(70 ILCS 3615/4.01) (from Ch. 111 2/3, par. 704.01)
Sec. 4.01. Budget and Program.
(a) The Board shall control the finances
of the Authority. It shall by ordinance appropriate money to perform the
Authority's purposes and provide for payment of debts and expenses of
the Authority. Each year the Authority shall prepare and publish a
comprehensive annual budget and program document describing the state of
the Authority and presenting for the forthcoming fiscal year the
Authority's plans for such operations and capital expenditures as the
Authority intends to undertake and the means by which it intends to
finance them. The proposed program and budget shall contain a statement
of the funds estimated to be on hand at the beginning of the fiscal
year, the funds estimated to be received from all sources for such year
and the funds estimated to be on hand at the end of such year. After
adoption of the Authority's first Five‑Year Program, as provided in
Section 2.01 of this Act, the proposed program and budget shall
specifically identify any respect in which the recommended program
deviates from the Authority's then existing Five‑Year Program, giving
the reasons for such deviation. The fiscal year of the Authority shall
begin on January 1st and end on the succeeding December 31st except that
the fiscal year that began October 1, 1982, shall end December 31, 1983.
By July 1st 1981 and July 1st of each year thereafter the Director of the
Illinois
Governor's Office of Management and Budget (formerly Bureau of the
Budget) shall submit
to the Authority an estimate of revenues for the next fiscal year to be
collected from the taxes imposed by the Authority and the amounts to be
available in the Public Transportation Fund and the Regional Transportation
Authority Occupation and Use Tax Replacement Fund. For the fiscal year ending
on December 31, 1983, the Board shall report its results from
operations and financial condition to the General Assembly and the Governor
by January 31. For the fiscal year beginning January
1, 1984, and thereafter, the budget and program shall be presented to the
General Assembly and the Governor not later than the preceding December
31st. Before the proposed budget and program is adopted, the Authority
shall hold at least one public hearing thereon
in the metropolitan region. The Board shall hold at least one meeting for
consideration of the proposed program and budget with the county board of
each of the several counties in the metropolitan region. After conducting
such hearings and holding such meetings and after making such changes
in the proposed program and budget as the Board deems appropriate, the
Board shall adopt its annual budget ordinance. The ordinance may be adopted
only upon the affirmative votes of 9 of its then Directors. The
ordinance shall appropriate such sums of money as are deemed necessary
to defray all necessary expenses and obligations of the Authority,
specifying purposes and the objects or programs for which appropriations
are made and the amount appropriated for each object or program.
Additional appropriations, transfers between items and other changes in
such ordinance may be made from time to time by the Board upon the
affirmative votes of 9 of its then Directors.
(b) The budget shall show a balance between anticipated revenues from
all sources and anticipated expenses including funding of operating deficits
or the discharge of encumbrances incurred in prior periods and payment of
principal and interest when due, and shall show cash balances sufficient
to pay with reasonable promptness all obligations and expenses as incurred.
The annual budget and financial plan must show:
(i) that the level of fares and charges for mass
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transportation provided by, or under grant or purchase of service contracts of, the Service Boards is sufficient to cause the aggregate of all projected fare revenues from such fares and charges received in each fiscal year to equal at least 50% of the aggregate costs of providing such public transportation in such fiscal year. "Fare revenues" include the proceeds of all fares and charges for services provided, contributions received in connection with public transportation from units of local government other than the Authority and from the State pursuant to subsection (i) of Section 2705‑305 of the Department of Transportation Law (20 ILCS 2705/2705‑305), and all other operating revenues properly included consistent with generally accepted accounting principles but do not include: the proceeds of any borrowings, and, beginning with the 2007 fiscal year, all revenues and receipts, including but not limited to fares and grants received from the federal, State or any unit of local government or other entity, derived from providing ADA paratransit service pursuant to Section 2.30 of the Regional Transportation Authority Act. "Costs" include all items properly included as operating costs consistent with generally accepted accounting principles, including administrative costs, but do not include: depreciation; payment of principal and interest on bonds, notes or other evidences of obligation for borrowed money issued by the Authority; payments with respect to public transportation facilities made pursuant to subsection (b) of Section 2.20 of this Act; any payments with respect to rate protection contracts, credit enhancements or liquidity agreements made under Section 4.14; any other cost to which it is reasonably expected that a cash expenditure will not be made; costs up to $5,000,000 annually for passenger security including grants, contracts, personnel, equipment and administrative expenses, except in the case of the Chicago Transit Authority, in which case the term does not include costs spent annually by that entity for protection against crime as required by Section 27a of the Metropolitan Transit Authority Act; costs as exempted by the Board for projects pursuant to Section 2.09 of this Act; or, beginning with the 2007 fiscal year, expenses related to providing ADA paratransit service pursuant to Section 2.30 of the Regional Transportation Authority Act; and
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(ii) that the level of fares charged for ADA
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paratransit services is sufficient to cause the aggregate of all projected revenues from such fares charged and received in each fiscal year to equal at least 10% of the aggregate costs of providing such ADA paratransit services in fiscal years 2007 and 2008 and at least 12% of the aggregate costs of providing such ADA paratransit services in fiscal years 2009 and thereafter; for purposes of this Act, the percentages in this subsection (b)(ii) shall be referred to as the "system generated ADA paratransit services revenue recovery ratio".
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(c) The actual administrative expenses of the Authority for the fiscal
year commencing January 1, 1985 may not exceed $5,000,000.
The actual administrative expenses of the Authority for the fiscal year
commencing January 1, 1986, and for each fiscal year thereafter shall not
exceed the maximum administrative expenses for the previous fiscal year plus
5%. "Administrative
expenses" are defined for purposes of this Section as all expenses except:
(1) capital expenses and purchases of the Authority on behalf of the Service
Boards; (2) payments to Service Boards; and (3) payment of principal
and interest on bonds, notes or other evidence of obligation for borrowed
money issued by the Authority; (4) costs for passenger security including
grants, contracts, personnel, equipment and administrative expenses; (5)
payments with respect to public transportation facilities made pursuant to
subsection (b) of Section 2.20 of this Act; and (6) any payments with
respect to rate protection contracts, credit enhancements or liquidity
agreements made pursuant to Section 4.14.
(d) After withholding 15% of the proceeds of any tax imposed by the
Authority and 15% of money received by the Authority from the Regional
Transportation Authority Occupation and Use Tax Replacement Fund,
the Board shall allocate the proceeds and money remaining to the Service
Boards as follows: (1) an amount equal to 85% of the proceeds of those
taxes collected within the City of Chicago and 85% of the money received by
the Authority on account of transfers to the Regional Transportation
Authority Occupation and Use Tax Replacement Fund from the County and Mass
Transit District Fund attributable to retail sales within the City of
Chicago shall be allocated to the Chicago Transit
Authority; (2) an amount equal to 85% of the proceeds of those taxes
collected within Cook County outside the City of Chicago and 85% of the
money received by the Authority on account of transfers to the Regional
Transportation Authority Occupation and Use Tax Replacement Fund from the
County and Mass Transit District Fund attributable to retail sales within
Cook County outside of the city of Chicago shall be allocated
30% to the Chicago Transit Authority, 55% to the Commuter Rail Board and
15% to the Suburban Bus Board; and (3) an amount equal to 85% of the
proceeds of the taxes collected within the Counties of DuPage, Kane, Lake,
McHenry and Will shall be allocated 70% to the Commuter Rail Board and 30%
to the Suburban Bus Board.
(e) Moneys received by the Authority on account of transfers to the
Regional Transportation Authority Occupation and Use Tax Replacement Fund
from the State and Local Sales Tax Reform Fund shall be
allocated among the Authority and the Service Boards as follows: 15% of
such moneys shall be retained by the Authority and the remaining 85%
shall be transferred to the Service Boards as soon as may be
practicable after the Authority receives payment. Moneys which are
distributable to the Service Boards pursuant to the preceding sentence
shall be allocated among the Service Boards on the basis of each Service
Board's distribution ratio. The term "distribution ratio" means,
for purposes of this subsection (e) of this Section 4.01, the ratio of
the total amount distributed to a Service Board pursuant to subsection (d)
of Section 4.01 for the immediately preceding calendar year to the total
amount distributed to all of the Service Boards pursuant to subsection (d)
of Section 4.01 for the immediately preceding calendar year.
