RTA-FUNDING

Amends the State Finance Act to create the Regional Transportation Support Fund. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Requires the Department of Revenue to pay into the Regional Transportation Support Fund 80%, with certain limitations, of the net revenue realized for the preceding month from the counties of Cook, DuPage, Will, Kane, Lake, and McHenry from the 6.25% rate on the selling price of motor fuel and gasohol. Amends the Regional Transportation Authority Act. Requires the Authority to provide financial oversight of the Service Boards, allocate operating and capital funds made available to support public transportation in the metropolitan region, and undertake certain planning functions. Provides that the Authority shall adopt a Strategic Plan, a Five-Year Capital Program, and an Annual Budget and Two-Year Financial Plan. Provides that the Authority shall conduct audits of each of the Service Boards no less than every 5 years, and may conduct audits of certain transportation agencies. Provides that the Authority shall establish certain Funds. Repeals certain Sections of the Act. Makes changes to the Board of the Authority and the Commuter Rail Board. Amends the Illinois Pension Code. Provides that the retirement system for Chicago Transit Authority employees shall be known as the Retirement Plan for Chicago Transit Authority Employees. Contains provisions regarding employee contributions. Contains provisions concerning the amount of retirement allowances, the normal retirement date, and early retirement. Amends the Downstate Public Transportation Act. Contains other provisions. Effective immediately.