Illinois 96th Regular Session Status: Enacted

SB 3087 — CORRECTIONAL BUDGET-JUV JUST

Last action — Public Act . . . . . . . . . 96-1554

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 08, 2010. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 4 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Correctional Budget and Impact Note Act. Provides that a Correctional Budget and Impact Note must be affixed to a bill that creates a new criminal offense for which a commitment to the Department of Juvenile Justice may be imposed. Provides that within 5 days after receiving the statement from the appropriate official who prepared the Note and prior to second reading in the house of introduction, the sponsor shall file with the Clerk of the House or the Secretary of the Senate, as appropriate, a written statement identifying the sponsor's preferred means of funding the costs to be incurred by the legislation. Provides that the required identification shall be made either by specifying (i) the additional tax or other revenue source from which an amount equal to the costs identified are to be generated or (ii) the specific line item or items in the budget for the current fiscal year that would be reduced or eliminated to reach an amount equal to the costs identified.

Bill Text

What changed in the latest version

2234 added · 145 removed

Plain-language change summary

The revised version of SB 3087 makes changes related to the management of funds for capital projects and how the state handles its bonded indebtedness. Specifically, it clarifies that money in the Capital Projects Fund must be reserved for paying off any debts incurred when the state issues bonds, ensuring financial responsibilities are met. Additionally, a section regarding the requirements for creating a budget impact note for certain criminal legislation has been removed, which previously mandated assessments on how new laws would affect the Department of Corrections' budget and population. This could mean less oversight on the financial implications of new criminal laws, which may affect budget planning and resource allocation for correctional facilities.