To further and accomplish the preparation of the annual budget and
program as well as the Five‑Year Program provided for in Section 2.01 of
this Act and to make such interim management decisions as may be
necessary, the Board shall employ staff which shall: (1) evaluate for
the Board public transportation programs operated or proposed by
transportation agencies in terms of goals, costs and relative
priorities; (2) keep the Board informed of the public transportation
programs and accomplishments of such transportation agencies; and (3)
coordinate the development and implementation of public transportation
programs to the end that the monies available to the Authority may be
expended in the most economical manner possible with the least possible
duplication. Under such regulations as the Board may prescribe, all
Service Boards, transportation agencies, comprehensive planning agencies or
transportation planning agencies in the metropolitan region shall
furnish to the Board such information pertaining to public
transportation or relevant for plans therefor as it may from time to time
require, upon payment to any such agency or Service Board of the reasonable
additional cost of its so providing such information except as may
otherwise be provided by agreement with the Authority, and the Board or
any duly authorized employee of the Board shall, for the purpose of
securing such information, have access to, and the right to examine, all
books, documents, papers or records of any such agency or Service Board
pertaining to public transportation or relevant for plans therefor.
(Source: P.A. 94‑370, eff. 7‑29‑05.)
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(70 ILCS 3615/4.03.1) (from Ch. 111 2/3, par. 704.03.1)
Sec. 4.03.1.
(a) The Board may impose a tax upon all persons engaged in
the business of renting automobiles in the metropolitan region at the rate
of not to exceed 1% of the gross receipts from such business within Cook
County and not to exceed 1/4% of the gross receipts from such business
within the Counties of DuPage, Kane, Lake, McHenry and Will. The tax imposed
pursuant to this paragraph and all civil penalties that may be assessed
as an incident thereof shall be collected and enforced by the State Department
of Revenue. The certificate of registration which is issued by the Department
to a retailer under the Retailers' Occupation Tax Act or under the Automobile Renting Occupation and Use Tax
Act shall permit such
person to engage in a business which is taxable under any ordinance or
resolution
enacted pursuant to this paragraph without registering separately with the
Department under such ordinance or resolution or under this paragraph. The
Department shall have full power to administer and enforce this
paragraph; to collect all taxes and penalties due hereunder; to dispose
of taxes and penalties so collected in the manner hereinafter provided,
and to determine all rights to credit memoranda, arising on account of the
erroneous payment of tax or penalty hereunder. In the administration of,
and compliance with, this paragraph, the Department and persons who are
subject to this paragraph shall have the same rights, remedies, privileges,
immunities, powers and duties, and be subject to the same conditions, restrictions,
limitations, penalties and definitions of terms, and employ the same modes
of procedure, as are prescribed in Sections 2 and 3 (in respect to all
provisions
therein other than the State rate of tax; and with relation to the provisions
of the Retailers' Occupation Tax referred to therein, except as to
the
disposition of taxes and penalties collected, and except for the provision
allowing retailers a deduction from the tax cover certain costs, and except
that credit memoranda issued hereunder may not be used to discharge any
State tax liability) of the Automobile Renting Occupation and Use Tax
Act as fully as if provisions contained in those Sections
of said Act were set forth herein. Persons subject to any tax imposed pursuant
to the authority granted in this paragraph may reimburse themselves for
their tax liability hereunder by separately stating such tax as an additional
charge, which charge may be stated in combination, in a single amount, with
State tax which sellers are required to collect under the Automobile
Renting
Occupation and Use Tax Act pursuant to such bracket schedules as the
Department
may prescribe. Nothing in this paragraph shall be construed to authorize
the Authority to impose a tax upon the privilege of engaging in any business
which under the Constitution of the United States may not be made
the subject
of taxation by this State.
(b) The Board may impose a tax upon the privilege of using, in the
metropolitan
region an automobile which is rented from a renter outside Illinois, and
which is titled or registered with an agency of this State's government,
at a rate not to exceed 1% of the rental price of such automobile within
the County of Cook, and not to exceed 1/4% of the rental price within the
counties of DuPage, Kane, Lake, McHenry and Will. Such tax shall be collected
from persons whose Illinois address for titling or registration purposes
is given as being in the
metropolitan region. Such tax shall be collected by the Department of Revenue
for the Regional Transportation Authority. Such tax must be paid to the
State, or an exemption determination must be obtained from the Department
of Revenue, before the title or certificate of registration for the property
may be issued. The tax or proof of exemption may be transmitted to the Department
by way of the State agency with which, or State officer with whom, the tangible
personal property must be titled or registered if the Department and such
agency or State officer determine that this procedure will expedite the
processing of applications for title or registration. The Department shall
have full power to administer and enforce this paragraph; to collect all
taxes, penalties and interest due hereunder; to dispose of taxes, penalties
and interest so collected in the manner hereinafter provided, and to determine
all rights to credit memoranda or refunds arising on account of the erroneous
payment of tax, penalty or interest hereunder. In the administration of,
and compliance with, this paragraph, the Department and persons who are
subject to this paragraph shall have the same rights, remedies, privileges,
immunities, powers and duties, and be subject to the same conditions, restrictions,
limitations, penalties and definitions of terms, and employ the same modes
of procedure, as are prescribed in Sections 2 and 4 (except provisions pertaining
to the State rate of tax; and with relation to the provisions of the Use
Tax Act referred to therein, except provisions concerning collection or
refunding of the tax by retailers, and except the provisions of Section 19
pertaining to claims by retailers and except the last paragraph concerning
refunds, and except that credit memoranda issued hereunder may not be used
to discharge any State tax liability) of the Automobile Renting Occupation
and Use Tax Act which are not inconsistent with
this paragraph, as fully as if provisions contained in those Sections of
said Act were set forth herein.
(c) Whenever the Department determines that a refund should be made under
this Section to a claimant instead of issuing a credit memorandum, the
Department
shall notify the State Comptroller, who shall cause the order to be drawn
for the amount specified, and to the person named, in such notification
from the Department. Such refund shall be paid by the State Treasurer out
of the Regional Transportation Authority tax fund created pursuant to Section
4.03 of this Act.
(d) The Department shall forthwith pay over to the State Treasurer, ex‑officio,
as trustee, all taxes, penalties and interest collected under this Section.
On or before the 25th day of each calendar month, the Department shall prepare
and certify to the State Comptroller the amount to be paid to the Authority.
The State Department of Revenue shall also certify to the Authority the
amount of taxes collected in each County other than Cook County in the metropolitan
region less the amount necessary for the payment of refunds to taxpayers
in such County. With regard to the County of Cook, the certification shall
specify the amount of taxes collected within the City of Chicago less the
amount necessary for the payment of refunds to taxpayers in the City of
Chicago and the amount collected in that portion of Cook County outside
of Chicago less the amount necessary for the payment of refunds to taxpayers
in that portion of Cook County outside of Chicago. The amount to be paid
to the Authority shall be the amount (not including credit memoranda) collected
hereunder during the second preceding calendar month by the Department,
and not including an amount equal to the amount of refunds made
during the second preceding calendar month by the Department on behalf of
the Authority. Within 10 days after receipt, by the State Comptroller, of
the disbursement certification to the Authority, the State Comptroller shall
cause the orders to be drawn in accordance with the directions contained
in such certification.
