§ 8.25g

Illinois § 8.25g

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 30: FINANCE
• Act 30 ILCS 105/: State Finance Act.

Text

(Text of Section before amendment by P.A. 104-457 ) Sec. 8.25g. The Civic and Transit Infrastructure Fund. The Civic and Transit Infrastructure Fund is created as a special fund in the State Treasury. Money in the Civic and Transit Infrastructure Fund shall, when the State of Illinois incurs infrastructure indebtedness pursuant to the public-private partnership entered into by the public agency on behalf of the State of Illinois with private entity pursuant to the Public-Private Partnership for Civic and Transit Infrastructure Project Act, be used for the purpose of paying and discharging monthly the principal and interest on that infrastructure indebtedness then due and payable consistent with the term established in the public-private agreement entered into by the public agency on behalf of the State of Illinois. The public agency shall, pursuant to its authority under the Public-Private Partnership for Civic and Transit Infrastructure Project Act, annually certify to the State Comptroller and the State Treasurer the amount necessary and required, during the fiscal year with respect to which the certification is made, to pay the amounts due under the Public-Private Partnership for Civic and Transit Infrastructure Project Act. On or before the last day of each month, the State Comptroller and State Treasurer shall transfer the moneys required to be deposited into the Fund under Section 3 of the Retailers' Occupation Tax Act and the Public-Private Partnership for Civic and Transit Infrastructure Project Act and shall pay from that Fund the required amount certified by the public agency, plus any cumulative deficiency in such transfers and payments for prior months, to the public agency for distribution pursuant to the Public-Private Partnership for Civic and Transit Infrastructure Project Act. Such transferred amount shall be sufficient to pay all amounts due under the Public-Private Partnership for Civic and Transit Infrastructure Project Act. Provided that all amounts deposited in the Fund have been paid accordingly under the Public-Private Partnership for Civic and Transit Infrastructure Project Act, all amounts remaining in the Civic and Transit Infrastructure Fund shall be held in that Fund for other subsequent payments required under the Public-Private Partnership for Civic and Transit Infrastructure Project Act. In the event the State fails to pay the amount necessary and required under the Public-Private Partnership for Civic and Transit Infrastructure Project Act for any reason during the fiscal year with respect to which the certification is made or if the State takes any steps that result in an impact to the irrevocable, first priority pledge of and lien on moneys on deposit in the Civic and Transit Infrastructure Fund, the public agency shall certify such delinquent amounts to the State Comptroller and the State Treasurer and the State Comptroller and the State Treasurer shall take all steps required to intercept the tax revenues collected from within the boundary of the civic transit infrastructure project pursuant to Section 3 of the Retailers' Occupation Tax Act, Section 9 of the Use Tax Act, Section 9 of the Service Use Tax Act, Section 9 of the Service Occupation Tax Act, Section 4.03 of the Regional Transportation Authority Act, and Section 6 of the Hotel Operators' Occupation Tax Act, and shall pay such amounts to the Fund for distribution by the public agency for the time period required to ensure that the State's distribution requirements under the Public-Private Partnership for Civic and Transit Infrastructure Project Act are fully met. As used in the Section, "private entity", "public-private agreement", and "public agency" have meanings provided in Section 25-10 of the Public-Private Partnership for Civic and Transit Infrastructure Project Act. (Source: P.A. 101-10, eff. 6-5-19; 102-558, eff. 8-20-21.) (Text of Section after amendment by P.A. 104-457 ) Sec. 8.25g. The Civic and Transit Infrastructure Fund. The Civic and Transit Infrastructure Fund is created as a special fund in the State treasury. Money in the Civic and Transit Infrastructure Fund shall, when the State of Illinois incurs infrastructure indebtedness pursuant to the public-private partnership entered into by the public agency on behalf of the State of Illinois with private entity pursuant to the Public-Private Partnership for Civic and Transit Infrastructure Project Act, be used for the purpose of paying and discharging monthly the principal and interest on that infrastructure indebtedness then due and payable consistent with the term established in the public-private agreement entered into by the public agency on behalf of the State of Illinois. The public agency shall, pursuant to its authority under the Public-Private Partnership for Civic and Transit Infrastructure Project Act, annually certify to the State Comptroller and the State Treasurer the amount necessary and required, during the fiscal year with respect to which the certification is made, to pay the amounts due under the Public-Private Partnership for Civic and Transit Infrastructure Project Act. On or before the last day of each month, the State Comptroller and State Treasurer shall transfer the moneys required to be deposited into the Fund under Section 3 of the Retailers' Occupation Tax Act and the Public-Private Partnership for Civic and Transit Infrastructure Project Act and shall pay from that Fund the required amount certified by the public agency, plus any cumulative deficiency in such transfers and payments for prior months, to the public agency for distribution pursuant to the Public-Private Partnership for Civic and Transit Infrastructure Project Act. Such transferred amount shall be sufficient to pay all amounts due under the Public-Private Partnership for Civic and Transit Infrastructure Project Act. Provided that all amounts deposited in the Fund have been paid accordingly under the Public-Private Partnership for Civic and Transit Infrastructure Project Act, all amounts remaining in the Civic and Transit Infrastructure Fund shall be held in that Fund for other subsequent payments required under the Public-Private Partnership for Civic and Transit Infrastructure Project Act. In the event the State fails to pay the amount necessary and required under the Public-Private Partnership for Civic and Transit Infrastructure Project Act for any reason during the fiscal year with respect to which the certification is made or if the State takes any steps that result in an impact to the irrevocable, first priority pledge of and lien on moneys on deposit in the Civic and Transit Infrastructure Fund, the public agency shall certify such delinquent amounts to the State Comptroller and the State Treasurer and the State Comptroller and the State Treasurer shall take all steps required to intercept the tax revenues collected from within the boundary of the civic transit infrastructure project pursuant to Section 3 of the Retailers' Occupation Tax Act, Section 9 of the Use Tax Act, Section 9 of the Service Use Tax Act, Section 9 of the Service Occupation Tax Act, Section 4.03 of the Northern Illinois Transit Authority Act, and Section 6 of the Hotel Operators' Occupation Tax Act, and shall pay such amounts to the Fund for distribution by the public agency for the time period required to ensure that the State's distribution requirements under the Public-Private Partnership for Civic and Transit Infrastructure Project Act are fully met. As used in the Section, "private entity", "public-private agreement", and "public agency" have meanings provided in Section 25-10 of the Public-Private Partnership for Civic and Transit Infrastructure Project Act.

Legislative History

(Source: P.A. 104-457, eff. 6-1-26.)