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SB3087 Engrossed LRB096 20289 RLC 35901 b AN ACT concerning State government.
SB3087 Enrolled LRB096 20289 RLC 35901 b AN ACT concerning State government.
Section 5.
Section 3.
The Correctional Budget and Impact Note Act is amended by changing Sections 2, 3, 4, 6, 7, 8, and 9 as follows:
The State Finance Act is amended by changing Section 6z-78 as follows:
(25 ILCS 70/2) (from Ch.
(30 ILCS 105/6z-78) Sec.
63, par.
6z-78.
42.82) Sec.
Capital Projects Fund;
bonded indebtedness;
transfers.
Money in the Capital Projects Fund shall, if and when the State of Illinois incurs any bonded indebtedness using the bond authorizations authorization enacted in Public Act 96-36 and this amendatory Act of the 96th General Assembly this amendatory Act of the 96th General Assembly, be set aside and used for the purpose of paying and discharging annually the principal and interest on that bonded indebtedness then due and payable.
In addition to other transfers to the General Obligation Bond Retirement and Interest Fund made pursuant to Section 15 of the General Obligation Bond Act, upon each delivery of general obligation bonds using bond authorizations authorization enacted in Public Act 96-36 and this amendatory Act of the 96th General Assembly this amendatory Act of the 96th General Assembly the State Comptroller shall compute and certify to the State Treasurer the total amount of principal SB3087 Enrolled - 2 - LRB096 20289 RLC 35901 b of, interest on, and premium, if any, on such bonds during the then current and each succeeding fiscal year.
With respect to the interest payable on variable rate bonds, such certifications shall be calculated at the maximum rate of interest that may be payable during the fiscal year, after taking into account any credits permitted in the related indenture or other instrument against the amount of such interest required to be appropriated for the period.
(a) Except as provided for in subsection (b), on or before the last day of each month, the State Treasurer and State Comptroller shall transfer from the Capital Projects 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 on their next payment date, divided by the number of monthly transfers occurring between the last previous payment date (or the delivery date if no payment date has yet occurred) and the next succeeding payment date.
Interest payable on variable rate bonds shall be calculated at the maximum rate of interest that may be payable for the relevant period, after taking into account any credits permitted in the related indenture or other instrument against the amount of such interest required to be appropriated for that period.
Interest for which moneys have already been deposited into the capitalized interest account within the General Obligation Bond Retirement and Interest Fund shall not be included in the calculation of the amounts to be SB3087 Enrolled - 3 - LRB096 20289 RLC 35901 b transferred under this subsection.
(b) On or before the last day of each month, the State Treasurer and State Comptroller shall transfer from the Capital Projects 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 issued prior to January 1, 2012 pursuant to Section 4(d) of the General Obligation Bond Act payable on their next payment date, divided by the number of monthly transfers occurring between the last previous payment date (or the delivery date if no payment date has yet occurred) and the next succeeding payment date.
If the available balance in the Capital Projects Fund is not sufficient for the transfer required in this subsection, the State Treasurer and State Comptroller shall transfer the difference from the Road Fund to the General Obligation Bond Retirement and Interest Fund;
except that such Road Fund transfers shall constitute a debt of the Capital Projects Fund which shall be repaid according to subsection (c).
Interest payable on variable rate bonds shall be calculated at the maximum rate of interest that may be payable for the relevant period, after taking into account any credits permitted in the related indenture or other instrument against the amount of such interest required to be appropriated for that period.
Interest for which moneys have already been deposited into the capitalized interest account within the General Obligation Bond Retirement and Interest Fund shall not be included in the SB3087 Enrolled - 4 - LRB096 20289 RLC 35901 b calculation of the amounts to be transferred under this subsection.
(c) On the first day of any month when the Capital Projects Fund is carrying a debt to the Road Fund due to the provisions of subsection (b), the State Treasurer and State Comptroller shall transfer from the Capital Projects Fund to the Road Fund an amount sufficient to discharge that debt.
These transfers to the Road Fund shall continue until the Capital Projects Fund has repaid to the Road Fund all transfers made from the Road Fund pursuant to subsection (b).
Notwithstanding any other law to the contrary, transfers to the Road Fund from the Capital Projects Fund shall be made prior to any other expenditures or transfers out of the Capital Projects Fund.
(Source:
P.A.
96-36, eff.
7-13-09;
96-820, eff.
11-18-09.) Section 5.
The General Obligation Bond Act is amended by changing Sections 2, 3, 4, 5, 6, 7, and 9 as follows:
(30 ILCS 330/2) (from Ch.
127, par.
652) Sec.
Budget impact note required.
Authorization for Bonds.
(a) Every bill which creates a new criminal offense for which a sentence to the Department of Corrections may be imposed;
The State of Illinois is authorized to issue, sell and provide for the retirement of General Obligation Bonds of the State of Illinois for the categories and specific purposes expressed in Sections 2 through 8 of this Act, in the total amount of $41,379,777,443 $37,217,777,443 $36,967,777,443.
or which enhances any class or category of offense to a higher grade or penalty for which a sentence to the Department of Corrections is authorized;
The bonds authorized in this Section 2 and in Section 16 of SB3087 Enrolled - 5 - LRB096 20289 RLC 35901 b this Act are herein called "Bonds".
or which requires a mandatory commitment to the Department of Corrections, shall have prepared for it prior to second reading in the house of introduction a brief explanatory statement or note which shall include a reliable estimate of the probable impact of such bill upon the overall resident population of the Department of Corrections and the probable impact which such bill will have upon the Department's annual budget.
Of the total amount of Bonds authorized in this Act, up to $2,200,000,000 in aggregate original principal amount may be issued and sold in accordance with the Baccalaureate Savings Act in the form of General Obligation College Savings Bonds.
(b) Every bill that (i) creates a new criminal offense for which a commitment to the Department of Juvenile Justice or to a juvenile detention facility, sentence of probation, SB3087 Engrossed - 2 - LRB096 20289 RLC 35901 b intermediate sanctions, or community service may be imposed or (ii) enhances any class or category of offense to any grade or penalty for which adjudication, commitment, or disposition by a circuit court to the custody of a Probation and Court Services Department may result shall have prepared for it prior to second reading in the house of introduction a brief explanatory statement or note that shall include a reliable estimate of the probable impact of the bill upon the Department of Juvenile Justice, as well as the overall probation caseload Statewide and the probable impact the bill will have on staffing needs and upon the annual budgets of the Illinois Supreme Court and the counties of this State.
Of the total amount of Bonds authorized in this Act, up to $300,000,000 in aggregate original principal amount may be issued and sold in accordance with the Retirement Savings Act in the form of General Obligation Retirement Savings Bonds.
Of the total amount of Bonds authorized in this Act, the additional $10,000,000,000 authorized by Public Act 93-2 and the $3,466,000,000 authorized by Public Act 96-43 shall be used solely as provided in Section 7.2.
The issuance and sale of Bonds pursuant to the General Obligation Bond Act is an economical and efficient method of financing the long-term capital needs of the State.
This Act will permit the issuance of a multi-purpose General Obligation Bond with uniform terms and features.
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This will not only lower the cost of registration but also reduce the overall cost of issuing debt by improving the marketability of Illinois General Obligation Bonds.
89-198, eff.
95-1026, eff.
7-21-95.) (25 ILCS 70/3) (from Ch.
1-12-09;
63, par.
96-5, eff.
42.83) Sec.
4-3-09;
96-36, eff.
7-13-09;
96-43, eff.
7-15-09;
96-885, eff.
3-11-10;
96-1000, eff.
7-2-10;
revised 9-3-10.) (30 ILCS 330/3) (from Ch.
127, par.
653) SB3087 Enrolled - 6 - LRB096 20289 RLC 35901 b Sec.
Preparation of note.
Capital Facilities.
(a) Upon the filing request of the sponsor of any bill described in subsection (a) of Section 2, the Director of the Department of Corrections, or any person within the Department whom the Director may designate, shall prepare a written statement setting forth the information specified in subsection (a) of Section 2.
The amount of $8,900,463,443 $7,968,463,443 is authorized to be used for the acquisition, development, construction, reconstruction, improvement, financing, architectural planning and installation of capital facilities within the State, consisting of buildings, structures, durable equipment, land, interests in land, and the costs associated with the purchase and implementation of information technology, including but not limited to the purchase of hardware and software, for the following specific purposes:
Upon the filing request of the sponsor of any bill described in subsection (b) of Section 2, the Director of Juvenile Justice and the Director of the Administrative Office of the Illinois Courts, or any person each the Director may designate, shall prepare a written SB3087 Engrossed - 3 - LRB096 20289 RLC 35901 b statement setting forth the information specified in subsection (b) of Section 2.
(a) $3,007,228,000 $2,511,228,000 for educational purposes by State universities and colleges, the Illinois Community College Board created by the Public Community College Act and for grants to public community colleges as authorized by Sections 5-11 and 5-12 of the Public Community College Act;
The statement prepared by the Director of Corrections , the Director of Juvenile Justice, or the Director of the Administrative Office of the Illinois Courts, as the case may be, shall be designated a Correctional Budget and Impact Note and shall be filed with the Clerk of the House or the Secretary of the Senate, as appropriate, and furnished to the sponsor within 10 calendar days thereafter, except that whenever, because of the complexity of the bill, additional time is required for the preparation of the note, the Department of Corrections, Department of Juvenile Justice, or Administrative Office of the Illinois Courts may so notify the sponsor and request an extension of time not to exceed 5 additional days within which such note is to be furnished.
(b) $1,648,420,000 $1,617,420,000 for correctional purposes at State prison and correctional centers;
Such extension shall not extend beyond May 15 following the date of the request.
(c) $599,183,000 $575,183,000 for open spaces, recreational and conservation purposes and the protection of land;
(b) Upon the filing of any bill requiring the preparation of a written statement under subsection (a), the sponsor of the bill in the house of introduction shall inform the Department of Corrections, the Department of Juvenile Justice or the Administrative Office of the Illinois Courts, as appropriate, of the filing of the bill.
(d) $691,917,000 $664,917,000 for child care facilities, mental and public health facilities, and facilities for the care of disabled veterans and their spouses;
(e) $1,777,990,000 $1,630,990,000 for use by the SB3087 Enrolled - 7 - LRB096 20289 RLC 35901 b State, its departments, authorities, public corporations, commissions and agencies;
(f) $818,100 for cargo handling facilities at port districts and for breakwaters, including harbor entrances, at port districts in conjunction with facilities for small boats and pleasure crafts;
(g) $274,877,074 $248,877,074 for water resource management projects;
(h) $16,940,269 for the provision of facilities for food production research and related instructional and public service activities at the State universities and public community colleges;
(i) $36,000,000 for grants by the Secretary of State, as State Librarian, for central library facilities authorized by Section 8 of the Illinois Library System Act and for grants by the Capital Development Board to units of local government for public library facilities;
(j) $25,000,000 for the acquisition, development, construction, reconstruction, improvement, financing, architectural planning and installation of capital facilities consisting of buildings, structures, durable equipment and land for grants to counties, municipalities or public building commissions with correctional facilities that do not comply with the minimum standards of the Department of Corrections under Section 3-15-2 of the Unified Code of Corrections;
SB3087 Enrolled - 8 - LRB096 20289 RLC 35901 b (k) $5,000,000 for grants in fiscal year 1988 by the Department of Conservation for improvement or expansion of aquarium facilities located on property owned by a park district;
(l) $588,590,000 $432,590,000 to State agencies for grants to local governments for the acquisition, financing, architectural planning, development, alteration, installation, and construction of capital facilities consisting of buildings, structures, durable equipment, and land;
and (m) $228,500,000 $203,500,000 for the Illinois Open Land Trust Program as defined by the Illinois Open Land Trust Act.
The amounts authorized above for capital facilities may be used for the acquisition, installation, alteration, construction, or reconstruction of capital facilities and for the purchase of equipment for the purpose of major capital improvements which will reduce energy consumption in State buildings or facilities.
92-16, eff.
96-36, eff.
6-28-01.) (25 ILCS 70/4) (from Ch.
7-13-09;
63, par.
96-37, eff.
42.84) Sec.
7-13-09;
96-1000, eff.
7-2-10.) (30 ILCS 330/4) (from Ch.
127, par.
654) Sec.
Preferred funding source.
Transportation.
Within 5 days after SB3087 Engrossed - 4 - LRB096 20289 RLC 35901 b receiving the statement required in Section 3 and prior to second reading in the house of introduction, the sponsor shall file with the Clerk of the House or the Secretary of the Senate, as appropriate, a written statement identifying the sponsor's preferred means of funding the costs to be incurred by the legislation.
The amount of $12,443,799,000 $9,948,799,000 is authorized for use by the Department of Transportation for the specific purpose of promoting and SB3087 Enrolled - 9 - LRB096 20289 RLC 35901 b assuring rapid, efficient, and safe highway, air and mass transportation for the inhabitants of the State by providing monies, including the making of grants and loans, for the acquisition, construction, reconstruction, extension and improvement of the following transportation facilities and equipment, and for the acquisition of real property and interests in real property required or expected to be required in connection therewith as follows:
The required identification shall be made either by specifying (i) the additional tax or other revenue source from which an amount equal to the costs identified are to be generated or (ii) the specific line item or items in the budget for the current fiscal year that would be reduced or eliminated to reach an amount equal to the costs identified.
(a) $5,432,129,000 for State highways, arterial highways, freeways, roads, bridges, structures separating highways and railroads and roads, and bridges on roads maintained by counties, municipalities, townships or road districts for the following specific purposes:
Whenever the sponsor of any measure is of the opinion that no Correctional Budget and Impact Note is necessary, any member of either house may thereafter request that a note be obtained, and in such case the matter shall be decided by a majority vote of those present and voting in the house of which he is a member.