(e) An ordinance imposing a tax hereunder or effecting a change in the
rate thereof shall be effective on the first day of the calendar month next
following the month in which such ordinance is passed. The Board shall transmit
to the Department of Revenue on or not later than 5 days after passage of
the ordinance a certified copy of the ordinance imposing such tax whereupon
the Department of Revenue shall proceed to administer and enforce this Section
on behalf of the Authority as of the effective date of the ordinance. Upon
a change in rate of a tax levied hereunder, or upon the discontinuance of
the tax, the Board shall, on or not later than 5 days after passage of the
ordinance discontinuing the tax or effecting a change in rate, transmit
to the Department of Revenue a certified copy of the ordinance effecting
such change or discontinuance.
(Source: P.A. 91‑357, eff. 7‑29‑99.)
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(70 ILCS 3615/4.04) (from Ch. 111 2/3, par. 704.04)
Sec. 4.04. Issuance and Pledge of Bonds and Notes.
(a) The Authority shall have the continuing power to borrow money and to
issue its negotiable bonds or notes as provided in this Section. Unless
otherwise indicated in this Section, the term "notes" also includes bond
anticipation notes, which are notes which by their terms provide for
their payment from the proceeds of bonds thereafter to be issued. Bonds
or notes of the Authority may be issued for any or all of the following
purposes: to pay costs to the Authority or a Service Board of constructing
or acquiring any public transportation facilities (including funds and
rights relating thereto, as provided in Section 2.05 of this Act); to repay
advances to the Authority or a Service Board made for such purposes; to pay
other expenses of the Authority or a Service Board incident to or incurred
in connection with such construction or acquisition; to provide funds for
any transportation agency to pay principal
of or interest or redemption premium on any bonds or notes, whether
as such amounts become due or by earlier redemption, issued prior to the
date of this amendatory Act by such transportation agency to construct or
acquire public transportation facilities or to provide funds to purchase
such bonds or notes; and to provide funds for any transportation agency to
construct or acquire any public transportation facilities, to repay
advances made for such purposes, and to pay other expenses incident to
or incurred in connection with such construction or acquisition; and to
provide funds for payment of obligations, including the funding of reserves,
under any self‑insurance plan or joint self‑insurance pool or entity.
In addition to any other borrowing as may be authorized by this Section,
the Authority may issue its notes, from time to time, in anticipation of
tax receipts of the Authority or of other
revenues or receipts of the Authority, in order to provide money for the
Authority or the Service Boards to cover any cash flow deficit which
the Authority or a Service Board anticipates incurring. Any such notes
are referred to in this Section as "Working Cash Notes". No Working
Cash Notes shall be issued for a term of longer than 18 months.
Proceeds of Working Cash Notes may be used to pay day to day operating
expenses of the Authority or the Service Boards, consisting of wages,
salaries and fringe benefits, professional and technical services
(including legal, audit, engineering and other consulting services), office
rental, furniture, fixtures and equipment, insurance premiums, claims for
self‑insured amounts under insurance policies, public utility
obligations for telephone, light, heat and similar items, travel expenses,
office supplies, postage, dues, subscriptions, public hearings and information
expenses, fuel purchases, and payments of grants and payments under purchase
of service agreements for operations of transportation agencies, prior to
the receipt by the Authority or a Service Board from time to time of
funds for paying such expenses. In addition to any Working Cash Notes
that the Board of the Authority may determine to issue, the Suburban Bus
Board, the Commuter Rail Board or the Board of the Chicago Transit Authority
may demand and direct that the Authority issue its Working Cash Notes in
such amounts and having such maturities as the Service Board may determine.
Notwithstanding any other provision of this Act, any amounts necessary to
pay principal of and interest on any
Working Cash Notes issued at the demand
and direction of a Service Board or any Working Cash Notes the proceeds of
which were used for the direct benefit of a Service Board or any other
Bonds or Notes of the Authority the proceeds of which were used for the
direct benefit of a Service Board shall constitute a reduction of the amount
of any other funds provided by the Authority to that Service
Board. The Authority shall, after deducting any costs of issuance, tender
the net proceeds of any Working Cash Notes issued at the demand and
direction of a Service Board to such Service Board as soon as may be
practicable after the proceeds are received. The Authority may also issue
notes or bonds to pay, refund or redeem any of its notes and bonds,
including to pay redemption premiums or accrued interest on such bonds or
notes being renewed, paid or refunded, and other costs in connection
therewith. The Authority may also utilize the proceeds of any such bonds or
notes to pay the legal, financial, administrative and other expenses of
such authorization, issuance, sale or delivery of bonds or notes or to
provide or increase a debt service reserve fund with respect to any or all
of its bonds or notes. The Authority may also issue and deliver
its bonds or notes in exchange for any public transportation facilities,
(including funds and rights relating thereto, as provided in Section
2.05 of this Act) or in exchange for outstanding bonds or notes of the
Authority, including any accrued interest or redemption premium thereon,
without advertising or submitting such notes or bonds for public bidding.
(b) The ordinance providing for the issuance of any such bonds or
notes shall fix the date or dates of maturity, the dates on which
interest is payable, any sinking fund account or reserve fund account
provisions and all other details of such bonds or notes and may provide
for such covenants or agreements necessary or desirable with regard to
the issue, sale and security of such bonds or notes. The rate or rates of
interest on its bonds or notes may be fixed or variable and the Authority
shall determine or provide for the determination of the rate or
rates of interest of its bonds or notes
issued under this Act in an ordinance adopted by the Authority prior to
the issuance thereof, none of which rates of interest shall exceed
that permitted in the Bond Authorization Act. Interest may be payable at such times as are provided for
by the Board. Bonds and notes issued under this Section may
be issued as serial or term obligations, shall be of such denomination
or denominations and form, including interest coupons to be attached
thereto, be executed in such manner, shall be payable at such place or
places and bear such date as the Authority shall fix by the ordinance
authorizing such bond or note and shall mature at such time or times,
within a period not to exceed forty years from the date of issue, and
may be redeemable prior to maturity with or without premium, at the
option of the Authority, upon such terms and conditions as the Authority
shall fix by the ordinance authorizing the issuance of such bonds or
notes. No bond anticipation note or any renewal thereof shall mature at
any time or times exceeding 5 years from the date of the first issuance
of such note. The Authority may provide for the registration of bonds or
notes in the name of the owner as to the principal alone or as to both
principal and interest, upon such terms and conditions as the Authority
may determine. The ordinance authorizing bonds or notes may provide for
the exchange of such bonds or notes which are fully registered, as to
both principal and interest, with bonds or notes which are registerable
as to principal only. All bonds or notes issued under this Section by
the Authority other than those issued in exchange for property or for
bonds or notes of the Authority shall be sold at a price which may be at
a premium or discount but such that the interest cost (excluding any
redemption premium) to the Authority of the proceeds of an issue of such
bonds or notes, computed to stated maturity according to standard tables
of bond values, shall not exceed that permitted in the Bond Authorization
Act. The Authority shall notify
the
Governor's Office of Management and Budget and the State Comptroller at least 30 days
before any bond sale and shall file with the
Governor's Office of Management and Budget and the
State Comptroller a certified copy of any ordinance authorizing the issuance
of bonds at or before the issuance of the bonds.
After December 31, 1994, any such bonds or notes shall be sold
to the highest and best bidder on sealed bids as the Authority shall deem.
As such bonds or notes are to be sold the Authority shall advertise for
proposals to purchase the bonds or notes which advertisement shall be published
at least once in a daily newspaper of general circulation published in the
metropolitan region at least 10 days before the time set for the submission
of bids. The Authority shall have the right to reject any or all bids.
Notwithstanding any other provisions of this Section, Working Cash Notes or
bonds or notes to provide funds for self‑insurance or a joint self‑insurance
pool or entity may be sold either upon competitive bidding or by negotiated
sale
(without any requirement of publication of intention to negotiate the sale
of such Notes), as the Board shall determine by ordinance adopted with the
affirmative votes of at least 7 Directors. In case any officer whose signature
appears on any bonds, notes or coupons authorized pursuant to this
Section shall cease to be such officer before delivery of such bonds or
notes, such signature shall nevertheless be valid and sufficient for all
purposes, the same as if such officer had remained in office until such
delivery. Neither the Directors of the Authority nor any person
executing any bonds or notes thereof shall be liable personally on any
such bonds or notes or coupons by reason of the issuance thereof.
