build Illinois Bond Fund may be used to redeem,
1516+26 purchase, advance refund, or defease any Bonds outstanding.
1517+
1518+
1519+
1520+
1521+
1522+ HB3551 Enrolled - 43 - LRB103 30888 HLH 57616 b
1523+
1524+
1525+HB3551 Enrolled- 44 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 44 - LRB103 30888 HLH 57616 b
1526+ HB3551 Enrolled - 44 - LRB103 30888 HLH 57616 b
1527+1 (Source: P.A. 101-30, eff. 6-28-19.)
1528+2 (30 ILCS 425/5) (from Ch. 127, par. 2805)
1529+3 Sec. 5. Bond sale expenses.
1530+4 (a) Costs for advertising, printing, bond rating, travel
1531+5 of outside vendors, security, delivery, and legal and
1532+6 financial advisory services, initial fees of trustees,
1533+7 registrars, paying agents and other fiduciaries, initial costs
1534+8 of credit or liquidity enhancement arrangements, initial fees
1535+9 of indexing and remarketing agents, and initial costs of
1536+10 interest rate swaps, guarantees or arrangements to limit
1537+11 interest rate risk, as determined in the related Bond Sale
1538+12 Order, may be paid as reasonable costs of issuance and sale
1539+13 from the proceeds of each Bond sale. An amount not to exceed 1%
1540+14 0.5% of the principal amount of the proceeds of the sale of
1541+15 each bond sale is authorized to be used to pay additional
1542+16 reasonable costs of each issuance and sale of Bonds authorized
1543+17 and sold pursuant to this Act, including, without limitation,
1544+18 underwriter's discounts and fees, but excluding bond
1545+19 insurance; , advertising, printing, bond rating, travel of
1546+20 outside vendors, security, delivery, legal and financial
1547+21 advisory services, initial fees of trustees, registrars,
1548+22 paying agents and other fiduciaries, initial costs of credit
1549+23 or liquidity enhancement arrangements, initial fees of
1550+24 indexing and remarketing agents, and initial costs of interest
1551+25 rate swaps, guarantees or arrangements to limit interest rate
1552+
1553+
1554+
1555+
1556+
1557+ HB3551 Enrolled - 44 - LRB103 30888 HLH 57616 b
1558+
1559+
1560+HB3551 Enrolled- 45 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 45 - LRB103 30888 HLH 57616 b
1561+ HB3551 Enrolled - 45 - LRB103 30888 HLH 57616 b
1562+1 risk, as determined in the related Bond Sale Order, from the
1563+2 proceeds of each Bond sale, provided that no salaries of State
1564+3 employees or other State office operating expenses shall be
1565+4 paid out of non-appropriated proceeds, and provided further
1566+5 that the percent shall be 1.0% for each sale of "Build America
1567+6 Bonds" as defined in subsection (c) of Section 6. The
1568+7 Governor's Office of Management and Budget shall compile a
1569+8 summary of all costs of issuance on each sale (including both
1570+9 costs paid out of proceeds and those paid out of appropriated
1571+10 funds) and post that summary on its web site within 20 business
1572+11 days after the issuance of the bonds. That posting shall be
1573+12 maintained on the web site for a period of at least 30 days. In
1574+13 addition, the Governor's Office of Management and Budget shall
1575+14 provide a written copy of each summary of costs to the Speaker
1576+15 and Minority Leader of the House of Representatives, the
1577+16 President and Minority Leader of the Senate, and the
1578+17 Commission on Government Forecasting and Accountability within
1579+18 20 business days after each issuance of the bonds. The This
1580+19 summary shall include, as applicable, the respective
1581+20 percentage of participation and compensation of each
1582+21 underwriter that is a member of the underwriting syndicate,
1583+22 legal counsel, financial advisors, and other professionals for
1584+23 the Bond issue, and an identification of all costs of issuance
1585+24 paid to minority-owned businesses, women-owned businesses, and
1586+25 businesses owned by persons with disabilities. The terms
1587+26 "minority-owned businesses", "women-owned businesses", and
1588+
1589+
1590+
1591+
1592+
1593+ HB3551 Enrolled - 45 - LRB103 30888 HLH 57616 b
1594+
1595+
1596+HB3551 Enrolled- 46 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 46 - LRB103 30888 HLH 57616 b