(1) $3,330,000,000 for use statewide, (2) $3,677,000 for use outside the Chicago urbanized area, (3) $7,543,000 for use within the Chicago urbanized area, (4) $13,060,600 for use within the City of Chicago, (5) $58,987,500 for use within the counties of Cook, DuPage, Kane, Lake, McHenry and Will, (6) $18,860,900 for use outside the counties of Cook, DuPage, Kane, Lake, McHenry and Will, and (7) $2,000,000,000 for use on projects included in either (i) the FY09-14 Proposed Highway Improvement Program as published by the Illinois Department of SB3087 Enrolled - 10 - LRB096 20289 RLC 35901 b Transportation in May 2008 or (ii) the FY10-15 Proposed Highway Improvement Program to be published by the Illinois Department of Transportation in the spring of 2009;
except that all projects must be maintenance projects for the existing State system with the goal of reaching 90% acceptable condition in the system statewide and further except that all projects must reflect the generally accepted historical distribution of projects throughout the State.
(b) $4,280,070,000 $3,130,070,000 for rail facilities and for mass transit facilities, as defined in Section 2705-305 of the Department of Transportation Law (20 ILCS 2705/2705-305), including rapid transit, rail, bus and other equipment used in connection therewith by the State or any unit of local government, special transportation district, municipal corporation or other corporation or public authority authorized to provide and promote public transportation within the State or two or more of the foregoing jointly, for the following specific purposes:
(1) $3,184,270,000 $2,034,270,000 statewide, (2) $83,350,000 for use within the counties of Cook, DuPage, Kane, Lake, McHenry and Will, (3) $12,450,000 for use outside the counties of Cook, DuPage, Kane, Lake, McHenry and Will, and (4) $1,000,000,000 for use on projects that shall reflect the generally accepted historical distribution of SB3087 Enrolled - 11 - LRB096 20289 RLC 35901 b projects throughout the State.
(c) $482,600,000 $371,600,000 for airport or aviation facilities and any equipment used in connection therewith, including engineering and land acquisition costs, by the State or any unit of local government, special transportation district, municipal corporation or other corporation or public authority authorized to provide public transportation within the State, or two or more of the foregoing acting jointly, and for the making of deposits into the Airport Land Loan Revolving Fund for loans to public airport owners pursuant to the Illinois Aeronautics Act.
(d) $2,249,000,000 $1,015,000,000 for use statewide for State or local highways, arterial highways, freeways, roads, bridges, and structures separating highways and railroads and roads, and for grants to counties, municipalities, townships, or road districts for planning, engineering, acquisition, construction, reconstruction, development, improvement, extension, and all construction-related expenses of the public infrastructure and other transportation improvement projects which are related to economic development in the State of Illinois.
83-1031.) (25 ILCS 70/6) (from Ch.
96-5, eff.
63, par.
4-3-09;
42.86) Sec.
96-36, eff.
7-13-09;
96-37, eff.
7-13-09.) (30 ILCS 330/5) (from Ch.
127, par.
655) Sec.
5.
School Construction.
SB3087 Enrolled - 12 - LRB096 20289 RLC 35901 b (a) The amount of $58,450,000 is authorized to make grants to local school districts for the acquisition, development, construction, reconstruction, rehabilitation, improvement, financing, architectural planning and installation of capital facilities, including but not limited to those required for special education building projects provided for in Article 14 of The School Code, consisting of buildings, structures, and durable equipment, and for the acquisition and improvement of real property and interests in real property required, or expected to be required, in connection therewith.
(b) $22,550,000, or so much thereof as may be necessary, for grants to school districts for the making of principal and interest payments, required to be made, on bonds issued by such school districts after January 1, 1969, pursuant to any indenture, ordinance, resolution, agreement or contract to provide funds for the acquisition, development, construction, reconstruction, rehabilitation, improvement, architectural planning and installation of capital facilities consisting of buildings, structures, durable equipment and land for educational purposes or for lease payments required to be made by a school district for principal and interest payments on bonds issued by a Public Building Commission after January 1, 1969.
(c) $10,000,000 for grants to school districts for the acquisition, development, construction, reconstruction, rehabilitation, improvement, architectural planning and SB3087 Enrolled - 13 - LRB096 20289 RLC 35901 b installation of capital facilities consisting of buildings structures, durable equipment and land for special education building projects.
(d) $9,000,000 for grants to school districts for the reconstruction, rehabilitation, improvement, financing and architectural planning of capital facilities, including construction at another location to replace such capital facilities, consisting of those public school buildings and temporary school facilities which, prior to January 1, 1984, were condemned by the regional superintendent under Section 3-14.22 of The School Code or by any State official having jurisdiction over building safety.
(e) $3,050,000,000 for grants to school districts for school improvement projects authorized by the School Construction Law.
The bonds shall be sold in amounts not to exceed the following schedule, except any bonds not sold during one year shall be added to the bonds to be sold during the remainder of the schedule:
First year ..................................
$200,000,000 Second year..................................
$450,000,000 Third year ..................................
$500,000,000 Fourth year..................................
$500,000,000 Fifth year ..................................
$800,000,000 Sixth year and thereafter ....................
$600,000,000 (f) $1,066,000,000 $420,000,000 grants to school districts for school implemented projects authorized by the School SB3087 Enrolled - 14 - LRB096 20289 RLC 35901 b Construction Law.
(Source:
P.A.
96-36, eff.
7-13-09.) (30 ILCS 330/6) (from Ch.
127, par.
656) Sec.
Preparation of note.
Anti-Pollution.
No comment or opinion shall be included in the note with regard to the merits of the measure for which the note is prepared;
(a) The amount of $422,815,000 $369,815,000 is authorized for allocation by the Environmental Protection Agency for grants or loans to units of local government in such amounts, at such times and for such purpose as the Agency deems necessary or desirable for the planning, financing, and construction of municipal sewage treatment works and solid waste disposal facilities and for making of deposits into the Water Revolving Fund and the U.S.
however technical or mechanical defects may be noted.
Environmental Protection Fund to provide assistance in accordance with the provisions of Title IV-A of the Environmental Protection Act.
The work sheet shall include, insofar as practicable, a breakdown of the costs upon which the note is based.
(b) The amount of $236,500,000 $215,500,000 is authorized for allocation by the Environmental Protection Agency for payment of claims submitted to the State and approved for payment under the Leaking Underground Storage Tank Program established in Title XVI of the Environmental Protection Act.
Such SB3087 Engrossed - 5 - LRB096 20289 RLC 35901 b breakdown shall include, but need not be limited to, costs of personnel, room and board, and capital outlay.
The note shall also include such other information as is required by the rules and regulations which may be promulgated by each house of the General Assembly with respect to the preparation of such notes.
The note shall be prepared in quintuplicate and the original of both the note and the work sheet shall be signed by the Director of the Department of Corrections or such person as the Director may designate , or by the Director of Juvenile Justice, or such person as the Director may designate, or by the Director of the Administrative Office of the Illinois Courts, or any person the Director may designate.
89-198, eff.
96-36, eff.
7-21-95.) (25 ILCS 70/7) (from Ch.
7-13-09.) (30 ILCS 330/7) (from Ch.
63, par.
127, par.
42.87) Sec.
657) Sec.
Committee appearance.
Coal and Energy Development.
The fact that a Correctional Budget and Impact Note is prepared for any bill shall not preclude or restrict the appearance before any committee of the General Assembly, of any official or authorized employee of any State board, commission, department, agency or other entity who desires to be heard in support of or in opposition to the measure.
The amount of $698,200,000 is authorized to be used by the Department of Commerce and Economic Opportunity (formerly Department of SB3087 Enrolled - 15 - LRB096 20289 RLC 35901 b Commerce and Community Affairs) for coal and energy development purposes, pursuant to Sections 2, 3 and 3.1 of the Illinois Coal and Energy Development Bond Act, for the purposes specified in Section 8.1 of the Energy Conservation and Coal Development Act, for the purposes specified in Section 605-332 of the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois, and for the purpose of facility cost reports prepared pursuant to Sections 1-58 or 1-75(d)(4) of the Illinois Power Agency Act and for the purpose of development costs pursuant to Section 8.1 of the Energy Conservation and Coal Development Act.
Of this amount:
(a) $115,000,000 is for the specific purposes of acquisition, development, construction, reconstruction, improvement, financing, architectural and technical planning and installation of capital facilities consisting of buildings, structures, durable equipment, and land for the purpose of capital development of coal resources within the State and for the purposes specified in Section 8.1 of the Energy Conservation and Coal Development Act;
(b) $35,000,000 is for the purposes specified in Section 8.1 of the Energy Conservation and Coal Development Act and making grants to generating stations and coal gasification facilities within the State of Illinois and to the owner of a generating station located in Illinois and having at least three coal-fired generating units with accredited summer capability greater than 500 megawatts each at such generating SB3087 Enrolled - 16 - LRB096 20289 RLC 35901 b station as provided in Section 6 of that Bond Act;
(c) $13,200,000 is for research, development and demonstration of forms of energy other than that derived from coal, either on or off State property;
(d) $500,000,000 is for the purpose of providing financial assistance to new electric generating facilities as provided in Section 605-332 of the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois;
and (e) $50,000,000 $35,000,000 is for the purpose of facility cost reports prepared for not more than one facility pursuant to Section 1-75(d)(4) of the Illinois Power Agency Act and not more than one facility pursuant to Section 1-58 of the Illinois Power Agency Act and for the purpose of up to $6,000,000 of development costs pursuant to Section 8.1 of the Energy Conservation and Coal Development Act.
83-1031.) (25 ILCS 70/8) (from Ch.
95-1026, eff.
63, par.
1-12-09;
42.88) Sec.
96-781, eff.
8.
8-28-09;
Amendments;
96-1000, eff.
notes required.
7-2-10;
Whenever any measure is SB3087 Engrossed - 6 - LRB096 20289 RLC 35901 b amended on the floor of either house in such manner as to bring it within the description of bills set forth in Section 2 above, a majority of such house may propose that no action shall be taken upon the amendment until the sponsor of the amendment presents to the members a statement of the budget (if applicable) and population impact of his or her amendment, together with a statement of the sponsor's preferred funding sources under Section 4, as required by this Act.
96-1465, eff.
8-20-10.) (30 ILCS 330/9) (from Ch.
127, par.
659) Sec.
9.
Conditions for Issuance and Sale of Bonds - Requirements for Bonds.
(a) Except as otherwise provided in this subsection, Bonds shall be issued and sold from time to time, in one or more series, in such amounts and at such prices as may be directed by the Governor, upon recommendation by the Director of the SB3087 Enrolled - 17 - LRB096 20289 RLC 35901 b Governor's Office of Management and Budget.
Bonds shall be in such form (either coupon, registered or book entry), in such denominations, payable within 25 years from their date, subject to such terms of redemption with or without premium, bear interest payable at such times and at such fixed or variable rate or rates, and be dated as shall be fixed and determined by the Director of the Governor's Office of Management and Budget in the order authorizing the issuance and sale of any series of Bonds, which order shall be approved by the Governor and is herein called a "Bond Sale Order";
provided however, that interest payable at fixed or variable rates shall not exceed that permitted in the Bond Authorization Act, as now or hereafter amended.
Bonds shall be payable at such place or places, within or without the State of Illinois, and may be made registrable as to either principal or as to both principal and interest, as shall be specified in the Bond Sale Order.
Bonds may be callable or subject to purchase and retirement or tender and remarketing as fixed and determined in the Bond Sale Order.
Bonds, other than Bonds issued under Section 3 of this Act for the costs associated with the purchase and implementation of information technology, (i) except for refunding Bonds satisfying the requirements of Section 16 of this Act and sold during fiscal year 2009, 2010, or 2011, must be issued with principal or mandatory redemption amounts in equal amounts, with the first maturity issued occurring within the fiscal year in which the Bonds are issued or within the SB3087 Enrolled - 18 - LRB096 20289 RLC 35901 b next succeeding fiscal year and (ii) must mature or be subject to mandatory redemption each fiscal year thereafter up to 25 years, except for refunding Bonds satisfying the requirements of Section 16 of this Act and sold during fiscal year 2009, 2010, or 2011 which must mature or be subject to mandatory redemption each fiscal year thereafter up to 16 years.
Bonds issued under Section 3 of this Act for the costs associated with the purchase and implementation of information technology must be issued with principal or mandatory redemption amounts in equal amounts, with the first maturity issued occurring with the fiscal year in which the respective bonds are issued or with the next succeeding fiscal year, with the respective bonds issued maturing or subject to mandatory redemption each fiscal year thereafter up to 10 years.
Notwithstanding any provision of this Act to the contrary, the Bonds authorized by Public Act 96-43 shall be payable within 5 years from their date and must be issued with principal or mandatory redemption amounts in equal amounts, with payment of principal or mandatory redemption beginning in the first fiscal year following the fiscal year in which the Bonds are issued.
In the case of any series of Bonds bearing interest at a variable interest rate ("Variable Rate Bonds"), in lieu of determining the rate or rates at which such series of Variable Rate Bonds shall bear interest and the price or prices at which such Variable Rate Bonds shall be initially sold or remarketed (in the event of purchase and subsequent resale), the Bond Sale SB3087 Enrolled - 19 - LRB096 20289 RLC 35901 b Order may provide that such interest rates and prices may vary from time to time depending on criteria established in such Bond Sale Order, which criteria may include, without limitation, references to indices or variations in interest rates as may, in the judgment of a remarketing agent, be necessary to cause Variable Rate Bonds of such series to be remarketable from time to time at a price equal to their principal amount, and may provide for appointment of a bank, trust company, investment bank, or other financial institution to serve as remarketing agent in that connection.
The Bond Sale Order may provide that alternative interest rates or provisions for establishing alternative interest rates, different security or claim priorities, or different call or amortization provisions will apply during such times as Variable Rate Bonds of any series are held by a person providing credit or liquidity enhancement arrangements for such Bonds as authorized in subsection (b) of this Section.