(c) All bonds or notes of the Authority issued pursuant to this Section
shall be general obligations
of the Authority to which shall be pledged the full faith and credit of the
Authority, as provided in this Section. Such bonds or notes
shall be secured
as provided in the authorizing ordinance, which may, notwithstanding any other
provision of this Act, include in addition to any other security, a specific
pledge or assignment of and lien on or security interest in any or all tax
receipts of the Authority and on any or all other revenues or moneys of the
Authority from whatever source, which may by law be utilized for debt
service purposes and a specific pledge or assignment of and lien on or security
interest in any funds or accounts established or provided for by the ordinance
of the Authority authorizing the issuance of such bonds or notes. Any such
pledge, assignment, lien or security interest for the benefit of holders of
bonds or notes of the Authority shall be valid and binding from the time the
bonds or notes are issued without any physical delivery or further act
and shall be valid and binding as against and prior to the claims of all
other parties having claims of any kind against the Authority or any other
person irrespective of whether such other parties have notice of such pledge,
assignment, lien or security interest. The obligations of the Authority
incurred pursuant to this Section shall be superior to and have priority over
any other obligations of the Authority.
The Authority may provide in the
ordinance authorizing the issuance of any bonds or notes issued pursuant to
this Section for the creation of, deposits in, and regulation and disposition
of sinking fund or reserve accounts relating to such bonds or notes. The
ordinance authorizing the issuance of any bonds or notes pursuant to this
Section may contain provisions as part of the contract with the holders
of the bonds or notes, for the creation of a separate fund to provide
for the payment of principal and interest on such bonds or notes
and for the deposit in such fund from any or all the tax receipts of the
Authority and from any or all such other moneys or revenues of the
Authority from whatever source which may by law be utilized for debt
service purposes, all as provided in such ordinance, of amounts to meet
the debt service requirements on such bonds or notes, including
principal and interest, and any sinking fund or reserve fund account
requirements as may be provided by such ordinance, and all expenses
incident to or in connection with such fund and accounts or the payment
of such bonds or notes.
Such ordinance may also provide limitations on the issuance of additional
bonds or notes of the Authority. No such bonds or notes of the Authority
shall constitute a debt of the State of Illinois. Nothing in this Act shall
be construed to enable the Authority to impose any ad valorem tax on property.
(d) The ordinance of the Authority authorizing the issuance of any bonds
or notes may provide additional security for such bonds or notes by providing
for appointment of a corporate trustee (which may be any trust company or
bank having the powers of a trust company within the state) with respect
to such bonds or notes. The ordinance shall prescribe the rights, duties
and powers of the trustee to be exercised for the benefit of the Authority
and the protection of the holders of such bonds or notes. The ordinance
may provide for the trustee to hold in trust, invest and use amounts in
funds and accounts created as provided by the ordinance with respect to
the bonds or notes. The ordinance may provide for the assignment and direct
payment to the trustee of any or all amounts produced from the sources
provided in Section 4.03 of this Act and provided in Section 6z‑17 of "An Act
in relation to State finance", approved June 10, 1919, as amended.
Upon receipt of notice of any such assignment, the Department of Revenue and
the Comptroller of the State of Illinois shall thereafter, notwithstanding the
provisions of Section 4.03 of this Act and Section 6z‑17 of "An Act in relation
to State finance", approved June 10, 1919, as amended, provide for such
assigned amounts to be paid directly to the trustee instead of the Authority,
all in accordance with the terms of the ordinance making the assignment. The
ordinance shall provide that
amounts so paid to the trustee which are not required to be deposited, held
or invested in funds and accounts created by the ordinance with respect
to bonds or notes or used for paying bonds or notes to be paid by the trustee
to the Authority.
(e) Any bonds or notes of the Authority issued pursuant to this
Section shall constitute a contract between the Authority and the
holders from time to time of such bonds or notes. In issuing any bond or
note, the Authority may include in the ordinance authorizing such issue
a covenant as part of the contract with the holders of the bonds or
notes, that as long as such obligations are outstanding, it shall make
such deposits, as provided in paragraph (c) of this Section. It may also
so covenant that it shall impose and continue to impose taxes, as
provided in Section 4.03 of this Act and in addition thereto as
subsequently authorized by law, sufficient to make such deposits and pay
the principal and interest and to meet other debt service requirements
of such bonds or notes as they become due. A certified copy of the
ordinance authorizing the issuance of any such obligations shall be
filed at or prior to the issuance of such obligations with the Comptroller
of the State of Illinois and the Illinois Department of Revenue.
(f) The State of Illinois pledges to and agrees with the holders of
the bonds and notes of the Authority issued pursuant to this Section
that the State will not limit or alter the rights and powers vested in
the Authority by this Act so as to impair the terms of any contract made
by the Authority with such holders or in any way impair the rights and
remedies of such holders until such bonds and notes, together with
interest thereon, with interest on any unpaid installments of interest,
and all costs and expenses in connection with any action or proceedings
by or on behalf of such holders, are fully met and discharged. In
addition, the State pledges to and agrees with the holders of the bonds
and notes of the Authority issued pursuant to this Section that the
State will not limit or alter the basis on which State funds are to be
paid to the Authority as provided in this Act, or the use of such funds,
so as to impair the terms of any such contract. The Authority is
authorized to include these pledges and agreements of the State in any
contract with the holders of bonds or notes issued pursuant to this
Section.
(g) (1) Except as provided in subdivisions (g)(2) and
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(g)(3) of Section 4.04 of this Act, the Authority shall not at any time issue, sell or deliver any bonds or notes (other than Working Cash Notes) pursuant to this Section 4.04 which will cause it to have issued and outstanding at any time in excess of $800,000,000 of such bonds and notes (other than Working Cash Notes). The Authority shall not at any time issue, sell or deliver any Working Cash Notes pursuant to this Section which will cause it to have issued and outstanding at any time in excess of $100,000,000 of Working Cash Notes. Bonds or notes which are being paid or retired by such issuance, sale or delivery of bonds or notes, and bonds or notes for which sufficient funds have been deposited with the paying agency of such bonds or notes to provide for payment of principal and interest thereon or to provide for the redemption thereof, all pursuant to the ordinance authorizing the issuance of such bonds or notes, shall not be considered to be outstanding for the purposes of the first two sentences of this subsection.
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(2) In addition to the authority provided by
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paragraphs (1) and (3), the Authority is authorized to issue, sell and deliver bonds or notes for Strategic Capital Improvement Projects approved pursuant to Section 4.13 as follows:
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$100,000,000 is authorized to be issued on or after
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an additional $100,000,000 is authorized to be
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issued on or after January 1, 1991;
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an additional $100,000,000 is authorized to be
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issued on or after January 1, 1992;
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an additional $100,000,000 is authorized to be
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issued on or after January 1, 1993;
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an additional $100,000,000 is authorized to be
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issued on or after January 1, 1994; and
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the aggregate total authorization of bonds and notes
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for Strategic Capital Improvement Projects as of January 1, 1994, shall be $500,000,000.
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The Authority is also authorized to issue, sell, and
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deliver bonds or notes in such amounts as are necessary to provide for the refunding or advance refunding of bonds or notes issued for Strategic Capital Improvement Projects under this subdivision (g)(2), provided that no such refunding bond or note shall mature later than the final maturity date of the series of bonds or notes being refunded, and provided further that the debt service requirements for such refunding bonds or notes in the current or any future fiscal year shall not exceed the debt service requirements for that year on the refunded bonds or notes.
