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90_HB3606
30 ILCS 330/5 from Ch. 127, par. 655
Amends the General Obligation Bond Act to decrease the
authorization for bonds issued for school construction
purposes by $1. Effective immediately.
LRB9010913KDks
LRB9010913KDks
1 AN ACT to amend the General Obligation Bond Act by
2 changing Section 5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The General Obligation Bond Act is amended by
6 changing Section 5 as follows:
7 (30 ILCS 330/5) (from Ch. 127, par. 655)
8 Sec. 5. School Construction.
9 (a) The amount of $58,449,999 $58,450,000 is authorized
10 to make grants to local school districts for the acquisition,
11 development, construction, reconstruction, rehabilitation,
12 improvement, financing, architectural planning and
13 installation of capital facilities, including but not limited
14 to those required for special education building projects
15 provided for in Article 14 of The School Code, consisting of
16 buildings, structures, and durable equipment, and for the
17 acquisition and improvement of real property and interests in
18 real property required, or expected to be required, in
19 connection therewith.
20 (b) $22,550,000, or so much thereof as may be necessary,
21 for grants to school districts for the making of principal
22 and interest payments, required to be made, on bonds issued
23 by such school districts after January 1, 1969, pursuant to
24 any indenture, ordinance, resolution, agreement or contract
25 to provide funds for the acquisition, development,
26 construction, reconstruction, rehabilitation, improvement,
27 architectural planning and installation of capital facilities
28 consisting of buildings, structures, durable equipment and
29 land for educational purposes or for lease payments required
30 to be made by a school district for principal and interest
31 payments on bonds issued by a Public Building Commission
-2- LRB9010913KDks
1 after January 1, 1969.
2 (c) $10,000,000 for grants to school districts for the
3 acquisition, development, construction, reconstruction,
4 rehabilitation, improvement, architectural planning and
5 installation of capital facilities consisting of buildings
6 structures, durable equipment and land for special education
7 building projects.
8 (d) $9,000,000 for grants to school districts for the
9 reconstruction, rehabilitation, improvement, financing and
10 architectural planning of capital facilities, including
11 construction at another location to replace such capital
12 facilities, consisting of those public school buildings and
13 temporary school facilities which, prior to January 1, 1984,
14 were condemned by the regional superintendent under Section
15 3-14.22 of The School Code or by any State official having
16 jurisdiction over building safety.
17 (e) $1,100,000,000 for grants to school districts for
18 school improvement projects authorized by the School
19 Construction Law. The bonds shall be sold in amounts not to
20 exceed the following schedule, except any bonds not sold
21 during one year shall be added to the bonds to be sold during
22 the remainder of the schedule:
23 First year...................................$200,000,000
24 Second year..................................$250,000,000
25 Third year...................................$250,000,000
26 Fourth year..................................$200,000,000
27 Fifth year...................................$200,000,000
28 (Source: P.A. 90-549, eff. 12-8-97.)
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.