IL HB1389

Amends the Regional Transportation Authority Act to modify bond and note issuance authority, specifically extending the deadline for additional Working Cash Notes from July 1, 2014 to July 1, 2016.

Authorizes the Authority to issue up to $300,000,000 in additional Working Cash Notes (beyond the base $100,000,000 limit) before July 1, 2016 to cover cash flow deficits for day-to-day operating expenses.

Maintains existing limits on regular bonds and notes at $800,000,000 outstanding and Working Cash Notes at $100,000,000 (plus the additional $300,000,000 authorization).

Preserves all existing provisions regarding bond security, pledges of tax receipts and revenues, trustee arrangements, and state pledges to protect bond holders' rights and contracts.

Working Cash Notes may continue to be sold through negotiated sale (without competitive bidding) rather than sealed bids, as determined by the Board with approval of at least 9 Directors.