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(3) In addition to the authority provided by
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paragraphs (1) and (2), the Authority is authorized to issue, sell, and deliver bonds or notes for Strategic Capital Improvement Projects approved pursuant to Section 4.13 as follows:
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$260,000,000 is authorized to be issued on or after
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an additional $260,000,000 is authorized to be
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issued on or after January 1, 2001;
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an additional $260,000,000 is authorized to be
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issued on or after January 1, 2002;
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an additional $260,000,000 is authorized to be
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issued on or after January 1, 2003;
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an additional $260,000,000 is authorized to be
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issued on or after January 1, 2004; and
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the aggregate total authorization of bonds and notes
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for Strategic Capital Improvement Projects pursuant to this paragraph (3) as of January 1, 2004 shall be $1,300,000,000.
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The Authority is also authorized to issue, sell, and
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deliver bonds or notes in such amounts as are necessary to provide for the refunding or advance refunding of bonds or notes issued for Strategic Capital Improvement projects under this subdivision (g)(3), provided that no such refunding bond or note shall mature later than the final maturity date of the series of bonds or notes being refunded, and provided further that the debt service requirements for such refunding bonds or notes in the current or any future fiscal year shall not exceed the debt service requirements for that year on the refunded bonds or notes.
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(h) The Authority, subject to the terms of any agreements with noteholders
or bond holders as may then exist, shall have power, out of any funds
available therefor, to purchase notes or bonds of the Authority, which
shall thereupon be cancelled.
(i) In addition to any other authority granted by law, the State Treasurer
may, with the approval of the Governor, invest or reinvest, at a price not
to exceed par, any State money in the State Treasury which is not needed
for current expenditures due or about to become due in Working Cash Notes.
(Source: P.A. 94‑793, eff. 5‑19‑06.)
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(70 ILCS 3615/4.06) (from Ch. 111 2/3, par. 704.06)
Sec. 4.06.
Public bidding.
(a) The Board shall adopt regulations to ensure
that the construction or acquisition by the Authority or a Service Board
other than the Chicago Transit Authority of services or public
transportation facilities (other than real estate) involving a cost of more
than $10,000 and the disposition of all property of the Authority or a
Service Board other than the Chicago Transit Authority shall be after
public notice and with public bidding. Such regulations may provide for
exceptions to such requirements for acquisition of repair parts, accessories,
equipment or services previously furnished or contracted for; for the
immediate delivery of supplies, material or equipment or performance of
service when it is determined by the concurrence of two‑thirds of the then
Directors that an emergency requires immediate delivery or supply thereof;
for goods or services that are economically procurable from only one
source; for contracts for the maintenance or servicing of equipment which
are made with the manufacturers or authorized service agent of that
equipment where the maintenance or servicing can best be performed by the
manufacturer or authorized service agent or such a contract would be
otherwise advantageous to the Authority or a Service Board, other
than the Chicago Transit Authority, except that the exceptions in this
clause shall not apply to contracts for plumbing, heating, piping,
refrigeration and automatic temperature control systems, ventilating and
distribution systems for conditioned air, and electrical wiring; for goods
or services procured from another governmental agency; for purchases and
contracts for the use or purchase of data processing equipment and data
processing systems software; for the acquisition of professional or
utility services; and for the acquisition of public transportation
equipment including, but not limited to, rolling stock, locomotives and
buses, provided that: (i) it is determined by a vote of 2/3 of the then
Directors of the Service Board making the acquisition that a negotiated
acquisition offers opportunities with respect to the cost or financing of
the equipment, its delivery, or the performance of a portion of the work
within the State or the use of goods produced or
services provided within the State; (ii) a notice of intention to negotiate
for the acquisition of such public transportation equipment is published in
a newspaper of general circulation within the City of Chicago inviting
proposals from qualified vendors; and (iii) any contract with respect to
such acquisition is authorized by a vote of 2/3 of the then Directors of
the Service Board making the acquisition. The requirements set forth
in this Section shall not apply to purchase of service
agreements or other
contracts, purchases or sales entered into by the Authority with any
transportation agency or unit of local government.
(b) (1) In connection with two‑phase design/build selection procedures
authorized in this Section, a Service Board may authorize, by
the affirmative vote of two‑thirds of the then members of the
Service Board, the use of competitive selection and the prequalification of
responsible bidders consistent with applicable federal regulations and this
subsection (b).
(2) Two‑phase design/build selection procedures |
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shall consist of the following:
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(i) A Service Board shall develop, through
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licensed architects or licensed engineers, a scope of work statement for inclusion in the solicitation for phase‑one proposals that defines the project and provides prospective offerors with sufficient information regarding the Service Board's requirements. The statement shall include criteria and preliminary design, and general budget parameters and general schedule or delivery requirements to enable the offerors to submit proposals which meet the Service Board's needs. When the two‑phase design/build selection procedure is used and the Service Board contracts for development of the scope of work statement, the Service Board shall contract for architectural or engineering services as defined by and in accordance with the Architectural, Engineering, and Land Surveying Qualifications Based Selection Act and all applicable licensing statutes.
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(ii) The evaluation factors to be used in
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evaluating phase‑one proposals must be stated in the solicitation and must include specialized experience and technical competence, capability to perform, past performance of the offeror's team (including the architect‑engineer and construction members of the team) and other appropriate technical and qualifications factors. Each solicitation must establish the relative importance assigned to the evaluation factors and the subfactors that must be considered in the evaluation of phase‑one proposals on the basis of the evaluation factors set forth in the solicitation. Each design/build team must include a licensed design professional independent from the Service Board's licensed architect or engineer and a licensed design professional must be named in the phase‑one proposals submitted to the Service Board.
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(iii) On the basis of the phase‑one proposal the
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Service Board shall select as the most highly qualified the number of offerors specified in the solicitation and request the selected offerors to submit phase‑two competitive proposals and cost or price information. Each solicitation must establish the relative importance assigned to the evaluation factors and the subfactors that must be considered in the evaluation of phase‑two proposals on the basis of the evaluation factors set forth in the solicitation. A Service Board may negotiate with the selected design/build team after award but prior to contract execution for the purpose of securing better terms than originally proposed, provided the salient features of the design/build solicitation are not diminished. Each phase‑two solicitation evaluates separately (A) the technical submission for the proposal, including design concepts or proposed solutions to requirements addressed within the scope of work, and (B) the evaluation factors and subfactors, including cost or price, that must be considered in the evaluations of proposals.
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(iv) A design/build solicitation issued under
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the procedures in this subsection (b) shall state the maximum number of offerors that are to be selected to submit competitive phase‑two proposals. The maximum number specified in the solicitation shall not exceed 5 unless the Service Board with respect to an individual solicitation determines that a specified number greater than 5 is in the best interest of the Service Board and is consistent with the purposes and objectives of the two‑phase design/build selection process.
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(v) All designs submitted as part of the
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two‑phase selection process and not selected shall be proprietary to the preparers.
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(Source: P.A. 89‑664, eff. 8‑14‑96.)
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(70 ILCS 3615/4.09) (from Ch. 111 2/3, par. 704.09)
Sec. 4.09. Public Transportation Fund and the Regional Transportation
Authority Occupation and Use Tax Replacement Fund.
(a) As soon as possible after the first day of each month, beginning
November 1, 1983, the Comptroller shall order transferred and the Treasurer
shall transfer from the General Revenue Fund to a special fund in the State
Treasury, to be known as the "Public Transportation Fund" $9,375,000 for
each month remaining in State fiscal year 1984. As soon as possible after
the first day of each month, beginning July 1, 1984, upon certification of
the Department of Revenue, the Comptroller shall order transferred and the
Treasurer shall transfer from the General Revenue Fund to the Public
Transportation Fund an amount equal to 25% of the net revenue, before the
deduction of the serviceman and retailer discounts pursuant to Section 9 of
the Service Occupation Tax Act and Section 3 of the Retailers' Occupation
Tax Act, realized from any tax imposed by the Authority pursuant to
Sections 4.03 and 4.03.1 and 25% of the amounts deposited into the Regional
Transportation Authority tax fund created by Section 4.03 of this Act, from
the County and Mass Transit District Fund as provided in Section 6z‑20 of
the State Finance Act and 25% of the amounts deposited into the Regional
Transportation Authority Occupation and Use Tax Replacement Fund from the
State and Local Sales Tax Reform Fund as provided in Section 6z‑17 of the
State Finance Act. Net revenue realized for a month shall be the revenue
collected by the State pursuant to Sections 4.03 and 4.03.1 during the
previous month from within the metropolitan region, less the amount paid
out during that same month as refunds to taxpayers for overpayment of
liability in the metropolitan region under Sections 4.03 and 4.03.1.
