95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4701


 
Introduced , by Rep. Roger L. Eddy
 
SYNOPSIS AS INTRODUCED:
 		
















30 ILCS 330/2
  from Ch. 127, par. 652


30 ILCS 330/5
  from Ch. 127, par. 655







    Amends the General Obligation Bond Act. Increases the authorization for school construction bonds by $148,518,304. Effective July 1, 2008.
















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FISCAL NOTE ACT MAY APPLY


STATE DEBT IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4701

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    AN ACT concerning finance.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The General Obligation Bond Act is amended  by 
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changing Sections 2 and 5 as follows:
 



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    (30 ILCS 330/2)  (from Ch. 127, par. 652)


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    Sec. 2. Authorization for Bonds. The State of Illinois is 
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authorized to
issue, sell and provide for the retirement of 
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General Obligation Bonds of
the State of Illinois for the 
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categories and specific purposes expressed in
Sections 2 
11
through 8 of this Act, in the total amount of $27,806,667,673

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$27,658,149,369.

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    The bonds authorized in this Section 2 and in Section 16 of 
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this Act are
herein called "Bonds".

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    Of the total amount of Bonds authorized in this Act, up to 
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$2,200,000,000
in aggregate original principal amount may be 
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issued and sold in accordance
with the Baccalaureate Savings 
18
Act in the form of General Obligation
College Savings Bonds.

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    Of the total amount of Bonds authorized in this Act, up to 
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$300,000,000 in
aggregate original principal amount may be 
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issued and sold in accordance
with the Retirement Savings Act 
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in the form of General Obligation
Retirement Savings Bonds.

23
    Of the total amount of Bonds authorized in this Act, the 
 


 






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additional
$10,000,000,000 authorized by this amendatory Act 
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of the 93rd General
Assembly shall be used solely as provided 
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in Section 7.2.

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    The issuance and sale of Bonds pursuant to the General 
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Obligation Bond
Act is an economical and efficient method of 
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financing the long-term capital needs of
the State.  This Act 
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will permit the issuance of a multi-purpose General
Obligation 
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Bond with uniform terms and features.  This will not only lower

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the cost of registration but also reduce the overall cost of 
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issuing debt
by improving the marketability of Illinois General 
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Obligation Bonds.

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(Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; 
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92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)

 



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    (30 ILCS 330/5)  (from Ch. 127, par. 655)



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    Sec. 5. School Construction. 

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    (a) The amount of $58,450,000 is authorized to
make grants 
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to local school
districts for the acquisition, development, 
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construction, reconstruction,
rehabilitation, improvement, 
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financing, architectural planning and
installation of capital 
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facilities, including but not limited to those
required for 
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special
education building projects provided for in Article 14 
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of The School Code,
consisting of buildings, structures, and 
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durable equipment, and for the
acquisition and improvement of 
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real property and interests in real property
required, or 
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expected to be required, in connection therewith.

 


 






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    (b) $22,550,000, or so much thereof as may be necessary, 
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for grants to
school districts for the making of principal and 
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interest payments, required
to be made, on bonds issued by such 
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school districts after January 1, 1969,
pursuant to any 
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indenture, ordinance, resolution, agreement or contract
to 
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provide funds for the acquisition, development, construction,

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reconstruction, rehabilitation, improvement, architectural 
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planning and installation of
capital facilities consisting of 
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buildings, structures, durable equipment
and land for 
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educational purposes or for lease payments required to be made

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by a school district for principal and interest payments on 
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bonds issued
by a Public Building Commission after January 1, 
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1969.

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    (c) $10,000,000 for grants to school districts for the 
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acquisition,
development, construction, reconstruction, 
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rehabilitation, improvement,
architectural
planning and 
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installation of capital facilities consisting of buildings

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structures, durable equipment and land for special education 
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building projects.

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    (d) $9,000,000 for grants to school districts for the 
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reconstruction,
rehabilitation, improvement, financing and 
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architectural planning of capital
facilities, including 
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construction at another location to replace such capital

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facilities, consisting of those public school buildings and 
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temporary school
facilities which, prior to January 1, 1984, 
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were condemned by the regional
superintendent under Section 
 


 






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3-14.22 of The School Code or by any State
official having 
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jurisdiction over building safety.

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    (e) $3,198,518,304
$3,050,000,000 for grants to school 
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districts for
school improvement
projects authorized by the 
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School Construction Law.  The bonds shall be sold in
amounts not 
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to exceed the following schedule, except any bonds not sold 
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during
one year shall be added to the bonds to be sold during 
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the remainder of the
schedule:

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    First year..................................$200,000,000

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    Second year.................................$450,000,000

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    Third year..................................$500,000,000

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    Fourth year.................................$500,000,000

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    Fifth year..................................$800,000,000

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    Sixth year and thereafter...................$600,000,000

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(Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)

 

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    Section 99. Effective date. This Act takes effect July 1, 
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2008.