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91_HB4584enr
HB4584 Enrolled LRB9112938REdv
1 AN ACT to amend the General Obligation Bond Act by
2 changing Sections 2, 3, 6, and 16.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The General Obligation Bond Act is amended by
6 changing Sections 2, 3, 6, and 16 as follows:
7 (30 ILCS 330/2) (from Ch. 127, par. 652)
8 Sec. 2. Authorization for Bonds. The State of Illinois
9 is authorized to issue, sell and provide for the retirement
10 of General Obligation Bonds of the State of Illinois for the
11 categories and specific purposes expressed in Sections 2
12 through 8 of this Act, in the total amount of $14,197,632,592
13 $16,177,847,592 herein called "Bonds".
14 The bonds authorized in this Section 2 and in Section 16
15 of this Act are herein called "Bonds".
16 Of the total amount of Bonds bonds authorized in this Act
17 above, up to $2,200,000,000 in aggregate original principal
18 amount may be issued and sold in accordance with the
19 Baccalaureate Savings Act in the form of General Obligation
20 College Savings Bonds.
21 Of the total amount of Bonds bonds authorized in this Act
22 above, up to $300,000,000 in aggregate original principal
23 amount may be issued and sold in accordance with the
24 Retirement Savings Act in the form of General Obligation
25 Retirement Savings Bonds.
26 The issuance and sale of Bonds pursuant to the General
27 Obligation Bond Act is an economical and efficient method of
28 financing the capital needs of the State. This Act will
29 permit the issuance of a multi-purpose General Obligation
30 Bond with uniform terms and features. This will not only
31 lower the cost of registration but also reduce the overall
HB4584 Enrolled -2- LRB9112938REdv
1 cost of issuing debt by improving the marketability of
2 Illinois General Obligation Bonds.
3 Bonds shall be issued for the categories and specific
4 purposes expressed in Sections 2 through 8 and Section 16 of
5 this Act.
6 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
7 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99;
8 91-53, eff 6-30-99.)
9 (30 ILCS 330/3) (from Ch. 127, par. 653)
10 Sec. 3. Capital Facilities. The amount of $6,078,847,592
11 $5,238,217,592 is authorized to be used for the acquisition,
12 development, construction, reconstruction, improvement,
13 financing, architectural planning and installation of capital
14 facilities within the State, consisting of buildings,
15 structures, durable equipment, land, and interests in land
16 for the following specific purposes:
17 (a) $1,710,255,446 $1,516,755,446 for educational
18 purposes by State universities and colleges, the Illinois
19 Community College Board created by the Public Community
20 College Act and for grants to public community colleges as
21 authorized by Sections 5-11 and 5-12 of the Public Community
22 College Act;
23 (b) $1,542,970,168 $1,312,970,168 for correctional
24 purposes at State prison and correctional centers;
25 (c) $470,941,786 $433,941,786 for open spaces,
26 recreational and conservation purposes and the protection of
27 land;
28 (d) $536,280,486 $506,780,486 for child care facilities,
29 mental and public health facilities, and facilities for the
30 care of disabled veterans and their spouses;
31 (e) $1,129,599,341 $1,033,599,341 for use by the State,
32 its departments, authorities, public corporations,
33 commissions and agencies;
HB4584 Enrolled -3- LRB9112938REdv
1 (f) $818,100 for cargo handling facilities at port
2 districts and for breakwaters, including harbor entrances, at
3 port districts in conjunction with facilities for small boats
4 and pleasure crafts;
5 (g) $186,657,796 $173,527,796 for water resource
6 management projects;
7 (h) $16,940,269 for the provision of facilities for food
8 production research and related instructional and public
9 service activities at the State universities and public
10 community colleges;
11 (i) $36,000,000 $34,000,000 for grants by the Secretary
12 of State, as State Librarian, for central library facilities
13 authorized by Section 8 of the Illinois Library System Act
14 and for grants by the Capital Development Board to units of
15 local government for public library facilities;
16 (j) $25,000,000 for the acquisition, development,
17 construction, reconstruction, improvement, financing,
18 architectural planning and installation of capital facilities
19 consisting of buildings, structures, durable equipment and
20 land for grants to counties, municipalities or public
21 building commissions with correctional facilities that do not
22 comply with the minimum standards of the Department of
23 Corrections under Section 3-15-2 of the Unified Code of
24 Corrections;
25 (k) $5,000,000 for grants in fiscal year 1988 by the
26 Department of Conservation for improvement or expansion of
27 aquarium facilities located on property owned by a park
28 district;
