Bill Text: IL SB1673 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Cook County Article of the Illinois Pension Code. Provides that "re-entrant" does not include any employee who enters service after January 1, 2011 and whose retirement age is 67.
Spectrum: Bipartisan Bill
Status: (Failed) 2013-01-08 - Session Sine Die [SB1673 Detail]
Download: Illinois-2011-SB1673-Amended.html
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1 | AMENDMENT TO SENATE BILL 1673
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2 | AMENDMENT NO. ______. Amend Senate Bill 1673, AS AMENDED, | ||||||
3 | with reference to page and line numbers of House Amendment No. | ||||||
4 | 10, on page 1, in line 5, by changing "4 and 15" to "2, 4, 14, | ||||||
5 | and 15"; and
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6 | on page 1, below line 5, by inserting the following:
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7 | "(5 ILCS 315/2) (from Ch. 48, par. 1602)
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8 | Sec. 2. Policy. It is the public policy of the State of | ||||||
9 | Illinois
to grant public employees full
freedom of association, | ||||||
10 | self-organization, and designation of representatives
of their | ||||||
11 | own choosing for the purpose of negotiating wages, hours and | ||||||
12 | other
conditions of employment or other mutual aid or | ||||||
13 | protection.
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14 | It is the purpose of this Act to regulate labor relations | ||||||
15 | between public
employers and employees, including the | ||||||
16 | designation of employee representatives,
negotiation of wages, |
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1 | hours and other conditions of employment, and resolution
of | ||||||
2 | disputes arising under collective bargaining agreements.
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3 | It is the purpose of this Act to prescribe the legitimate | ||||||
4 | rights of both
public employees and public employers, to | ||||||
5 | protect the public health and safety
of the citizens of | ||||||
6 | Illinois, and to provide peaceful and orderly procedures
for | ||||||
7 | protection of the rights of all. To prevent labor strife and to | ||||||
8 | protect
the public health and safety of the citizens of | ||||||
9 | Illinois,
all collective bargaining disputes involving persons | ||||||
10 | designated by the Board
as performing essential services and | ||||||
11 | those persons defined herein as security employees
shall be | ||||||
12 | submitted to impartial arbitrators, who shall be authorized to
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13 | issue awards in order to resolve such disputes ; except that | ||||||
14 | such arbitration and awards shall not alter or affect the | ||||||
15 | changes, the impact of the changes, or the implementation of | ||||||
16 | the changes set forth in this amendatory Act of the 97th | ||||||
17 | General Assembly, which are prohibited subjects of bargaining . | ||||||
18 | It is the public policy
of the State of Illinois that where the | ||||||
19 | right of employees to strike is
prohibited by law, it is | ||||||
20 | necessary to afford an alternate, expeditious,
equitable and | ||||||
21 | effective procedure for the resolution of labor disputes | ||||||
22 | subject
to approval procedures mandated by this Act. To that | ||||||
23 | end, the provisions
for such awards shall be liberally
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24 | construed.
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25 | (Source: P.A. 83-1012.)"; and
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1 | on page 2, in line 3, after " Assembly ", by inserting " , which | ||||||
2 | are prohibited subjects of bargaining "; and
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3 | on page 2, in line 14, after " Assembly ", by inserting " , which | ||||||
4 | are prohibited subjects of bargaining "; and
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5 | on page 2, below line 25, by inserting the following:
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6 | "(5 ILCS 315/14) (from Ch. 48, par. 1614)
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7 | Sec. 14. Security Employee, Peace Officer and Fire Fighter | ||||||
8 | Disputes.
