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90_HB0956
20 ILCS 3105/1A-3 from Ch. 127, par. 783.3
30 ILCS 330/2 from Ch. 127, par. 652
30 ILCS 330/5 from Ch. 127, par. 655
Amends the Capital Development Board Act by changing the
grant index applicable to grants to school districts for
school construction projects to an enrollment based formula
from a weighted average daily attendance based formula. Also
amends the General Obligation Bond Act to increase the
State's bonding authority by $1,000,000,000, earmarking that
increase exclusively for specified types of school
construction projects over a 10-year period. Effective
immediately.
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1 AN ACT relating to bonds for school construction,
2 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 changing Section 1A-3 as follows:
7 (20 ILCS 3105/1A-3) (from Ch. 127, par. 783.3)
8 Sec. 1A-3. The Grant Index for any school district is
9 equal to one minus the ratio of the district's equalized
10 assessed valuation per enrolled pupil in weighted average
11 daily attendance to the equalized assessed valuation per
12 enrolled pupil in weighted average daily attendance of the
13 district located at the ninetieth percentile for all
14 districts of the same type. The Grant Index for any school
15 district shall be no less than 0.30 .20 and no greater than
16 0.90 .70. The product of the district's Grant Index and the
17 Recognized Project Cost, as determined by the Board, for an
18 approved school construction project equals the amount the
19 Board shall expend on behalf of the district; however, that
20 amount for the purpose of a special education school
21 construction project shall be reduced by the amount of
22 unexpended State reimbursement received under Section
23 14-13.02 of the School Code. The Grant Index shall not be
24 used in cases where the General Assembly and Governor approve
25 appropriations designated for specifically identified school
26 district construction projects.
27 (Source: P.A. 87-184.)
28 Section 10. The General Obligation Bond Act is amended
29 by changing Sections 2 and 5 as follows:
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1 (30 ILCS 330/2) (from Ch. 127, par. 652)
2 Sec. 2. Authorization for Bonds. The State of Illinois
3 is authorized to issue, sell and provide for the retirement
4 of General Obligation Bonds of the State of Illinois in the
5 total amount of $9,805,508,392 $8,805,508,392 herein called
6 "Bonds".
7 Of the total amount of bonds authorized above, up to
8 $2,200,000,000 in aggregate original principal amount may be
9 issued and sold in accordance with the Baccalaureate Savings
10 Act in the form of General Obligation College Savings Bonds.
11 Of the total amount of bonds authorized above, up to
12 $300,000,000 in aggregate original principal amount may be
13 issued and sold in accordance with the Retirement Savings Act
14 in the form of General Obligation Retirement Savings Bonds.
15 The issuance and sale of Bonds pursuant to the General
16 Obligation Bond Act is an economical and efficient method of
17 financing the capital needs of the State. This Act will
18 permit the issuance of a multi-purpose General Obligation
19 Bond with uniform terms and features. This will not only
20 lower the cost of registration but also reduce the overall
21 cost of issuing debt by improving the marketability of
22 Illinois General Obligation Bonds.
23 Bonds shall be issued for the categories and specific
24 purposes expressed in Sections 2 through 8 and Section 16 of
25 this Act.
26 (Source: P.A. 90-1, eff. 2-20-97.)
27 (30 ILCS 330/5) (from Ch. 127, par. 655)
28 Sec. 5. School Construction. (a) The amount of
29 $58,450,000 is authorized to make grants to local school
30 districts for the acquisition, development, construction,
31 reconstruction, rehabilitation, improvement, financing,
32 architectural planning and installation of capital
33 facilities, including but not limited to those required for
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1 special education building projects provided for in Article
2 14 of the School Code, consisting of buildings, structures,
3 and durable equipment, and for the acquisition and
4 improvement of real property and interests in real property
5 required, or expected to be required, in connection
6 therewith.
7 The additional $1,000,000,000 bond authorization added by
8 this amendatory Act of 1997 shall be used for grants for the
9 purposes authorized by this subsection, using the Grant Index
10 of Section 1A-3 of the Capital Development Board Act. The
11 bonds shall be issued over a 10-year period in amounts not to
12 exceed the following for each year of the 10-year period,
13 provided that bonds authorized but not issued in an earlier
14 year may be issued in any later year:
15 Year Amount
16 1 $50,000,000
17 2 $75,000,000
18 3 $100,000,000
19 4 $125,000,000
20 5 $125,000,000
21 6 $125,000,000
22 7-10 $100,000,000 each such year
23 The State Board of Education shall develop standards for
24 the determination of priority needs.
25 (b) $22,550,000, or so much thereof as may be necessary,
26 for grants to school districts for the making of principal
27 and interest payments, required to be made, on bonds issued
28 by such school districts after January 1, 1969, pursuant to
29 any indenture, ordinance, resolution, agreement or contract
30 to provide funds for the acquisition, development,
31 construction, reconstruction, rehabilitation, improvement,
32 architectural planning and installation of capital facilities
33 consisting of buildings, structures, durable equipment and
34 land for educational purposes or for lease payments required
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1 to be made by a school district for principal and interest
2 payments on bonds issued by a Public Building Commission
3 after January 1, 1969.
4 (c) $10,000,000 for grants to school districts for the
5 acquisition, development, construction, reconstruction,
6 rehabilitation, improvement, architectural planning and
7 installation of capital facilities consisting of buildings
8 structures, durable equipment and land for special education
9 building projects.
10 (d) $9,000,000 for grants to school districts for the
11 reconstruction, rehabilitation, improvement, financing and
12 architectural planning of capital facilities, including
13 construction at another location to replace such capital
14 facilities, consisting of those public school buildings and
15 temporary school facilities which, prior to January 1, 1984,
16 were condemned by the regional superintendent under Section
17 3-14.22 of The School Code or by any State official having
18 jurisdiction over building safety.
19 (Source: P.A. 84-1227.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming a law.