The Bond Sale Order may also provide for such variable interest rates to be established pursuant to a process generally known as an auction rate process and may provide for appointment of one or more financial institutions to serve as auction agents and broker-dealers in connection with the establishment of such interest rates and the sale and remarketing of such Bonds.
(b) In connection with the issuance of any series of Bonds, the State may enter into arrangements to provide additional security and liquidity for such Bonds, including, without SB3087 Enrolled - 20 - LRB096 20289 RLC 35901 b limitation, bond or interest rate insurance or letters of credit, lines of credit, bond purchase contracts, or other arrangements whereby funds are made available to retire or purchase Bonds, thereby assuring the ability of owners of the Bonds to sell or redeem their Bonds.
The State may enter into contracts and may agree to pay fees to persons providing such arrangements, but only under circumstances where the Director of the Governor's Office of Management and Budget certifies that he or she reasonably expects the total interest paid or to be paid on the Bonds, together with the fees for the arrangements (being treated as if interest), would not, taken together, cause the Bonds to bear interest, calculated to their stated maturity, at a rate in excess of the rate that the Bonds would bear in the absence of such arrangements.
The State may, with respect to Bonds issued or anticipated to be issued, participate in and enter into arrangements with respect to interest rate protection or exchange agreements, guarantees, or financial futures contracts for the purpose of limiting, reducing, or managing interest rate exposure.
The authority granted under this paragraph, however, shall not increase the principal amount of Bonds authorized to be issued by law.
The arrangements may be executed and delivered by the Director of the Governor's Office of Management and Budget on behalf of the State.
Net payments for such arrangements shall constitute interest on the Bonds and shall be paid from the General Obligation Bond Retirement and Interest Fund.
The SB3087 Enrolled - 21 - LRB096 20289 RLC 35901 b Director of the Governor's Office of Management and Budget shall at least annually certify to the Governor and the State Comptroller his or her estimate of the amounts of such net payments to be included in the calculation of interest required to be paid by the State.
(c) Prior to the issuance of any Variable Rate Bonds pursuant to subsection (a), the Director of the Governor's Office of Management and Budget shall adopt an interest rate risk management policy providing that the amount of the State's variable rate exposure with respect to Bonds shall not exceed 20%.
This policy shall remain in effect while any Bonds are outstanding and the issuance of Bonds shall be subject to the terms of such policy.
The terms of this policy may be amended from time to time by the Director of the Governor's Office of Management and Budget but in no event shall any amendment cause the permitted level of the State's variable rate exposure with respect to Bonds to exceed 20%.
(d) "Build America Bonds" in this Section means Bonds authorized by Section 54AA of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), and bonds issued from time to time to refund or continue to refund "Build America Bonds".
(e) Notwithstanding any other provision of this Section, Qualified School Construction Bonds shall be issued and sold from time to time, in one or more series, in such amounts and at such prices as may be directed by the Governor, upon SB3087 Enrolled - 22 - LRB096 20289 RLC 35901 b recommendation by the Director of the Governor's Office of Management and Budget.
Qualified School Construction Bonds shall be in such form (either coupon, registered or book entry), in such denominations, payable within 25 years from their date, subject to such terms of redemption with or without premium, and if the Qualified School Construction Bonds are issued with a supplemental coupon, bear interest payable at such times and at such fixed or variable rate or rates, and be dated as shall be fixed and determined by the Director of the Governor's Office of Management and Budget in the order authorizing the issuance and sale of any series of Qualified School Construction Bonds, which order shall be approved by the Governor and is herein called a "Bond Sale Order";
except that interest payable at fixed or variable rates, if any, shall not exceed that permitted in the Bond Authorization Act, as now or hereafter amended.
Qualified School Construction Bonds shall be payable at such place or places, within or without the State of Illinois, and may be made registrable as to either principal or as to both principal and interest, as shall be specified in the Bond Sale Order.
Qualified School Construction Bonds may be callable or subject to purchase and retirement or tender and remarketing as fixed and determined in the Bond Sale Order.
Qualified School Construction Bonds must be issued with principal or mandatory redemption amounts or sinking fund payments into the General Obligation Bond Retirement and Interest Fund (or subaccount therefor) in equal amounts, with SB3087 Enrolled - 23 - LRB096 20289 RLC 35901 b the first maturity issued, mandatory redemption payment or sinking fund payment occurring within the fiscal year in which the Qualified School Construction Bonds are issued or within the next succeeding fiscal year, with Qualified School Construction Bonds issued maturing or subject to mandatory redemption or with sinking fund payments thereof deposited each fiscal year thereafter up to 25 years.
Sinking fund payments set forth in this subsection shall be permitted only to the extent authorized in Section 54F of the Internal Revenue Code or as otherwise determined by the Director of the Governor's Office of Management and Budget.
"Qualified School Construction Bonds" in this subsection means Bonds authorized by Section 54F of the Internal Revenue Code and for bonds issued from time to time to refund or continue to refund such "Qualified School Construction Bonds".
(f) Beginning with the next issuance by the Governor's Office of Management and Budget to the Procurement Policy Board of a request for quotation for the purpose of formulating a new pool of qualified underwriting banks list, all entities responding to such a request for quotation for inclusion on that list shall provide a written report to the Governor's Office of Management and Budget and the Illinois Comptroller.
The written report submitted to the Comptroller shall (i) be published on the Comptroller's Internet website and (ii) be used by the Governor's Office of Management and Budget for the purposes of scoring such a request for quotation.
The written SB3087 Enrolled - 24 - LRB096 20289 RLC 35901 b report, at a minimum, shall:
(1) disclose whether, within the past 3 months, pursuant to its credit default swap market-making activities, the firm has entered into any State of Illinois credit default swaps ("CDS");
(2) include, in the event of State of Illinois CDS activity, disclosure of the firm's cumulative notional volume of State of Illinois CDS trades and the firm's outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period;
(3) indicate, pursuant to the firm's proprietary trading activities, disclosure of whether the firm, within the past 3 months, has entered into any proprietary trades for its own account in State of Illinois CDS;
(4) include, in the event of State of Illinois proprietary trades, disclosure of the firm's outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period;
(5) list all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions;
and (6) indicate whether, within the previous 3 months, the SB3087 Enrolled - 25 - LRB096 20289 RLC 35901 b firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.
(g) All entities included on a Governor's Office of Management and Budget's pool of qualified underwriting banks list shall, as soon as possible after the effective date of this amendatory Act of the 96th General Assembly, but not later than January 21, 2011, and on a quarterly fiscal basis thereafter, provide a written report to the Governor's Office of Management and Budget and the Illinois Comptroller.
The written reports submitted to the Comptroller shall be published on the Comptroller's Internet website.
The written reports, at a minimum, shall:
(1) disclose whether, within the past 3 months, pursuant to its credit default swap market-making activities, the firm has entered into any State of Illinois credit default swaps ("CDS");
(2) include, in the event of State of Illinois CDS activity, disclosure of the firm's cumulative notional volume of State of Illinois CDS trades and the firm's outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period;
(3) indicate, pursuant to the firm's proprietary trading activities, disclosure of whether the firm, within the past 3 months, has entered into any proprietary trades for its own account in State of Illinois CDS;
SB3087 Enrolled - 26 - LRB096 20289 RLC 35901 b (4) include, in the event of State of Illinois proprietary trades, disclosure of the firm's outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period;
(5) list all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions;
and (6) indicate whether, within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.
83-1031.) (25 ILCS 70/9) (from Ch.
96-18, eff.
63, par.
6-26-09;
42.89) Sec.
96-37, eff.
9.
7-13-09;
Confidentiality before introduction.
96-43, eff.
The subject matter of bills submitted to the Director of the Department of Corrections, the Director of Juvenile Justice, or the Director of the Administrative Office of the Illinois Courts shall be kept in strict confidence and no information relating thereto or relating to the budget or impact thereof shall be divulged by an official or employee of the Department or the Administrative Office of the Illinois Courts, except to the bill's sponsor or his designee, prior to the bill's introduction in the General Assembly.
7-15-09;
96-828, eff.
12-2-09.) Section 10.
The Build Illinois Bond Act is amended by changing Sections 2 and 4 as follows:
(30 ILCS 425/2) (from Ch.
127, par.
2802) Sec.
2.
Authorization for Bonds.
The State of Illinois is authorized to issue, sell and provide for the retirement of limited obligation bonds, notes and other evidences of indebtedness of the State of Illinois in the total principal SB3087 Enrolled - 27 - LRB096 20289 RLC 35901 b amount of $5,703,509,000 $4,615,509,000 herein called "Bonds".
Such authorized amount of Bonds shall be reduced from time to time by amounts, if any, which are equal to the moneys received by the Department of Revenue in any fiscal year pursuant to Section 3-1001 of the "Illinois Vehicle Code", as amended, in excess of the Annual Specified Amount (as defined in Section 3 of the "Retailers' Occupation Tax Act", as amended) and transferred at the end of such fiscal year from the General Revenue Fund to the Build Illinois Purposes Fund (now abolished) as provided in Section 3-1001 of said Code;
provided, however, that no such reduction shall affect the validity or enforceability of any Bonds issued prior to such reduction.
Such amount of authorized Bonds shall be exclusive of any refunding Bonds issued pursuant to Section 15 of this Act and exclusive of any Bonds issued pursuant to this Section which are redeemed, purchased, advance refunded, or defeased in accordance with paragraph (f) of Section 4 of this Act.
Bonds shall be issued for the categories and specific purposes expressed in Section 4 of this Act.
92-16, eff.
96-36, eff.
6-28-01.)
7-13-09.) (30 ILCS 425/4) (from Ch.
127, par.
2804) Sec.
4.
Purposes of Bonds.
Bonds shall be issued for the following purposes and in the approximate amounts as set forth below:
(a) $3,213,000,000 $2,917,000,000 for the expenses of SB3087 Enrolled - 28 - LRB096 20289 RLC 35901 b issuance and sale of Bonds, including bond discounts, and for planning, engineering, acquisition, construction, reconstruction, development, improvement and extension of the public infrastructure in the State of Illinois, including:
the making of loans or grants to local governments for waste disposal systems, water and sewer line extensions and water distribution and purification facilities, rail or air or water port improvements, gas and electric utility extensions, publicly owned industrial and commercial sites, buildings used for public administration purposes and other public infrastructure capital improvements;
the making of loans or grants to units of local government for financing and construction of wastewater facilities, including grants to serve unincorporated areas;
refinancing or retiring bonds issued between January 1, 1987 and January 1, 1990 by home rule municipalities, debt service on which is provided from a tax imposed by home rule municipalities prior to January 1, 1990 on the sale of food and drugs pursuant to Section 8-11-1 of the Home Rule Municipal Retailers' Occupation Tax Act or Section 8-11-5 of the Home Rule Municipal Service Occupation Tax Act;
the making of deposits not to exceed $70,000,000 in the aggregate into the Water Pollution Control Revolving Fund to provide assistance in accordance with the provisions of Title IV-A of the Environmental Protection Act;
the planning, engineering, acquisition, construction, reconstruction, alteration, expansion, extension and improvement of highways, SB3087 Enrolled - 29 - LRB096 20289 RLC 35901 b bridges, structures separating highways and railroads, rest areas, interchanges, access roads to and from any State or local highway and other transportation improvement projects which are related to economic development activities;
the making of loans or grants for planning, engineering, rehabilitation, improvement or construction of rail and transit facilities;
the planning, engineering, acquisition, construction, reconstruction and improvement of watershed, drainage, flood control, recreation and related improvements and facilities, including expenses related to land and easement acquisition, relocation, control structures, channel work and clearing and appurtenant work;
the making of grants for improvement and development of zoos and park district field houses and related structures;
and the making of grants for improvement and development of Navy Pier and related structures.
(b) $541,000,000 $196,000,000 for fostering economic development and increased employment and the well being of the citizens of Illinois, including:
the making of grants for improvement and development of McCormick Place and related structures;
the planning and construction of a microelectronics research center, including the planning, engineering, construction, improvement, renovation and acquisition of buildings, equipment and related utility support systems;
the making of loans to businesses and investments in small businesses;
acquiring real properties for SB3087 Enrolled - 30 - LRB096 20289 RLC 35901 b industrial or commercial site development;
acquiring, rehabilitating and reconveying industrial and commercial properties for the purpose of expanding employment and encouraging private and other public sector investment in the economy of Illinois;
the payment of expenses associated with siting the Superconducting Super Collider Particle Accelerator in Illinois and with its acquisition, construction, maintenance, operation, promotion and support;
the making of loans for the planning, engineering, acquisition, construction, improvement and conversion of facilities and equipment which will foster the use of Illinois coal;
the payment of expenses associated with the promotion, establishment, acquisition and operation of small business incubator facilities and agribusiness research facilities, including the lease, purchase, renovation, planning, engineering, construction and maintenance of buildings, utility support systems and equipment designated for such purposes and the establishment and maintenance of centralized support services within such facilities;
and the making of grants or loans to units of local government for Urban Development Action Grant and Housing Partnership programs.
(c) $1,741,358,100 $1,352,358,100 for the development and improvement of educational, scientific, technical and vocational programs and facilities and the expansion of health and human services for all citizens of Illinois, including:
the making of construction and improvement grants and loans to SB3087 Enrolled - 31 - LRB096 20289 RLC 35901 b public libraries and library systems;
