IL SB3677

Authorizes the Department of Transportation to freely lease or contract locomotives, passenger railcars, and rolling stock equipment to any state, state agency, public or private entity, or quasi-public entity for any purpose.

Allows the Department to deposit lease, rental, or use receipts from rolling stock agreements into a separate escrow account, with funds withdrawable only with Midwest Fleet Pool Board consent and deposited into the High-Speed Rolling Stock Fund.

Requires remaining balances in escrow accounts to be deposited into the High-Speed Rail Rolling Stock Fund after the 20-year maximum term expires, with funds usable for any purpose related to locomotives, passenger railcars, and rolling stock equipment.

Permits the Department to deposit receipts from procurement and maintenance cost agreements into the High-Speed Rolling Stock Fund and to make transfers or payments for the State's share of costs related to rolling stock equipment.

Requires the Department to submit annual reports to the Comptroller and Treasurer showing escrow account deposits, withdrawals, purposes, balances, and investment returns.