SB1697 Summary

• Amends the Regional Transportation Authority Act to authorize the Suburban Bus Board to enter into fuel risk management contracts including options, forwards, futures, swaps, caps, and collars to protect against volatile fuel prices, subject to Regional Transportation Authority Board approval.

• Grants the Suburban Bus Board authority to borrow up to $100,000,000 through revenue bonds for four specific projects: a $60,000,000 garage in northwestern Cook County suburbs, $12,000,000 conversion of South Cook garage in Markham to Compressed Natural Gas, $25,000,000 paratransit garage in DuPage County, and $3,000,000 expansion of North Shore garage in Evanston.

• Establishes bond issuance requirements including 25-year maximum maturity, equal annual principal payments, minimum 25% public bid sales and maximum 75% negotiated sales, with interest rates capped by the Bond Authorization Act.

• Provides identical fuel risk management contracting authority to the Commuter Rail Board and authorizes up to $1,000,000,000 in revenue bonds for acquisition, construction, reconstruction, or improvement of public transportation facilities operated by the Commuter Rail Division.

• Clarifies that all bonds issued are payable solely from revenues and do not constitute state debt or obligations of the Regional Transportation Authority or other political subdivisions.