the making of grants and loans for planning, engineering, acquisition and construction of a new State central library in Springfield;
the planning, engineering, acquisition and construction of an animal and dairy sciences facility;
the planning, engineering, acquisition and construction of a campus and all related buildings, facilities, equipment and materials for Richland Community College;
the acquisition, rehabilitation and installation of equipment and materials for scientific and historical surveys;
the making of grants or loans for distribution to eligible vocational education instructional programs for the upgrading of vocational education programs, school shops and laboratories, including the acquisition, rehabilitation and installation of technical equipment and materials;
the making of grants or loans for distribution to eligible local educational agencies for the upgrading of math and science instructional programs, including the acquisition of instructional equipment and materials;
miscellaneous capital improvements for universities and community colleges including the planning, engineering, construction, reconstruction, remodeling, improvement, repair and installation of capital facilities and costs of planning, supplies, equipment, materials, services, and all other required expenses;
the making of grants or loans for repair, renovation and miscellaneous capital improvements for privately operated colleges and universities and community SB3087 Enrolled - 32 - LRB096 20289 RLC 35901 b colleges, including the planning, engineering, acquisition, construction, reconstruction, remodeling, improvement, repair and installation of capital facilities and costs of planning, supplies, equipment, materials, services, and all other required expenses;
and the making of grants or loans for distribution to local governments for hospital and other health care facilities including the planning, engineering, acquisition, construction, reconstruction, remodeling, improvement, repair and installation of capital facilities and costs of planning, supplies, equipment, materials, services and all other required expenses.
(d) $208,150,900 $150,150,900 for protection, preservation, restoration and conservation of environmental and natural resources, including:
the making of grants to soil and water conservation districts for the planning and implementation of conservation practices and for funding contracts with the Soil Conservation Service for watershed planning;
the making of grants to units of local government for the capital development and improvement of recreation areas, including planning and engineering costs, sewer projects, including planning and engineering costs and water projects, including planning and engineering costs, and for the acquisition of open space lands, including the acquisition of easements and other property interests of less than fee simple ownership;
the acquisition and related costs and development and management of natural heritage lands, including natural SB3087 Enrolled - 33 - LRB096 20289 RLC 35901 b areas and areas providing habitat for endangered species and nongame wildlife, and buffer area lands;
the acquisition and related costs and development and management of habitat lands, including forest, wildlife habitat and wetlands;
and the removal and disposition of hazardous substances, including the cost of project management, equipment, laboratory analysis, and contractual services necessary for preventative and corrective actions related to the preservation, restoration and conservation of the environment, including deposits not to exceed $60,000,000 in the aggregate into the Hazardous Waste Fund and the Brownfields Redevelopment Fund for improvements in accordance with the provisions of Titles V and XVII of the Environmental Protection Act.
(e) The amount specified in paragraph (a) above shall include an amount necessary to pay reasonable expenses of each issuance and sale of the Bonds, as specified in the related Bond Sale Order (hereinafter defined).
(f) Any unexpended proceeds from any sale of Bonds which are held in the Build Illinois Bond Fund may be used to redeem, purchase, advance refund, or defease any Bonds outstanding.
(Source:
P.A.
96-36, eff.
7-13-09;
96-503, eff.
8-14-09;
96-1000, eff.
7-2-10.) Section 15.
The Illinois Pension Code is amended by changing Sections 1-113.14, 2-124, 14-131, 15-155, 16-158, 18-131, and 22A-111 and by adding Section 1-113.15 as follows:
SB3087 Enrolled - 34 - LRB096 20289 RLC 35901 b (40 ILCS 5/1-113.14) Sec.
1-113.14.
Investment services for retirement systems, pension funds, and investment boards, except those funds established under Articles 3 and 4.
(a) For the purposes of this Section, "investment services" means services provided by an investment adviser or a consultant other than qualified fund-of-fund management services as defined in Section 1-113.15.
(b) The selection and appointment of an investment adviser or consultant for investment services by the board of a retirement system, pension fund, or investment board subject to this Code, except those whose investments are restricted by Section 1-113.2, shall be made and awarded in accordance with this Section.
All contracts for investment services shall be awarded by the board using a competitive process that is substantially similar to the process required for the procurement of professional and artistic services under Article 35 of the Illinois Procurement Code.
Each board of trustees shall adopt a policy in accordance with this subsection (b) within 60 days after the effective date of this amendatory Act of the 96th General Assembly.
The policy shall be posted on its web site and filed with the Illinois Procurement Policy Board.
Exceptions to this Section are allowed for (i) sole source procurements, (ii) emergency procurements, and (iii) at the discretion of the pension fund, SB3087 Enrolled - 35 - LRB096 20289 RLC 35901 b retirement system, or board of investment, contracts that are nonrenewable and one year or less in duration, so long as the contract has a value of less than $20,000.
All exceptions granted under this Section must be published on the system's, fund's, or board's web site, shall name the person authorizing the procurement, and shall include a brief explanation of the reason for the exception.
A person, other than a trustee or an employee of a retirement system, pension fund, or investment board, may not act as a consultant or investment adviser under this Section unless that person is registered as an investment adviser under the federal Investment Advisers Act of 1940 (15 U.S.C.
80b-1, et seq.) or a bank, as defined in the federal Investment Advisers Act of 1940 (15 U.S.C.
80b-1, et seq.).
(c) Investment services provided by an investment adviser or a consultant appointed under this Section shall be rendered pursuant to a written contract between the investment adviser or consultant and the board.
The contract shall include all of the following:
(1) Acknowledgement in writing by the investment adviser or consultant that he or she is a fiduciary with respect to the pension fund or retirement system.
(2) The description of the board's investment policy and notice that the policy is subject to change.
(3) (i) Full disclosure of direct and indirect fees, commissions, penalties, and other compensation, including SB3087 Enrolled - 36 - LRB096 20289 RLC 35901 b reimbursement for expenses, that may be paid by or on behalf of the consultant in connection with the provision of services to the pension fund or retirement system and (ii) a requirement that the consultant update the disclosure promptly after a modification of those payments or an additional payment.
(4) A requirement that the investment adviser or consultant, in conjunction with the board's staff, submit periodic written reports, on at least a quarterly basis, for the board's review at its regularly scheduled meetings.
All returns on investment shall be reported as net returns after payment of all fees, commissions, and any other compensation.
(5) Disclosure of the names and addresses of (i) the consultant or investment adviser;
(ii) any entity that is a parent of, or owns a controlling interest in, the consultant or investment adviser;
(iii) any entity that is a subsidiary of, or in which a controlling interest is owned by, the consultant or investment adviser;
(iv) any persons who have an ownership or distributive income share in the consultant or investment adviser that is in excess of 7.5%;
or (v) serves as an executive officer of the consultant or investment adviser.
(6) A disclosure of the names and addresses of all subcontractors, if applicable, and the expected amount of money each will receive under the contract, including an SB3087 Enrolled - 37 - LRB096 20289 RLC 35901 b acknowledgment that the contractor must promptly make notification, in writing, if at any time during the term of the contract a contractor adds or changes any subcontractors.
For purposes of this subparagraph (6), "subcontractor" does not include non-investment related professionals or professionals offering services that are not directly related to the investment of assets, such as legal counsel, actuary, proxy-voting services, services used to track compliance with legal standards, and investment fund of funds where the board has no direct contractual relationship with the investment advisers or partnerships.
(7) A description of service to be performed.
(8) A description of the need for the service.
(9) A description of the plan for post-performance review.
(10) A description of the qualifications necessary.
(11) The duration of the contract.
(12) The method for charging and measuring cost.
(d) Notwithstanding any other provision of law, a retirement system, pension fund, or investment board subject to this Code, except those whose investments are restricted by Section 1-113.2 of this Code, shall not enter into a contract with a consultant that exceeds 5 years in duration.
No contract to provide consulting services may be renewed or extended.
At the end of the term of a contract, however, the consultant is SB3087 Enrolled - 38 - LRB096 20289 RLC 35901 b eligible to compete for a new contract as provided in this Section.
No retirement system, pension fund, or investment board shall attempt to avoid or contravene the restrictions of this subsection (d) by any means.
(e) Within 60 days after the effective date of this amendatory Act of the 96th General Assembly, each investment adviser or consultant currently providing services or subject to an existing contract for the provision of services must disclose to the board of trustees all direct and indirect fees, commissions, penalties, and other compensation paid by or on behalf of the investment adviser or consultant in connection with the provision of those services and shall update that disclosure promptly after a modification of those payments or an additional payment.
The person shall update the disclosure promptly after a modification of those payments or an additional payment.
The disclosures required by this subsection (e) shall be in writing and shall include the date and amount of each payment and the name and address of each recipient of a payment.
(f) The retirement system, pension fund, or board of investment shall develop uniform documents that shall be used for the solicitation, review, and acceptance of all investment services.
The form shall include the terms contained in subsection (c) of this Section.
All such uniform documents shall be posted on the retirement system's, pension fund's, or investment board's web site.
SB3087 Enrolled - 39 - LRB096 20289 RLC 35901 b (g) A description of every contract for investment services shall be posted in a conspicuous manner on the web site of the retirement system, pension fund, or investment board.
The description must include the name of the person or entity awarded a contract, the total amount applicable to the contract, the total fees paid or to be paid, and a disclosure approved by the board describing the factors that contributed to the selection of an investment adviser or consultant.
(Source:
P.A.
96-6, eff.
4-3-09.) (40 ILCS 5/1-113.15 new) Sec.
1-113.15.
Qualified fund-of-fund management services.
(a) As used in this Section:
"Qualified fund-of-fund management services" means either (i) the services of an investment adviser acting in its capacity as an investment manager of a fund-of-funds or (ii) an investment adviser acting in its capacity as an investment manager of a separate account that is invested on a side-by-side basis in a substantially identical manner to a fund-of-funds, in each case pursuant to qualified written agreements.
"Qualified written agreements" means one or more written contracts to which the investment adviser and the board are parties and includes all of the following:
(i) the matters described in items (1), (4), (5), (7), (11), and (12) of subsection (c) of Section 1-113.14;
(ii) a description of any SB3087 Enrolled - 40 - LRB096 20289 RLC 35901 b fees, commissions, penalties, and other compensation payable, if any, directly by the retirement system, pension fund, or investment board (which shall not include any fees, commissions, penalties, and other compensation payable from the assets of the fund-of-funds or separate account);
(iii) a description (or method of calculation) of the fees and expenses payable by the Fund to the investment adviser and the timing of the payment of the fees or expenses;
and (iv) a description (or method of calculation) of any carried interest or other performance based interests, fees, or payments allocable by the Fund to the investment adviser or an affiliate of the investment adviser and the priority of distributions with respect to such interest.
(b) A description of every contract for qualified fund-of-fund management services must be posted in a conspicuous manner on the web site of the retirement system, pension fund, or investment board.
The description must include the name of the fund-of-funds, the name of its investment adviser, the total investment commitment of the retirement system, pension fund, or investment board to invest in such fund-of-funds, and a disclosure approved by the board describing the factors that contributed to the investment in such fund-of-funds.
No information that is exempt from inspection pursuant to Section 7 of the Freedom of Information Act shall be disclosed under this Section.
SB3087 Enrolled - 41 - LRB096 20289 RLC 35901 b (40 ILCS 5/2-124) (from Ch.
108 1/2, par.
2-124) Sec.
2-124.
Contributions by State.
(a) The State shall make contributions to the System by appropriations of amounts which, together with the contributions of participants, interest earned on investments, and other income will meet the cost of maintaining and administering the System on a 90% funded basis in accordance with actuarial recommendations.
(b) The Board shall determine the amount of State contributions required for each fiscal year on the basis of the actuarial tables and other assumptions adopted by the Board and the prescribed rate of interest, using the formula in subsection (c).
(c) For State fiscal years 2011 through 2045, the minimum contribution to the System to be made by the State for each fiscal year shall be an amount determined by the System to be sufficient to bring the total assets of the System up to 90% of the total actuarial liabilities of the System by the end of State fiscal year 2045.
In making these determinations, the required State contribution shall be calculated each year as a level percentage of payroll over the years remaining to and including fiscal year 2045 and shall be determined under the projected unit credit actuarial cost method.
For State fiscal years 1996 through 2005, the State contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments SB3087 Enrolled - 42 - LRB096 20289 RLC 35901 b so that by State fiscal year 2011, the State is contributing at the rate required under this Section.
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2006 is $4,157,000.
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2007 is $5,220,300.
For each of State fiscal years 2008 through 2009, the State contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments from the required State contribution for State fiscal year 2007, so that by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2010 is $10,454,000 and shall be made from the proceeds of bonds sold in fiscal year 2010 pursuant to Section 7.2 of the General Obligation Bond Act, less (i) the pro rata share of bond sale expenses determined by the System's share of total bond proceeds, (ii) any amounts received from the General Revenue Fund in fiscal year 2010, and (iii) any reduction in bond proceeds due to the issuance of discounted bonds, if applicable.