(b)(1) All moneys deposited in the Public Transportation
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Fund and the Regional Transportation Authority Occupation and Use Tax Replacement Fund, whether deposited pursuant to this Section or otherwise, are allocated to the Authority. Pursuant to appropriation, the Comptroller, as soon as possible after each monthly transfer provided in this Section and after each deposit into the Public Transportation Fund, shall order the Treasurer to pay to the Authority out of the Public Transportation Fund the amount so transferred or deposited. Such amounts paid to the Authority may be expended by it for its purposes as provided in this Act.
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Subject to appropriation to the Department of Revenue,
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the Comptroller, as soon as possible after each deposit into the Regional Transportation Authority Occupation and Use Tax Replacement Fund provided in this Section and Section 6z‑17 of the State Finance Act, shall order the Treasurer to pay to the Authority out of the Regional Transportation Authority Occupation and Use Tax Replacement Fund the amount so deposited. Such amounts paid to the Authority may be expended by it for its purposes as provided in this Act.
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(2) Provided, however, no moneys deposited under
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subsection (a) of this Section shall be paid from the Public Transportation Fund to the Authority or its assignee for any fiscal year beginning after the effective date of this amendatory Act of 1983 until the Authority has certified to the Governor, the Comptroller, and the Mayor of the City of Chicago that it has adopted for that fiscal year a budget and financial plan meeting the requirements in Section 4.01(b).
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(c) In recognition of the efforts of the Authority to enhance the mass
transportation facilities under its control, the State shall provide
financial assistance ("Additional State Assistance") in excess of the
amounts transferred to the Authority from the General Revenue Fund under
subsection (a) of this Section. Additional State Assistance shall be
calculated as provided in
subsection (d), but shall in no event exceed the following
specified amounts with respect to the following State fiscal years:
|
1990 |
$5,000,000; |
1991 |
$5,000,000; |
1992 |
$10,000,000; |
1993 |
$10,000,000; |
1994 |
$20,000,000; |
1995 |
$30,000,000; |
1996 |
$40,000,000; |
1997 |
$50,000,000; |
1998 |
$55,000,000; and |
each year thereafter |
$55,000,000. |
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(c‑5) The State shall provide financial assistance ("Additional Financial
Assistance") in addition to the Additional State Assistance provided by
subsection (c) and the amounts transferred to the Authority from the General
Revenue Fund under subsection (a) of this Section. Additional Financial
Assistance provided by this subsection shall be calculated as provided in
subsection (d), but shall in no event exceed the following specified amounts
with respect to the following State fiscal years:
|
2000 |
$0; |
2001 |
$16,000,000; |
2002 |
$35,000,000; |
2003 |
$54,000,000; |
2004 |
$73,000,000; |
2005 |
$93,000,000; and |
each year thereafter |
$100,000,000. |
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(d) Beginning with State fiscal year 1990 and continuing for each
State fiscal year thereafter, the Authority shall annually certify to the
State Comptroller and State Treasurer, separately with respect to each of
subdivisions (g)(2) and (g)(3) of Section 4.04 of this Act, the following
amounts:
(1) The amount necessary and required, during the
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State fiscal year with respect to which the certification is made, to pay its obligations for debt service on all outstanding bonds or notes issued by the Authority under subdivisions (g)(2) and (g)(3) of Section 4.04 of this Act.
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(2) An estimate of the amount necessary and required
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to pay its obligations for debt service for any bonds or notes which the Authority anticipates it will issue under subdivisions (g)(2) and (g)(3) of Section 4.04 during that State fiscal year.
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(3) Its debt service savings during the preceding
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State fiscal year from refunding or advance refunding of bonds or notes issued under subdivisions (g)(2) and (g)(3) of Section 4.04.
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(4) The amount of interest, if any, earned by the
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Authority during the previous State fiscal year on the proceeds of bonds or notes issued pursuant to subdivisions (g)(2) and (g)(3) of Section 4.04, other than refunding or advance refunding bonds or notes.
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The certification shall include a specific
schedule of debt service payments, including the date and amount of each
payment for all outstanding bonds or notes and an estimated schedule of
anticipated debt service for all bonds and notes it intends to issue, if any,
during that State fiscal year, including the estimated date and estimated
amount of each payment.
Immediately upon the issuance of bonds for which an estimated schedule
of debt service payments was prepared, the Authority shall file an amended
certification with respect to item (2) above, to specify the actual
schedule of debt service payments, including the date and amount of each
payment, for the remainder of the State fiscal year.
On the first day of each month of the
State fiscal year in which there are bonds outstanding with respect to which
the certification is made, the State Comptroller shall order transferred and
the State Treasurer shall transfer from the General Revenue Fund to the
Public Transportation Fund the Additional State Assistance and Additional
Financial Assistance in an amount equal to the aggregate of
(i) one‑twelfth of the sum of the amounts certified under items
(1) and (3) above less the amount certified under item (4) above, plus
(ii)
the amount required to pay debt service on bonds and notes
issued during the fiscal year, if any, divided by the number of months
remaining in the fiscal year after the date of issuance, or some smaller
portion as may be necessary under subsection (c)
or (c‑5) of this Section for the relevant State fiscal year, plus
(iii) any cumulative deficiencies in transfers for prior months,
until an amount equal to the
sum of the amounts certified under items (1) and (3) above,
plus the actual debt service certified under item (2) above,
less the amount certified under item (4) above,
has been transferred; except that these transfers are subject to the
following limits:
(A) In no event shall the total transfers in any
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State fiscal year relating to outstanding bonds and notes issued by the Authority under subdivision (g)(2) of Section 4.04 exceed the lesser of the annual maximum amount specified in subsection (c) or the sum of the amounts certified under items (1) and (3) above, plus the actual debt service certified under item (2) above, less the amount certified under item (4) above, with respect to those bonds and notes.
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(B) In no event shall the total transfers in any
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State fiscal year relating to outstanding bonds and notes issued by the Authority under subdivision (g)(3) of Section 4.04 exceed the lesser of the annual maximum amount specified in subsection (c‑5) or the sum of the amounts certified under items (1) and (3) above, plus the actual debt service certified under item (2) above, less the amount certified under item (4) above, with respect to those bonds and notes.
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The term "outstanding" does not include bonds or notes for which
refunding or advance refunding bonds or notes have been issued.
(e) Neither Additional State Assistance nor Additional Financial
Assistance may be pledged, either directly or
indirectly as general revenues of the Authority, as security for any bonds
issued by the Authority. The Authority may not assign its right to receive
Additional State Assistance or Additional Financial Assistance, or direct
payment of Additional State
Assistance or Additional Financial Assistance, to a trustee or any other
entity for the
payment of debt service
on its bonds.
(f) The certification required under subsection (d) with respect to
outstanding bonds and notes of the Authority shall be
filed as early as practicable before the beginning of the State fiscal
year to which it relates. The certification shall be revised as may be
necessary to accurately state the debt service requirements of the Authority.
