093_HB2990

 
                                     LRB093 04736 SJM 04792 b

 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
 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 $17,658,149,369
12    $16,908,149,369 $16,015,007,500.  In addition to  that  total
13    amount,  the  State of Illinois is authorized to issue, sell,
14    and provide for the retirement of General Obligation Bonds of
15    the State of Illinois as necessary for the purpose of  making
16    grants after the effective date of this amendatory Act of the
17    93rd General Assembly under subsection (e) of Section 5.
18        The  bonds authorized in this Section 2 and in Section 16
19    of this Act are herein called "Bonds".
20        Of the total amount of Bonds authorized in this  Act,  up
21    to  $2,200,000,000 in aggregate original principal amount may
22    be issued and  sold  in  accordance  with  the  Baccalaureate
23    Savings Act in the form of General Obligation College Savings
24    Bonds.
25        Of  the  total amount of Bonds authorized in this Act, up
26    to $300,000,000 in aggregate original principal amount may be
27    issued and sold in accordance with the Retirement Savings Act
28    in the form of General Obligation Retirement Savings Bonds.
29        The issuance and sale of Bonds pursuant  to  the  General
30    Obligation  Bond Act is an economical and efficient method of
31    financing the capital and  general  operating  needs  of  the
 
                            -2-      LRB093 04736 SJM 04792 b
 1    State.   This Act will permit the issuance of a multi-purpose
 2    General Obligation Bond  with  uniform  terms  and  features.
 3    This  will  not  only lower the cost of registration but also
 4    reduce the overall cost of  issuing  debt  by  improving  the
 5    marketability of Illinois General Obligation Bonds.
 6    (Source:  P.A.  91-39,  eff.  6-15-99;  91-53,  eff  6-30-99;
 7    91-710,  eff.  5-17-00;  92-13,  eff.  6-22-01;  92-596, eff.
 8    6-28-02; 92-598, eff. 6-28-02; revised 10-8-02.)

 9        (30 ILCS 330/5) (from Ch. 127, par. 655)
10        Sec. 5.  School Construction.
11        (a)  The amount of  $58,450,000  is  authorized  to  make
12    grants   to  local  school  districts  for  the  acquisition,
13    development,  construction,  reconstruction,  rehabilitation,
14    improvement,   financing,    architectural    planning    and
15    installation of capital facilities, including but not limited
16    to  those  required  for  special education building projects
17    provided for in Article 14 of The School Code, consisting  of
18    buildings,  structures,  and  durable  equipment, and for the
19    acquisition and improvement of real property and interests in
20    real property  required,  or  expected  to  be  required,  in
21    connection therewith.
22        (b)  $22,550,000, or so much thereof as may be necessary,
23    for  grants  to  school districts for the making of principal
24    and interest payments, required to be made, on  bonds  issued
25    by  such  school districts after January 1, 1969, pursuant to
26    any indenture, ordinance, resolution, agreement  or  contract
27    to   provide   funds   for   the   acquisition,  development,
28    construction,  reconstruction,  rehabilitation,  improvement,
29    architectural planning and installation of capital facilities
30    consisting of buildings, structures,  durable  equipment  and
31    land  for educational purposes or for lease payments required
32    to be made by a school district for  principal  and  interest
33    payments  on  bonds  issued  by  a Public Building Commission
 
                            -3-      LRB093 04736 SJM 04792 b
 1    after January 1, 1969.
 2        (c)  $10,000,000 for grants to school districts  for  the
 3    acquisition,   development,   construction,   reconstruction,
 4    rehabilitation,   improvement,   architectural  planning  and
 5    installation of capital facilities  consisting  of  buildings
 6    structures,  durable equipment and land for special education
 7    building projects.
 8        (d)  $9,000,000 for grants to school  districts  for  the
 9    reconstruction,  rehabilitation,  improvement,  financing and
10    architectural  planning  of  capital  facilities,   including
11    construction  at  another  location  to  replace such capital
12    facilities, consisting of those public school  buildings  and
13    temporary  school facilities which, prior to January 1, 1984,
14    were condemned by the regional superintendent  under  Section
15    3-14.22  of  The  School Code or by any State official having
16    jurisdiction over building safety.
17        (e)  The following amounts $3,050,000,000 for  grants  to
18    school  districts  for school improvement projects authorized
19    by the School Construction Law.  The bonds shall be  sold  in
20    amounts  not  to  exceed  the  following schedule, except any
21    bonds not sold during one year shall be added to the bonds to
22    be sold during the remainder of the schedule:
23        First year...................................$200,000,000
24        Second year..................................$450,000,000
25        Third year...................................$500,000,000
26        Fourth year..................................$500,000,000
27        Fifth year...................................$800,000,000
28        Sixth year and thereafter....................$600,000,000
29    (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)

30        Section 99.  Effective date.  This Act  takes  effect  on
31    January 1, 2003.