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9 | (a) In the case of collective bargaining agreements | ||||||
10 | involving units of
security employees of a public employer, | ||||||
11 | Peace Officer Units, or units of
fire fighters or paramedics, | ||||||
12 | and in the case of disputes under Section 18,
unless the | ||||||
13 | parties mutually agree to some other time limit, mediation
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14 | shall commence 30 days prior to the expiration date of such | ||||||
15 | agreement or
at such later time as the mediation services | ||||||
16 | chosen under subsection (b) of
Section 12 can be provided to | ||||||
17 | the parties. In the case of negotiations
for an initial | ||||||
18 | collective bargaining agreement, mediation shall commence
upon | ||||||
19 | 15 days notice from either party or at such later time as the
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20 | mediation services chosen pursuant to subsection (b) of Section | ||||||
21 | 12 can be
provided to the parties. In mediation under this | ||||||
22 | Section, if either party
requests the use of mediation services | ||||||
23 | from the Federal Mediation and
Conciliation Service, the other |
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1 | party shall either join in such request or
bear the additional | ||||||
2 | cost of mediation services from another source. The
mediator | ||||||
3 | shall have a duty to keep the Board informed on the progress of
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4 | the mediation. If any dispute has not been resolved within 15 | ||||||
5 | days after
the first meeting of the parties and the mediator, | ||||||
6 | or within such other
time limit as may be mutually agreed upon | ||||||
7 | by the parties, either the
exclusive representative or employer | ||||||
8 | may request of the other, in writing,
arbitration, and shall | ||||||
9 | submit a copy of the request to the Board.
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10 | (b) Within 10 days after such a request for arbitration has | ||||||
11 | been
made, the employer shall choose a delegate and
the | ||||||
12 | employees' exclusive representative shall choose a delegate to | ||||||
13 | a panel
of arbitration as provided in this Section. The | ||||||
14 | employer and employees
shall forthwith advise the other and the | ||||||
15 | Board of their selections.
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16 | (c) Within 7 days after the request of either party, the | ||||||
17 | parties shall request a panel of impartial arbitrators from | ||||||
18 | which they shall select the neutral chairman according to the | ||||||
19 | procedures provided in this Section. If the parties have agreed | ||||||
20 | to a contract that contains a grievance resolution procedure as | ||||||
21 | provided in Section 8, the chairman shall be selected using | ||||||
22 | their agreed contract procedure unless they mutually agree to | ||||||
23 | another procedure. If the parties fail to notify the Board of | ||||||
24 | their selection of neutral chairman within 7 days after receipt | ||||||
25 | of the list of impartial arbitrators, the Board shall appoint, | ||||||
26 | at random, a neutral chairman from the list. In the absence of |
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1 | an agreed contract procedure for selecting an impartial | ||||||
2 | arbitrator, either party may request a panel from the Board. | ||||||
3 | Within 7 days of the request of either party, the Board shall | ||||||
4 | select
from the Public Employees Labor Mediation Roster 7 | ||||||
5 | persons who are on the
labor arbitration panels of either the | ||||||
6 | American Arbitration Association or
the Federal Mediation and | ||||||
7 | Conciliation Service, or who are members of the
National | ||||||
8 | Academy of Arbitrators, as nominees for
impartial arbitrator of | ||||||
9 | the arbitration panel. The parties may select an
individual on | ||||||
10 | the list provided by the Board or any other individual
mutually | ||||||
11 | agreed upon by the parties. Within 7 days following the receipt
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12 | of the list, the parties shall notify the Board of the person | ||||||
13 | they have
selected. Unless the parties agree on an alternate | ||||||
14 | selection procedure,
they shall alternatively strike one name | ||||||
15 | from the list provided by the
Board until only one name | ||||||
16 | remains. A coin toss shall determine which party
shall strike | ||||||
17 | the first name. If the parties fail to notify the Board in a
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18 | timely manner of their selection for neutral chairman, the | ||||||
19 | Board shall
appoint a neutral chairman from the Illinois Public | ||||||
20 | Employees
Mediation/Arbitration Roster.
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21 | (d) The chairman shall call a hearing to begin within 15 | ||||||
22 | days and give
reasonable notice of the time and place of the | ||||||
23 | hearing. The hearing
shall be held at the offices of the Board | ||||||
24 | or at such other location as the
Board deems appropriate. The | ||||||
25 | chairman shall preside over the hearing and
shall take | ||||||
26 | testimony. Any oral or documentary evidence and other data
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1 | deemed relevant by the arbitration panel may be received in | ||||||
2 | evidence. The
proceedings shall be informal. Technical rules of | ||||||
3 | evidence shall not apply
and the competency of the evidence | ||||||
4 | shall not thereby be deemed impaired. A
verbatim record of the | ||||||
5 | proceedings shall be made and the arbitrator shall
arrange for | ||||||
6 | the necessary recording service. Transcripts may be ordered at
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7 | the expense of the party ordering them, but the transcripts | ||||||
8 | shall not be
necessary for a decision by the arbitration panel. | ||||||
9 | The expense of the
proceedings, including a fee for the | ||||||
10 | chairman, established in advance by
the Board, shall be borne | ||||||
11 | equally by each of the parties to the dispute.
