94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4388

 

Introduced 1/4/2006, by Rep. Jack McGuire

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/2   from Ch. 127, par. 652
30 ILCS 330/3   from Ch. 127, par. 653

    Amends the General Obligation Bond Act. Increases the amount of the State's bond authorization by $3,000,000, to be used for grants by the Capital Development Board for repair and improvements to the Joliet Civic Center. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
STATE DEBT IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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 Sections 2 and 3 as follows:
 
6     (30 ILCS 330/2)  (from Ch. 127, par. 652)
7     Sec. 2. Authorization for Bonds. The State of Illinois is
8 authorized to issue, sell and provide for the retirement of
9 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 $27,661,149,369
12 $27,658,149,369.
13     The bonds authorized in this Section 2 and in Section 16 of
14 this Act are herein called "Bonds".
15     Of the total amount of Bonds authorized in this Act, up to
16 $2,200,000,000 in aggregate original principal amount may be
17 issued and sold in accordance with the Baccalaureate Savings
18 Act in the form of General Obligation College Savings Bonds.
19     Of the total amount of Bonds authorized in this Act, up to
20 $300,000,000 in aggregate original principal amount may be
21 issued and sold in accordance with the Retirement Savings Act
22 in the form of General Obligation Retirement Savings Bonds.
23     Of the total amount of Bonds authorized in this Act, the
24 additional $10,000,000,000 authorized by this amendatory Act
25 of the 93rd General Assembly shall be used solely as provided
26 in Section 7.2.
27     The issuance and sale of Bonds pursuant to the General
28 Obligation Bond Act is an economical and efficient method of
29 financing the long-term capital needs of the State. This Act
30 will permit the issuance of a multi-purpose General Obligation
31 Bond with uniform terms and features. This will not only lower
32 the cost of registration but also reduce the overall cost of

 

 

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1 issuing debt by improving the marketability of Illinois General
2 Obligation Bonds.
3 (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02;
4 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
 
5     (30 ILCS 330/3)  (from Ch. 127, par. 653)
6     Sec. 3. Capital Facilities. The amount of $7,323,235,369
7 $7,320,235,369 is authorized to be used for the acquisition,
8 development, construction, reconstruction, improvement,
9 financing, architectural planning and installation of capital
10 facilities within the State, consisting of buildings,
11 structures, durable equipment, land, and interests in land for
12 the following specific purposes:
13         (a) $2,211,228,000 for educational purposes by State
14     universities and colleges, the Illinois Community College
15     Board created by the Public Community College Act and for
16     grants to public community colleges as authorized by
17     Sections 5-11 and 5-12 of the Public Community College Act;
18         (b) $1,607,420,000 for correctional purposes at State
19     prison and correctional centers;
20         (c) $531,175,000 for open spaces, recreational and
21     conservation purposes and the protection of land;
22         (d) $589,917,000 for child care facilities, mental and
23     public health facilities, and facilities for the care of
24     disabled veterans and their spouses;
25         (e) $1,455,990,000 for use by the State, its
26     departments, authorities, public corporations, commissions
27     and agencies;
28         (f) $818,100 for cargo handling facilities at port
29     districts and for breakwaters, including harbor entrances,
30     at port districts in conjunction with facilities for small
31     boats and pleasure crafts;
32         (g) $204,657,000 for water resource management
33     projects;
34         (h) $16,940,269 for the provision of facilities for
35     food production research and related instructional and

 

 

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1     public service activities at the State universities and
2     public community colleges;
3         (i) $36,000,000 for grants by the Secretary of State,
4     as State Librarian, for central library facilities
5     authorized by Section 8 of the Illinois Library System Act
6     and for grants by the Capital Development Board to units of
7     local government for public library facilities;
8         (j) $25,000,000 for the acquisition, development,
9     construction, reconstruction, improvement, financing,
10     architectural planning and installation of capital
11     facilities consisting of buildings, structures, durable
12     equipment and land for grants to counties, municipalities
13     or public building commissions with correctional
14     facilities that do not comply with the minimum standards of
15     the Department of Corrections under Section 3-15-2 of the
16     Unified Code of Corrections;
17         (k) $5,000,000 for grants in fiscal year 1988 by the
18     Department of Conservation for improvement or expansion of
19     aquarium facilities located on property owned by a park
20     district;
21         (l) $432,590,000 to State agencies for grants to local
22     governments for the acquisition, financing, architectural
23     planning, development, alteration, installation, and
24     construction of capital facilities consisting of
25     buildings, structures, durable equipment, and land; and
26         (m) $203,500,000 for the Illinois Open Land Trust
27     Program as defined by the Illinois Open Land Trust Act; and
28         (n) $3,000,000 for grants by the Capital Development
29     Board for repair and improvements to the Joliet Civic
30     Center.
31     The amounts authorized above for capital facilities may be
32 used for the acquisition, installation, alteration,
33 construction, or reconstruction of capital facilities and for
34 the purchase of equipment for the purpose of major capital
35 improvements which will reduce energy consumption in State
36 buildings or facilities.

 

 

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1 (Source: P.A. 91-39, 6-15-99; 91-53, eff. 6-30-99; 91-710, eff.
2 5-17-00; 92-13, eff. 6-22-01; 92-598, eff. 6-28-02.)
 
3     Section 99. Effective date. This Act takes effect upon
4 becoming law.