...Title/Name/Summary
Rebuild Illinois (RBI) Bond Funds Resolution - Phase II Final Design Engineering of 143rd Street Widening and Reconstruction from Wolf Road to Southwest Highway
History
In 2020, the Illinois Department of Transportation (IDOT) was authorized by the State of Illinois to implement a $1.5 billion grant program using proceeds from general obligation bonds pursuant to subsection (a) of Section 4 of the General Obligation Bond Act (30 ILCS 330/4) in the Rebuild Illinois Capital Program to provide Local Public Agencies (LPAs) with funds for capital projects. Grants were allotted among LPAs based on the regular Motor Fuel tax (MFT) formula, but these are not MFT disbursements. Rather, they are grants made from bond proceeds that must be used for capital projects in which separate accounting is required. IDOT is authorized to use these funds to make grants “for planning, engineering, acquisition, construction, reconstruction, development, improvement, extension, and all construction-related expenses of the public infrastructure and other transportation improvement projects.” Thus, the grant funds may be used by the Village for only those purposes.
Funds received from these Rebuild Illinois grants must be deposited into the Village’s MFT account. However, these grant funds must be separately accounted for, and expenditures must be in accordance with purposes authorized in Section 4(a) of the General Obligation Bond Act. To qualify for Rebuild Illinois grant proceeds, a project needs to be a bondable capital improvement. In general, transportation improvement projects with an average useful life of greater than or equal to 13 years will be considered bondable capital improvements.
The Village received six (6) disbursements of $623,528.11 for a total of $3,741,168.66 in bond funds. The Village Board of Trustees allocated four of the six payments in the amount of $2,494,112.44 for Phase II Final Design Engineering services for the widening of 143rd St...
Click here for full text