The delegates, | ||||||
12 | if public officers or employees, shall continue on the
payroll | ||||||
13 | of the public employer without loss of pay. The hearing | ||||||
14 | conducted
by the arbitration panel may be adjourned from time | ||||||
15 | to time, but unless
otherwise agreed by the parties, shall be | ||||||
16 | concluded within 30 days of the
time of its commencement. | ||||||
17 | Majority actions and rulings shall constitute
the actions and | ||||||
18 | rulings of the arbitration panel. Arbitration proceedings
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19 | under this Section shall not be interrupted or terminated by | ||||||
20 | reason of any
unfair labor practice charge filed by either | ||||||
21 | party at any time.
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22 | (e) The arbitration panel may administer oaths, require the | ||||||
23 | attendance
of witnesses, and the production of such books, | ||||||
24 | papers, contracts, agreements
and documents as may be deemed by | ||||||
25 | it material to a just determination of
the issues in dispute, | ||||||
26 | and for such purpose may issue subpoenas. If any
person refuses |
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1 | to obey a subpoena, or refuses to be sworn or to testify,
or if | ||||||
2 | any witness, party or attorney is guilty of any contempt while | ||||||
3 | in
attendance at any hearing, the arbitration panel may, or the | ||||||
4 | attorney general
if requested shall, invoke the aid of any | ||||||
5 | circuit court within the jurisdiction
in which the hearing is | ||||||
6 | being held, which court shall issue an appropriate
order. Any | ||||||
7 | failure to obey the order may be punished by the court as | ||||||
8 | contempt.
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9 | (f) At any time before the rendering of an award, the | ||||||
10 | chairman of the
arbitration panel, if he is of the opinion that | ||||||
11 | it would be useful or
beneficial to do so, may remand the | ||||||
12 | dispute to the parties for further
collective bargaining for a | ||||||
13 | period not to exceed 2 weeks. If the dispute
is remanded for | ||||||
14 | further collective bargaining the time provisions of this
Act | ||||||
15 | shall be extended for a time period equal to that of the | ||||||
16 | remand. The
chairman of the panel of arbitration shall notify | ||||||
17 | the Board of the remand.
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18 | (g) At or before the conclusion of the hearing held | ||||||
19 | pursuant to subsection
(d), the arbitration panel shall | ||||||
20 | identify the economic issues in dispute,
and direct each of the | ||||||
21 | parties to submit, within such time limit as the
panel shall | ||||||
22 | prescribe, to the arbitration panel and to each other its last
| ||||||
23 | offer of settlement on each economic issue. The determination | ||||||
24 | of the
arbitration panel as to the issues in dispute and as to | ||||||
25 | which of these
issues are economic shall be conclusive. The | ||||||
26 | arbitration panel, within 30
days after the conclusion of the |
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1 | hearing, or such further additional
periods to which the | ||||||
2 | parties may agree, shall make written findings of fact
and | ||||||
3 | promulgate a written opinion and shall mail or otherwise | ||||||
4 | deliver a true
copy thereof to the parties and their | ||||||
5 | representatives and to the Board. As
to each economic issue, | ||||||
6 | the arbitration panel shall adopt the last offer of
settlement | ||||||
7 | which, in the opinion of the arbitration panel, more nearly
| ||||||
8 | complies with the applicable factors prescribed in subsection | ||||||
9 | (h). The
findings, opinions and order as to all other issues | ||||||
10 | shall be based upon the
applicable factors prescribed in | ||||||
11 | subsection (h).
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12 | (h) Where there is no agreement between the parties, or | ||||||
13 | where there is
an agreement but the parties have begun | ||||||
14 | negotiations or discussions looking
to a new agreement or | ||||||
15 | amendment of the existing agreement, and wage rates
or other | ||||||
16 | conditions of employment under the proposed new or amended | ||||||
17 | agreement
are in dispute, the arbitration panel shall base its | ||||||
18 | findings, opinions
and order upon the following factors, as | ||||||
19 | applicable:
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20 | (1) The lawful authority of the employer.
