Bill Text: IL SB3413 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the General Obligation Bond Act and Build Illinois Bond Act. Removes provisions authorizing the sale of bonds by negotiated sale. Eliminates certain provisions relating to compliance with the competitive request for proposal process set forth in the Illinois Procurement Code. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-03-19 - Rule 3-9(a) / Re-referred to Assignments [SB3413 Detail]

Download: Illinois-2009-SB3413-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB3413 Introduced 2/10/2010, by Sen. Bill Brady SYNOPSIS AS INTRODUCED:
30 ILCS 330/11 from Ch. 127, par. 661
30 ILCS 425/8 from Ch. 127, par. 2808
Amends the General Obligation Bond Act and Build Illinois Bond Act. Removes provisions authorizing the sale of bonds by negotiated sale. Eliminates certain provisions relating to compliance with the competitive request for proposal process set forth in the Illinois Procurement Code. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The General Obligation Bond Act is amended by
changing Section 11 as follows
(30 ILCS 330/11) (from Ch. 127, par. 661)
Sec. 11. Sale of Bonds. Except as otherwise provided in
this Section, Bonds shall be sold from time to time pursuant to
notice of sale and public bid or by negotiated sale in such
amounts and at such times as is directed by the Governor, upon
recommendation by the Director of the Governor's Office of
Management and Budget. At least 25%, based on total principal
amount, of all Bonds issued each fiscal year shall be sold
pursuant to notice of sale and public bid. At all times during
each fiscal year, no more than 75%, based on total principal
amount, of the Bonds issued each fiscal year, shall have been
sold by negotiated sale. Failure to satisfy the requirements in
the preceding 2 sentences shall not affect the validity of any
previously issued Bonds; provided that all Bonds authorized by
this amendatory Act of the 96th General Assembly shall not be
included in determining compliance for any fiscal year with the
requirements of the preceding 2 sentences; and further provided
that refunding Bonds satisfying the requirements of Section 16

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of this Act and sold during fiscal year 2009, 2010, or 2011
shall not be subject to the requirements in the preceding 2
sentences.
If any Bonds, including refunding Bonds, are to be sold by
negotiated sale, the Director of the Governor's Office of
Management and Budget shall comply with the competitive request
for proposal process set forth in the Illinois Procurement Code
and all other applicable requirements of that Code.
The If Bonds are to be sold pursuant to notice of sale and
public bid, the Director of the Governor's Office of Management
and Budget shall, from time to time, as Bonds are to be sold,
advertise the sale of the Bonds in at least 2 daily newspapers,
one of which is published in the City of Springfield and one in
the City of Chicago. The sale of the Bonds shall also be
advertised in the volume of the Illinois Procurement Bulletin
that is published by the Department of Central Management
Services. Each of the advertisements for proposals shall be
published once at least 10 days prior to the date fixed for the
opening of the bids. The Director of the Governor's Office of
Management and Budget may reschedule the date of sale upon the
giving of such additional notice as the Director deems adequate
to inform prospective bidders of such change; provided,
however, that all other conditions of the sale shall continue
as originally advertised.
Executed Bonds shall, upon payment therefor, be delivered
to the purchaser, and the proceeds of Bonds shall be paid into

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the State Treasury as directed by Section 12 of this Act.
(Source: P.A. 96-18, eff. 6-26-09; 96-43, eff. 7-15-09.)
Section 10. The Build Illinois Bond Act is amended by
changing Section 8 as follows:
(30 ILCS 425/8) (from Ch. 127, par. 2808)
Sec. 8. Sale of Bonds. Bonds, except as otherwise provided
in this Section, shall be sold from time to time pursuant to
notice of sale and public bid or by negotiated sale in such
amounts and at such times as are directed by the Governor, upon
recommendation by the Director of the Governor's Office of
Management and Budget. At least 25%, based on total principal
amount, of all Bonds issued each fiscal year shall be sold
pursuant to notice of sale and public bid. At all times during
each fiscal year, no more than 75%, based on total principal
amount, of the Bonds issued each fiscal year shall have been
sold by negotiated sale. Failure to satisfy the requirements in
the preceding 2 sentences shall not affect the validity of any
previously issued Bonds; and further provided that refunding
Bonds satisfying the requirements of Section 15 of this Act and
sold during fiscal year 2009, 2010, or 2011 shall not be
subject to the requirements in the preceding 2 sentences.
If any Bonds are to be sold pursuant to notice of sale and
public bid, the Director of the Governor's Office of Management
and Budget shall comply with the competitive request for

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proposal process set forth in the Illinois Procurement Code and
all other applicable requirements of that Code.
The If Bonds are to be sold pursuant to notice of sale and
public bid, the Director of the Governor's Office of Management
and Budget shall, from time to time, as Bonds are to be sold,
advertise the sale of the Bonds in at least 2 daily newspapers,
one of which is published in the City of Springfield and one in
the City of Chicago. The sale of the Bonds shall also be
advertised in the volume of the Illinois Procurement Bulletin
that is published by the Department of Central Management
Services. Each of the advertisements for proposals shall be
published once at least 10 days prior to the date fixed for the
opening of the bids. The Director of the Governor's Office of
Management and Budget may reschedule the date of sale upon the
giving of such additional notice as the Director deems adequate
to inform prospective bidders of the change; provided, however,
that all other conditions of the sale shall continue as
originally advertised. Executed Bonds shall, upon payment
therefor, be delivered to the purchaser, and the proceeds of
Bonds shall be paid into the State Treasury as directed by
Section 9 of this Act. The Governor or the Director of the
Governor's Office of Management and Budget is hereby authorized
and directed to execute and deliver contracts of sale with
underwriters and to execute and deliver such certificates,
indentures, agreements and documents, including any
supplements or amendments thereto, and to take such actions and

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do such things as shall be necessary or desirable to carry out
the purposes of this Act. Any action authorized or permitted to
be taken by the Director of the Governor's Office of Management
and Budget pursuant to this Act is hereby authorized to be
taken by any person specifically designated by the Governor to
take such action in a certificate signed by the Governor and
filed with the Secretary of State.
(Source: P.A. 96-18, eff. 6-26-09.)
Section 99. Effective date. This Act takes effect upon
becoming law.