98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2524

 

Introduced , by Rep. Elgie R. Sims, Jr.

 

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 by $100,000,000 the amount of General Obligation Bonds authorized to be sold for grants to school districts for school improvement projects authorized by the School Construction Law. 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,
3represented in the General Assembly:
 
4    Section 5. The General Obligation Bond Act is amended by
5changing 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
8authorized to issue, sell and provide for the retirement of
9General Obligation Bonds of the State of Illinois for the
10categories and specific purposes expressed in Sections 2
11through 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
14this 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
17issued and sold in accordance with the Baccalaureate Savings
18Act 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
21issued and sold in accordance with the Retirement Savings Act
22in the form of General Obligation Retirement Savings Bonds.
23    Of the total amount of Bonds authorized in this Act, the

 

 

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1additional $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
4solely as provided in Section 7.2.
5    The issuance and sale of Bonds pursuant to the General
6Obligation Bond Act is an economical and efficient method of
7financing the long-term capital needs of the State. This Act
8will permit the issuance of a multi-purpose General Obligation
9Bond with uniform terms and features. This will not only lower
10the cost of registration but also reduce the overall cost of
11issuing debt by improving the marketability of Illinois General
12Obligation Bonds.
13(Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-43,
14eff. 7-15-09; 96-885, eff. 3-11-10; 96-1000, eff. 7-2-10;
1596-1497, eff. 1-14-11; 96-1554, eff. 3-18-11; 97-333, eff.
168-12-11; 97-771, eff. 7-10-12; 97-813, eff. 7-13-12; revised
177-23-12.)
 
18    (30 ILCS 330/5)  (from Ch. 127, par. 655)
19    Sec. 5. School Construction.
20    (a) The amount of $58,450,000 is authorized to make grants
21to local school districts for the acquisition, development,
22construction, reconstruction, rehabilitation, improvement,
23financing, architectural planning and installation of capital
24facilities, including but not limited to those required for
25special education building projects provided for in Article 14

 

 

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1of The School Code, consisting of buildings, structures, and
2durable equipment, and for the acquisition and improvement of
3real property and interests in real property required, or
4expected to be required, in connection therewith.
5    (b) $22,550,000, or so much thereof as may be necessary,
6for grants to school districts for the making of principal and
7interest payments, required to be made, on bonds issued by such
8school districts after January 1, 1969, pursuant to any
9indenture, ordinance, resolution, agreement or contract to
10provide funds for the acquisition, development, construction,
11reconstruction, rehabilitation, improvement, architectural
12planning and installation of capital facilities consisting of
13buildings, structures, durable equipment and land for
14educational purposes or for lease payments required to be made
15by a school district for principal and interest payments on
16bonds issued by a Public Building Commission after January 1,
171969.
18    (c) $10,000,000 for grants to school districts for the
19acquisition, development, construction, reconstruction,
20rehabilitation, improvement, architectural planning and
21installation of capital facilities consisting of buildings
22structures, durable equipment and land for special education
23building projects.
24    (d) $9,000,000 for grants to school districts for the
25reconstruction, rehabilitation, improvement, financing and
26architectural planning of capital facilities, including

 

 

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1construction at another location to replace such capital
2facilities, consisting of those public school buildings and
3temporary school facilities which, prior to January 1, 1984,
4were condemned by the regional superintendent under Section
53-14.22 of The School Code or by any State official having
6jurisdiction over building safety.
7    (e) $3,150,000,000 $3,050,000,000 for grants to school
8districts for school improvement projects authorized by the
9School Construction Law. The bonds shall be sold in amounts not
10to exceed the following schedule, except any bonds not sold
11during one year shall be added to the bonds to be sold during
12the remainder of the schedule:
13    First year...................................$200,000,000
14    Second year..................................$450,000,000
15    Third year...................................$500,000,000
16    Fourth year..................................$500,000,000
17    Fifth year...................................$800,000,000
18    Sixth year and thereafter....................$600,000,000
19    (f) $1,066,000,000 grants to school districts for school
20implemented projects authorized by the School Construction
21Law.
22(Source: P.A. 96-36, eff. 7-13-09; 96-1554, eff. 3-18-11.)
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.