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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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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 $47,192,925,743 | ||||||||||||||||||||||||||
12 | $47,092,925,743 $45,476,125,743 . | ||||||||||||||||||||||||||
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 Public Act 93-2, the | ||||||
2 | $3,466,000,000 authorized by Public Act 96-43, and the | ||||||
3 | $4,096,348,300 authorized by Public Act 96-1497 shall be used | ||||||
4 | solely as provided in Section 7.2. | ||||||
5 | The issuance and sale of Bonds pursuant to the General | ||||||
6 | Obligation Bond
Act is an economical and efficient method of | ||||||
7 | financing the long-term capital needs of
the State. This Act | ||||||
8 | will permit the issuance of a multi-purpose General
Obligation | ||||||
9 | Bond with uniform terms and features. This will not only lower
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10 | the cost of registration but also reduce the overall cost of | ||||||
11 | issuing debt
by improving the marketability of Illinois General | ||||||
12 | Obligation Bonds. | ||||||
13 | (Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-43, | ||||||
14 | eff. 7-15-09; 96-885, eff. 3-11-10; 96-1000, eff. 7-2-10; | ||||||
15 | 96-1497, eff. 1-14-11; 96-1554, eff. 3-18-11; 97-333, eff. | ||||||
16 | 8-12-11; 97-771, eff. 7-10-12; 97-813, eff. 7-13-12; revised | ||||||
17 | 7-23-12.)
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18 | (30 ILCS 330/5) (from Ch. 127, par. 655)
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19 | Sec. 5. School Construction.
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20 | (a) The amount of $58,450,000 is authorized to
make grants | ||||||
21 | to local school
districts for the acquisition, development, | ||||||
22 | construction, reconstruction,
rehabilitation, improvement, | ||||||
23 | financing, architectural planning and
installation of capital | ||||||
24 | facilities, including but not limited to those
required for | ||||||
25 | special
education building projects provided for in Article 14 |
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1 | of The School Code,
consisting of buildings, structures, and | ||||||
2 | durable equipment, and for the
acquisition and improvement of | ||||||
3 | real property and interests in real property
required, or | ||||||
4 | expected to be required, in connection therewith.
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5 | (b) $22,550,000, or so much thereof as may be necessary, | ||||||
6 | for grants to
school districts for the making of principal and | ||||||
7 | interest payments, required
to be made, on bonds issued by such | ||||||
8 | school districts after January 1, 1969,
pursuant to any | ||||||
9 | indenture, ordinance, resolution, agreement or contract
to | ||||||
10 | provide funds for the acquisition, development, construction,
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11 | reconstruction, rehabilitation, improvement, architectural | ||||||
12 | planning and installation of
capital facilities consisting of | ||||||
13 | buildings, structures, durable equipment
and land for | ||||||
14 | educational purposes or for lease payments required to be made
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15 | by a school district for principal and interest payments on | ||||||
16 | bonds issued
by a Public Building Commission after January 1, | ||||||
17 | 1969.
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18 | (c) $10,000,000 for grants to school districts for the | ||||||
19 | acquisition,
development, construction, reconstruction, | ||||||
20 | rehabilitation, improvement,
architectural
planning and | ||||||
21 | installation of capital facilities consisting of buildings
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22 | structures, durable equipment and land for special education | ||||||
23 | building projects.
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24 | (d) $9,000,000 for grants to school districts for the | ||||||
25 | reconstruction,
rehabilitation, improvement, financing and | ||||||
26 | architectural planning of capital
facilities, including |
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1 | construction at another location to replace such capital
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2 | facilities, consisting of those public school buildings and | ||||||
3 | temporary school
facilities which, prior to January 1, 1984, | ||||||
4 | were condemned by the regional
superintendent under Section | ||||||
5 | 3-14.22 of The School Code or by any State
official having | ||||||
6 | jurisdiction over building safety.
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7 | (e) $3,150,000,000 $3,050,000,000 for grants to school | ||||||
8 | districts for
school improvement
projects authorized by the | ||||||
9 | School Construction Law. The bonds shall be sold in
amounts not | ||||||
10 | to exceed the following schedule, except any bonds not sold | ||||||
11 | during
one year shall be added to the bonds to be sold during | ||||||
12 | the remainder of the
schedule:
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13 | First year ...................................$200,000,000
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14 | Second year ..................................$450,000,000
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15 | Third year ...................................$500,000,000
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16 | Fourth year ..................................$500,000,000
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17 | Fifth year ...................................$800,000,000
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18 | Sixth year and thereafter ....................$600,000,000
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19 | (f) $1,066,000,000 grants to school districts for school | ||||||
20 | implemented projects authorized by the School Construction | ||||||
21 | Law. | ||||||
22 | (Source: P.A. 96-36, eff. 7-13-09; 96-1554, eff. 3-18-11.)
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23 | Section 99. Effective date. This Act takes effect upon | ||||||
24 | becoming law.
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