IL HB2685

Amends the Regional Transportation Authority Act to modify Working Cash Notes authorization, extending the deadline for issuing additional Working Cash Notes beyond the $100,000,000 cap from July 1, 2016 to July 1, 2018, with additional notes capped at $300,000,000.

Authorizes the RTA to issue bonds and notes for public transportation facility construction, acquisition, debt service, and self-insurance obligations, with a $800,000,000 cap on general bonds and notes.

Permits Working Cash Notes to be issued for up to 24 months to cover operational cash flow deficits, including wages, salaries, professional services, utilities, insurance, and transportation operations expenses.

Requires bonds (other than Working Cash Notes) sold after December 31, 1994 to be sold to the highest bidder through competitive sealed bidding with publication in daily newspapers at least 10 days prior, though Working Cash Notes and self-insurance bonds may be sold by negotiated sale.

Establishes that RTA bonds and notes are general obligations backed by the full faith and credit of the Authority, with pledges of tax receipts and other revenues, and provides that such obligations have priority over other Authority obligations.