Full Text of SB3053 94th General Assembly
SB3053 94TH GENERAL ASSEMBLY
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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB3053
Introduced 1/20/2006, by Sen. Donne E. Trotter - Jeffrey M. Schoenberg - Mattie Hunter SYNOPSIS AS INTRODUCED: |
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30 ILCS 330/2 |
from Ch. 127, par. 652 |
30 ILCS 330/4 |
from Ch. 127, par. 654 |
30 ILCS 330/5 |
from Ch. 127, par. 655 |
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Amends the General Obligation Bond Act.
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A BILL FOR
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SB3053 |
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| AN ACT concerning bonds.
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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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| Article 1. | 5 |
| Section 5. The General Obligation Bond Act is amended by | 6 |
| changing Sections 2, 4, 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 | 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 $30,958,149,369
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| $27,658,149,369 .
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| The bonds authorized in this Section 2 and in Section 16 of | 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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| Of the total amount of Bonds authorized in this Act, the | 25 |
| additional
$10,000,000,000 authorized by this amendatory Act | 26 |
| of the 93rd General
Assembly shall be used solely as provided | 27 |
| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General | 29 |
| Obligation Bond
Act is an economical and efficient method of | 30 |
| financing the long-term capital needs of
the State. This Act | 31 |
| will permit the issuance of a multi-purpose General
Obligation |
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| 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 | 3 |
| issuing debt
by improving the marketability of Illinois General | 4 |
| Obligation Bonds.
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| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | 6 |
| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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| (30 ILCS 330/4) (from Ch. 127, par. 654)
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| Sec. 4. Transportation. The amount of $8,063,399,000
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| $5,313,399,000
is authorized for use by the Department of | 10 |
| Transportation for the specific
purpose of promoting and | 11 |
| assuring rapid, efficient, and safe highway, air and
mass | 12 |
| transportation for the inhabitants of the State by providing | 13 |
| monies,
including the making of grants and loans, for the | 14 |
| acquisition, construction,
reconstruction, extension and | 15 |
| improvement of the following transportation
facilities and | 16 |
| equipment, and for the acquisition of real property and
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| interests in real property required or expected to be required | 18 |
| in connection
therewith as follows:
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| (a) $5,757,129,000
$3,432,129,000 for State highways, | 20 |
| arterial
highways, freeways,
roads, bridges, structures | 21 |
| separating highways and railroads and roads, and
bridges on | 22 |
| roads maintained by counties, municipalities, townships or | 23 |
| road
districts for the following specific purposes:
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| (1) $5,655,000,000
$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 | 28 |
| 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, | 33 |
| DuPage, Kane,
Lake, McHenry and Will.
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| (b) $1,954,670,000
$1,529,670,000 for rail facilities and | 35 |
| for
mass transit facilities, as defined in Section 2705-305 of |
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| the Department of
Transportation Law (20 ILCS 2705/2705-305), | 2 |
| including rapid transit, rail, bus
and other equipment used in | 3 |
| connection therewith by the State or any unit of
local | 4 |
| government, special transportation district, municipal | 5 |
| corporation or
other corporation or public authority | 6 |
| authorized to provide and promote public
transportation within | 7 |
| the State or two or more of the foregoing jointly, for
the | 8 |
| following specific purposes:
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| (1) $1,858,870,000
$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.
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| (c) $351,600,000 for airport or aviation facilities and any | 15 |
| equipment used
in connection therewith, including engineering | 16 |
| and land acquisition costs,
by the State or any unit of local | 17 |
| government, special transportation district,
municipal | 18 |
| corporation or other corporation or public authority | 19 |
| authorized
to provide public transportation within the State, | 20 |
| or two or more of the
foregoing acting jointly, and for the | 21 |
| making of deposits into the Airport
Land Loan Revolving Fund | 22 |
| for loans to public airport owners pursuant to the
Illinois | 23 |
| Aeronautics Act.
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| (Source: P.A. 91-39, eff. 6-15-99; 91-239, eff. 1-1-00; 91-712, | 25 |
| eff. 7-1-00;
92-13, eff. 6-22-01.)
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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 | 29 |
| to local school
districts for the acquisition, development, | 30 |
| construction, reconstruction,
rehabilitation, improvement, | 31 |
| financing, architectural planning and
installation of capital | 32 |
| facilities, including but not limited to those
required for | 33 |
| special
education building projects provided for in Article 14 | 34 |
| of The School Code,
consisting of buildings, structures, and | 35 |
| durable equipment, and for the
acquisition and improvement of |
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| real property and interests in real property
required, or | 2 |
| expected to be required, in connection therewith.
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| (b) $22,550,000, or so much thereof as may be necessary, | 4 |
| for grants to
school districts for the making of principal and | 5 |
| interest payments, required
to be made, on bonds issued by such | 6 |
| school districts after January 1, 1969,
pursuant to any | 7 |
| indenture, ordinance, resolution, agreement or contract
to | 8 |
| provide funds for the acquisition, development, construction,
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| reconstruction, rehabilitation, improvement, architectural | 10 |
| planning and installation of
capital facilities consisting of | 11 |
| buildings, structures, durable equipment
and land for | 12 |
| educational purposes or for lease payments required to be made
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| by a school district for principal and interest payments on | 14 |
| bonds issued
by a Public Building Commission after January 1, | 15 |
| 1969.
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| (c) $10,000,000 for grants to school districts for the | 17 |
| acquisition,
development, construction, reconstruction, | 18 |
| rehabilitation, improvement,
architectural
planning and | 19 |
| installation of capital facilities consisting of buildings
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| structures, durable equipment and land for special education | 21 |
| building projects.
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| (d) $9,000,000 for grants to school districts for the | 23 |
| reconstruction,
rehabilitation, improvement, financing and | 24 |
| architectural planning of capital
facilities, including | 25 |
| construction at another location to replace such capital
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| facilities, consisting of those public school buildings and | 27 |
| temporary school
facilities which, prior to January 1, 1984, | 28 |
| were condemned by the regional
superintendent under Section | 29 |
| 3-14.22 of The School Code or by any State
official having | 30 |
| jurisdiction over building safety.
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| (e) $3,600,000,000
$3,050,000,000 for grants to school | 32 |
| districts for
school improvement
projects authorized by the | 33 |
| School Construction Law. The bonds shall be sold in
amounts not | 34 |
| to exceed the following schedule, except any bonds not sold | 35 |
| during
one year shall be added to the bonds to be sold during | 36 |
| 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 | 7 |
| Seventh year and thereafter .................$550,000,000
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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 | 10 |
| becoming law.
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