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21 | (2) Stipulations of the parties.
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22 | (3) The interests and welfare of the public and the | ||||||
23 | financial ability
of the unit of government to meet those | ||||||
24 | costs.
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25 | (4) Comparison of the wages, hours and conditions of | ||||||
26 | employment of the
employees involved in the arbitration |
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1 | proceeding with the wages, hours and
conditions of | ||||||
2 | employment of other employees performing similar services
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3 | and with other employees generally:
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4 | (A) In public employment in comparable | ||||||
5 | communities.
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6 | (B) In private employment in comparable | ||||||
7 | communities.
| ||||||
8 | (5) The average consumer prices for goods and services, | ||||||
9 | commonly known
as the cost of living.
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10 | (6) The overall compensation presently received by the | ||||||
11 | employees,
including
direct wage compensation, vacations, | ||||||
12 | holidays and other excused time, insurance
and pensions, | ||||||
13 | medical and hospitalization benefits, the continuity and
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14 | stability of employment and all other benefits received.
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15 | (7) Changes in any of the foregoing circumstances | ||||||
16 | during the pendency
of the arbitration proceedings.
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17 | (8) Such other factors, not confined to the foregoing, | ||||||
18 | which are normally
or traditionally taken into | ||||||
19 | consideration in the determination of wages,
hours and | ||||||
20 | conditions of employment through voluntary collective | ||||||
21 | bargaining,
mediation, fact-finding, arbitration or | ||||||
22 | otherwise between the parties, in
the public service or in | ||||||
23 | private employment.
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24 | (i) In the case of peace officers, the arbitration decision | ||||||
25 | shall be
limited to wages, hours, and conditions of employment | ||||||
26 | (which may include
residency requirements in municipalities |
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1 | with a population under 1,000,000, but
those residency | ||||||
2 | requirements shall not allow residency outside of Illinois)
and | ||||||
3 | shall not include
the following: i) residency requirements in | ||||||
4 | municipalities with a population
of at least 1,000,000; ii) the | ||||||
5 | type of equipment, other
than uniforms, issued or used; iii) | ||||||
6 | manning; iv) the total number of
employees employed by the | ||||||
7 | department; v) mutual aid and assistance
agreements to other | ||||||
8 | units of government; and vi) the criterion pursuant to
which | ||||||
9 | force, including deadly force, can be used; and vii) the | ||||||
10 | changes, the impact of the changes, and the implementation of | ||||||
11 | the changes set forth in this amendatory Act of the 97th | ||||||
12 | General Assembly, which are prohibited subjects of bargaining; | ||||||
13 | provided, nothing herein
shall preclude an arbitration | ||||||
14 | decision regarding equipment or manning
levels if such decision | ||||||
15 | is based on a finding that the equipment or manning
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16 | considerations in a specific work assignment involve a serious | ||||||
17 | risk to the
safety of a peace officer beyond that which is | ||||||
18 | inherent in the normal
performance of police duties. Limitation | ||||||
19 | of the terms of the arbitration
decision pursuant to this | ||||||
20 | subsection shall not be construed to limit the
factors upon | ||||||
21 | which the decision may be based, as set forth in subsection | ||||||
22 | (h).
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23 | In the case of fire fighter, and fire department or fire | ||||||
24 | district paramedic
matters, the arbitration decision shall be | ||||||
25 | limited to wages, hours, and
conditions of employment (which | ||||||
26 | may include residency requirements in
municipalities with a |
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1 | population under 1,000,000, but those residency
requirements | ||||||
2 | shall not allow residency outside of Illinois) and shall not
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3 | include the
following matters: i) residency requirements in | ||||||
4 | municipalities with a
population of at least 1,000,000; ii) the | ||||||
5 | type of equipment (other than
uniforms and fire fighter turnout | ||||||
6 | gear) issued or used; iii) the total
number of employees | ||||||
7 | employed by the department; iv) mutual aid and
assistance | ||||||
8 | agreements to other units of government; and v) the criterion
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9 | pursuant to which force, including deadly force, can be used; | ||||||
10 | and vi) the changes, the impact of the changes, and the | ||||||
11 | implementation of the changes set forth in this amendatory Act | ||||||
12 | of the 97th General Assembly, which are prohibited subjects of | ||||||
13 | bargaining; provided,
however, nothing herein shall preclude | ||||||
14 | an arbitration decision regarding
equipment levels if such | ||||||
15 | decision is based on a finding that the equipment
| ||||||
16 | considerations in a specific work assignment involve a serious | ||||||
17 | risk to the
safety of a fire fighter beyond that which is | ||||||
18 | inherent in the normal
performance of fire fighter duties. | ||||||
19 | Limitation of the terms of the
arbitration decision pursuant to | ||||||
20 | this subsection shall not be construed to
limit the facts upon | ||||||
21 | which the decision may be based, as set forth in
subsection | ||||||
22 | (h).
