Season 7 just started and here are the patch notes. We've updated for the new season, please contact us with any issues.
+40 Ability Power
UNIQUE Passive - Magic Bolt: Damaging an enemy champion with a basic attack shocks them for 50 - 125 bonus magic damage (40 second cooldown, shared with other Hextech items).
Magic Bolt's cooldown is reduced by Active Item cooldown reduction.
(Damage scales based on level. Hextech effects can trigger other item spell effects.)