Full Text of HB3820 99th General Assembly
HB3820eng 99TH GENERAL ASSEMBLY |
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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 4 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 $51,017,925,743 | 12 | | $49,917,925,743 . | 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
| 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. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | 14 | | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. | 15 | | 8-16-13; 98-781, eff. 7-22-14.)
| 16 | | (30 ILCS 330/4) (from Ch. 127, par. 654)
| 17 | | Sec. 4. Transportation. The amount of $17,048,199,000 | 18 | | $15,948,199,000
is authorized for use by the Department of | 19 | | Transportation for the specific
purpose of promoting and | 20 | | assuring rapid, efficient, and safe highway, air and
mass | 21 | | transportation for the inhabitants of the State by providing | 22 | | monies,
including the making of grants and loans, for the | 23 | | acquisition, construction,
reconstruction, extension and | 24 | | improvement of the following transportation
facilities and | 25 | | equipment, and for the acquisition of real property and
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| 1 | | interests in real property required or expected to be required | 2 | | in connection
therewith as follows:
| 3 | | (a) $5,432,129,000 for State highways, arterial
highways, | 4 | | freeways,
roads, bridges, structures separating highways and | 5 | | railroads and roads, and
bridges on roads maintained by | 6 | | counties, municipalities, townships or road
districts for the | 7 | | following specific purposes:
| 8 | | (1) $3,330,000,000 for use statewide,
| 9 | | (2) $3,677,000 for use outside the Chicago urbanized
| 10 | | area,
| 11 | | (3) $7,543,000 for use within the Chicago urbanized | 12 | | area,
| 13 | | (4) $13,060,600 for use within the City of Chicago,
| 14 | | (5) $58,987,500 for use within the counties of Cook,
| 15 | | DuPage, Kane, Lake, McHenry and Will,
| 16 | | (6) $18,860,900 for use outside the counties of Cook, | 17 | | DuPage, Kane,
Lake, McHenry and Will, and
| 18 | | (7) $2,000,000,000 for use on projects included in | 19 | | either (i) the FY09-14 Proposed Highway Improvement | 20 | | Program as published by the Illinois Department of | 21 | | Transportation in May 2008 or (ii) the FY10-15 Proposed | 22 | | Highway Improvement Program to be published by the Illinois | 23 | | Department of Transportation in the spring of 2009; except | 24 | | that all projects must be maintenance projects for the | 25 | | existing State system with the goal of reaching 90% | 26 | | acceptable condition in the system statewide and further |
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| 1 | | except that all projects must reflect the generally | 2 | | accepted historical distribution of projects throughout | 3 | | the State. | 4 | | (b) $5,379,670,000 for rail facilities and for
mass transit | 5 | | facilities, as defined in Section 2705-305 of the Department of
| 6 | | Transportation Law (20 ILCS 2705/2705-305), including rapid | 7 | | transit, rail, bus
and other equipment used in connection | 8 | | therewith by the State or any unit of
local government, special | 9 | | transportation district, municipal corporation or
other | 10 | | corporation or public authority authorized to provide and | 11 | | promote public
transportation within the State or two or more | 12 | | of the foregoing jointly, for
the following specific purposes:
| 13 | | (1) $4,283,870,000 statewide,
| 14 | | (2) $83,350,000 for use within the counties of Cook,
| 15 | | DuPage, Kane, Lake, McHenry and Will,
| 16 | | (3) $12,450,000 for use outside the counties of Cook,
| 17 | | DuPage, Kane, Lake, McHenry and Will, and
| 18 | | (4) $1,000,000,000 for use on projects that shall | 19 | | reflect the generally accepted historical distribution of | 20 | | projects throughout the State. | 21 | | (c) $482,600,000 for airport or aviation facilities and any | 22 | | equipment used
in connection therewith, including engineering | 23 | | and land acquisition costs,
by the State or any unit of local | 24 | | government, special transportation district,
municipal | 25 | | corporation or other corporation or public authority | 26 | | authorized
to provide public transportation within the State, |
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| 1 | | or two or more of the
foregoing acting jointly, and for the | 2 | | making of deposits into the Airport
Land Loan Revolving Fund | 3 | | for loans to public airport owners pursuant to the
Illinois | 4 | | Aeronautics Act.
| 5 | | (d) $5,753,800,000 $4,653,800,000 for use statewide for | 6 | | State or local highways, arterial highways, freeways, roads, | 7 | | bridges, and structures separating highways and railroads and | 8 | | roads, and for grants to counties, municipalities, townships, | 9 | | or road districts for planning, engineering, acquisition, | 10 | | construction, reconstruction, development, improvement, | 11 | | extension, and all construction-related expenses of the public | 12 | | infrastructure and other transportation improvement projects | 13 | | which are related to economic development in the State of | 14 | | Illinois. | 15 | | (Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13; | 16 | | 98-781, eff. 7-22-14.)
| 17 | | Section 99. Effective date. This Act takes effect upon | 18 | | becoming law.
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