2023 Illinois Compiled Statutes › Chapter 30 - FINANCE › 30 ILCS 415/ - Transportation Bond Act.

(30 ILCS 415/1) (from Ch. 127, par. 701)
Sec. 1. 
		
		
		This Act shall be known and may be cited as the "Transportation Bond
Act".
(Source: P.A. 77-150.)
(30 ILCS 415/2) (from Ch. 127, par. 702)
Sec. 2. 
		
		The State of Illinois is authorized to issue, sell and
provide for the retirement of bonds of the State of Illinois in the
amount of $1,729,000,000, hereinafter called the "Bonds", for the
specific purpose of promoting and 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, to be used
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, and within
the limitations set forth in Section 5.1 of this Act for the specific
purpose set forth in Section 2(b) (2) and (3) of this Act:
(a) (1) the acquisition, construction, reconstruction, extension
and improvement of State highways, arterial highways, freeways, roads,
structures separating highways and railroads and bridges; and
(2) the repair and reconstruction of bridges on roads maintained by
counties, municipalities, townships or road districts;
(b) (1) the acquisition, construction, extension, reconstruction
and improvement of mass transportation facilities 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 acting jointly; and
(2) for the purpose of providing immediate relief from existing or
impending inability to meet principal and interest payments and thereby
aiding in achieving the maximum benefit for the public from the
transportation capital improvement program, to provide funds for any
payments required to be made for principal of and interest on bonds,
certificates, equipment trust certificates or other evidences of
indebtedness issued or guaranteed prior to the passage of this Act 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, pursuant to any indenture,
ordinance, resolution, agreement or contract to obtain and finance
transportation facilities; and,
(3) for the purpose of reimbursing the General Revenue Fund for
monies paid from the General Revenue Fund after passage of this Act for
the purpose described in Section 2(b) (2).
(c) the acquisition, construction, extension, reconstruction, and
improvement of airport or aviation facilities and any equipment used in
connection therewith, including reimbursement for certain engineering
and land acquisition costs as provided in Section 34a of the "Illinois
Aeronautics Act", approved July 24, 1945, as amended,
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.
$1,326,000,000 of the Bonds will be used for State
highway acquisition,
construction, reconstruction, extension and improvement as specifically
described herein, hereinafter called the "Transportation Bonds, Series
A". $363,000,000 of the Bonds will be used for the
mass transportation
purposes specifically described herein and $40,000,000 of the Bonds
will be used for the aviation purposes specifically described herein,
such $403,000,000 of Bonds collectively hereinafter called the
"Transportation Bonds, Series B".
The $75,000,000 authorized for mass transportation purposes by this
amendatory Act of 1973 shall be used for the acquisition of mass
transportation equipment including rail and bus, and other equipment
used in connection therewith for the area comprising the counties of
DuPage, Kane, Lake, McHenry and Will, and that portion of the County of
Cook outside the City of Chicago, as determined by the Regional
Transportation Authority established pursuant to "The Regional
Transportation Authority Act", enacted by the 78th General Assembly. The
proceeds of the sale of such bonds shall be expended only to, or with
the approval of, such Authority. Nothing in this paragraph prohibits
that Authority from using or approving the use of such proceeds for
purposes of acquisition of mass transportation equipment for use between
such area and other areas.
Of the Bonds authorized to be used for highway
purposes, the proceeds of $14,965,100 of such bonds
shall be used by the
Department of Transportation for the purpose of the repair and
reconstruction of unsafe and substandard bridges on roads maintained by
counties, municipalities, townships and road districts under the
Illinois Highway Code and the proceeds of $12,000,000 of such bonds
shall be used by the Department of Transportation for the same purposes
as provided in Sections 6-902 through 6-905 of the Illinois Highway
Code.
Of the Bonds authorized to be sold for highway
purposes, the proceeds of
$36,939,400 of
the Bonds shall be used for such purposes within the City of Chicago,
the proceeds of $42,457,000 of the Bonds shall be used
for such purposes
in the Chicago urbanized area, the proceeds of $46,359,000 of the
bonds shall be used for such purposes outside the Chicago urbanized
area, the proceeds of $142,105,500 of the Bonds
shall be used for such purposes within the Counties of Cook, DuPage, Kane,
Lake, McHenry and Will, the proceeds of $181,139,100 of the Bonds shall
be used for such purposes within the Counties of the State outside the Counties
of Cook, DuPage, Kane, Lake, McHenry and Will.
Of the $106,000,000 of Bonds authorized to be sold
for mass transportation
purposes by this amendatory Act of 1979, $98,000,000
of the Bonds shall
be used for such purposes within the Counties of Cook, DuPage, Kane, Lake,
McHenry and Will and the proceeds of $8,000,000 of the
Bonds shall be used
for such purposes within the Counties of the State outside the Counties
of Cook, DuPage, Kane, Lake, McHenry and Will.
(Source: P.A. 86-453.)
(30 ILCS 415/3) (from Ch. 127, par. 703)
Sec. 3. 
		
