Full Text of HB0289 96th General Assembly
HB0289enr 96TH GENERAL ASSEMBLY
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HB0289 Enrolled |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. If and only if House Bill 210 of the 96th | 5 |
| General Assembly becomes law, the General Obligation Bond Act | 6 |
| is amended by changing Sections 2 and 4 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 | 9 |
| authorized to
issue, sell and provide for the retirement of | 10 |
| General Obligation Bonds of
the State of Illinois for the | 11 |
| categories and specific purposes expressed in
Sections 2 | 12 |
| through 8 of this Act, in the total amount of $30,693,149,369 | 13 |
| $27,693,149,369 .
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| The bonds authorized in this Section 2 and in Section 16 of | 15 |
| this Act are
herein called "Bonds".
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| Of the total amount of Bonds authorized in this Act, up to | 17 |
| $2,200,000,000
in aggregate original principal amount may be | 18 |
| issued and sold in accordance
with the Baccalaureate Savings | 19 |
| 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 | 21 |
| $300,000,000 in
aggregate original principal amount may be | 22 |
| issued and sold in accordance
with the Retirement Savings Act | 23 |
| in the form of General Obligation
Retirement Savings Bonds.
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HB0289 Enrolled |
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| Of the total amount of Bonds authorized in this Act, the | 2 |
| additional
$10,000,000,000 authorized by this amendatory Act | 3 |
| of the 93rd General
Assembly shall be used solely as provided | 4 |
| in Section 7.2.
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| 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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| the cost of registration but also reduce the overall cost of | 11 |
| issuing debt
by improving the marketability of Illinois General | 12 |
| Obligation Bonds.
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| (Source: P.A. 95-1026, eff. 1-12-09.)
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| (30 ILCS 330/4) (from Ch. 127, par. 654)
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| Sec. 4. Transportation. The amount of $8,313,399,000 | 16 |
| $5,313,399,000
is authorized for use by the Department of | 17 |
| Transportation for the specific
purpose of promoting and | 18 |
| assuring rapid, efficient, and safe highway, air and
mass | 19 |
| transportation for the inhabitants of the State by providing | 20 |
| monies,
including the making of grants and loans, for the | 21 |
| acquisition, construction,
reconstruction, extension and | 22 |
| improvement of the following transportation
facilities and | 23 |
| equipment, and for the acquisition of real property and
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| interests in real property required or expected to be required | 25 |
| in connection
therewith as follows:
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| (a) $5,432,129,000 $3,432,129,000 for State highways, | 2 |
| arterial
highways, freeways,
roads, bridges, structures | 3 |
| separating highways and railroads and roads, and
bridges on | 4 |
| roads maintained by counties, municipalities, townships or | 5 |
| road
districts for the following specific purposes:
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| (1) $3,330,000,000 for use statewide,
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| (2) $3,677,000 for use outside the Chicago urbanized
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| area,
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| (3) $7,543,000 for use within the Chicago urbanized | 10 |
| area,
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| (4) $13,060,600 for use within the City of Chicago,
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| (5) $58,987,500 for use within the counties of Cook,
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| DuPage, Kane, Lake, McHenry and Will, and
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| (6) $18,860,900 for use outside the counties of Cook, | 15 |
| DuPage, Kane,
Lake, McHenry and Will , and .
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| (7) $2,000,000,000 for use on projects included in | 17 |
| either (i) the FY09-14 Proposed Highway Improvement | 18 |
| Program as published by the Illinois Department of | 19 |
| Transportation in May 2008 or (ii) the FY10-15 Proposed | 20 |
| Highway Improvement Program to be published by the Illinois | 21 |
| Department of Transportation in the spring of 2009; except | 22 |
| that all projects must be maintenance projects for the | 23 |
| existing State system with the goal of reaching 90% | 24 |
| acceptable condition in the system statewide and further | 25 |
| except that all projects must reflect the generally | 26 |
| accepted historical distribution of projects throughout |
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| the State. | 2 |
| (b) $2,529,670,000 $1,529,670,000 for rail facilities and | 3 |
| for
mass transit facilities, as defined in Section 2705-305 of | 4 |
| the Department of
Transportation Law (20 ILCS 2705/2705-305), | 5 |
| including rapid transit, rail, bus
and other equipment used in | 6 |
| connection therewith by the State or any unit of
local | 7 |
| government, special transportation district, municipal | 8 |
| corporation or
other corporation or public authority | 9 |
| authorized to provide and promote public
transportation within | 10 |
| the State or two or more of the foregoing jointly, for
the | 11 |
| following specific purposes:
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| (1) $1,433,870,000 statewide,
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| (2) $83,350,000 for use within the counties of Cook,
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| DuPage, Kane, Lake, McHenry and Will,
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| (3) $12,450,000 for use outside the counties of Cook,
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| DuPage, Kane, Lake, McHenry and Will , and .
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| (4) $1,000,000,000 for use on projects that shall | 18 |
| reflect the generally accepted historical distribution of | 19 |
| projects throughout the State. | 20 |
| (c) $351,600,000 for airport or aviation facilities and any | 21 |
| equipment used
in connection therewith, including engineering | 22 |
| and land acquisition costs,
by the State or any unit of local | 23 |
| government, special transportation district,
municipal | 24 |
| corporation or other corporation or public authority | 25 |
| authorized
to provide public transportation within the State, | 26 |
| or two or more of the
foregoing acting jointly, and for the |
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HB0289 Enrolled |
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| making of deposits into the Airport
Land Loan Revolving Fund | 2 |
| for loans to public airport owners pursuant to the
Illinois | 3 |
| Aeronautics Act.
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| (Source: P.A. 91-39, eff. 6-15-99; 91-239, eff. 1-1-00; 91-712, | 5 |
| eff. 7-1-00;
92-13, eff. 6-22-01.)
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| Section 99. Effective date. This Act takes effect upon | 7 |
| becoming law.
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