96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0436


 
Introduced 2/6/2009, by Sen. John J. Cullerton
 
SYNOPSIS AS INTRODUCED:
 		













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







    Amends the General Obligation Bond Act.  Makes a technical change in a Section concerning
school construction bonds.
















LRB096 06477 RCE 16561 b

















 


 


A BILL FOR









 











SB0436

LRB096 06477 RCE 16561 b






1
    AN ACT concerning finance.

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 

 
4
    Section 5. The General Obligation Bond Act is amended by 
5
changing Section 5 as follows:
 



6
    (30 ILCS 330/5)  (from Ch. 127, par. 655)



7
    Sec. 5. School Construction. 

8
    (a) The
The amount of $58,450,000 is authorized to
make 
9
grants to local school
districts for the acquisition, 
10
development, construction, reconstruction,
rehabilitation, 
11
improvement, financing, architectural planning and

12
installation of capital facilities, including but not limited 
13
to those
required for special
education building projects 
14
provided for in Article 14 of The School Code,
consisting of 
15
buildings, structures, and durable equipment, and for the

16
acquisition and improvement of real property and interests in 
17
real property
required, or expected to be required, in 
18
connection therewith.
19
    (b) $22,550,000, or so much thereof as may be necessary, 
20
for grants to
school districts for the making of principal and 
21
interest payments, required
to be made, on bonds issued by such 
22
school districts after January 1, 1969,
pursuant to any 
23
indenture, ordinance, resolution, agreement or contract
to 
 


 






SB0436
- 2 -
LRB096 06477 RCE 16561 b




1
provide funds for the acquisition, development, construction,

2
reconstruction, rehabilitation, improvement, architectural 
3
planning and installation of
capital facilities consisting of 
4
buildings, structures, durable equipment
and land for 
5
educational purposes or for lease payments required to be made

6
by a school district for principal and interest payments on 
7
bonds issued
by a Public Building Commission after January 1, 
8
1969.

9
    (c) $10,000,000 for grants to school districts for the 
10
acquisition,
development, construction, reconstruction, 
11
rehabilitation, improvement,
architectural
planning and 
12
installation of capital facilities consisting of buildings

13
structures, durable equipment and land for special education 
14
building projects.

15
    (d) $9,000,000 for grants to school districts for the 
16
reconstruction,
rehabilitation, improvement, financing and 
17
architectural planning of capital
facilities, including 
18
construction at another location to replace such capital

19
facilities, consisting of those public school buildings and 
20
temporary school
facilities which, prior to January 1, 1984, 
21
were condemned by the regional
superintendent under Section 
22
3-14.22 of The School Code or by any State
official having 
23
jurisdiction over building safety.

24
    (e) $3,050,000,000 for grants to school districts for

25
school improvement
projects authorized by the School 
26
Construction Law.  The bonds shall be sold in
amounts not to 
 


 






SB0436
- 3 -
LRB096 06477 RCE 16561 b




1
exceed the following schedule, except any bonds not sold during

2
one year shall be added to the bonds to be sold during the 
3
remainder of the
schedule:

4
    First year..................................$200,000,000

5
    Second year.................................$450,000,000

6
    Third year..................................$500,000,000

7
    Fourth year.................................$500,000,000

8
    Fifth year..................................$800,000,000

9
    Sixth year and thereafter...................$600,000,000

10
(Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)