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23 | The changes to this subsection (i) made by Public Act | ||||||
24 | 90-385 (relating to residency requirements) do not
apply to | ||||||
25 | persons who are employed by a combined department that performs | ||||||
26 | both
police and firefighting services; these persons shall be |
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1 | governed by the
provisions of this subsection (i) relating to | ||||||
2 | peace officers, as they existed
before the amendment by Public | ||||||
3 | Act 90-385.
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4 | To preserve historical bargaining rights, this subsection | ||||||
5 | shall not apply
to any provision of a fire fighter collective | ||||||
6 | bargaining agreement in effect
and applicable on the effective | ||||||
7 | date of this Act; provided, however, nothing
herein shall | ||||||
8 | preclude arbitration with respect to any such provision.
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9 | In the case of security employees or employees deemed to be | ||||||
10 | essential workers pursuant to Section 18 of this Act, an | ||||||
11 | arbitration decision shall not alter or affect the changes, the | ||||||
12 | impact of the changes, or the implementation of the changes set | ||||||
13 | forth in this amendatory Act of the 97th General Assembly, | ||||||
14 | which are prohibited subjects of bargaining. | ||||||
15 | (j) Arbitration procedures shall be deemed to be initiated | ||||||
16 | by the
filing of a letter requesting mediation as required | ||||||
17 | under subsection (a)
of this Section. The commencement of a new | ||||||
18 | municipal fiscal year after the
initiation of arbitration | ||||||
19 | procedures under this Act, but before the
arbitration decision, | ||||||
20 | or its enforcement, shall not be deemed to render a
dispute | ||||||
21 | moot, or to otherwise impair the jurisdiction or authority of | ||||||
22 | the
arbitration panel or its decision. Increases in rates
of | ||||||
23 | compensation awarded by the arbitration panel may be effective | ||||||
24 | only at
the start of the fiscal year next commencing after the | ||||||
25 | date of the arbitration
award. If a new fiscal year has | ||||||
26 | commenced either since the initiation of
arbitration |
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1 | procedures under this Act or since any mutually agreed
| ||||||
2 | extension of the statutorily required period of mediation
under | ||||||
3 | this Act by the parties to the labor dispute causing a
delay in | ||||||
4 | the initiation of arbitration, the foregoing limitations shall | ||||||
5 | be
inapplicable, and such awarded increases may be retroactive | ||||||
6 | to the
commencement of the fiscal year, any other statute or | ||||||
7 | charter provisions to
the contrary, notwithstanding. At any | ||||||
8 | time the parties, by stipulation, may
amend or modify an award | ||||||
9 | of arbitration.
| ||||||
10 | (k) Orders of the arbitration panel shall be reviewable, | ||||||
11 | upon
appropriate petition by either the public employer or the | ||||||
12 | exclusive
bargaining representative, by the circuit court for | ||||||
13 | the county in which the
dispute arose or in which a majority of | ||||||
14 | the affected employees reside, but
only for reasons that the | ||||||
15 | arbitration panel was without or exceeded its
statutory | ||||||
16 | authority; the order is arbitrary, or capricious; or the order
| ||||||
17 | was procured by fraud, collusion or other similar and unlawful | ||||||
18 | means. Such
petitions for review must be filed with the | ||||||
19 | appropriate circuit court
within 90 days following the issuance | ||||||
20 | of the arbitration order. The
pendency of such proceeding for | ||||||
21 | review shall not automatically stay the
order of the | ||||||
22 | arbitration panel. The party against whom the final decision
of | ||||||
23 | any such court shall be adverse, if such court finds such | ||||||
24 | appeal or
petition to be frivolous, shall pay reasonable | ||||||
25 | attorneys' fees and costs to
the successful party as determined | ||||||
26 | by said court in its discretion. If said
court's decision |
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| |||||||
1 | affirms the award of money, such award, if retroactive,
shall | ||||||
2 | bear interest at the rate of 12 percent per annum from the | ||||||
3 | effective
retroactive date.
