99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB0668

 

Introduced , by Rep. Michael J. Madigan

 

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.


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A BILL FOR

 

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1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The General Obligation Bond Act is amended by
5changing 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
9grants to local school districts for the acquisition,
10development, construction, reconstruction, rehabilitation,
11improvement, financing, architectural planning and
12installation of capital facilities, including but not limited
13to those required for special education building projects
14provided for in Article 14 of The School Code, consisting of
15buildings, structures, and durable equipment, and for the
16acquisition and improvement of real property and interests in
17real property required, or expected to be required, in
18connection therewith.
19    (b) $22,550,000, or so much thereof as may be necessary,
20for grants to school districts for the making of principal and
21interest payments, required to be made, on bonds issued by such
22school districts after January 1, 1969, pursuant to any
23indenture, ordinance, resolution, agreement or contract to

 

 

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1provide funds for the acquisition, development, construction,
2reconstruction, rehabilitation, improvement, architectural
3planning and installation of capital facilities consisting of
4buildings, structures, durable equipment and land for
5educational purposes or for lease payments required to be made
6by a school district for principal and interest payments on
7bonds issued by a Public Building Commission after January 1,
81969.
9    (c) $10,000,000 for grants to school districts for the
10acquisition, development, construction, reconstruction,
11rehabilitation, improvement, architectural planning and
12installation of capital facilities consisting of buildings
13structures, durable equipment and land for special education
14building projects.
15    (d) $9,000,000 for grants to school districts for the
16reconstruction, rehabilitation, improvement, financing and
17architectural planning of capital facilities, including
18construction at another location to replace such capital
19facilities, consisting of those public school buildings and
20temporary school facilities which, prior to January 1, 1984,
21were condemned by the regional superintendent under Section
223-14.22 of The School Code or by any State official having
23jurisdiction over building safety.
24    (e) $3,050,000,000 for grants to school districts for
25school improvement projects authorized by the School
26Construction Law. The bonds shall be sold in amounts not to

 

 

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1exceed the following schedule, except any bonds not sold during
2one year shall be added to the bonds to be sold during the
3remainder 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    (f) $1,600,000,000 grants to school districts for school
11implemented projects authorized by the School Construction
12Law.
13(Source: P.A. 98-94, eff. 7-17-13.)