1597+ HB3551 Enrolled - 46 - LRB103 30888 HLH 57616 b
1598+1 "business owned by a person with a disability" have the
1599+2 meanings given to those terms in the Business Enterprise for
1600+3 Minorities, Women, and Persons with Disabilities Act. The
1601+4 summary shall be posted on the website for a period of at least
1602+5 30 days. In addition, the Governor's Office of Management and
1603+6 Budget shall provide a written copy of each summary of costs to
1604+7 the Speaker and Minority Leader of the House of
1605+8 Representatives, the President and Minority Leader of the
1606+9 Senate, and the Commission on Government Forecasting and
1607+10 Accountability within 20 business days after each issuance of
1608+11 the bonds. In addition, the Governor's Office of Management
1609+12 and Budget shall provide copies of all contracts under which
1610+13 any costs of issuance are paid or to be paid to the Commission
1611+14 on Government Forecasting and Accountability within 20
1612+15 business days after the issuance of Bonds for which those
1613+16 costs are paid or to be paid. Instead of filing a second or
1614+17 subsequent copy of the same contract, the Governor's Office of
1615+18 Management and Budget may file a statement that specified
1616+19 costs are paid under specified contracts filed earlier with
1617+20 the Commission.
1618+21 (b) The Director of the Governor's Office of Management
1619+22 and Budget shall not, in connection with the issuance of
1620+23 Bonds, contract with any underwriter, financial advisor, or
1621+24 attorney unless that underwriter, financial advisor, or
1622+25 attorney certifies that the underwriter, financial advisor, or
1623+26 attorney has not and will not pay a contingent fee, whether
1624+
1625+
1626+
1627+
1628+
1629+ HB3551 Enrolled - 46 - LRB103 30888 HLH 57616 b
1630+
1631+
1632+HB3551 Enrolled- 47 -LRB103 30888 HLH 57616 b HB3551 Enrolled - 47 - LRB103 30888 HLH 57616 b
1633+ HB3551 Enrolled - 47 - LRB103 30888 HLH 57616 b
1634+1 directly or indirectly, to any third party for having promoted
1635+2 the selection of the underwriter, financial advisor, or
1636+3 attorney for that contract. In the event that the Governor's
1637+4 Office of Management and Budget determines that an
1638+5 underwriter, financial advisor, or attorney has filed a false
1639+6 certification with respect to the payment of contingent fees,
1640+7 the Governor's Office of Management and Budget shall not
1641+8 contract with that underwriter, financial advisor, or
1642+9 attorney, or with any firm employing any person who signed
1643+10 false certifications, for a period of 2 calendar years,
1644+11 beginning with the date the determination is made. The
1645+12 validity of Bonds issued under such circumstances of violation
1646+13 pursuant to this Section shall not be affected.
1647+14 (Source: P.A. 100-391, eff. 8-25-17.)
1648+15 (30 ILCS 425/8) (from Ch. 127, par. 2808)
1649+16 Sec. 8. Sale of Bonds. Bonds, except as otherwise provided
1650+17 in this Section, shall be sold from time to time pursuant to
1651+18 notice of sale and public bid or by negotiated sale in such
1652+19 amounts and at such times as are directed by the Governor, upon
1653+20 recommendation by the Director of the Governor's Office of
1654+21 Management and Budget. At least 25%, based on total principal
1655+22 amount, of all Bonds issued each fiscal year shall be sold
1656+23 pursuant to notice of sale and public bid. At all times during
1657+24 each fiscal year, no more than 75%, based on total principal
1658+25 amount, of the Bonds issued each fiscal year shall have been
1659+
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1663+
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1665+
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1668+ HB3551 Enrolled - 48 - LRB103 30888 HLH 57616 b
1669+1 sold by negotiated sale. Failure to satisfy the requirements
1670+2 in the preceding 2 sentences shall not affect the validity of
1671+3 any previously issued Bonds; and further provided that
1672+4 refunding Bonds satisfying the requirements of Section 15 of
1673+5 this Act shall not be subject to the requirements in the
1674+6 preceding 2 sentences.
