SB 3127 — CDB-FEDERAL FUNDS

SB3127 EngrossedEnrolled LRB100 18899 HLH 34143 b AN ACT concerning finance.

The GeneralCapital ObligationDevelopment BondBoard Act is amended by changing Section 155 as follows:

(30(20 ILCS 330/15)3105/5) (from Ch.

665)775) Sec.

15.5.

ComputationThe Board shall consist of Principal7 members, no more than 4 of whom may be of the same political party, all of whom shall be appointed by the Governor, by and Interest;with the consent of the Senate, and one of whom shall be designated as chairman by the Governor.

transfers.No person may be appointed as a member of the Board who is serving as an elected officer for the State or for any unit of local government within the State.

(a)If Upon each delivery of Bonds authorized to be issued under this Act, the ComptrollerSenate shallis computenot and certify to the Treasurer the total amount of principal of, interest on, and premium, if any, on Bonds issued that will be payable in ordersession towhen retire such Bonds, the amountfirst ofappointments principalare of,made, interest on and premium, if any, on such Bonds that will be payable on each payment date according to the tenorGovernor ofshall suchmake Bondstemporary duringappointments theas thenin current and each succeeding fiscal year, and the amountcase of sinkinga fundvacancy. payments needed to be deposited in connection with Qualified School Construction Bonds authorized by subsection (e) of Section 9.

WithIn respectmaking to the interestfirst payableappointments, onthe variableGovernor rate bonds, such certifications shall bedesignate calculated2 atmembers theto maximumserve rateuntil ofJanuary, interest1974, that2 maymembers beto payableserve duringuntil theJanuary, fiscal1975, year,2 aftermembers takingto intoserve accountuntil anyJanuary, credits1976 permittedand in1 themember related indenture or other instrument against the amount of such interest required to beserve appropriateduntil SB3127January, Engrossed1977, -or 2until -their LRB100successors 18899are HLHappointed 34143and bqualified. for such period pursuant to subsection (c) of Section 14 of this Act.

WithNotwithstanding respectany toprovision theof interestlaw payable,to such certifications shall include the amountscontrary, certified by the Directorterm of theoffice Governor's Office of Managementeach andmember Budgetof underthe subsectionBoard (b)is ofabolished Sectionon 9January of31, this2019. Act.

OnIncumbent ormembers beforeholding thea lastposition dayon of each month the StateBoard Treasurer and Comptroller shall transfer from (1) the Road Fund with respect to Bonds issued under paragraph (a) of Section 4 of this Act, or Bonds issued under authorization in Public Act 98-781, or Bonds issued for the purpose of refunding such bonds, and from (2) the General Revenue Fund, with respect to all other Bonds issued under this Act, to the General Obligation Bond Retirement and Interest Fund an amount sufficient to pay the aggregate of the principal of, interest on, and premium, if any, on BondsSB3127 payable,Enrolled by- their2 terms- onLRB100 the18899 nextHLH payment34143 dateb dividedJanuary by30, the2019 numbermay ofbe fullreappointed. calendar months between the date of such Bonds and the first such payment date, and thereafter, divided by the number of months between each succeeding payment date after the first.

SuchIn computationsmaking andappointments transfersto fill the vacancies created on January 31, 2019, the Governor shall bedesignate made2 formembers eachto seriesserve ofuntil BondsJanuary issued31, 2021, 2 members to serve until January 31, 2022, 2 members to serve until January 31, 2023, and delivered.one member to serve until January 31, 2024, or until their successors are appointed and qualified.

InterestTheir payablesuccessors on variable rate bonds shall be calculatedappointed atto theserve maximumfor rate4 ofyear interestterms thatexpiring mayon be payable for the relevantthird period,Monday after taking into account any credits permitted in theJanuary related indenture or otheruntil instrumenttheir againstsuccessors theare amountappointed ofand suchqualified. interest required to be appropriated for such period pursuant to subsection (c) of SB3127 Engrossed - 3 - LRB100 18899 HLH 34143 b Section 14 of this Act.