		
		The Bonds shall bear interest payable annually or semi-annually, from
their date, at the rate of not more than 7% per annum. The Bonds shall be
serial bonds and be dated, issued and sold by the Governor, from time to
time, in such amounts as may be necessary to provide funds for the specific
purposes contemplated by Section 2 of this Act. Each Bond shall be in the
denomination of $5,000 or some multiple thereof, and shall be made payable
within not more than 30 years from its date as the Governor shall
determine. These Bonds shall be signed by the Governor and attested by the
Secretary of State under the printed facsimile seal of the State and
countersigned by the State Treasurer by his manual signature or by his duly
authorized deputy. The signatures of the Governor and the Secretary of
State may be printed facsimile signatures. Interest coupons with printed
facsimile signatures of the Governor, Secretary of State and State
Treasurer may be attached to the Bonds. The fact that an officer whose
signature or facsimile thereof appears on a Bond or interest coupon no
longer holds such office at the time the Bond or coupon is delivered shall
not invalidate such Bond or interest coupon.
(Source: P.A. 77-150.)
(30 ILCS 415/4) (from Ch. 127, par. 704)
Sec. 4. 
		
		
		The Bonds shall be sold to the highest and best bidders, for not less
than their par value, upon sealed bids, from time to time, as the Governor
shall direct. The Governor may reserve the right to reject any and all
bids. The Secretary of State shall, from time to time, as the Bonds are to
be sold, advertise in at least two daily newspapers, one of which is
published in the City of Springfield and one in the City of Chicago, for
proposals to purchase the Bonds. Each of such advertisements for proposals
shall be published once at least 10 days prior to the date of the opening
of the bids. All or any part of the Bonds may be made registerable as to
principal with the State Treasurer. The Bonds may be callable as determined
by the Governor; provided however, that the State shall not pay a premium
of more than 3% of the principal of any Bonds so called. The Bonds shall be
deposited with the State Treasurer, and upon delivery of the Bonds to the
purchaser, the proceeds of the Bonds shall be paid into the State Treasury.
The proceeds of the Transportation Bonds, Series A shall be kept in a
separate fund known as the "Transportation Bond, Series A Fund", which
separate fund is hereby created. The proceeds of the Transportation Bonds,
Series B shall be kept in a separate fund known as the "Transportation
Bond, Series B Fund", which separate fund is hereby created.
(Source: P.A. 77-150.)
(30 ILCS 415/5) (from Ch. 127, par. 705)
Sec. 5. Prior to January 1, 1972, the proceeds from the sale of the Bonds
shall be used by and under the direction of the Department of
Aeronautics, the Department of Commerce and Community Affairs (now Department of Commerce and Economic Opportunity) and the
Department of Public Works and Buildings, and thereafter such department
or agency as shall be designated by law, subject to appropriation by the
General Assembly, in such amounts and at such times as the respective
department deems necessary or desirable for the purposes provided by
Section 2 of this Act.
(Source: P.A. 94-793, eff. 5-19-06.)
(30 ILCS 415/5.1) (from Ch. 127, par. 705.1)
Sec. 5.1. 
		
		
		Not more than $32,000,000 of the proceeds from the sale of the Bonds
shall be used for payments pursuant to any indenture, ordinance,
resolution, agreement or contract adopted or entered into prior to the
passage of this Act to finance transportation facilities, and to reimburse
the General Revenue Fund, as provided in Section 2(b) (2) and (3). No Bond
proceeds shall be subject to appropriation for such purposes by the General
Assembly after June 30, 1972.
(Source: P.A. 77-150.)
(30 ILCS 415/6) (from Ch. 127, par. 706)
Sec. 6. 
		