Beginning in State fiscal year 2046, the minimum State contribution for each fiscal year shall be the amount needed to SB3087 Enrolled - 43 - LRB096 20289 RLC 35901 b maintain the total assets of the System at 90% of the total actuarial liabilities of the System.
Amounts received by the System pursuant to Section 25 of the Budget Stabilization Act or Section 8.12 of the State Finance Act in any fiscal year do not reduce and do not constitute payment of any portion of the minimum State contribution required under this Article in that fiscal year.
Such amounts shall not reduce, and shall not be included in the calculation of, the required State contributions under this Article in any future year until the System has reached a funding ratio of at least 90%.
A reference in this Article to the "required State contribution" or any substantially similar term does not include or apply to any amounts payable to the System under Section 25 of the Budget Stabilization Act.
Notwithstanding any other provision of this Section, the required State contribution for State fiscal year 2005 and for fiscal year 2008 and each fiscal year thereafter, as calculated under this Section and certified under Section 2-134, shall not exceed an amount equal to (i) the amount of the required State contribution that would have been calculated under this Section for that fiscal year if the System had not received any payments under subsection (d) of Section 7.2 of the General Obligation Bond Act, minus (ii) the portion of the State's total debt service payments for that fiscal year on the bonds issued in fiscal year 2003 for the purposes of that Section 7.2, as determined and certified by the Comptroller, that is SB3087 Enrolled - 44 - LRB096 20289 RLC 35901 b the same as the System's portion of the total moneys distributed under subsection (d) of Section 7.2 of the General Obligation Bond Act.
In determining this maximum for State fiscal years 2008 through 2010, however, the amount referred to in item (i) shall be increased, as a percentage of the applicable employee payroll, in equal increments calculated from the sum of the required State contribution for State fiscal year 2007 plus the applicable portion of the State's total debt service payments for fiscal year 2007 on the bonds issued in fiscal year 2003 for the purposes of Section 7.2 of the General Obligation Bond Act, so that, by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
(d) For purposes of determining the required State contribution to the System, the value of the System's assets shall be equal to the actuarial value of the System's assets, which shall be calculated as follows:
As of June 30, 2008, the actuarial value of the System's assets shall be equal to the market value of the assets as of that date.
In determining the actuarial value of the System's assets for fiscal years after June 30, 2008, any actuarial gains or losses from investment return incurred in a fiscal year shall be recognized in equal annual amounts over the 5-year period following that fiscal year.
(e) For purposes of determining the required State contribution to the system for a particular year, the actuarial SB3087 Enrolled - 45 - LRB096 20289 RLC 35901 b value of assets shall be assumed to earn a rate of return equal to the system's actuarially assumed rate of return.
(Source:
P.A.
95-950, eff.
8-29-08;
96-43, eff.
7-15-09.) (40 ILCS 5/14-131) Sec.
14-131.
Contributions by State.
(a) The State shall make contributions to the System by appropriations of amounts which, together with other employer contributions from trust, federal, and other funds, employee contributions, investment income, and other income, will be sufficient to meet the cost of maintaining and administering the System on a 90% funded basis in accordance with actuarial recommendations.
For the purposes of this Section and Section 14-135.08, references to State contributions refer only to employer contributions and do not include employee contributions that are picked up or otherwise paid by the State or a department on behalf of the employee.
(b) The Board shall determine the total amount of State contributions required for each fiscal year on the basis of the actuarial tables and other assumptions adopted by the Board, using the formula in subsection (e).
The Board shall also determine a State contribution rate for each fiscal year, expressed as a percentage of payroll, based on the total required State contribution for that fiscal year (less the amount received by the System from SB3087 Enrolled - 46 - LRB096 20289 RLC 35901 b appropriations under Section 8.12 of the State Finance Act and Section 1 of the State Pension Funds Continuing Appropriation Act, if any, for the fiscal year ending on the June 30 immediately preceding the applicable November 15 certification deadline), the estimated payroll (including all forms of compensation) for personal services rendered by eligible employees, and the recommendations of the actuary.
For the purposes of this Section and Section 14.1 of the State Finance Act, the term "eligible employees" includes employees who participate in the System, persons who may elect to participate in the System but have not so elected, persons who are serving a qualifying period that is required for participation, and annuitants employed by a department as described in subdivision (a)(1) or (a)(2) of Section 14-111.
(c) Contributions shall be made by the several departments for each pay period by warrants drawn by the State Comptroller against their respective funds or appropriations based upon vouchers stating the amount to be so contributed.
These amounts shall be based on the full rate certified by the Board under Section 14-135.08 for that fiscal year.
From the effective date of this amendatory Act of the 93rd General Assembly through the payment of the final payroll from fiscal year 2004 appropriations, the several departments shall not make contributions for the remainder of fiscal year 2004 but shall instead make payments as required under subsection (a-1) of Section 14.1 of the State Finance Act.
The several departments SB3087 Enrolled - 47 - LRB096 20289 RLC 35901 b shall resume those contributions at the commencement of fiscal year 2005.
(c-1) Notwithstanding subsection (c) of this Section, for fiscal year 2010 only, contributions by the several departments are not required to be made for General Revenue Funds payrolls processed by the Comptroller.
Payrolls paid by the several departments from all other State funds must continue to be processed pursuant to subsection (c) of this Section.
(c-2) For State fiscal year 2010 only, on or as soon as possible after the 15th day of each month the Board shall submit vouchers for payment of State contributions to the System, in a total monthly amount of one-twelfth of the fiscal year 2010 General Revenue Fund appropriation to the System.
(d) If an employee is paid from trust funds or federal funds, the department or other employer shall pay employer contributions from those funds to the System at the certified rate, unless the terms of the trust or the federal-State agreement preclude the use of the funds for that purpose, in which case the required employer contributions shall be paid by the State.
From the effective date of this amendatory Act of the 93rd General Assembly through the payment of the final payroll from fiscal year 2004 appropriations, the department or other employer shall not pay contributions for the remainder of fiscal year 2004 but shall instead make payments as required under subsection (a-1) of Section 14.1 of the State Finance Act.
The department or other employer shall resume payment of SB3087 Enrolled - 48 - LRB096 20289 RLC 35901 b contributions at the commencement of fiscal year 2005.
(e) For State fiscal years 2011 through 2045, the minimum contribution to the System to be made by the State for each fiscal year shall be an amount determined by the System to be sufficient to bring the total assets of the System up to 90% of the total actuarial liabilities of the System by the end of State fiscal year 2045.
In making these determinations, the required State contribution shall be calculated each year as a level percentage of payroll over the years remaining to and including fiscal year 2045 and shall be determined under the projected unit credit actuarial cost method.
For State fiscal years 1996 through 2005, the State contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments so that by State fiscal year 2011, the State is contributing at the rate required under this Section;
except that (i) for State fiscal year 1998, for all purposes of this Code and any other law of this State, the certified percentage of the applicable employee payroll shall be 5.052% for employees earning eligible creditable service under Section 14-110 and 6.500% for all other employees, notwithstanding any contrary certification made under Section 14-135.08 before the effective date of this amendatory Act of 1997, and (ii) in the following specified State fiscal years, the State contribution to the System shall not be less than the following indicated percentages of the applicable employee payroll, even if the indicated percentage SB3087 Enrolled - 49 - LRB096 20289 RLC 35901 b will produce a State contribution in excess of the amount otherwise required under this subsection and subsection (a):
9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY 2002;
10.6% in FY 2003;
and 10.8% in FY 2004.
Notwithstanding any other provision of this Article, the total required State contribution to the System for State fiscal year 2006 is $203,783,900.
Notwithstanding any other provision of this Article, the total required State contribution to the System for State fiscal year 2007 is $344,164,400.
For each of State fiscal years 2008 through 2009, the State contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments from the required State contribution for State fiscal year 2007, so that by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
Notwithstanding any other provision of this Article, the total required State General Revenue Fund contribution for State fiscal year 2010 is $723,703,100 and shall be made from the proceeds of bonds sold in fiscal year 2010 pursuant to Section 7.2 of the General Obligation Bond Act, less (i) the pro rata share of bond sale expenses determined by the System's share of total bond proceeds, (ii) any amounts received from the General Revenue Fund in fiscal year 2010, and (iii) any reduction in bond proceeds due to the issuance of discounted bonds, if applicable.
SB3087 Enrolled - 50 - LRB096 20289 RLC 35901 b Beginning in State fiscal year 2046, the minimum State contribution for each fiscal year shall be the amount needed to maintain the total assets of the System at 90% of the total actuarial liabilities of the System.
Amounts received by the System pursuant to Section 25 of the Budget Stabilization Act or Section 8.12 of the State Finance Act in any fiscal year do not reduce and do not constitute payment of any portion of the minimum State contribution required under this Article in that fiscal year.
Such amounts shall not reduce, and shall not be included in the calculation of, the required State contributions under this Article in any future year until the System has reached a funding ratio of at least 90%.
A reference in this Article to the "required State contribution" or any substantially similar term does not include or apply to any amounts payable to the System under Section 25 of the Budget Stabilization Act.
Notwithstanding any other provision of this Section, the required State contribution for State fiscal year 2005 and for fiscal year 2008 and each fiscal year thereafter, as calculated under this Section and certified under Section 14-135.08, shall not exceed an amount equal to (i) the amount of the required State contribution that would have been calculated under this Section for that fiscal year if the System had not received any payments under subsection (d) of Section 7.2 of the General Obligation Bond Act, minus (ii) the portion of the State's total debt service payments for that fiscal year on the bonds SB3087 Enrolled - 51 - LRB096 20289 RLC 35901 b issued in fiscal year 2003 for the purposes of that Section 7.2, as determined and certified by the Comptroller, that is the same as the System's portion of the total moneys distributed under subsection (d) of Section 7.2 of the General Obligation Bond Act.
In determining this maximum for State fiscal years 2008 through 2010, however, the amount referred to in item (i) shall be increased, as a percentage of the applicable employee payroll, in equal increments calculated from the sum of the required State contribution for State fiscal year 2007 plus the applicable portion of the State's total debt service payments for fiscal year 2007 on the bonds issued in fiscal year 2003 for the purposes of Section 7.2 of the General Obligation Bond Act, so that, by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
(f) After the submission of all payments for eligible employees from personal services line items in fiscal year 2004 have been made, the Comptroller shall provide to the System a certification of the sum of all fiscal year 2004 expenditures for personal services that would have been covered by payments to the System under this Section if the provisions of this amendatory Act of the 93rd General Assembly had not been enacted.
Upon receipt of the certification, the System shall determine the amount due to the System based on the full rate certified by the Board under Section 14-135.08 for fiscal year 2004 in order to meet the State's obligation under this SB3087 Enrolled - 52 - LRB096 20289 RLC 35901 b Section.
The System shall compare this amount due to the amount received by the System in fiscal year 2004 through payments under this Section and under Section 6z-61 of the State Finance Act.
If the amount due is more than the amount received, the difference shall be termed the "Fiscal Year 2004 Shortfall" for purposes of this Section, and the Fiscal Year 2004 Shortfall shall be satisfied under Section 1.2 of the State Pension Funds Continuing Appropriation Act.
If the amount due is less than the amount received, the difference shall be termed the "Fiscal Year 2004 Overpayment" for purposes of this Section, and the Fiscal Year 2004 Overpayment shall be repaid by the System to the Pension Contribution Fund as soon as practicable after the certification.
(g) For purposes of determining the required State contribution to the System, the value of the System's assets shall be equal to the actuarial value of the System's assets, which shall be calculated as follows:
As of June 30, 2008, the actuarial value of the System's assets shall be equal to the market value of the assets as of that date.
In determining the actuarial value of the System's assets for fiscal years after June 30, 2008, any actuarial gains or losses from investment return incurred in a fiscal year shall be recognized in equal annual amounts over the 5-year period following that fiscal year.
(h) For purposes of determining the required State contribution to the System for a particular year, the actuarial SB3087 Enrolled - 53 - LRB096 20289 RLC 35901 b value of assets shall be assumed to earn a rate of return equal to the System's actuarially assumed rate of return.
(i) After the submission of all payments for eligible employees from personal services line items paid from the General Revenue Fund in fiscal year 2010 have been made, the Comptroller shall provide to the System a certification of the sum of all fiscal year 2010 expenditures for personal services that would have been covered by payments to the System under this Section if the provisions of this amendatory Act of the 96th General Assembly had not been enacted.
Upon receipt of the certification, the System shall determine the amount due to the System based on the full rate certified by the Board under Section 14-135.08 for fiscal year 2010 in order to meet the State's obligation under this Section.
The System shall compare this amount due to the amount received by the System in fiscal year 2010 through payments under this Section.
If the amount due is more than the amount received, the difference shall be termed the "Fiscal Year 2010 Shortfall" for purposes of this Section, and the Fiscal Year 2010 Shortfall shall be satisfied under Section 1.2 of the State Pension Funds Continuing Appropriation Act.
