LRB093 09558 NHT 09796 b

 1        AN ACT concerning schools.

 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 Sections 2 and 5 as follows:

 6        (30 ILCS 330/2) (from Ch. 127, par. 652)
 7        Sec. 2. Authorization for Bonds.  The State  of  Illinois
 8    is  authorized  to issue, sell and provide for the retirement
 9    of General Obligation Bonds of the State of Illinois for  the
10    categories  and  specific  purposes  expressed  in Sections 2
11    through 8 of this Act, in the total amount of $18,658,149,369
12    $17,658,149,369 $16,908,149,369 $16,015,007,500.
13        The bonds authorized in this Section 2 and in Section  16
14    of this Act are herein called "Bonds".
15        Of  the  total amount of Bonds authorized in this Act, up
16    to $2,200,000,000 in aggregate original principal amount  may
17    be  issued  and  sold  in  accordance  with the Baccalaureate
18    Savings Act in the form of General Obligation College Savings
19    Bonds.
20        Of the total amount of Bonds authorized in this  Act,  up
21    to $300,000,000 in aggregate original principal amount may be
22    issued and sold in accordance with the Retirement Savings Act
23    in the form of General Obligation Retirement Savings Bonds.
24        The  issuance  and  sale of Bonds pursuant to the General
25    Obligation Bond Act is an economical and efficient method  of
26    financing  the  capital  and  general  operating needs of the
27    State.  This Act will permit the issuance of a  multi-purpose
28    General  Obligation  Bond  with  uniform  terms and features.
29    This will not only lower the cost of  registration  but  also
30    reduce  the  overall  cost  of  issuing debt by improving the
31    marketability of Illinois General Obligation Bonds.
                            -2-      LRB093 09558 NHT 09796 b
 1    (Source:  P.A.  91-39,  eff.  6-15-99;  91-53,  eff  6-30-99;
 2    91-710, eff.  5-17-00;  92-13,  eff.  6-22-01;  92-596,  eff.
 3    6-28-02; 92-598, eff. 6-28-02; revised 10-8-02.)

 4        (30 ILCS 330/5) (from Ch. 127, par. 655)
 5        Sec. 5.  School Construction.
 6        (a)  The  amount  of  $58,450,000  is  authorized to make
 7    grants  to  local  school  districts  for  the   acquisition,
 8    development,  construction,  reconstruction,  rehabilitation,
 9    improvement,    financing,    architectural    planning   and
10    installation of capital facilities, including but not limited
11    to those required for  special  education  building  projects
12    provided  for in Article 14 of The School Code, consisting of
13    buildings, structures, and durable  equipment,  and  for  the
14    acquisition and improvement of real property and interests in
15    real  property  required,  or  expected  to  be  required, in
16    connection therewith.
17        (b)  $22,550,000, or so much thereof as may be necessary,
18    for grants to school districts for the  making  of  principal
19    and  interest  payments, required to be made, on bonds issued
20    by such school districts after January 1, 1969,  pursuant  to
21    any  indenture,  ordinance, resolution, agreement or contract
22    to  provide   funds   for   the   acquisition,   development,
23    construction,  reconstruction,  rehabilitation,  improvement,
24    architectural planning and installation of capital facilities
25    consisting  of  buildings,  structures, durable equipment and
26    land for educational purposes or for lease payments  required
27    to  be  made  by a school district for principal and interest
28    payments on bonds issued  by  a  Public  Building  Commission
29    after January 1, 1969.
30        (c)  $10,000,000  for  grants to school districts for the
31    acquisition,   development,   construction,   reconstruction,
32    rehabilitation,  improvement,  architectural   planning   and
33    installation  of  capital  facilities consisting of buildings
                            -3-      LRB093 09558 NHT 09796 b
 1    structures, durable equipment and land for special  education
 2    building projects.
 3        (d)  $9,000,000  for  grants  to school districts for the
 4    reconstruction, rehabilitation,  improvement,  financing  and
 5    architectural   planning  of  capital  facilities,  including
 6    construction at another  location  to  replace  such  capital
 7    facilities,  consisting  of those public school buildings and
 8    temporary school facilities which, prior to January 1,  1984,
 9    were  condemned  by the regional superintendent under Section
10    3-14.22 of The School Code or by any  State  official  having
11    jurisdiction over building safety.
12        (e)  $4,050,000,000  $3,050,000,000  for grants to school
13    districts for school improvement projects authorized  by  the
14    School  Construction Law.  The bonds shall be sold in amounts
15    not to exceed the following schedule, except  any  bonds  not
16    sold  during  one year shall be added to the bonds to be sold
17    during the remainder of the schedule:
18        First year...................................$200,000,000
19        Second year..................................$450,000,000
20        Third year...................................$500,000,000
21        Fourth year..................................$500,000,000
22        Fifth year...................................$800,000,000
23        Sixth and seventh year and thereafter........$600,000,000
24        Eighth year and thereafter.................$1,000,000,000
25    (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)

26        Section 10. The School Construction  Law  is  amended  by
27    adding Section 5-60 as follows:

28        (105 ILCS 230/5-60 new)
29        Sec. 5-60.  Annual capital plan. Before January 1 of each
30    year,  the  State  Board  of Education shall submit an annual
31    capital plan to the General Assembly,  based  on  the  5-year
32    capital  needs  of  school  districts. The plan shall include
                            -4-      LRB093 09558 NHT 09796 b
 1    expected State and local costs to meet the capital  needs  of
 2    districts  and  shall  be  coordinated  with the State school
 3    technology plan.

 4        Section 99.  Effective date.  This Act takes effect  upon
 5    becoming law.