Full Text of HB4388 94th General Assembly
HB4388 94TH GENERAL ASSEMBLY
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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB4388
Introduced 1/4/2006, by Rep. Jack McGuire SYNOPSIS AS INTRODUCED: |
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30 ILCS 330/2 |
from Ch. 127, par. 652 |
30 ILCS 330/3 |
from Ch. 127, par. 653 |
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Amends the General Obligation Bond Act. Increases the amount of the State's bond authorization by $3,000,000, to be used for grants by the Capital
Development Board for repair and improvements to the Joliet Civic Center. Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
STATE DEBT IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB4388 |
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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. The General Obligation Bond Act is amended by | 5 |
| changing Sections 2 and 3 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 $27,661,149,369
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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 | 17 |
| issued and sold in accordance
with the Baccalaureate Savings | 18 |
| 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 | 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.
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| Of the total amount of Bonds authorized in this Act, the | 24 |
| additional
$10,000,000,000 authorized by this amendatory Act | 25 |
| of the 93rd General
Assembly shall be used solely as provided | 26 |
| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General | 28 |
| Obligation Bond
Act is an economical and efficient method of | 29 |
| financing the long-term capital needs of
the State. This Act | 30 |
| will permit the issuance of a multi-purpose General
Obligation | 31 |
| 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 |
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HB4388 |
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| issuing debt
by improving the marketability of Illinois General | 2 |
| Obligation Bonds.
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| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | 4 |
| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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| (30 ILCS 330/3) (from Ch. 127, par. 653)
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| Sec. 3. Capital Facilities. The amount of $7,323,235,369
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| $7,320,235,369 is authorized
to be used for the acquisition, | 8 |
| development, construction, reconstruction,
improvement, | 9 |
| financing, architectural planning and installation of capital
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| facilities within the State, consisting of buildings, | 11 |
| structures, durable
equipment, land, and interests in land for | 12 |
| the following specific purposes:
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| (a) $2,211,228,000 for educational purposes by
State | 14 |
| universities and
colleges, the Illinois Community College | 15 |
| Board created by the Public
Community College Act and for | 16 |
| grants to public community colleges as
authorized by | 17 |
| Sections 5-11 and 5-12 of the Public Community College Act;
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| (b) $1,607,420,000 for correctional purposes at
State
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| prison and correctional centers;
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| (c) $531,175,000 for open spaces, recreational and
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| conservation purposes and the protection of land;
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| (d) $589,917,000 for child care facilities, mental
and | 23 |
| public health facilities, and facilities for the care of | 24 |
| disabled
veterans and their spouses;
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| (e) $1,455,990,000 for use by the State, its
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| departments, authorities, public corporations, commissions | 27 |
| and agencies;
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| (f) $818,100 for cargo handling facilities at port | 29 |
| districts and for
breakwaters, including harbor entrances, | 30 |
| at port districts in conjunction
with facilities for small | 31 |
| boats and pleasure crafts;
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| (g) $204,657,000 for water resource management
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| projects;
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| (h) $16,940,269 for the provision of facilities for | 35 |
| food production
research and related instructional and |
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HB4388 |
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| public service activities at the
State universities and | 2 |
| public community colleges;
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| (i) $36,000,000 for grants by the Secretary of State, | 4 |
| as
State
Librarian, for central library facilities | 5 |
| authorized by Section 8
of the Illinois Library System Act | 6 |
| and for grants by the Capital
Development Board to units of | 7 |
| local government for public library
facilities;
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| (j) $25,000,000 for the acquisition, development, | 9 |
| construction,
reconstruction, improvement, financing, | 10 |
| architectural planning and
installation of capital | 11 |
| facilities consisting of buildings, structures,
durable | 12 |
| equipment and land for grants to counties, municipalities | 13 |
| or public
building commissions with correctional | 14 |
| facilities that do not comply with
the minimum standards of | 15 |
| the Department of Corrections under Section 3-15-2
of the | 16 |
| Unified Code of Corrections;
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| (k) $5,000,000 for grants in fiscal year 1988 by the | 18 |
| Department of
Conservation for improvement or expansion of | 19 |
| aquarium facilities located on
property owned by a park | 20 |
| district;
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| (l) $432,590,000 to State agencies for grants to
local | 22 |
| governments for
the acquisition, financing, architectural | 23 |
| planning, development, alteration,
installation, and | 24 |
| construction of capital facilities consisting of | 25 |
| buildings,
structures, durable equipment, and land; and
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| (m) $203,500,000 for the Illinois Open Land Trust
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| Program
as defined by the
Illinois Open Land Trust Act ; and
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| (n) $3,000,000 for grants by the Capital
Development | 29 |
| Board for repair and improvements to the Joliet Civic | 30 |
| Center .
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| The amounts authorized above for capital facilities may be | 32 |
| used
for the acquisition, installation, alteration, | 33 |
| construction, or
reconstruction of capital facilities and for | 34 |
| the purchase of equipment
for the purpose of major capital | 35 |
| improvements which will reduce energy
consumption in State | 36 |
| buildings or facilities.
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HB4388 |
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| (Source: P.A. 91-39, 6-15-99; 91-53, eff. 6-30-99; 91-710, eff. | 2 |
| 5-17-00;
92-13, eff. 6-22-01; 92-598, eff. 6-28-02.)
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| Section 99. Effective date. This Act takes effect upon | 4 |
| becoming law.
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