(g) Within 6 months of the end of the 3 month period ending December 31,
1983, and each fiscal year thereafter, the Authority shall determine:
(i) whether the aggregate of all system generated
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revenues for public transportation in the metropolitan region which is provided by, or under grant or purchase of service contracts with, the Service Boards equals 50% of the aggregate of all costs of providing such public transportation. "System generated revenues" include all the proceeds of fares and charges for services provided, contributions received in connection with public transportation from units of local government other than the Authority and from the State pursuant to subsection (i) of Section 2705‑305 of the Department of Transportation Law (20 ILCS 2705/2705‑305), and all other revenues properly included consistent with generally accepted accounting principles but may not include: the proceeds from any borrowing, and, beginning with the 2007 fiscal year, all revenues and receipts, including but not limited to fares and grants received from the federal, State or any unit of local government or other entity, derived from providing ADA paratransit service pursuant to Section 2.30 of the Regional Transportation Authority Act. "Costs" include all items properly included as operating costs consistent with generally accepted accounting principles, including administrative costs, but do not include: depreciation; payment of principal and interest on bonds, notes or other evidences of obligations for borrowed money of the Authority; payments with respect to public transportation facilities made pursuant to subsection (b) of Section 2.20; any payments with respect to rate protection contracts, credit enhancements or liquidity agreements made under Section 4.14; any other cost as to which it is reasonably expected that a cash expenditure will not be made; costs up to $5,000,000 annually for passenger security including grants, contracts, personnel, equipment and administrative expenses, except in the case of the Chicago Transit Authority, in which case the term does not include costs spent annually by that entity for protection against crime as required by Section 27a of the Metropolitan Transit Authority Act; costs as exempted by the Board for projects pursuant to Section 2.09 of this Act; or, beginning with the 2007 fiscal year, expenses related to providing ADA paratransit service pursuant to Section 2.30 of the Regional Transportation Authority Act. If said system generated revenues are less than 50% of said costs, the Board shall remit an amount equal to the amount of the deficit to the State. The Treasurer shall deposit any such payment in the General Revenue Fund; and
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(ii) whether, beginning with the 2007 fiscal year,
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the aggregate of all fares charged and received for ADA paratransit services equals the system generated ADA paratransit services revenue recovery ratio percentage of the aggregate of all costs of providing such ADA paratransit services.
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(h) If the Authority makes any payment to the State under paragraph (g),
the Authority shall reduce the amount provided to a Service Board from funds
transferred under paragraph (a) in proportion to the amount by which
that Service Board failed to meet its required system generated revenues
recovery ratio. A Service Board which is affected by a reduction in funds
under this paragraph shall submit to the Authority concurrently with its
next due quarterly report a revised budget incorporating the reduction in
funds. The revised budget must meet the criteria specified in clauses (i)
through (vi) of Section 4.11(b)(2). The Board shall review and act on the
revised budget as provided in Section 4.11(b)(3).
(Source: P.A. 94‑370, eff. 7‑29‑05.)
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(70 ILCS 3615/4.11) (from Ch. 111 2/3, par. 704.11)
Sec. 4.11. Budget Review Powers.
(a) The provisions of this Section
shall only be applicable to financial periods beginning after December 31,
1983. The Transition Board shall adopt a timetable governing the certification
of estimates and any submissions required under this Section for fiscal
year 1984 which shall control over the provisions of this Act. Based
upon estimates which shall be given to the Authority by the Director of
the
Governor's Office of Management and Budget (formerly
Bureau of the Budget) of the receipts to be received by the
Authority from the taxes imposed
by the Authority and the authorized estimates of amounts
to be available from State and other sources to the Service Boards, and
the times at which such receipts and amounts will be available, the Board
shall, not later than the next preceding September 15th prior to the beginning
of the Authority's next fiscal year,
advise each Service Board of the amounts estimated by the Board to be available
for such Service Board during such fiscal year and the two following fiscal
years and the times at which such amounts will be available. The Board
shall, at the same time, also advise each Service Board of its required
system generated revenues recovery ratio for the next fiscal year which
shall be the percentage of the aggregate costs of providing public
transportation by or under jurisdiction of that Service Board which must be
recovered from system generated revenues. The Board shall, at the same time, beginning with the 2007 fiscal year, also advise each Service Board that provides ADA paratransit services of its required system generated ADA paratransit services revenue recovery ratio for the next fiscal year which shall be the percentage of the aggregate costs of providing ADA paratransit services by or under jurisdiction of that Service Board which must be recovered from fares charged for such services, except that such required system generated ADA paratransit services revenue recovery ratio shall not exceed the minimum percentage established pursuant to Section 4.01(b)(ii) of this Act. In determining
a Service Board's system generated revenue recovery ratio, the Board shall
consider the historical system generated revenues recovery ratio for the
services subject to the jurisdiction of that
Service Board. The Board shall not increase a Service Board's system generated
revenues recovery ratio for the next fiscal year over such ratio for the
current fiscal year disproportionately or prejudicially to increases in
such ratios for other Service Boards. The Board may, by ordinance,
provide that (i) the cost of research and development projects in the
fiscal year beginning January 1, 1986 and ending December 31, 1986
conducted pursuant to Section 2.09 of this Act, and (ii) up to $5,000,000
annually of the costs for passenger security, may be exempted from the
farebox recovery ratio or the system generated revenues recovery ratio of
the Chicago Transit Authority, the Suburban Bus Board, and the Commuter
Rail Board, or any of them. For the fiscal year beginning January 1, 1986
and ending December 31, 1986, and for the fiscal year beginning January
1, 1987 and ending December 31, 1987, the Board shall, by ordinance, provide
that:
(1) the amount of a grant, pursuant to Section 2705‑310 of the
Department of Transportation Law (20 ILCS 2705/2705‑310), from the Department of Transportation for
the cost of services for the mobility limited provided by the Chicago
Transit Authority, and (2) the amount of a grant, pursuant to Section
2705‑310 of the Department of Transportation Law (20 ILCS
2705/2705‑310), from the Department
of
Transportation for the cost of services for the mobility limited by the
Suburban Bus Board or the Commuter Rail Board, be exempt from the farebox
recovery ratio or the system generated revenues recovery ratio.
(b)(1) Not later than the next preceding November 15 prior to the
commencement of such fiscal year, each Service Board shall submit to the
Authority its proposed budget for such fiscal year and its proposed
financial plan for the two following fiscal years. Such budget and
financial plan shall not project or assume a receipt of revenues from the
Authority in amounts greater than those set forth in the estimates provided
by the Authority pursuant to subsection (a) of this Section.
(2) The Board shall review the proposed budget and financial plan submitted
by each Service Board, and shall adopt a consolidated budget and financial
plan. The Board shall approve the budget and plan if:
(i) the Board has approved the proposed budget and
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cash flow plan for such fiscal year of each Service Board, pursuant to the conditions set forth in clauses (ii) through (vii) of this paragraph;
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(ii) such budget and plan show a balance between (A)
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anticipated revenues from all sources including operating subsidies and (B) the costs of providing the services specified and of funding any operating deficits or encumbrances incurred in prior periods, including provision for payment when due of principal and interest on outstanding indebtedness;
|
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(iii) such budget and plan show cash balances
|
|
including the proceeds of any anticipated cash flow borrowing sufficient to pay with reasonable promptness all costs and expenses as incurred;
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(iv) such budget and plan provide for a level of
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fares or charges and operating or administrative costs for the public transportation provided by or subject to the jurisdiction of such Service Board sufficient to allow the Service Board to meet its required system generated revenue recovery ratio and, beginning with the 2007 fiscal year, system generated ADA paratransit services revenue recovery ratio;
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(v) such budget and plan are based upon and employ
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assumptions and projections which are reasonable and prudent;
|
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(vi) such budget and plan have been prepared in
|
|
accordance with sound financial practices as determined by the Board; and
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(vii) such budget and plan meet such other
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financial, budgetary, or fiscal requirements that the Board may by rule or regulation establish.
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(3) In determining whether the budget and financial plan provide a level
of fares or charges sufficient to allow a Service Board to meet its required
system generated revenue recovery ratio and, beginning with the 2007 fiscal year, system generated ADA paratransit services revenue recovery ratio under clause (iv) in subparagraph (2),
the Board shall allow a Service Board to carry over cash from farebox
revenues to subsequent fiscal years.
