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90_HB0487eng
20 ILCS 3105/1A-1.15 new
20 ILCS 3105/1A-1.3 from Ch. 127, par. 783.1-3
30 ILCS 330/2 from Ch. 127, par. 652
30 ILCS 330/5 from Ch. 127, par. 655
Amends the Capital Development Board Act and the General
Obligation Bond Act. Increases the State's bonding authority
by $360,000,000, earmarking that increase for grants for
school construction projects in downstate school districts
(i) which are located in a county that has a population of
less than 500,000 and that is not contiguous to a county with
a population in excess of 3,000,000 and (ii) which operate
schools that meet specified criteria that are to be given
priority consideration by the State Board of Education in
determining the priority order of School Construction Project
grants made by the Capital Development Board. Effective
immediately.
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1 AN ACT relating to bonds for school construction
2 projects, amending named Acts.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Capital Development Board Act is amended
6 by adding Section 1A-1.15 and changing Section 1A-1.3 as
7 follows:
8 (20 ILCS 3105/1A-1.15 new)
9 Sec. 1A-1.15. From funds appropriated by the General
10 Assembly from the School Construction Fund, the Board is
11 authorized to make grants in accordance with the provisions
12 of this Act for School Construction Projects authorized
13 pursuant to subsection (e) of Section 5 of the General
14 Obligation Bond Act. Those grants shall be based on grant
15 entitlements issued by the State Board of Education and shall
16 be made by the Board to school districts in accordance with
17 the priority order provided by the State Board of Education
18 under the priority considerations described therefor in
19 Section 1A-1.3 of this Act.
20 (20 ILCS 3105/1A-1.3) (from Ch. 127, par. 783.1-3)
21 Sec. 1A-1.3. The State Board of Education is authorized
22 to issue grant entitlements for Planning Assistance, School
23 Construction Projects and Debt Service and shall determine
24 the priority order for Planning Assistance and School
25 Construction Project grants to be made by the Board. However,
26 in determining the priority order for School Construction
27 Project grants to be made by the Board and the issuance of
28 grant entitlements therefor under Section 1A-1.15 of this
29 Act, the State Board of Education shall give priority
30 consideration to School Construction Projects for (i) school
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1 districts that because of debt limitations applicable to the
2 district under Section 19-1 of the School Code are unable, or
3 unable except by referendum, to incur additional indebtedness
4 by the issuance of bonds for school construction purposes,
5 and (ii) schools with fire and Health/Life Safety Code
6 violations, child safety concerns, pupil overcrowding, and
7 facilities that are not conducive to the teaching of modern
8 technologies.
9 (Source: P.A. 79-1098.)
10 Section 10. The General Obligation Bond Act is amended
11 by changing Sections 2 and 5 as follows:
12 (30 ILCS 330/2) (from Ch. 127, par. 652)
13 Sec. 2. Authorization for Bonds. The State of Illinois
14 is authorized to issue, sell and provide for the retirement
15 of General Obligation Bonds of the State of Illinois in the
16 total amount of $9,165,508,392 $8,805,508,392 herein called
17 "Bonds".
18 Of the total amount of bonds authorized above, up to
19 $2,200,000,000 in aggregate original principal amount may be
20 issued and sold in accordance with the Baccalaureate Savings
21 Act in the form of General Obligation College Savings Bonds.
22 Of the total amount of bonds authorized above, up to
23 $300,000,000 in aggregate original principal amount may be
24 issued and sold in accordance with the Retirement Savings Act
25 in the form of General Obligation Retirement Savings Bonds.
26 The issuance and sale of Bonds pursuant to the General
27 Obligation Bond Act is an economical and efficient method of
28 financing the capital needs of the State. This Act will
29 permit the issuance of a multi-purpose General Obligation
30 Bond with uniform terms and features. This will not only
31 lower the cost of registration but also reduce the overall
32 cost of issuing debt by improving the marketability of
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1 Illinois General Obligation Bonds.
2 Bonds shall be issued for the categories and specific
3 purposes expressed in Sections 2 through 8 and Section 16 of
4 this Act.
5 (Source: P.A. 90-1, eff. 2-20-97.)
6 (30 ILCS 330/5) (from Ch. 127, par. 655)
7 Sec. 5. School Construction. (a) The amount of
8 $58,450,000 is authorized to make grants to local school
9 districts for the acquisition, development, construction,
10 reconstruction, rehabilitation, improvement, financing,
11 architectural planning and installation of capital
12 facilities, including but not limited to those required for
13 special education building projects provided for in Article
14 14 of The School Code, consisting of buildings, structures,
15 and durable equipment, and for the acquisition and
16 improvement of real property and interests in real property
17 required, or expected to be required, in connection
18 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
21 and interest payments, required to be made, on bonds issued
22 by such school districts after January 1, 1969, pursuant to
23 any indenture, ordinance, resolution, agreement or contract
24 to provide funds for the acquisition, development,
25 construction, reconstruction, rehabilitation, improvement,
26 architectural planning and installation of capital facilities
27 consisting of buildings, structures, durable equipment and
28 land for educational purposes or for lease payments required
29 to be made by a school district for principal and interest
30 payments on bonds issued by a Public Building Commission
31 after January 1, 1969.
32 (c) $10,000,000 for grants to school districts for the
33 acquisition, development, construction, reconstruction,
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1 rehabilitation, improvement, architectural planning and
2 installation of capital facilities consisting of buildings
3 structures, durable equipment and land for special education
4 building projects.
5 (d) $9,000,000 for grants to school districts for the
6 reconstruction, rehabilitation, improvement, financing and
7 architectural planning of capital facilities, including
8 construction at another location to replace such capital
9 facilities, consisting of those public school buildings and
10 temporary school facilities which, prior to January 1, 1984,
11 were condemned by the regional superintendent under Section
12 3-14.22 of The School Code or by any State official having
13 jurisdiction over building safety.
14 (e) $360,000,000 for grants to local school districts
15 for the acquisition, development, construction,
16 reconstruction, rehabilitation, improvement, financing,
17 architectural planning and installation of capital
18 facilities, including but not limited to those required for
19 special education building projects provided for in Article
20 14 of the School Code, consisting of buildings, structures,
21 and durable equipment, and for the acquisition and
22 improvement of real property and interests in real property
23 required, or expected to be required, in connection
24 therewith. School district projects eligible for grants
25 pursuant to this subsection (e) are subject to the criteria
26 that, under the provisions of Section 1A-1.3 of the Capital
27 Development Board Act, are entitled to priority consideration
28 from the State Board of Education in issuing grant
29 entitlements and determining the priority order of School
30 Construction Project grants that are to be made by the
31 Capital Development Board under Section 1A-1.15 of that Act.
32 (Source: P.A. 84-1227.)
33 Section 99. Effective date. This Act takes effect upon
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1 becoming law.