Full Text of SB0002 95th General Assembly
SB0002sam001 95TH GENERAL ASSEMBLY
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Sen. Jeffrey M. Schoenberg
Filed: 3/30/2007
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LRB095 04980 RCE 34794 a |
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| AMENDMENT TO SENATE BILL 2
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| AMENDMENT NO. ______. Amend Senate Bill 2 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The General Obligation Bond Act is amended by | 5 |
| changing Sections 2 and 5 as follows:
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| (30 ILCS 330/2) (from Ch. 127, par. 652)
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| 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 $29,338,149,369
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| $27,658,149,369 .
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| The bonds authorized in this Section 2 and in Section 16 of | 14 |
| this Act are
herein called "Bonds".
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| Of the total amount of Bonds authorized in this Act, up to | 16 |
| $2,200,000,000
in aggregate original principal amount may be |
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LRB095 04980 RCE 34794 a |
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| issued and sold in accordance
with the Baccalaureate Savings | 2 |
| Act in the form of General Obligation
College Savings Bonds.
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| Of the total amount of Bonds authorized in this Act, up to | 4 |
| $300,000,000 in
aggregate original principal amount may be | 5 |
| issued and sold in accordance
with the Retirement Savings Act | 6 |
| in the form of General Obligation
Retirement Savings Bonds.
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| Of the total amount of Bonds authorized in this Act, the | 8 |
| additional
$10,000,000,000 authorized by this amendatory Act | 9 |
| of the 93rd General
Assembly shall be used solely as provided | 10 |
| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General | 12 |
| Obligation Bond
Act is an economical and efficient method of | 13 |
| financing the long-term capital needs of
the State. This Act | 14 |
| will permit the issuance of a multi-purpose General
Obligation | 15 |
| Bond with uniform terms and features. This will not only lower
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| the cost of registration but also reduce the overall cost of | 17 |
| issuing debt
by improving the marketability of Illinois General | 18 |
| Obligation Bonds.
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| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | 20 |
| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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| (30 ILCS 330/5) (from Ch. 127, par. 655)
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| Sec. 5. School Construction.
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| (a) The amount of $58,450,000 is authorized to
make grants | 24 |
| to local school
districts for the acquisition, development, | 25 |
| construction, reconstruction,
rehabilitation, improvement, |
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| financing, architectural planning and
installation of capital | 2 |
| facilities, including but not limited to those
required for | 3 |
| special
education building projects provided for in Article 14 | 4 |
| of The School Code,
consisting of buildings, structures, and | 5 |
| durable equipment, and for the
acquisition and improvement of | 6 |
| real property and interests in real property
required, or | 7 |
| expected to be required, in connection therewith.
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| (b) $22,550,000, or so much thereof as may be necessary, | 9 |
| for grants to
school districts for the making of principal and | 10 |
| interest payments, required
to be made, on bonds issued by such | 11 |
| school districts after January 1, 1969,
pursuant to any | 12 |
| indenture, ordinance, resolution, agreement or contract
to | 13 |
| provide funds for the acquisition, development, construction,
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| reconstruction, rehabilitation, improvement, architectural | 15 |
| planning and installation of
capital facilities consisting of | 16 |
| buildings, structures, durable equipment
and land for | 17 |
| educational purposes or for lease payments required to be made
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| by a school district for principal and interest payments on | 19 |
| bonds issued
by a Public Building Commission after January 1, | 20 |
| 1969.
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| (c) $10,000,000 for grants to school districts for the | 22 |
| acquisition,
development, construction, reconstruction, | 23 |
| rehabilitation, improvement,
architectural
planning and | 24 |
| installation of capital facilities consisting of buildings
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| structures, durable equipment and land for special education | 26 |
| building projects.
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| (d) $9,000,000 for grants to school districts for the | 2 |
| reconstruction,
rehabilitation, improvement, financing and | 3 |
| architectural planning of capital
facilities, including | 4 |
| construction at another location to replace such capital
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| facilities, consisting of those public school buildings and | 6 |
| temporary school
facilities which, prior to January 1, 1984, | 7 |
| were condemned by the regional
superintendent under Section | 8 |
| 3-14.22 of The School Code or by any State
official having | 9 |
| jurisdiction over building safety.
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| (e) $4,730,000,000
$3,050,000,000 for grants to school | 11 |
| districts for
school improvement
projects authorized by the | 12 |
| School Construction Law. The bonds shall be sold in
amounts not | 13 |
| to exceed the following schedule, except any bonds not sold | 14 |
| during
one year shall be added to the bonds to be sold during | 15 |
| the remainder of the
schedule:
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| First year ..................................$200,000,000
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| Second year .................................$450,000,000
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| Third year ..................................$500,000,000
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| Fourth year .................................$500,000,000
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| Fifth year ..................................$800,000,000
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| Sixth year and thereafter ...................$600,000,000
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| Seventh year ................................$560,000,000
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| Eighth year ..................................$560,000,000 | 24 |
| Ninth year and thereafter ...................$560,000,000
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| (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
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| Section 99. Effective date. This Act takes effect upon | 2 |
| becoming law.".
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