1675+7 The If any Bonds are to be sold pursuant to notice of sale
1676+8 and public bid, the Director of the Governor's Office of
1677+9 Management and Budget shall comply in the selection of any
1678+10 bond counsel with the competitive request for proposal process
1679+11 set forth in the Illinois Procurement Code and all other
1680+12 applicable requirements of that Code. The Director of the
1681+13 Governor's Office of Management and Budget may select any
1682+14 financial advisor from a pool of qualified advisors
1683+15 established pursuant to a request for qualifications. If any
1684+16 Bonds, including refunding Bonds, are to be sold by negotiated
1685+17 sale, the Director of the Governor's Office of Management and
1686+18 Budget shall select any underwriters from a pool of qualified
1687+19 underwriters established pursuant to a request for
1688+20 qualifications.
1689+21 If Bonds are to be sold pursuant to notice of sale and
1690+22 public bid, the Director of the Governor's Office of
1691+23 Management and Budget may, from time to time, as Bonds are to
1692+24 be sold, advertise the sale of the Bonds in at least 2 daily
1693+25 newspapers, one of which is published in the City of
1694+26 Springfield and one in the City of Chicago. The sale of the
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1704+ HB3551 Enrolled - 49 - LRB103 30888 HLH 57616 b
1705+1 Bonds shall also be advertised in the BidBuy eProcurement
1706+2 System or any successor procurement platform maintained volume
1707+3 of the Illinois Procurement Bulletin that is published by the
1708+4 Chief Procurement Officer for General Services Department of
1709+5 Central Management Services, and shall be published once at
1710+6 least 10 days prior to the date fixed for the opening of the
1711+7 bids. The Director of the Governor's Office of Management and
1712+8 Budget may reschedule the date of sale upon the giving of such
1713+9 additional notice as the Director deems adequate to inform
1714+10 prospective bidders of the change; provided, however, that all
1715+11 other conditions of the sale shall continue as originally
1716+12 advertised. Executed Bonds shall, upon payment therefor, be
1717+13 delivered to the purchaser, and the proceeds of Bonds shall be
1718+14 paid into the State Treasury as directed by Section 9 of this
1719+15 Act. The Governor or the Director of the Governor's Office of
1720+16 Management and Budget are is hereby authorized and directed to
1721+17 execute and deliver contracts of sale with underwriters and to
1722+18 execute and deliver such certificates, indentures, agreements
1723+19 and documents, including any supplements or amendments
1724+20 thereto, and to take such actions and do such things as shall
1725+21 be necessary or desirable to carry out the purposes of this
1726+22 Act. Any action authorized or permitted to be taken by the
1727+23 Director of the Governor's Office of Management and Budget
1728+24 pursuant to this Act is hereby authorized to be taken by any
1729+25 person specifically designated by the Governor to take such
1730+26 action in a certificate signed by the Governor and filed with
1731+
1732+
1733+
1734+
1735+
1736+ HB3551 Enrolled - 49 - LRB103 30888 HLH 57616 b
1737+
1738+
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1740+ HB3551 Enrolled - 50 - LRB103 30888 HLH 57616 b
1741+1 the Secretary of State.
1742+2 (Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
1743+3 101-30, eff. 6-28-19.)
