30 ILCS 425/1
Short Title
Short Title. This Article (herein the "Act") shall be known and may be cited as the "Build Illinois Bond Act". (Source: P.A. 84-111.)
Illinois Compiled Statutes 30 ILCS 425 — Build Illinois Bond Act.
Illinois · statute · 30 ILCS 425 · 20 active provisions
30 ILCS 425/2
Authorization for Bonds
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 amount of $13,464,881,100 herein called "Bonds". Such amount of authorized Bonds shall be excl…
30 ILCS 425/3
Findings
Findings. The General Assembly hereby makes the following findings and determinations: (a) The issuance and sale of Bonds pursuant to this Act is an economical and efficient method of financing long-term capital needs, including certain of the purposes of the State, as set forth in Section 4 hereof. (b) This Act will p…
30 ILCS 425/4
Purposes of Bonds
Purposes of Bonds. Bonds shall be issued for the following purposes and in the approximate amounts as set forth below: (a) $5,074,094,533 for the expenses of issuance and sale of Bonds, including bond discounts, and for planning, engineering, acquisition, construction, reconstruction, development, improvement, demoliti…
30 ILCS 425/4.1
Re-authorization of deposits into the Water Pollution Control Revolving Fund
Re-authorization of deposits into the Water Pollution Control Revolving Fund. The making of deposits into the Water Pollution Control Revolving Fund (now known as the Water Revolving Fund) to provide assistance in accordance with the provisions of Title IV-A of the Environmental Protection Act, in an aggregate amount n…
30 ILCS 425/5
Bond sale expenses
Bond sale expenses. (a) Costs for advertising, printing, bond rating, travel of outside vendors, security, delivery, and legal and financial advisory services, initial fees of trustees, registrars, paying agents, and other fiduciaries, initial costs of credit or liquidity enhancement arrangements, initial fees of index…
30 ILCS 425/6
Conditions for issuance and sale of Bonds; requirements for Bonds; master and supplemental indentures; credit and liquidity enhancement
Conditions for issuance and sale of Bonds; requirements for Bonds; master and supplemental indentures; credit and liquidity enhancement. (a) Bonds shall be issued and sold from time to time, in one or more series, in such amounts and at such prices as directed by the Governor, upon recommendation by the Director of the…
30 ILCS 425/7
Execution of Bonds
Execution of Bonds. 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. If Bonds are issued in registered form pursuant to the Registered Bond Act, th…
30 ILCS 425/8
Sale of Bonds
Sale of Bonds. Bonds, except as otherwise provided in this Section, shall be sold from time to time pursuant to notice of sale and public bid or by negotiated sale in such amounts and at such times as are directed by the Governor, upon recommendation by the Director of the Governor's Office of Management and Budget. At…
30 ILCS 425/8.3
Compliance with the Business Enterprise for Minorities, Women, and Persons with Disabilities Act
Compliance with the Business Enterprise for Minorities, Women, and Persons with Disabilities Act. Notwithstanding any other provision of law, the Governor's Office of Management and Budget shall comply with the Business Enterprise for Minorities, Women, and Persons with Disabilities Act. (Source: P.A. 100-391, eff. 8-2…
30 ILCS 425/8.5
Truth in borrowing disclosures
Truth in borrowing disclosures. (a) Within 20 business days after the issuance of any Bonds under this Act, the Director of the Governor's Office of Management and Budget shall publish a truth in borrowing disclosure that discloses the total principal and interest payments to be paid on the Bonds over the full stated t…
30 ILCS 425/9
Allocation of Proceeds from Sale of Bonds
Allocation of Proceeds from Sale of Bonds. Proceeds from the sale of Bonds (other than refunding Bonds) shall be deposited in the separate fund in the State Treasury known as the Build Illinois Bond Fund and shall be expended only pursuant to appropriation by the General Assembly. Proceeds to be deposited into any debt…
30 ILCS 425/10
Appropriation of Proceeds from Sale of Bonds
Appropriation of Proceeds from Sale of Bonds. Accrued interest paid to the State at the time of the delivery of any series of Bonds and any other proceeds from the sale of Bonds issued pursuant to this Act to make deposits into debt service or reserve funds as may be required under any trust indenture are hereby approp…
30 ILCS 425/11
Repayment
Repayment. (a) To provide for the repayment of Bonds and required deposits into reserve funds required to be maintained as security for the Bonds, the Governor shall include an appropriation in each annual State Budget of moneys in the following amounts for the following fiscal years 1986 through 1993: Fiscal Year Amou…
30 ILCS 425/12
Bonds as Limited Obligations of the State
Bonds as Limited Obligations of the State. The Governor, on behalf of the State, is authorized to direct the trustee under the Master Indenture securing the outstanding Bonds to pay to the General Revenue Fund on June 15, 1994, and each June 15th thereafter, all of the moneys on deposit in the General Reserve Fund held…
30 ILCS 425/13
Computation of principal and interest; transfer from Build Illinois Bond Account; payment from Build Illinois Bond Retirement and Interest Fund
Computation of principal and interest; transfer from Build Illinois Bond Account; payment from Build Illinois Bond Retirement and Interest Fund. Upon each delivery of Bonds authorized to be issued under this Act, the trustee under the Master Indenture shall compute and certify to the Director of the Governor's Office o…
30 ILCS 425/14
State Covenant
State Covenant. The State of Illinois irrevocably covenants and agrees with the holders of Bonds issued pursuant to this Act that the State will not limit or alter (a) the basis on which the taxes and revenues of the State are required to be collected and deposited in the Build Illinois Fund created under "An Act in re…
30 ILCS 425/15
Refunding Bonds
Refunding Bonds. Refunding Bonds are hereby authorized for the purpose of refunding any outstanding Bonds, including the payment of any redemption premium thereon, any reasonable expenses of such refunding, and any interest accrued or to accrue to the earliest or any subsequent date of redemption or maturity of outstan…
30 ILCS 425/16
Compel Payment - Remedies of Bondholders
Compel Payment - Remedies of Bondholders. If the State fails to pay the principal of or interest on any of the Bonds or premium, if any, 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 o…
30 ILCS 425/17
Investment of Money Not Needed for Current Expenditures - Application of Earnings
Investment of Money Not Needed for Current Expenditures - Application of Earnings. (a) The State Treasurer may, with the Governor's approval, invest and reinvest any moneys on deposit in the Build Illinois Bond Fund and the Build Illinois Bond Retirement and Interest Fund in the State Treasury which are not needed for…