29 (l) $337,584,200 $138,484,200 to State agencies for
30 grants to local governments for the acquisition, financing,
31 architectural planning, development, alteration,
32 installation, and construction of capital facilities
33 consisting of buildings, structures, durable equipment, and
34 land; and
HB4584 Enrolled -4- LRB9112938REdv
1 (m) $80,800,000 $40,400,000 for the Illinois Open Land
2 Trust Program as defined by the Illinois Open Land Trust Act.
3 The amounts authorized above for capital facilities may
4 be used for the acquisition, installation, alteration,
5 construction, or reconstruction of capital facilities and for
6 the purchase of equipment for the purpose of major capital
7 improvements which will reduce energy consumption in State
8 buildings or facilities.
9 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
10 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, 6-15-99; 91-53,
11 eff. 6-30-99.)
12 (30 ILCS 330/6) (from Ch. 127, par. 656)
13 Sec. 6. Anti-Pollution.
14 (a) The amount of $262,815,000 $244,635,000 is
15 authorized for allocation by the Environmental Protection
16 Agency for grants or loans to units of local government in
17 such amounts, at such times and for such purpose as the
18 Agency deems necessary or desirable for the planning,
19 financing, and construction of municipal sewage treatment
20 works and solid waste disposal facilities and for making of
21 deposits into the Water Revolving Fund and the U.S.
22 Environmental Protection Fund to provide assistance in
23 accordance with the provisions of Title IV-A of the
24 Environmental Protection Act.
25 (b) The amount of $160,500,000 is authorized for
26 allocation by the Environmental Protection Agency for payment
27 of claims submitted to the State and approved for payment
28 under the Leaking Underground Storage Tank Program
29 established in Title XVI of the Environmental Protection Act.
30 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
31 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99.)
32 (30 ILCS 330/16) (from Ch. 127, par. 666)
HB4584 Enrolled -5- LRB9112938REdv
1 Sec. 16. Refunding Bonds. The State of Illinois is
2 authorized to issue, sell, and provide for the retirement of
3 General Obligation Bonds of the State of Illinois in the
4 amount of $2,839,025,000, at any time and from time to time
5 outstanding, is authorized for the purpose of refunding any
6 State of Illinois general obligation Bonds then outstanding,
7 including the payment of any redemption premium thereon, any
8 reasonable expenses of such refunding, any interest accrued
9 or to accrue to the earliest or any subsequent date of
10 redemption or maturity of such outstanding Bonds and any
11 interest to accrue to the first interest payment on the
12 refunding Bonds; provided that such refunding Bonds shall
13 mature no later than the final maturity date of Bonds being
14 refunded.
15 Refunding Bonds may be sold from time to time pursuant to
16 notice of sale and public bid or by negotiated sale in such
17 amounts and at such times, as directed by the Governor, upon
18 recommendation by the Director of the Bureau of the Budget.
19 The Governor shall notify the State Treasurer and Comptroller
20 of such refunding. The proceeds received from the sale of
21 refunding Bonds shall be used for the retirement at maturity
22 or redemption of such outstanding Bonds on any maturity or
23 redemption date and, pending such use, shall be placed in
24 escrow, subject to such terms and conditions as shall be
25 provided for in the Bond Sale Order relating to the Refunding
26 Bonds. Proceeds not needed for deposit in an escrow account
27 shall be deposited in the General Obligation Bond Retirement
28 and Interest Fund. This Act shall constitute an irrevocable
29 and continuing appropriation of all amounts necessary to
30 establish an escrow account for the purpose of refunding
31 outstanding general obligation Bonds and to pay the
32 reasonable expenses of such refunding and of the issuance and
33 sale of the refunding Bonds. Any such escrowed proceeds may
34 be invested and reinvested in direct obligations of the
HB4584 Enrolled -6- LRB9112938REdv
1 United States of America, maturing at such time or times as
2 shall be appropriate to assure the prompt payment, when due,
3 of the principal of and interest and redemption premium, if
4 any, on the refunded Bonds. After the terms of the escrow
5 have been fully satisfied, any remaining balance of such
6 proceeds and interest, income and profits earned or realized
7 on the investments thereof shall be paid into the General
8 Revenue Fund. The liability of the State upon the Bonds
9 shall continue, provided that the holders thereof shall
10 thereafter be entitled to payment only out of the moneys
11 deposited in the escrow account.
12 Except as otherwise herein provided in this Section, such
13 refunding Bonds shall in all other respects be subject to the
14 terms and conditions of this Act.
15 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99.)
16 Section 99. Effective date. This Act takes effect upon
17 becoming law.
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