| ||||||
4 | (l) During the pendency of proceedings before the | ||||||
5 | arbitration panel,
existing wages, hours, and other conditions | ||||||
6 | of employment shall not be
changed by action of either party | ||||||
7 | without the consent of the other but a
party may so consent | ||||||
8 | without prejudice to his rights or position under
this Act. The | ||||||
9 | proceedings are deemed to be pending before the arbitration
| ||||||
10 | panel upon the initiation of arbitration procedures under this | ||||||
11 | Act.
| ||||||
12 | (m) Security officers of public employers, and Peace | ||||||
13 | Officers, Fire
Fighters and fire department and fire protection | ||||||
14 | district paramedics,
covered by this Section may not withhold | ||||||
15 | services, nor may public employers
lock out or prevent such | ||||||
16 | employees from performing services at any time.
| ||||||
17 | (n) All of the terms decided upon by the arbitration panel | ||||||
18 | shall be included
in an agreement to be submitted to the public | ||||||
19 | employer's governing body
for ratification and adoption by law, | ||||||
20 | ordinance or the equivalent
appropriate means.
| ||||||
21 | The governing body shall review each term decided by the | ||||||
22 | arbitration panel.
If the governing body fails to reject one or | ||||||
23 | more terms of the
arbitration panel's decision by a 3/5 vote of | ||||||
24 | those duly elected and
qualified members of the governing body, | ||||||
25 | within 20 days of issuance, or
in the case of firefighters | ||||||
26 | employed by a state university, at the next
regularly scheduled |
| |||||||
| |||||||
1 | meeting of the governing body after issuance, such
term or | ||||||
2 | terms shall become a part of the collective bargaining | ||||||
3 | agreement of
the parties. If the governing body affirmatively | ||||||
4 | rejects one or more terms
of the arbitration panel's decision, | ||||||
5 | it must provide reasons for such
rejection with respect to each | ||||||
6 | term so rejected, within 20 days of such
rejection and the | ||||||
7 | parties shall return to the arbitration panel
for further | ||||||
8 | proceedings and issuance of a supplemental decision with | ||||||
9 | respect
to the rejected terms. Any supplemental decision by an | ||||||
10 | arbitration panel
or other decision maker agreed to by the | ||||||
11 | parties shall be submitted to
the governing body for | ||||||
12 | ratification and adoption in accordance with the
procedures and | ||||||
13 | voting requirements set forth in this Section.
The voting | ||||||
14 | requirements of this subsection shall apply to all disputes
| ||||||
15 | submitted to arbitration pursuant to this Section | ||||||
16 | notwithstanding any
contrary voting requirements contained in | ||||||
17 | any existing collective
bargaining agreement between the | ||||||
18 | parties.
| ||||||
19 | (o) If the governing body of the employer votes to reject | ||||||
20 | the panel's
decision, the parties shall return to the panel | ||||||
21 | within 30 days from the
issuance of the reasons for rejection | ||||||
22 | for further proceedings and issuance
of a supplemental | ||||||
23 | decision. All reasonable costs of such supplemental
proceeding | ||||||
24 | including the exclusive representative's reasonable attorney's
| ||||||
25 | fees, as established by the Board, shall be paid by the | ||||||
26 | employer.
|
| |||||||
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1 | (p) Notwithstanding the provisions of this Section the | ||||||
2 | employer and
exclusive representative may agree to submit | ||||||
3 | unresolved disputes concerning
wages, hours, terms and | ||||||
4 | conditions of employment to an alternative form of
impasse | ||||||
5 | resolution.
