SB 2081

Abstract

Amends the Governor's Office of Management and Budget Act to require the Governor's Office of Management and Budget to provide a quarterly report to specified State officers on the status of all capital projects in the State. Amends the General Obligation Bond Act. Increases the amount of the authorization of State bonds by $2,000,000,000, $1,575,000,000 for State highways, arterial highways, freeways, roads, bridges, structures separating highways and railroads and roads, and bridges on roads maintained by counties, municipalities, townships, or road districts for use statewide (the proceeds of which are deposited into the Transportation Bond, Series D Fund) and $425,000,000 for rail facilities and mass transit facilities statewide. Amends the Riverboat Gambling Act. Provides that all of the moneys deposited into the State Gaming Fund from the issuance of the 10th owners license pursuant to competitive bidding shall be transferred as soon as practical into the School Construction Fund and used to make school construction grants pursuant to the School Construction Law. Provides that, after specified other payments are made, the remainder of the revenue generated under the Act by the 10th owners license shall be transferred monthly into the Transportation Capital Lockbox Fund. Makes other changes. Amends the State Finance Act to create the Transportation Bond, Series D Fund and the Transportation Capital Lockbox Fund as special funds in the State treasury. Provides that the Transportation Capital Lockbox Fund shall be used for the purpose of paying and discharging annually the principal and interest on bonded indebtedness for certain construction of transportation improvements and for no other purpose. Effective immediately.