		The State Treasurer may, with the approval of the Governor, invest
and reinvest, at the existing market price and in any event not to
exceed 102% of par plus accrued interest, in obligations, the principal
of and interest on which is guaranteed by the United States Government,
or any certificates of deposit of any savings and loan association or
any State or national bank which are
fully secured by obligations, the principal of and interest on which is
guaranteed by the United States Government, any money in the
Transportation Bond, Series A Fund or the Transportation Bond, Series B
Fund in the State Treasury which, in the opinion of the Governor
communicated in writing to the State Treasurer, is not needed for
current expenditures due or about to become due from such funds. The
cost price of all such obligations shall be considered as cash in the
custody of the State Treasurer, and such obligations shall be conveyed
at cost price as cash by the State Treasurer to his successor. The money
in the Transportation Bond, Series A Fund and in the Transportation
Bond, Series B Fund in the form of such obligations shall be set up by
the State Treasurer as separate accounts and shown distinctly in every
report issued by him regarding fund balances. Earnings received on investments
of the Transportation Bond, Series A Fund shall be paid into the Road Fund.
All other earnings received upon
any such investment shall be paid into the General Revenue Fund. All of
the monies other than accrued interest received from the sale or
redemption of such investments shall be replaced by the State Treasurer
in the fund from which the money was removed for such investment.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments of public
funds by public agencies", approved July 23, 1943, as now or hereafter amended.
(Source: P.A. 83-541.)
(30 ILCS 415/7) (from Ch. 127, par. 707)
Sec. 7. 
		
		
		The Governor shall include an appropriation in each annual State budget
of monies in such amount as shall be necessary and sufficient, for the
period covered by such budget, to pay the interest, as it shall accrue, on
all Bonds issued under this Act and also to pay and discharge the principal
of such of the Bonds as shall fall due during such period. To provide for
the manner of repayment of the Transportation Bonds, Series A, a separate
fund in the State Treasury called the "Transportation Bond, Series A
Retirement and Interest Fund" is hereby created. The General Assembly shall
annually make appropriations for monies to pay the principal of and
interest on the Transportation Bonds, Series A from the Transportation
Bond, Series A Retirement and Interest Fund and shall direct the transfer
from time to time of monies from the Road Fund to the Transportation Bond,
Series A Retirement and Interest Fund, an amount which shall be sufficient
to pay the principal of and interest on the Transportation Bonds, Series A
as the same become due. If there are insufficient funds in the Road Fund to
pay the principal of and interest on the Transportation Bonds, Series A, as
the same become due, the General Assembly shall direct the transfer from
time to time of monies from the General Revenue Fund to the Transportation
Bond, Series A Retirement and Interest Fund to the extent such transfer of
monies is necessary to pay the principal of and interest on such
Transportation Bonds, Series A which could not be paid by monies
transferred from the Road Fund. To provide for the manner of repayment of
the Transportation Bonds, Series B a separate fund in the State Treasury
called the "Transportation Bond, Series B Retirement and Interest Fund" is
hereby created. The General Assembly shall make appropriations for monies
to pay the principal of and interest on the Transportation Bonds, Series B
from the Transportation Bond, Series B Retirement and Interest Fund and
shall direct the transfer from time to time of monies from the General
Revenue Fund to the Transportation Bond, Series B Retirement and Interest
Fund, an amount which shall be sufficient to pay the principal of and
interest on the Transportation Bonds, Series B as the same become due.
If for any reason the General Assembly fails to make appropriations for
or transfers to the said Transportation Bond, Series A Retirement and
Interest Fund and the Transportation Bond, Series B Retirement and Interest
Fund, as the case may be, of amounts sufficient for the State to pay the
principal of and interest on the Bonds as the same become due, this Act
shall constitute an irrevocable and continuing appropriation of all amounts
necessary for that purpose, and the irrevocable and continuing authority
for and direction to the Auditor of Public Accounts, or Comptroller as his
successor, and to the Treasurer of the State to make the necessary
transfers out of and disbursements from the revenues and funds of the State
for that purpose.
All Bonds issued in accordance with the provisions of this Act shall be
direct, general obligations of the State of Illinois and shall so state on
the face thereof, and the full faith and credit of the State of Illinois
are hereby pledged for the punctual payment of the interest thereon as the
same shall become due and for the punctual payment of the principal thereof
at maturity, and the provisions of this Section shall be irrepealable until
all such Bonds are paid in full as to both principal and interest.
(Source: P.A. 77-150.)
(30 ILCS 415/8) (from Ch. 127, par. 708)
Sec. 8. 
		