| ||||||
6 | (Source: P.A. 96-813, eff. 10-30-09.)"; and
| ||||||
7 | on page 3, in line 8, by deleting " to the Illinois Pension | ||||||
8 | Code "; and
| ||||||
9 | on page 30, below line 25, by inserting the following: | ||||||
10 | " Any payments required to be made by the State pursuant to | ||||||
11 | this subsection (c)
are expressly subordinated to the payment | ||||||
12 | of the principal, interest, and premium, if any, on any
bonded | ||||||
13 | debt obligation of the State or any other State-created entity, | ||||||
14 | either currently outstanding or to
be issued, for which the | ||||||
15 | source of repayment or security thereon is derived directly or | ||||||
16 | indirectly from
tax revenues collected by the State or any | ||||||
17 | other State-created entity. Payments on such bonded
| ||||||
18 | obligations include any statutory fund transfers or other | ||||||
19 | prefunding mechanisms or formulas set forth,
now or hereafter, | ||||||
20 | in State law or bond indentures, into debt service funds or | ||||||
21 | accounts of the State
related to such bonded obligations, | ||||||
22 | consistent with the payment schedules associated with such
| ||||||
23 | obligations. "; and
|
| |||||||
| |||||||
1 | on page 66, below line 9, by inserting the following: | ||||||
2 | " Any payments required to be made by the State pursuant to | ||||||
3 | this subsection (c)
are expressly subordinated to the payment | ||||||
4 | of the principal, interest, and premium, if any, on any
bonded | ||||||
5 | debt obligation of the State or any other State-created entity, | ||||||
6 | either currently outstanding or to
be issued, for which the | ||||||
7 | source of repayment or security thereon is derived directly or | ||||||
8 | indirectly from
tax revenues collected by the State or any | ||||||
9 | other State-created entity. Payments on such bonded
| ||||||
10 | obligations include any statutory fund transfers or other | ||||||
11 | prefunding mechanisms or formulas set forth,
now or hereafter, | ||||||
12 | in State law or bond indentures, into debt service funds or | ||||||
13 | accounts of the State
related to such bonded obligations, | ||||||
14 | consistent with the payment schedules associated with such
| ||||||
15 | obligations. "; and
| ||||||
16 | on page 111, below line 6, by inserting the following: | ||||||
17 | " Any payments required to be made by the State pursuant to | ||||||
18 | this subsection (b)
are expressly subordinated to the payment | ||||||
19 | of the principal, interest, and premium, if any, on any
bonded | ||||||
20 | debt obligation of the State or any other State-created entity, | ||||||
21 | either currently outstanding or to
be issued, for which the | ||||||
22 | source of repayment or security thereon is derived directly or | ||||||
23 | indirectly from
tax revenues collected by the State or any | ||||||
24 | other State-created entity. Payments on such bonded
| ||||||
25 | obligations include any statutory fund transfers or other |
| |||||||
| |||||||
1 | prefunding mechanisms or formulas set forth,
now or hereafter, | ||||||
2 | in State law or bond indentures, into debt service funds or | ||||||
3 | accounts of the State
related to such bonded obligations, | ||||||
4 | consistent with the payment schedules associated with such
| ||||||
5 | obligations. "; and
| ||||||
6 | on page 164, by replacing lines 4 through 11 with the | ||||||
7 | following:
| ||||||
8 | "(40 ILCS 5/16-158.2 new) | ||||||
9 | Sec. 16-158.2. Obligations of State; funding guarantee. | ||||||
10 | Beginning July 1, 2013, the State shall be "; and
| ||||||
11 | on page 165, below line 6, by inserting the following: | ||||||
12 | " Any payments required to be made by the State pursuant to | ||||||
13 | this Section are expressly subordinated to the payment of the | ||||||
14 | principal, interest, and premium, if any, on any
bonded debt | ||||||
15 | obligation of the State or any other State-created entity, | ||||||
16 | either currently outstanding or to
be issued, for which the | ||||||
17 | source of repayment or security thereon is derived directly or | ||||||
18 | indirectly from
tax revenues collected by the State or any | ||||||
19 | other State-created entity. Payments on such bonded
| ||||||
20 | obligations include any statutory fund transfers or other | ||||||
21 | prefunding mechanisms or formulas set forth,
now or hereafter, | ||||||
22 | in State law or bond indentures, into debt service funds or | ||||||
23 | accounts of the State
related to such bonded obligations, |
| |||||||
| |||||||
1 | consistent with the payment schedules associated with such
| ||||||
2 | obligations. ".
|