Illinois HB 3374: BOND AUTHORIZATION ACT

Bill Text

Full Text of HB3374 

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 Illinois General Assembly

 ILGA.GOV 

 HB3374 - 104th General Assembly (2025-2026) 

Sen. Elgie R. Sims, Jr.

Filed: 5/31/2025

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1AMENDMENT TO HOUSE BILL 3374

2 AMENDMENT NO. ______. Amend House Bill 3374, AS AMENDED, 

3by replacing everything after the enacting clause with the 

4following:

5"Article 1. 

6 Section 1-1. This Act may be referred to as the Bond 

7Authorization Act of 2025.

8Article 5. 

9 Section 5-5. The State Finance Act is amended by changing 

10Section 6z-78 as follows:

11 (30 ILCS 105/6z-78)

12 Sec. 6z-78. Capital Projects Fund; bonded indebtedness; 

13transfers. Money in the Capital Projects Fund shall, if and 

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1when the State of Illinois incurs any bonded indebtedness 

2using the bond authorizations for capital projects enacted in 

3Public Act 96-36, Public Act 96-1554, Public Act 97-771, 

4Public Act 98-94, and Public Act 103-591 this amendatory Act 

5of the 103rd General Assembly and using the general obligation 

6bond authorizations for capital projects enacted in Public Act 

7101-30, and Public Act 103-7, and this amendatory Act of the 

8104th General Assembly, be set aside and used for the purpose 

9of paying and discharging annually the principal and interest 

10on that bonded indebtedness then due and payable.

11 In addition to other transfers to the General Obligation 

12Bond Retirement and Interest Fund made pursuant to Section 15 

13of the General Obligation Bond Act, upon each delivery of 

14general obligation bonds for capital projects using bond 

15authorizations enacted in Public Act 96-36, Public Act 

1696-1554, Public Act 97-771, Public Act 98-94, Public Act 

17101-30 (except for amounts in Public Act 101-30 that increase 

18bond authorization under paragraph (1) of subsection (a) of 

19Section 4 and subsection (e) of Section 4 of the General 

20Obligation Bond Act), Public Act 103-7, Public Act 103-591, 

21and this amendatory Act of the 104th 103rd General Assembly, 

22the State Comptroller shall compute and certify to the State 

23Treasurer the total amount of principal of, interest on, and 

24premium, if any, on such bonds during the then current and each 

25succeeding fiscal year. With respect to the interest payable 

26on variable rate bonds, such certifications shall be 

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1calculated at the maximum rate of interest that may be payable 

2during the fiscal year, after taking into account any credits 

3permitted in the related indenture or other instrument against 

4the amount of such interest required to be appropriated for 

5the period.

6 (a) Except as provided for in subsection (b), on or before 

7the last day of each month, the State Treasurer and State 

8Comptroller shall transfer from the Capital Projects Fund to 

9the General Obligation Bond Retirement and Interest Fund an 

10amount sufficient to pay the aggregate of the principal of, 

11interest on, and premium, if any, on the bonds payable on their 

12next payment date, divided by the number of monthly transfers 

13occurring between the last previous payment date (or the 

14delivery date if no payment date has yet occurred) and the next 

15succeeding payment date. Interest payable on variable rate 

16bonds shall be calculated at the maximum rate of interest that 

17may be payable for the relevant period, after taking into 

18account any credits permitted in the related indenture or 

19other instrument against the amount of such interest required 

20to be appropriated for that period. Interest for which moneys 

21have already been deposited into the capitalized interest 

22account within the General Obligation Bond Retirement and 

23Interest Fund shall not be included in the calculation of the 

24amounts to be transferred under this subsection.

25 (b) On or before the last day of each month, the State 

26Treasurer and State Comptroller shall transfer from the 

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1Capital Projects Fund to the General Obligation Bond 

2Retirement and Interest Fund an amount sufficient to pay the 

3aggregate of the principal of, interest on, and premium, if 

4any, on the bonds issued prior to January 1, 2012 pursuant to 

5Section 4(d) of the General Obligation Bond Act payable on 

6their next payment date, divided by the number of monthly 

7transfers occurring between the last previous payment date (or 

8the delivery date if no payment date has yet occurred) and the 

9next succeeding payment date. If the available balance in the 

10Capital Projects Fund is not sufficient for the transfer 

11required in this subsection, the State Treasurer and State 

12Comptroller shall transfer the difference from the Road Fund 

13to the General Obligation Bond Retirement and Interest Fund; 

14except that such Road Fund transfer