SB3677 - HIGH SPEED RAIL STOCK FUND

1 Co-Sponsor

Amends the Department of Transportation Law of the Civil Administrative Code of Illinois. Provides that whenever the Department of Transportation enters into an agreement with any state or state agency, any public or private entity or quasi-public entity for the lease, rental, or use of locomotives, passenger railcars, and other rolling stock equipment or accessions, the Department may deposit such receipts into a separate escrow account. Allows funds in an escrow account holding lease payments, use fees, or rental payments to be withdrawn by the Department with the consent of the Midwest Fleet Pool Board, and deposited into the High-Speed Rolling Stock Fund. Provides that at the end of the term of an escrow account holding lease payments, use fees, or rental payments, the remaining balance shall be deposited in the High-Speed Rail Rolling Stock Fund. Provides that whenever the Department enters into an agreement with any carrier, state or state agency, any public or private entity, or quasi-public entity for costs related to procurement and maintenance of locomotives, passenger railcars, and other rolling stock equipment or accessions, the Department shall deposit such receipts into the High-Speed Rolling Stock Fund. Provides that the Department may make transfers or payments into the High-Speed Rail Rolling Stock Fund for the State's share of the costs related to locomotives, passenger railcars, and other rolling stock equipment.