IL SB2005

Amends the Metropolitan Transit Authority Act and Regional Transportation Authority Act to establish procedures for repayment of defaulted interim financing notes issued by the Chicago Transit Authority when State money was invested in them.

Allows the State Treasurer to certify defaulted note amounts to the State Comptroller, who must deduct and remit repayment from State funds to the Authority in three phases: one-third in year one after default, two-thirds in year two, and the full amount in year three and thereafter until repaid.

Extends the deadline for the Regional Transportation Authority to issue additional working cash notes and establish lines of credit from July 1, 2018 to July 1, 2022, allowing up to $300,000,000 in additional outstanding notes and lines of credit beyond the $100,000,000 authorization.

Authorizes the Regional Transportation Authority to establish lines of credit with banks or financial institutions for cash flow deficits, repayable within 24 months and secured by the Authority's full faith and credit, subject to 30-day advance notice to the Governor's Office of Management and Budget and State Comptroller.

Takes effect immediately upon becoming law.