1744+4 (30 ILCS 425/15) (from Ch. 127, par. 2815)
1745+5 Sec. 15. Refunding Bonds. Refunding Bonds are hereby
1746+6 authorized for the purpose of refunding any outstanding Bonds,
1747+7 including the payment of any redemption premium thereon, any
1748+8 reasonable expenses of such refunding, and any interest
1749+9 accrued or to accrue to the earliest or any subsequent date of
1750+10 redemption or maturity of outstanding Bonds; provided that all
1751+11 non-refunding Bonds in an issue that includes refunding Bonds
1752+12 shall mature no later than the final maturity date of Bonds
1753+13 being refunded; provided that no refunding Bonds shall be
1754+14 offered for sale unless the net present value of debt service
1755+15 savings to be achieved by the issuance of the refunding Bonds
1756+16 is 3% or more of the principal amount of the refunded Bonds or
1757+17 the principal amount of the refunding Bonds to be issued; and
1758+18 further provided that refunding Bonds shall mature within the
1759+19 term of the Bonds being refunded in compliance with paragraph
1760+20 (e) of Section 9 of Article IX of the Illinois Constitution of
1761+21 1970 , except for refunding Bonds sold in fiscal years 2009,
1762+22 2010, 2011, 2017, 2018, 2019, or 2022 the maturities of the
1763+23 refunding Bonds shall not extend beyond the maturities of the
1764+24 Bonds they refund, so that for each fiscal year in the maturity
1765+25 schedule of a particular issue of refunding Bonds, the total
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1768+
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1775+ HB3551 Enrolled - 51 - LRB103 30888 HLH 57616 b
1776+1 amount of refunding principal maturing and redemption amounts
1777+2 due in that fiscal year and all prior fiscal years in that
1778+3 schedule shall be greater than or equal to the total amount of
1779+4 refunded principal and redemption amounts that had been due
1780+5 over that year and all prior fiscal years prior to the
1781+6 refunding.
1782+7 Refunding Bonds may be sold in such amounts and at such
1783+8 times, as directed by the Governor upon recommendation by the
1784+9 Director of the Governor's Office of Management and Budget.
1785+10 The Governor shall notify the State Treasurer and Comptroller
1786+11 of such refunding. The proceeds received from the sale of
1787+12 refunding Bonds shall be used for the retirement at maturity
1788+13 or redemption of such outstanding Bonds on any maturity or
1789+14 redemption date and, pending such use, shall be placed in
1790+15 escrow, subject to such terms and conditions as shall be
1791+16 provided for in the Bond Sale Order relating to the refunding
1792+17 Bonds. This Act shall constitute an irrevocable and continuing
1793+18 appropriation of all amounts necessary to establish an escrow
1794+19 account for the purpose of refunding outstanding Bonds and to
1795+20 pay the reasonable expenses of such refunding and of the
1796+21 issuance and sale of the refunding Bonds. Any such escrowed
1797+22 proceeds may be invested and reinvested in direct obligations
1798+23 of the United States of America, maturing at such time or times
1799+24 as shall be appropriate to assure the prompt payment, when
1800+25 due, of the principal of and interest and redemption premium,
1801+26 if any, on the refunded Bonds. After the terms of the escrow
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1812+1 have been fully satisfied, any remaining balance of such
1813+2 proceeds and interest, income and profits earned or realized
1814+3 on the investments thereof shall be paid into the General
1815+4 Revenue Fund. The liability of the State upon the refunded
1816+5 Bonds shall continue, provided that the holders thereof shall
1817+6 thereafter be entitled to payment only out of the moneys
1818+7 deposited in the escrow account and the refunded Bonds shall
1819+8 be deemed paid, discharged and no longer to be outstanding.
1820+9 Except as otherwise herein provided in this Section, such
1821+10 refunding Bonds shall in all other respects be issued pursuant
1822+11 to and subject to the terms and conditions of this Act and
1823+12 shall be secured by and payable from only the funds and sources
1824+13 which are provided under this Act.
1825+14 (Source: P.A. 102-16, eff. 6-17-21.)
1826+15 Article 99.
1827+16 Section 99-99. Effective date. This Act takes effect July
1828+17 1, 2023.
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