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

 

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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 5 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 $27,806,667,673
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

 

 

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1 additional $10,000,000,000 authorized by this amendatory Act
2 of the 93rd General Assembly shall be used solely as provided
3 in Section 7.2.
4     The issuance and sale of Bonds pursuant to the General
5 Obligation Bond Act is an economical and efficient method of
6 financing the long-term capital needs of the State. This Act
7 will permit the issuance of a multi-purpose General Obligation
8 Bond with uniform terms and features. This will not only lower
9 the cost of registration but also reduce the overall cost of
10 issuing debt by improving the marketability of Illinois General
11 Obligation Bonds.
12 (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02;
13 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
 
14     (30 ILCS 330/5)  (from Ch. 127, par. 655)
15     Sec. 5. School Construction.
16     (a) The amount of $58,450,000 is authorized to make grants
17 to local school districts for the acquisition, development,
18 construction, reconstruction, rehabilitation, improvement,
19 financing, architectural planning and installation of capital
20 facilities, including but not limited to those required for
21 special education building projects provided for in Article 14
22 of The School Code, consisting of buildings, structures, and
23 durable equipment, and for the acquisition and improvement of
24 real property and interests in real property required, or
25 expected to be required, in connection therewith.

 

 

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1     (b) $22,550,000, or so much thereof as may be necessary,
2 for grants to school districts for the making of principal and
3 interest payments, required to be made, on bonds issued by such
4 school districts after January 1, 1969, pursuant to any
5 indenture, ordinance, resolution, agreement or contract to
6 provide funds for the acquisition, development, construction,
7 reconstruction, rehabilitation, improvement, architectural
8 planning and installation of capital facilities consisting of
9 buildings, structures, durable equipment and land for
10 educational purposes or for lease payments required to be made
11 by a school district for principal and interest payments on
12 bonds issued by a Public Building Commission after January 1,
13 1969.
14     (c) $10,000,000 for grants to school districts for the
15 acquisition, development, construction, reconstruction,
16 rehabilitation, improvement, architectural planning and
17 installation of capital facilities consisting of buildings
18 structures, durable equipment and land for special education
19 building projects.
20     (d) $9,000,000 for grants to school districts for the
21 reconstruction, rehabilitation, improvement, financing and
22 architectural planning of capital facilities, including
23 construction at another location to replace such capital
24 facilities, consisting of those public school buildings and
25 temporary school facilities which, prior to January 1, 1984,
26 were condemned by the regional superintendent under Section

 

 

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1 3-14.22 of The School Code or by any State official having
2 jurisdiction over building safety.
3     (e) $3,198,518,304 $3,050,000,000 for grants to school
4 districts for school improvement projects authorized by the
5 School Construction Law. The bonds shall be sold in amounts not
6 to exceed the following schedule, except any bonds not sold
7 during one year shall be added to the bonds to be sold during
8 the remainder of the schedule:
9     First year..................................$200,000,000
10     Second year.................................$450,000,000
11     Third year..................................$500,000,000
12     Fourth year.................................$500,000,000
13     Fifth year..................................$800,000,000
14     Sixth year and thereafter...................$600,000,000
15 (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
 
16     Section 99. Effective date. This Act takes effect July 1,
17 2008.