100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3200
 
Introduced 2/15/2018, by Sen. Martin A. Sandoval
 
SYNOPSIS AS INTRODUCED:

  
70 ILCS 3615/3B.09 from Ch. 111 2/3, par. 703B.09

 Amends the Regional Transportation Authority Act. Makes a technical change
in
a Section concerning the general powers of the Commuter Rail Board.



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A BILL FOR
 


SB3200LRB100 19177 AWJ 34442 b



1 AN ACT concerning local government.


2 Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 


4 Section 5. The Regional Transportation Authority Act is 
5amended by changing Section 3B.09 as follows:




6 (70 ILCS 3615/3B.09) (from Ch. 111 2/3, par. 703B.09)


7 Sec. 3B.09. General Powers. In addition to any powers 
8elsewhere provided
to the
the Commuter Rail Board, it shall 
9have all of the powers specified in
Section 2.20 of this Act 
10except for the powers specified in Section 2.20(a)(v).
The 
11Board shall also have the power:
12 (a) to cooperate with the Regional Transportation 
13Authority in the
exercise by the Regional Transportation 
14Authority of all the powers granted
it by such Act;

15 (b) to receive funds from the Regional Transportation 
16Authority
pursuant to Sections 2.02, 4.01, 4.02, 4.09 and
4.10 
17of the "Regional Transportation Authority Act", all as provided 
18in the
"Regional Transportation Authority Act";

19 (c) to receive financial grants from the Regional 
20Transportation
Authority or a Service Board, as defined in the 
21"Regional Transportation
Authority Act", upon such terms and 
22conditions as shall be set forth in a
grant contract between 
23either the Division and the Regional Transportation
Authority 
 
 
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1or the Division and another Service Board, which contract or

2agreement may be for such number of years or duration as the 
3parties may
agree, all as provided in the "Regional 
4Transportation Authority Act"; and

5 (d) to borrow money for the purpose of acquiring, 
6constructing, reconstructing, extending, or improving any 
7Public Transportation Facilities (as defined in Section 1.03 of 
8the Regional Transportation Authority Act) operated by or to be 
9operated by or on behalf of the Commuter Rail Division. For the 
10purpose of evidencing the obligation of the Commuter Rail Board 
11to repay any money borrowed as provided in this subsection, the 
12Commuter Rail Board may issue revenue bonds from time to time 
13pursuant to ordinance adopted by the Commuter Rail Board, 
14subject to the approval of the Regional Transportation 
15Authority of each such issuance by the affirmative vote of 12 
16of its then Directors; provided that the Commuter Rail Board 
17may not issue bonds for the purpose of financing the 
18acquisition, construction, or improvement of a corporate 
19headquarters building. All such bonds shall be payable solely 
20from the revenues or income or any other funds that the 
21Commuter Rail Board may receive, provided that the Commuter 
22Rail Board may not pledge as security for such bonds the 
23moneys, if any, that the Commuter Rail Board receives from the 
24Regional Transportation Authority pursuant to Section 
254.03.3(f) of the Regional Transportation Authority Act. The 
26bonds shall bear interest at a rate not to exceed the maximum 
 
 
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1rate authorized by the Bond Authorization Act and shall mature 
2at such time or times not exceeding 25 years from their 
3respective dates. Bonds issued pursuant to this paragraph must 
4be issued with scheduled principal or mandatory redemption 
5payments in equal amounts in each fiscal year over the term of 
6the bonds, with the first principal or mandatory redemption 
7payment scheduled within the fiscal year in which bonds are 
8issued or within the next succeeding fiscal year. At least 25%, 
9based on total principal amount, of all bonds authorized 
10pursuant to this Section shall be sold pursuant to notice of 
11sale and public bid. No more than 75%, based on total principal 
12amount, of all bonds authorized pursuant to this Section shall 
13be sold by negotiated sale. The maximum principal amount of the 
14bonds that may be issued and outstanding at any time may not 
15exceed $1,000,000,000. The bonds shall have all the qualities 
16of negotiable instruments under the laws of this State. To 
17secure the payment of any or all of such bonds and for the 
18purpose of setting forth the covenants and undertakings of the 
19Commuter Rail Board in connection with the issuance thereof and 
20the issuance of any additional bonds payable from such revenue 
21or income as well as the use and application of the revenue or 
22income received by the Commuter Rail Board, the Commuter Rail 
23Board may execute and deliver a trust agreement or agreements; 
24provided that no lien upon any physical property of the 
25Commuter Rail Board shall be created thereby. A remedy for any 
26breach or default of the terms of any such trust agreement by 
 
 
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1the Commuter Rail Board may be by mandamus proceedings in any 
2court of competent jurisdiction to compel performance and 
3compliance therewith, but the trust agreement may prescribe by 
4whom or on whose behalf such action may be instituted. Under no 
5circumstances shall any bonds issued by the Commuter Rail Board 
6or any other obligation of the Commuter Rail Board in 
7connection with the issuance of such bonds be or become an 
8indebtedness or obligation of the State of Illinois, the 
9Regional Transportation Authority, or any other political 
10subdivision of or municipality within the State, nor shall any 
11such bonds or obligations be or become an indebtedness of the 
12Commuter Rail Board within the purview of any constitutional 
13limitation or provision, and it shall be plainly stated on the 
14face of each bond that it does not constitute such an 
15indebtedness or obligation but is payable solely from the 
16revenues or income as aforesaid.

17(Source: P.A. 95-708, eff. 1-18-08.)