If the amount due is less than the amount received, the difference shall be termed the "Fiscal Year 2010 Overpayment" for purposes of this Section, and the Fiscal Year 2010 Overpayment shall be repaid by the System to the General Revenue Fund as soon as practicable after the certification.
(Source:
P.A.
95-950, eff.
8-29-08;
96-43, eff.
7-15-09;
96-45, SB3087 Enrolled - 54 - LRB096 20289 RLC 35901 b eff.
7-15-09;
96-1000, eff.
7-2-10.) (40 ILCS 5/15-155) (from Ch.
108 1/2, par.
15-155) Sec.
15-155.
Employer contributions.
(a) The State of Illinois shall make contributions by appropriations of amounts which, together with the other employer contributions from trust, federal, and other funds, employee contributions, income from investments, and other income of this System, will be sufficient to meet the cost of maintaining and administering the System on a 90% funded basis in accordance with actuarial recommendations.
The Board shall determine the amount of State contributions required for each fiscal year on the basis of the actuarial tables and other assumptions adopted by the Board and the recommendations of the actuary, using the formula in subsection (a-1).
(a-1) For State fiscal years 2011 through 2045, the minimum contribution to the System to be made by the State for each fiscal year shall be an amount determined by the System to be sufficient to bring the total assets of the System up to 90% of the total actuarial liabilities of the System by the end of State fiscal year 2045.
In making these determinations, the required State contribution shall be calculated each year as a level percentage of payroll over the years remaining to and including fiscal year 2045 and shall be determined under the projected unit credit actuarial cost method.
SB3087 Enrolled - 55 - LRB096 20289 RLC 35901 b For State fiscal years 1996 through 2005, the State contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments so that by State fiscal year 2011, the State is contributing at the rate required under this Section.
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2006 is $166,641,900.
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2007 is $252,064,100.
For each of State fiscal years 2008 through 2009, the State contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments from the required State contribution for State fiscal year 2007, so that by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2010 is $702,514,000 and shall be made from the State Pensions Fund and proceeds of bonds sold in fiscal year 2010 pursuant to Section 7.2 of the General Obligation Bond Act, less (i) the pro rata share of bond sale expenses determined by the System's share of total bond proceeds, (ii) any amounts received from the General Revenue Fund in fiscal year 2010, (iii) any reduction in bond proceeds due to the issuance of discounted bonds, if SB3087 Enrolled - 56 - LRB096 20289 RLC 35901 b applicable.
Beginning in State fiscal year 2046, the minimum State contribution for each fiscal year shall be the amount needed to maintain the total assets of the System at 90% of the total actuarial liabilities of the System.
Amounts received by the System pursuant to Section 25 of the Budget Stabilization Act or Section 8.12 of the State Finance Act in any fiscal year do not reduce and do not constitute payment of any portion of the minimum State contribution required under this Article in that fiscal year.
Such amounts shall not reduce, and shall not be included in the calculation of, the required State contributions under this Article in any future year until the System has reached a funding ratio of at least 90%.
A reference in this Article to the "required State contribution" or any substantially similar term does not include or apply to any amounts payable to the System under Section 25 of the Budget Stabilization Act.
Notwithstanding any other provision of this Section, the required State contribution for State fiscal year 2005 and for fiscal year 2008 and each fiscal year thereafter, as calculated under this Section and certified under Section 15-165, shall not exceed an amount equal to (i) the amount of the required State contribution that would have been calculated under this Section for that fiscal year if the System had not received any payments under subsection (d) of Section 7.2 of the General Obligation Bond Act, minus (ii) the portion of the State's SB3087 Enrolled - 57 - LRB096 20289 RLC 35901 b total debt service payments for that fiscal year on the bonds issued in fiscal year 2003 for the purposes of that Section 7.2, as determined and certified by the Comptroller, that is the same as the System's portion of the total moneys distributed under subsection (d) of Section 7.2 of the General Obligation Bond Act.
In determining this maximum for State fiscal years 2008 through 2010, however, the amount referred to in item (i) shall be increased, as a percentage of the applicable employee payroll, in equal increments calculated from the sum of the required State contribution for State fiscal year 2007 plus the applicable portion of the State's total debt service payments for fiscal year 2007 on the bonds issued in fiscal year 2003 for the purposes of Section 7.2 of the General Obligation Bond Act, so that, by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
(b) If an employee is paid from trust or federal funds, the employer shall pay to the Board contributions from those funds which are sufficient to cover the accruing normal costs on behalf of the employee.
However, universities having employees who are compensated out of local auxiliary funds, income funds, or service enterprise funds are not required to pay such contributions on behalf of those employees.
The local auxiliary funds, income funds, and service enterprise funds of universities shall not be considered trust funds for the purpose of this Article, but funds of alumni associations, SB3087 Enrolled - 58 - LRB096 20289 RLC 35901 b foundations, and athletic associations which are affiliated with the universities included as employers under this Article and other employers which do not receive State appropriations are considered to be trust funds for the purpose of this Article.
(b-1) The City of Urbana and the City of Champaign shall each make employer contributions to this System for their respective firefighter employees who participate in this System pursuant to subsection (h) of Section 15-107.
The rate of contributions to be made by those municipalities shall be determined annually by the Board on the basis of the actuarial assumptions adopted by the Board and the recommendations of the actuary, and shall be expressed as a percentage of salary for each such employee.
The Board shall certify the rate to the affected municipalities as soon as may be practical.
The employer contributions required under this subsection shall be remitted by the municipality to the System at the same time and in the same manner as employee contributions.
(c) Through State fiscal year 1995:
The total employer contribution shall be apportioned among the various funds of the State and other employers, whether trust, federal, or other funds, in accordance with actuarial procedures approved by the Board.
State of Illinois contributions for employers receiving State appropriations for personal services shall be payable from appropriations made to the employers or to the System.
The contributions for Class I community colleges covering earnings SB3087 Enrolled - 59 - LRB096 20289 RLC 35901 b other than those paid from trust and federal funds, shall be payable solely from appropriations to the Illinois Community College Board or the System for employer contributions.
(d) Beginning in State fiscal year 1996, the required State contributions to the System shall be appropriated directly to the System and shall be payable through vouchers issued in accordance with subsection (c) of Section 15-165, except as provided in subsection (g).
(e) The State Comptroller shall draw warrants payable to the System upon proper certification by the System or by the employer in accordance with the appropriation laws and this Code.
(f) Normal costs under this Section means liability for pensions and other benefits which accrues to the System because of the credits earned for service rendered by the participants during the fiscal year and expenses of administering the System, but shall not include the principal of or any redemption premium or interest on any bonds issued by the Board or any expenses incurred or deposits required in connection therewith.
(g) If the amount of a participant's earnings for any academic year used to determine the final rate of earnings, determined on a full-time equivalent basis, exceeds the amount of his or her earnings with the same employer for the previous academic year, determined on a full-time equivalent basis, by more than 6%, the participant's employer shall pay to the SB3087 Enrolled - 60 - LRB096 20289 RLC 35901 b System, in addition to all other payments required under this Section and in accordance with guidelines established by the System, the present value of the increase in benefits resulting from the portion of the increase in earnings that is in excess of 6%.
This present value shall be computed by the System on the basis of the actuarial assumptions and tables used in the most recent actuarial valuation of the System that is available at the time of the computation.
The System may require the employer to provide any pertinent information or documentation.
Whenever it determines that a payment is or may be required under this subsection (g), the System shall calculate the amount of the payment and bill the employer for that amount.
The bill shall specify the calculations used to determine the amount due.
If the employer disputes the amount of the bill, it may, within 30 days after receipt of the bill, apply to the System in writing for a recalculation.
The application must specify in detail the grounds of the dispute and, if the employer asserts that the calculation is subject to subsection (h) or (i) of this Section, must include an affidavit setting forth and attesting to all facts within the employer's knowledge that are pertinent to the applicability of subsection (h) or (i).
Upon receiving a timely application for recalculation, the System shall review the application and, if appropriate, recalculate the amount due.
The employer contributions required under this subsection SB3087 Enrolled - 61 - LRB096 20289 RLC 35901 b (f) may be paid in the form of a lump sum within 90 days after receipt of the bill.
If the employer contributions are not paid within 90 days after receipt of the bill, then interest will be charged at a rate equal to the System's annual actuarially assumed rate of return on investment compounded annually from the 91st day after receipt of the bill.
Payments must be concluded within 3 years after the employer's receipt of the bill.
(h) This subsection (h) applies only to payments made or salary increases given on or after June 1, 2005 but before July 1, 2011.
The changes made by Public Act 94-1057 shall not require the System to refund any payments received before July 31, 2006 (the effective date of Public Act 94-1057).
When assessing payment for any amount due under subsection (g), the System shall exclude earnings increases paid to participants under contracts or collective bargaining agreements entered into, amended, or renewed before June 1, 2005.
When assessing payment for any amount due under subsection (g), the System shall exclude earnings increases paid to a participant at a time when the participant is 10 or more years from retirement eligibility under Section 15-135.
When assessing payment for any amount due under subsection (g), the System shall exclude earnings increases resulting from overload work, including a contract for summer teaching, or overtime when the employer has certified to the System, and the SB3087 Enrolled - 62 - LRB096 20289 RLC 35901 b System has approved the certification, that:
(i) in the case of overloads (A) the overload work is for the sole purpose of academic instruction in excess of the standard number of instruction hours for a full-time employee occurring during the academic year that the overload is paid and (B) the earnings increases are equal to or less than the rate of pay for academic instruction computed using the participant's current salary rate and work schedule;
and (ii) in the case of overtime, the overtime was necessary for the educational mission.
When assessing payment for any amount due under subsection (g), the System shall exclude any earnings increase resulting from (i) a promotion for which the employee moves from one classification to a higher classification under the State Universities Civil Service System, (ii) a promotion in academic rank for a tenured or tenure-track faculty position, or (iii) a promotion that the Illinois Community College Board has recommended in accordance with subsection (k) of this Section.
These earnings increases shall be excluded only if the promotion is to a position that has existed and been filled by a member for no less than one complete academic year and the earnings increase as a result of the promotion is an increase that results in an amount no greater than the average salary paid for other similar positions.
(i) When assessing payment for any amount due under subsection (g), the System shall exclude any salary increase SB3087 Enrolled - 63 - LRB096 20289 RLC 35901 b described in subsection (h) of this Section given on or after July 1, 2011 but before July 1, 2014 under a contract or collective bargaining agreement entered into, amended, or renewed on or after June 1, 2005 but before July 1, 2011.
Notwithstanding any other provision of this Section, any payments made or salary increases given after June 30, 2014 shall be used in assessing payment for any amount due under subsection (g) of this Section.
(j) The System shall prepare a report and file copies of the report with the Governor and the General Assembly by January 1, 2007 that contains all of the following information:
(1) The number of recalculations required by the changes made to this Section by Public Act 94-1057 for each employer.
(2) The dollar amount by which each employer's contribution to the System was changed due to recalculations required by Public Act 94-1057.
(3) The total amount the System received from each employer as a result of the changes made to this Section by Public Act 94-4.
(4) The increase in the required State contribution resulting from the changes made to this Section by Public Act 94-1057.
(k) The Illinois Community College Board shall adopt rules for recommending lists of promotional positions submitted to the Board by community colleges and for reviewing the SB3087 Enrolled - 64 - LRB096 20289 RLC 35901 b promotional lists on an annual basis.
When recommending promotional lists, the Board shall consider the similarity of the positions submitted to those positions recognized for State universities by the State Universities Civil Service System.
The Illinois Community College Board shall file a copy of its findings with the System.
The System shall consider the findings of the Illinois Community College Board when making determinations under this Section.
The System shall not exclude any earnings increases resulting from a promotion when the promotion was not submitted by a community college.
Nothing in this subsection (k) shall require any community college to submit any information to the Community College Board.
(l) For purposes of determining the required State contribution to the System, the value of the System's assets shall be equal to the actuarial value of the System's assets, which shall be calculated as follows:
As of June 30, 2008, the actuarial value of the System's assets shall be equal to the market value of the assets as of that date.
In determining the actuarial value of the System's assets for fiscal years after June 30, 2008, any actuarial gains or losses from investment return incurred in a fiscal year shall be recognized in equal annual amounts over the 5-year period following that fiscal year.
(m) For purposes of determining the required State contribution to the system for a particular year, the actuarial value of assets shall be assumed to earn a rate of return equal SB3087 Enrolled - 65 - LRB096 20289 RLC 35901 b to the system's actuarially assumed rate of return.
(Source:
P.A.
95-331, eff.
8-21-07;
95-950, eff.
8-29-08;
96-43, eff.
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Action History