ComputationsAny ofvacancy interestoccurring shallon include the amountsBoard, certifiedwhether by thedeath, Directorresignation ofor theotherwise, Governor'sshall Officebe offilled Managementby andappointment Budgetby underthe subsectionGovernor (b)in ofthe Sectionsame 9manner ofas thisoriginal Act.appointments.

InterestA formember whichappointed moneysto havefill alreadya beenvacancy deposited into the capitalized interest account within the General Obligation Bond Retirement and Interest Fund shall notserve befor included in the calculationremainder of the amountsunexpired toterm beor transferreduntil underhis thissuccessor subsection.is qualified.

Notwithstanding(Source: any other provision in this Section, the transfer provisions provided in this paragraph shall not apply to transfers made in fiscal year 2010 or fiscal year 2011 with respect to Bonds issued in fiscal year 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act.

In the case of transfers made in fiscal year 2010 or fiscal year 2011 with respect to the Bonds issued in fiscal year 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act, on or before the 15th day of the month prior to the required debt service payment, the State Treasurer and Comptroller shall transfer from the General Revenue Fund to the General Obligation Bond Retirement and Interest Fund an amount sufficient to pay the aggregate of the principal of, interest on, and premium, if any, on the Bonds payable in that next month.

The transfer of monies herein and above directed is not required if monies in the General Obligation Bond Retirement and Interest Fund are more than the amount otherwise to be transferred as herein above provided, and if the Governor or SB3127 Engrossed - 4 - LRB100 18899 HLH 34143 b his authorized representative notifies the State Treasurer and Comptroller of such fact in writing.

(b) After the effective date of this Act, the balance of, and monies directed to be included in the Capital Development Bond Retirement and Interest Fund, Anti-Pollution Bond Retirement and Interest Fund, Transportation Bond, Series A Retirement and Interest Fund, Transportation Bond, Series B Retirement and Interest Fund, and Coal Development Bond Retirement and Interest Fund shall be transferred to and deposited in the General Obligation Bond Retirement and Interest Fund.

This Fund shall be used to make debt service payments on the State's general obligation Bonds heretofore issued which are now outstanding and payable from the Funds herein listed as well as on Bonds issued under this Act.

(c) The unused portion of federal funds received for or as reimbursement for a capital facilities project, as authorized by Section 3 of this Act, for which monies from the Capital Development Fund have been expended shall remain in the Capital Development Board Contributory Trust Fund and shall be used for capital projects and for no other purpose, subject to appropriation and as directed by the Capital Development Board.

Any federal funds received as reimbursement for the completed construction of a capital facilities project, as authorized by Section 3 of this Act, for which monies from the Capital Development Fund have been expended shall be deposited in the General Obligation Bond Retirement and Interest Fund.

SB3127 Engrossed - 5 - LRB100 18899 HLH 34143 b (Source:

100-23,87-776.) eff.Section 10.

7-6-17.)The Design-Build Procurement Act is amended by changing Section 10.90 as follows:

The(30 CapitalILCS Development537/90) Bond(Section Actscheduled ofto 1972be isrepealed amendedon byJuly changing1, Section2019) 9aSec. as follows:

(3090. ILCS 420/9a) (from Ch.

127,Repealer. par.

759a)This Sec.Act is repealed on July 1, 2022 July 1, 2019.

9a.

The unused portion of federal funds received for or as reimbursement for a capital improvement project for which moneys from the Capital Development Fund have been expended shall remain in the Capital Development Board Contributory Trust Fund and shall be used for capital projects and for no other purpose, subject to appropriation and as directed by the Capital Development Board.

Any federal funds received as reimbursement for the completed construction of a capital improvement project for which moneys from the Capital Development Fund have been expended shall be deposited in the Capital Development Bond Retirement and Interest Fund.

98-245,98-572, eff.