		
		If the State fails to pay the principal of or interest on the Bonds as
the same become due, a civil action to compel payment may be instituted in
the Supreme Court of Illinois as a court of original jurisdiction by the
holder or holders of the Bonds in respect of which such failure exists.
Delivery of the summons and a copy of the complaint to the Attorney General
or leaving them at his office in the capital with his assistant or clerk
shall constitute good and sufficient service to give the Supreme Court of
Illinois jurisdiction of the subject matter of such a suit of the State and
its officer or officers named as defendants for the purpose of compelling
such payment. Any case or cause of action concerning the validity of this
Act relates to the revenue of the State of Illinois.
(Source: P.A. 77-150.)
(30 ILCS 415/9) (from Ch. 127, par. 709)
Sec. 9. 
		
		Upon each delivery of the Bonds authorized to be issued
under this Act, the Comptroller shall compute and certify to the
State Treasurer the total amount of principal of and interest
on the Bonds issued that will be payable in order to retire such Bonds and
the amount of principal of and interest on such Bonds that will be payable
on each payment date according to the tenor of such Bonds during the then
current and each succeeding fiscal year.
On the last day of each month, commencing with the month in which the
Transportation Bonds, Series A are issued and delivered, the State
Treasurer and the Auditor of Public Accounts, or Comptroller as his
successor, shall transfer from the Road Fund in the State Treasury, or the
General Revenue Fund as provided in Section 7 of this Act, to the
Transportation Bond, Series A Retirement and Interest Fund a sum of money,
appropriated for such purpose, equal to the result of the amount of
principal of and interest on the Transportation Bonds, Series A payable on
the next payment date divided by the number of full calendar months between
the date of such Transportation Bonds, Series A and the first such payment
date, and thereafter divided by the number of months between each
succeeding payment date after the first. On the last day of each month,
commencing with the month in which the Transportation Bonds, Series B are
issued and delivered, the State Treasurer and the Auditor of Public
Accounts, or Comptroller as his successor, shall transfer from the General
Revenue Fund in the State Treasury to the Transportation Bond, Series B
Retirement and Interest Fund in the State Treasury a sum of money,
appropriated for such purpose, equal to the result of the amount of
principal of and interest on the Transportation Bonds, Series B payable on
the next payment date divided by the number of full calendar months between
the date of such Transportation Bonds, Series B and the first such payment
date, and thereafter divided by the number of months between each
succeeding payment date after the first.
Such computations and transfers shall be made when a series of such
Bonds is issued and delivered.
The transfer of monies hereinabove directed is not required if monies in
the Transportation Bond, Series A Retirement and Interest Fund, or the
Transportation Bond, Series B Retirement and Interest Fund, as the case may
be, are more than the amount otherwise to be transferred as hereinabove
provided, and if the Governor notifies the Auditor of Public Accounts, or
Comptroller as his successor, and the State Treasurer of such fact.
(Source: P.A. 83-1280.)
(30 ILCS 415/10) (from Ch. 127, par. 710)
Sec. 10. 
		
		
		The State of Illinois is authorized from time to time to issue, sell and
provide for the retirement of bonds of the State of Illinois for the sole
purpose of refunding all or any portion of the principal of the Bonds;
provided that such refunding bonds shall mature within the terms of the
Bonds. Such refunding bonds shall in all other respects be subject to the
terms and conditions of Sections 3, 4, 6, 7, 8 and 9 of this Act. The
principal amount of any such refunding bonds shall not exceed 103% of the
principal amount of the Bonds refunded with the proceeds of such refunding
bonds.
(Source: P.A. 77-150.)
(30 ILCS 415/11) (from Ch. 127, par. 711)
Sec. 11. 
		
		
		If any Section, sentence, or clause of this Act is for any reason held
invalid or to be unconstitutional, such decision shall not affect the
validity of the remaining portions of this Act.
(Source: P.A. 77-150.)
(30 ILCS 415/11.1) (from Ch. 127, par. 712)
Sec. 11.1. 
		
		After December 1, 1984, no additional bonds shall be issued
or sold pursuant to this Act; instead all State of Illinois general obligation
bonds shall be issued and sold pursuant to the "General Obligation Bond Act".
(Source: P.A. 83-1490.)