  1. Public Act . . . . . . . . . 96-1554

  2. Effective Date March 18, 2011

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. House Floor Amendment No. 3 Senate Concurs 055-003-000

  7. House Committee Amendment No. 1 Senate Concurs 055-003-000

  8. 3/5 Vote Required

  9. Sponsor Removed Sen. Kirk W. Dillard

  10. Sponsor Removed Sen. Dale A. Righter

  11. House Floor Amendment No. 3 Motion to Concur Be Approved for Consideration Assignments;

  12. House Committee Amendment No. 1 Motion to Concur Be Approved for Consideration Assignments;

  13. House Floor Amendment No. 3 Motion to Concur Referred to Assignments

  14. House Floor Amendment No. 3 Motion to Concur Filed with Secretary Sen. Donne E. Trotter

  15. House Committee Amendment No. 1 Motion to Concur Referred to Assignments

  16. House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Donne E. Trotter

  17. Chief Sponsor Changed to Sen. Donne E. Trotter

  18. Placed on Calendar Order of Concurrence House Amendment(s) 1, 3 - January 11, 2011

  19. Secretary's Desk - Concurrence House Amendment(s) 1, 3

  20. Third Reading - Short Debate - Passed 117-000-000

  21. 3/5 Vote Required

  22. Placed on Calendar Order of 3rd Reading - Short Debate

  23. House Floor Amendment No. 3 Adopted by Voice Vote

  24. House Floor Amendment No. 2 Withdrawn by Rep. Frank J. Mautino

  25. Alternate Chief Sponsor Changed to Rep. Frank J. Mautino

  26. House Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 005-000-000

  27. House Floor Amendment No. 2 Recommends Be Adopted Executive Committee; 011-000-000

  28. House Floor Amendment No. 3 Referred to Rules Committee

  29. House Floor Amendment No. 3 Filed with Clerk by Rep. Frank J. Mautino

  30. House Floor Amendment No. 2 Rules Refers to Executive Committee

  31. House Floor Amendment No. 2 Referred to Rules Committee

  32. House Floor Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino

  33. Held on Calendar Order of Second Reading - Short Debate

  34. Second Reading - Short Debate

  35. Placed on Calendar 2nd Reading - Short Debate

  36. Do Pass as Amended / Short Debate Executive Committee; 007-004-000

  37. House Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote

  38. House Committee Amendment No. 1 Filed with Clerk by Executive Committee

  39. Assigned to Executive Committee

  40. Final Action Deadline Extended-9(b) January 11, 2011

  41. Referred to Rules Committee

  42. First Reading

  43. Placed on Calendar Order of First Reading

  44. Chief House Sponsor Rep. William D. Burns

  45. Arrived in House

  46. Third Reading - Passed; 056-001-000

  47. Added as Chief Co-Sponsor Sen. Michael Noland

  48. Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins

  49. Added as Chief Co-Sponsor Sen. Donne E. Trotter

  50. Added as Co-Sponsor Sen. Toi W. Hutchinson

  51. Added as Co-Sponsor Sen. Kirk W. Dillard

  52. Placed on Calendar Order of 3rd Reading March 10, 2010

  53. Second Reading

  54. Placed on Calendar Order of 2nd Reading March 9, 2010

  55. Do Pass Criminal Law; 006-000-000

  56. Added as Co-Sponsor Sen. Dan Kotowski

  57. Added as Chief Co-Sponsor Sen. Dale A. Righter

  58. Postponed - Criminal Law

  59. Assigned to Criminal Law

  60. Referred to Assignments

  61. First Reading

  62. Filed with Secretary by Sen. Kwame Raoul

Sponsors

  • Donne E. Trotter · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Donne E. Trotter

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Concurrence, Amendment 3

Passed 55 Yea · 3 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 45300
Democrat 8001
Republican 2000
Total 55301
% of votes cast 93%5%0%2%
How each member voted (59)
Member Party Vote
Hendon — Yea
Luechtefeld — Yea
McCarter — Yea
Meeks — Yea
Millner — Yea
Muñoz — Yea
Noland — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Trotter — Yea
Viverito — Yea
Brady — Yea
Sullivan — Yea
Jacobs — Yea
Johnson — Yea
Jones, J. — Yea
Clayborne — Yea
Crotty — Yea
Frerichs — Yea
Garrett — Yea
Haine — Yea
Hutchinson — Yea
Demuzio — Yea
Kotowski — Yea
Cullerton — Yea
Lauzen — Nay
Wilhelmi — Yea
Cultra — Nay
Dillard — Yea
Duffy — Nay
Forby — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Righter — Yea
Risinger — Yea
Sandack — Yea
Sandoval — Yea
Link — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
Mulroe — Yea
David Koehler Democrat Yea
Don Harmon Democrat Not Voting
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea
Sue Rezin Republican Yea

Official roll call →

Third Reading

Passed 117 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 98001
Democrat 13000
Republican 6000
Total 117001
% of votes cast 99%0%0%1%
How each member voted (118)
Member Party Vote
Holbrook — Yea
Jefferson — Yea
O'Sullivan — Yea
Lang — Yea
Leitch — Yea
McAuliffe — Yea
Senger — Yea
Reitz — Yea
Lyons — Yea
Dugan — Yea
Dunkin — Yea
Durkin — Yea
Eddy — Yea
Farnham — Yea
Flider — Yea
Flowers — Yea
Kosel — Yea
Madigan — Yea
Bradley — Yea
McGuire — Yea
McCarthy — Yea
Brady — Yea
Mendoza — Yea
Moffitt — Yea
Mulligan — Not Voting
Burke — Yea
Nekritz — Yea
Sullivan — Yea
Mitchell, Bill — Yea
Gordon, Careen — Yea
Osterman — Yea
Mitchell, Jerry — Yea
Gordon, Jehan — Yea
Pihos — Yea
Sente — Yea
Sommer — Yea
Hannig — Yea
Soto — Yea
Harris — Yea
Thapedi — Yea
Tryon — Yea
Turner — Yea
Hernandez — Yea
Verschoore — Yea
Watson — Yea
Winters — Yea
Zalewski — Yea
Howard — Yea
Davis, Monique — Yea
Cavaletto — Yea
Coladipietro — Yea
Cross — Yea
Currie — Yea
D'Amico — Yea
Fortner — Yea
Franks — Yea
Froehlich — Yea
Golar — Yea
Hatcher — Yea
Hays — Yea
Jackson — Yea
Jakobsson — Yea
Osmond — Yea
Phelps — Yea
Poe — Yea
Pritchard — Yea
Ramey — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Sacia — Yea
Saviano — Yea
Schmitz — Yea
Wait — Yea
Yarbrough — Yea
Acevedo — Yea
Arroyo — Yea
Barickman — Yea
Bassi — Yea
Beaubien — Yea
Beiser — Yea
Bellock — Yea
Mathias — Yea
Berrios — Yea
Biggins — Yea
Mautino — Yea
Boland — Yea
May — Yea
Bost — Yea
Brauer — Yea
Burns — Yea
Carberry — Yea
Mell — Yea
Cole — Yea
Colvin — Yea
Connelly — Yea
McAsey — Yea
Coulson — Yea
Chapa LaVia — Yea
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Yea
Fred Crespo Democrat Yea
Jay Hoffman Democrat Yea
La Shawn K. Ford Democrat Yea
Lakesia Collins Democrat Yea
Mark L. Walker Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea
Jil Tracy Republican Yea
Kyle Moore Republican Yea
Norine K. Hammond Republican Yea

Official roll call →

Concurrence

Passed 55 Yea · 3 Nay · 1 Other
Party YeaNayPresentNot Voting
Democrat 8001
Unaffiliated 45300
Republican 2000
Total 55301
% of votes cast 93%5%0%2%
How each member voted (59)
Member Party Vote
Noland — Yea
Link — Yea
McCarter — Yea
Meeks — Yea
Millner — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Brady — Yea
Clayborne — Yea
Frerichs — Yea
Garrett — Yea
Haine — Yea
Hendon — Yea
Hutchinson — Yea
Sullivan — Yea
Jacobs — Yea
Kotowski — Yea
Johnson — Yea
Jones, J. — Yea
Demuzio — Yea
Lauzen — Nay
Cullerton — Yea
Mulroe — Yea
Muñoz — Yea
Pankau — Yea
Radogno — Yea
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Crotty — Yea
Cultra — Nay
Dillard — Yea
Duffy — Nay
Forby — Yea
Raoul — Yea
Righter — Yea
Risinger — Yea
Sandack — Yea
Sandoval — Yea
Luechtefeld — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
David Koehler Democrat Yea
Don Harmon Democrat Not Voting
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea
Sue Rezin Republican Yea

Official roll call →

Third Reading

Passed 56 Yea · 1 Nay · 2 Other
Party YeaNayPresentNot Voting
Democrat 9000
Unaffiliated 46102
Republican 1000
Total 56102
% of votes cast 95%2%0%3%
How each member voted (59)
Member Party Vote
Noland — Yea
McCarter — Yea
Meeks — Yea
Millner — Yea
Muñoz — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Demuzio — Yea
Jacobs — Yea
Jones, J. — Yea
Brady — Yea
Sullivan — Yea
Dillard — Yea
Duffy — Yea
Forby — Yea
Hutchinson — Yea
Lauzen — Yea
Link — Yea
Luechtefeld — Yea
Maloney — Yea
Cullerton — Yea
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Not Voting
Garrett — Yea
Haine — Nay
Hendon — Yea
Hultgren — Yea
Kotowski — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Righter — Yea
Risinger — Not Voting
Rutherford — Yea
Sandoval — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
Frerichs — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

public-safety taxation
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Frequently asked questions

What does SB 3087 do?
Amends the Correctional Budget and Impact Note Act. Provides that a Correctional Budget and Impact Note must be affixed to a bill that creates a new criminal offense for which a commitment to the Department of Juvenile Justice may be imposed. Provides that within 5 days after receiving the statement from the appropriate official who prepared the Note and prior to second reading in the house of introduction, the sponsor shall file with the Clerk of the House or the Secretary of the Senate, as appropriate, a written statement identifying the sponsor's preferred means of funding the costs to be incurred by the legislation. Provides that the required identification shall be made either by specifying (i) the additional tax or other revenue source from which an amount equal to the costs identified are to be generated or (ii) the specific line item or items in the budget for the current fiscal year that would be reduced or eliminated to reach an amount equal to the costs identified.
Who sponsors SB 3087?
SB 3087 is sponsored by Donne E. Trotter.
What is the current status of SB 3087?
This bill has been enacted into law. Introduced February 08, 2010. Enacted.
Where can I track SB 3087?
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