Full Text of SB0435 096th General Assembly
SB0435 96TH GENERAL ASSEMBLY
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 SB0435
Introduced 2/6/2009, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED: |
|
30 ILCS 330/5 |
from Ch. 127, par. 655 |
|
Amends the General Obligation Bond Act. Makes a technical change in a Section concerning
school construction bonds.
|
| |
|
|
A BILL FOR
|
|
|
|
|
SB0435 |
|
LRB096 06476 RCE 16560 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 Section 5 as follows:
| 6 |
| (30 ILCS 330/5) (from Ch. 127, par. 655)
| 7 |
| Sec. 5. School Construction.
| 8 |
| (a) The
The amount of $58,450,000 is authorized to
make | 9 |
| grants to local school
districts for the acquisition, | 10 |
| development, construction, reconstruction,
rehabilitation, | 11 |
| improvement, financing, architectural planning and
| 12 |
| installation of capital facilities, including but not limited | 13 |
| to those
required for special
education building projects | 14 |
| provided for in Article 14 of The School Code,
consisting of | 15 |
| buildings, structures, and durable equipment, and for the
| 16 |
| acquisition and improvement of real property and interests in | 17 |
| real property
required, or expected to be required, in | 18 |
| connection therewith. | 19 |
| (b) $22,550,000, or so much thereof as may be necessary, | 20 |
| for grants to
school districts for the making of principal and | 21 |
| interest payments, required
to be made, on bonds issued by such | 22 |
| school districts after January 1, 1969,
pursuant to any | 23 |
| indenture, ordinance, resolution, agreement or contract
to |
|
|
|
SB0435 |
- 2 - |
LRB096 06476 RCE 16560 b |
|
| 1 |
| provide funds for the acquisition, development, construction,
| 2 |
| reconstruction, rehabilitation, improvement, architectural | 3 |
| planning and installation of
capital facilities consisting of | 4 |
| buildings, structures, durable equipment
and land for | 5 |
| educational purposes or for lease payments required to be made
| 6 |
| by a school district for principal and interest payments on | 7 |
| bonds issued
by a Public Building Commission after January 1, | 8 |
| 1969.
| 9 |
| (c) $10,000,000 for grants to school districts for the | 10 |
| acquisition,
development, construction, reconstruction, | 11 |
| rehabilitation, improvement,
architectural
planning and | 12 |
| installation of capital facilities consisting of buildings
| 13 |
| structures, durable equipment and land for special education | 14 |
| building projects.
| 15 |
| (d) $9,000,000 for grants to school districts for the | 16 |
| reconstruction,
rehabilitation, improvement, financing and | 17 |
| architectural planning of capital
facilities, including | 18 |
| construction at another location to replace such capital
| 19 |
| facilities, consisting of those public school buildings and | 20 |
| temporary school
facilities which, prior to January 1, 1984, | 21 |
| were condemned by the regional
superintendent under Section | 22 |
| 3-14.22 of The School Code or by any State
official having | 23 |
| jurisdiction over building safety.
| 24 |
| (e) $3,050,000,000 for grants to school districts for
| 25 |
| school improvement
projects authorized by the School | 26 |
| Construction Law. The bonds shall be sold in
amounts not to |
|
|
|
SB0435 |
- 3 - |
LRB096 06476 RCE 16560 b |
|
| 1 |
| exceed the following schedule, except any bonds not sold during
| 2 |
| one year shall be added to the bonds to be sold during the | 3 |
| remainder of the
schedule:
| 4 |
| First year ..................................$200,000,000
| 5 |
| Second year .................................$450,000,000
| 6 |
| Third year ..................................$500,000,000
| 7 |
| Fourth year .................................$500,000,000
| 8 |
| Fifth year ..................................$800,000,000
| 9 |
| Sixth year and thereafter ...................$600,000,000
| 10 |
| (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
|
|