(4) Unless the Board by an affirmative vote of 9 of the then Directors
determines that the budget and financial plan of a Service Board meets the
criteria specified in clauses (ii) through (vii) of subparagraph (2) of
this paragraph (b), the Board shall not release to that Service Board any
funds for the periods covered by such budget and financial plan except for
the proceeds of taxes imposed by the Authority under Section 4.03 which
are allocated to the Service Board under Section 4.01.
(5) If the Board has not found that the budget and financial plan of a
Service Board meets the criteria specified in clauses (i) through (vii)
of subparagraph (2) of this paragraph (b), the Board shall, five working
days after the start of the Service Board's fiscal year adopt a budget and
financial plan meeting such criteria for that Service Board.
(c)(1) If the Board shall at any time have received a
revised estimate, or revises any estimate the Board has made, pursuant to
this Section of the receipts to be collected by the Authority which, in
the judgment of the Board, requires a change in the estimates on which the
budget of any Service Board is based, the Board shall advise the affected
Service Board of such revised estimates, and such Service Board shall within
30 days after receipt of such advice submit a revised budget incorporating
such revised estimates. If the revised estimates require, in the judgment
of the Board, that the system generated revenues recovery ratio of one or
more Service Boards be revised in order to allow the Authority to meet its
required ratio, the Board shall advise any such Service Board of its revised
ratio and such Service Board shall within 30 days after receipt of such
advice submit a revised budget incorporating such revised estimates or ratio.
(2) Each Service Board shall, within such period after the end of each
fiscal quarter as shall be specified by the Board, report to the Authority
its financial condition and results of operations and the financial condition
and results of operations of the public transportation services subject
to its jurisdiction, as at the end of and for such quarter. If in the judgment
of the Board such condition and results are not substantially in accordance
with such Service Board's budget for such period, the Board shall so advise
such Service Board and such Service Board shall within the period specified
by the Board submit a revised budget incorporating such results.
(3) If the Board shall determine that a revised budget submitted by a
Service Board pursuant to subparagraph (1) or (2) of this paragraph (c)
does not meet the criteria specified in clauses (ii) through (vii) of
subparagraph
(2) of paragraph (b) of this Section, the Board shall not release any monies
to that Service Board except the proceeds of taxes imposed by the Authority
under Section 4.03 or 4.03.1 which are allocated to the Service Board under
Section 4.01. If the Service Board submits a revised financial plan and
budget which plan and budget shows that the criteria will be met within
a four quarter period, the Board shall continue to release funds to the
Service Board. The Board by a 9 vote of its then Directors may
require a Service Board to submit a revised financial plan and budget which
shows that the criteria will be met in a time period less than four quarters.
(d) All budgets and financial plans, financial statements, audits and
other information presented to the Authority pursuant to this Section or
which may be required by the Board to permit it to monitor compliance with
the provisions of this Section shall be prepared and presented in such
manner and frequency and in such detail as shall have been prescribed by
the Board, shall be prepared on both an accrual and cash flow basis as
specified by the Board, and shall identify and describe the assumptions and
projections employed in the preparation
thereof to the extent required by the Board. Except when the Board adopts
a budget and a financial plan for a Service Board under paragraph (b)(5),
a Service Board shall provide for such levels of transportation services
and fares or charges therefor as it deems appropriate and necessary in the
preparation of a budget and financial plan meeting the criteria set forth
in clauses (ii) through (vii) of subparagraph (2) of paragraph (b) of this
Section. The Board shall have access to and the right to examine and copy
all books, documents, papers, records, or other source data of a Service
Board relevant to any information submitted pursuant to this Section.
(e) Whenever this Section requires the Board to make determinations with
respect to estimates, budgets or financial plans, or rules or regulations
with respect thereto such determinations shall be made upon the affirmative
vote of at least 9 of the then Directors and shall be incorporated in a
written report of the Board and such report shall be submitted within 10
days after such determinations are made to
the Governor, the Mayor of Chicago (if such determinations relate to the
Chicago Transit Authority), and the Auditor General of Illinois.
(Source: P.A. 94‑370, eff. 7‑29‑05.)
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(70 ILCS 3615/4.13) (from Ch. 111 2/3, par. 704.13)
Sec. 4.13. Annual Capital Improvement Plan.
(a) With respect to each calendar year, the Authority shall prepare as
part of its Five Year Program an Annual Capital Improvement Plan (the
"Plan") which shall describe its intended development and implementation of
the Strategic Capital Improvement Program. The Plan shall include the
following information:
(i) a list of projects for which approval is sought
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from the Governor, with a description of each project stating at a minimum the project cost, its category, its location and the entity responsible for its implementation;
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(ii) a certification by the Authority that the
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Authority and the Service Boards have applied for all grants, loans and other moneys made available by the federal government or the State of Illinois during the preceding federal and State fiscal years for financing its capital development activities;
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(iii) a certification that, as of September 30 of
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the preceding calendar year or any later date, the balance of all federal capital grant funds and all other funds to be used as matching funds therefor which were committed to or possessed by the Authority or a Service Board but which had not been obligated was less than $350,000,000, or a greater amount as authorized in writing by the Governor (for purposes of this subsection (a), "obligated" means committed to be paid by the Authority or a Service Board under a contract with a nongovernmental entity in connection with the performance of a project or committed under a force account plan approved by the federal government);
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(iv) a certification that the Authority has adopted
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a balanced budget with respect to such calendar year under Section 4.01 of this Act;
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(v) a schedule of all bonds or notes previously
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issued for Strategic Capital Improvement Projects and all debt service payments to be made with respect to all such bonds and the estimated additional debt service payments through June 30 of the following calendar year expected to result from bonds to be sold prior thereto;
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(vi) a long‑range summary of the Strategic Capital
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Improvement Program describing the projects to be funded through the Program with respect to project cost, category, location, and implementing entity, and presenting a financial plan including an estimated time schedule for obligating funds for the performance of approved projects, issuing bonds, expending bond proceeds and paying debt service throughout the duration of the Program; and
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(vii) the source of funding for each project in the
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Plan. For any project for which full funding has not yet been secured and which is not subject to a federal full funding contract, the Authority must identify alternative, dedicated funding sources available to complete the project. The Governor may waive this requirement on a project by project basis.
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(b) The Authority shall submit the Plan with respect to any calendar
year to the Governor on or before January 15 of that year, or as soon as
possible thereafter; provided, however, that the Plan shall be adopted on
the affirmative votes of 9 of the then Directors. The Plan may be revised
or amended at any time, but any revision in the projects approved shall
require the Governor's approval.
(c) The Authority shall seek approval from the Governor only through the
Plan or an amendment thereto. The Authority shall not request approval of the
Plan from the Governor in any calendar year in which it is unable to make the
certifications required under items (ii), (iii) and (iv) of subsection (a).
In no event shall the Authority seek approval of the Plan from the Governor for
projects in an aggregate amount exceeding the proceeds of bonds or notes
for Strategic Capital Improvement Projects issued under Section 4.04 of this
Act.
(d) The Governor may approve the Plan for which
approval is requested. The Governor's approval is limited to
the amount of the project cost stated in the Plan. The Governor shall not
approve the Plan in a calendar year if the Authority is unable to make
the certifications required under items (ii), (iii) and (iv)
of subsection (a). In no event shall the Governor approve the Plan for
projects in an aggregate amount exceeding the proceeds of
bonds or notes for Strategic Capital Improvement Projects issued under
Section 4.04 of this Act.
(e) With respect to capital improvements, only those capital improvements
which are in a Plan approved by the Governor shall be financed with the
proceeds of bonds or notes issued for Strategic Capital Improvement Projects.
(f) Before the Authority or a Service Board obligates any funds for a
project for which the Authority or Service Board intends to use the proceeds
of bonds or notes for Strategic Capital Improvement Projects, but which project
is not included in an approved Plan, the Authority must notify the Governor of
the intended obligation. No project costs incurred prior to approval of the
Plan including that project may be paid from the proceeds of bonds or notes for
Strategic Capital Improvement Projects issued under Section 4.04 of this Act.
(Source: P.A. 94‑839, eff. 6‑6‑06.)
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