(30 ILCS 740/2-15) (from Ch. 111 2/3, par. 675.1)
(Text of Section before amendment by P.A. 104-457)
Sec. 2-15. Residual fund balance. (a) Except as otherwise provided in this Section,
all funds which remain in the Downstate Public Transportation Fund or the
Metro-East Public Transportation Fund after the payment of the fourth quarterly
payment to participants other than Metro-East Transit District
participants and the last monthly payment to Metro-East Transit
participants in each fiscal year shall be transferred (i) to the
General Revenue Fund through fiscal year 2008 and (ii) to the Downstate Transit Improvement Fund for fiscal year 2009 and each fiscal year thereafter. Transfers shall be made no later than 90 days following the end of such fiscal
year. Beginning fiscal year 2010, all moneys each year in the Downstate Transit Improvement Fund, held solely for the benefit of the participants in the Downstate Public Transportation Fund and shall be appropriated to the Department to make competitive capital grants to the participants of the respective funds. However, such amount as the Department determines to be necessary
for (1) allocation to participants for the purposes of Section 2-7 for
the first quarter of the succeeding fiscal year and (2) an amount equal to
2% of the total allocations to participants in the fiscal year just ended
to be used for the purpose of audit adjustments shall be retained in such
Funds to be used by the Department for such purposes.
(b) Notwithstanding any other provision of law, in addition to any other transfers that may be provided by law, on July 1, 2011, or as soon thereafter as practical, the State Comptroller shall direct and the State Treasurer shall transfer the remaining balance from the Metro East Public Transportation Fund into the General Revenue Fund. Upon completion of the transfers, the Metro East Public Transportation Fund is dissolved, and any future deposits due to that Fund and any outstanding obligations or liabilities of that Fund pass to the General Revenue Fund. (Source: P.A. 97-72, eff. 7-1-11.)
(Text of Section after amendment by P.A. 104-457) Sec. 2-15. Residual fund balance. (a) Beginning fiscal year 2010, all moneys each year in the Downstate Transit Improvement Fund, held solely for the benefit of the participants in the Downstate Public Transportation Fund and shall be appropriated to the Department to make competitive capital grants to the participants of the respective funds, except that a portion of the total residual fund balance remaining in the Downstate Transit Improvement Fund after the completion of Fiscal Year 2026 and every year thereafter may be used by the Department for intercity rail capital projects for connectivity between downstate communities and Chicago, including routes to new destinations. Beginning in Fiscal Year 2026, the Department of Transportation may issue an annual notice of funding opportunity for intercity rail capital projects that may include, but are not limited to, station upgrades, grade separations, and planning studies for new destinations. The amount used from this fund for intercity rail capital projects may not exceed $342,000,000. However, such amount as the Department determines to be necessary for (1) allocation to participants for the purposes of Section 2-7 for the first quarter of the succeeding fiscal year and (2) an amount equal to 2% of the total allocations to participants in the fiscal year just ended to be used for the purpose of audit adjustments shall be retained in such Funds to be used by the Department for such purposes. Notwithstanding any other provision of law, for Fiscal Year 2027, the sum of $3,750,000, or so much of that amount as may be necessary, may be appropriated from the Downstate Transit Improvement Fund to the Department of Transportation to make a grant to the Springfield Airport Authority for the purpose of supporting daily commercial air service between Springfield and Chicago O'Hare International Airport in order to facilitate State operations in the Capital City. (b) Notwithstanding any other provision of law, in addition to any other transfers that may be provided by law, on July 1, 2011, or as soon thereafter as practical, the State Comptroller shall direct and the State Treasurer shall transfer the remaining balance from the Metro East Public Transportation Fund into the General Revenue Fund. Upon completion of the transfers, the Metro East Public Transportation Fund is dissolved, and any future deposits due to that Fund and any outstanding obligations or liabilities of that Fund pass to the General Revenue Fund. (c) If necessary, the Department of Transportation may notify the Comptroller of a projected deficit in the Downstate Public Transportation Fund of the amount needed to cover the required statutory reimbursement of eligible operating expenses to participants in the Downstate Public Transportation Fund. If the Comptroller is notified of a projected deficit, then the Comptroller shall order transferred and the Treasurer shall transfer from the Downstate Transit Improvement Fund the amount necessary to remedy the projected deficit in the Downstate Public Transportation Fund.(Source: P.A. 104-457, eff. 6-1-26.) |