State of Illinois
90th General Assembly
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90_SB0888

      20 ILCS 3105/1A-3         from Ch. 127, par. 783.3
      30 ILCS 330/2             from Ch. 127, par. 652
      30 ILCS 330/5             from Ch. 127, par. 655
          Amends the Capital Development Board Act by changing  the
      grant  index  applicable  to  grants  to school districts for
      school construction projects to an enrollment  based  formula
      from a weighted average daily attendance based formula.  Also
      amends  the  General  Obligation  Bond  Act  to  increase the
      State's bonding authority by  $500,000,000,  earmarking  that
      increase   exclusively   for   specified   types   of  school
      construction projects  over  a  10  year  period.   Effective
      immediately.
                                                   SDS/bill0026/jwp
                                             SDS/bill0026/jwp
 1        AN   ACT  relating  to  bonds  for  school  construction,
 2    amending named Acts.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.  The Capital Development Board Act is amended
 6    by changing Section 1A-3 as follows:
 7        (20 ILCS 3105/1A-3) (from Ch. 127, par. 783.3)
 8        Sec. 1A-3. The Grant Index for  any  school  district  is
 9    equal  to  one  minus  the  ratio of the district's equalized
10    assessed valuation per enrolled  pupil  in  weighted  average
11    daily  attendance  to  the  equalized  assessed valuation per
12    enrolled pupil in weighted average daily  attendance  of  the
13    district   located   at  the  ninetieth  percentile  for  all
14    districts of the same type. The Grant Index  for  any  school
15    district  shall  be no less than 0.30 .20 and no greater than
16    0.90 .70. The product of the district's Grant Index  and  the
17    Recognized  Project  Cost, as determined by the Board, for an
18    approved school construction project equals  the  amount  the
19    Board  shall  expend on behalf of the district; however, that
20    amount  for  the  purpose  of  a  special  education   school
21    construction  project  shall  be  reduced  by  the  amount of
22    unexpended  State  reimbursement   received   under   Section
23    14-13.02  of  the  School Code.  The Grant Index shall not be
24    used in cases where the General Assembly and Governor approve
25    appropriations designated for specifically identified  school
26    district construction projects.
27    (Source: P.A. 87-184.)
28        Section  10.   The General Obligation Bond Act is amended
29    by changing Sections 2 and 5 as follows:
                            -2-              SDS/bill0026/jwp
 1        (30 ILCS 330/2) (from Ch. 127, par. 652)
 2        Sec. 2. Authorization for Bonds.  The State  of  Illinois
 3    is  authorized  to issue, sell and provide for the retirement
 4    of General Obligation Bonds of the State of Illinois  in  the
 5    total  amount  of $8,646,008,392 $8,146,008,392 herein called
 6    "Bonds".
 7        Of the total amount of  bonds  authorized  above,  up  to
 8    $1,700,000,000  in aggregate original principal amount may be
 9    issued and sold in accordance with the Baccalaureate  Savings
10    Act in the form of General Obligation College Savings Bonds.
11        Of  the  total  amount  of  bonds authorized above, up to
12    $300,000,000 in aggregate original principal  amount  may  be
13    issued and sold in accordance with the Retirement Savings Act
14    in the form of General Obligation Retirement Savings Bonds.
15        The  issuance  and  sale of Bonds pursuant to the General
16    Obligation Bond Act is an economical and efficient method  of
17    financing  the  capital  needs  of  the State.  This Act will
18    permit the issuance of  a  multi-purpose  General  Obligation
19    Bond  with  uniform  terms  and features.  This will not only
20    lower the cost of registration but also  reduce  the  overall
21    cost  of  issuing  debt  by  improving  the  marketability of
22    Illinois General Obligation Bonds.
23        Bonds shall be issued for  the  categories  and  specific
24    purposes  expressed in Sections 2 through 8 and Section 16 of
25    this Act.
26    (Source: P.A. 87-144; 87-173; 87-836; 87-873; 88-93;  88-472;
27    88-552, eff. 7-14-94; 88-670, eff. 12-2-94.)
28        (30 ILCS 330/5) (from Ch. 127, par. 655)
29        Sec.   5.    School   Construction.  (a)  The  amount  of
30    $58,450,000 is authorized to  make  grants  to  local  school
31    districts  for  the  acquisition,  development, construction,
32    reconstruction,   rehabilitation,   improvement,   financing,
33    architectural   planning   and   installation   of    capital
                            -3-              SDS/bill0026/jwp
 1    facilities,  including  but not limited to those required for
 2    special education building projects provided for  in  Article
 3    14  of  the School Code, consisting of buildings, structures,
 4    and  durable  equipment,  and   for   the   acquisition   and
 5    improvement  of  real property and interests in real property
 6    required,  or  expected  to  be   required,   in   connection
 7    therewith.
 8        The  additional  $500,000,000 bond authorization added by
 9    this amendatory Act of 1997 shall be used for grants for  the
10    purposes authorized by this subsection, using the Grant Index
11    of  Section  1A-3  of the Capital Development Board Act.  The
12    bonds shall be issued over a 10 year period in amounts not to
13    exceed the following for each year of  the  10  year  period,
14    provided  that  bonds authorized but not issued in an earlier
15    year may be issued in any later year:
16             Year                        Amount
17                1                   $25,000,000
18                2                   $37,500,000
19                3                   $50,000,000
20                4                   $62,500,000
21                5                   $62,500,000
22                6                   $62,500,000
23             7-10                  $50,000,000 each such year
24        The State Board of Education shall develop standards  for
25    the determination of priority needs.
26        (b)  $22,550,000, or so much thereof as may be necessary,
27    for  grants  to  school districts for the making of principal
28    and interest payments, required to be made, on  bonds  issued
29    by  such  school districts after January 1, 1969, pursuant to
30    any indenture, ordinance, resolution, agreement  or  contract
31    to   provide   funds   for   the   acquisition,  development,
32    construction,  reconstruction,  rehabilitation,  improvement,
33    architectural planning and installation of capital facilities
34    consisting of buildings, structures,  durable  equipment  and
                            -4-              SDS/bill0026/jwp
 1    land  for educational purposes or for lease payments required
 2    to be made by a school district for  principal  and  interest
 3    payments  on  bonds  issued  by  a Public Building Commission
 4    after January 1, 1969.
 5        (c)  $10,000,000 for grants to school districts  for  the
 6    acquisition,   development,   construction,   reconstruction,
 7    rehabilitation,   improvement,   architectural  planning  and
 8    installation of capital facilities  consisting  of  buildings
 9    structures,  durable equipment and land for special education
10    building projects.
11        (d)  $9,000,000 for grants to school  districts  for  the
12    reconstruction,  rehabilitation,  improvement,  financing and
13    architectural  planning  of  capital  facilities,   including
14    construction  at  another  location  to  replace such capital
15    facilities, consisting of those public school  buildings  and
16    temporary  school facilities which, prior to January 1, 1984,
17    were condemned by the regional superintendent  under  Section
18    3-14.22  of  The  School Code or by any State official having
19    jurisdiction over building safety.
20    (Source: P.A. 84-1227.)
21        Section 99.  Effective date.  This Act takes effect  upon
22    becoming a law.

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