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90_SB0087
Amends the General Obligation Bond Act to increase
authorization by $659,500,000. Amends the General Obligation
Bond Act and Baccalaureate Savings Act to increase
authorization for the sale of college savings bonds by
$500,000,000.
SRA90S0012MWcb
SRA90S0012MWcb
1 AN ACT to amend the General Obligation Bond Act and the
2 Baccalaureate Savings Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 1. The General Obligation Bond Act is amended by
6 changing Sections 2, 3, 4, and 6.
7 (30 ILCS 330/2) (from Ch. 127, par. 652)
8 Sec. 2. Authorization for Bonds. The State of Illinois
9 is authorized to issue, sell and provide for the retirement
10 of General Obligation Bonds of the State of Illinois in the
11 total amount of $8,805,508,392 $8,146,008,392 herein called
12 "Bonds".
13 Of the total amount of bonds authorized above, up to
14 $2,200,000,000 $1,700,000,000 in aggregate original principal
15 amount may be issued and sold in accordance with the
16 Baccalaureate Savings Act in the form of General Obligation
17 College Savings Bonds.
18 Of the total amount of bonds authorized above, up to
19 $300,000,000 in aggregate original principal amount may be
20 issued and sold in accordance with the Retirement Savings Act
21 in the form of General Obligation Retirement Savings Bonds.
22 The issuance and sale of Bonds pursuant to the General
23 Obligation Bond Act is an economical and efficient method of
24 financing the capital needs of the State. This Act will
25 permit the issuance of a multi-purpose General Obligation
26 Bond with uniform terms and features. This will not only
27 lower the cost of registration but also reduce the overall
28 cost of issuing debt by improving the marketability of
29 Illinois General Obligation Bonds.
30 Bonds shall be issued for the categories and specific
31 purposes expressed in Sections 2 through 8 and Section 16 of
32 this Act.
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1 (Source: P.A. 87-144; 87-173; 87-836; 87-873; 88-93; 88-472;
2 88-552, eff. 7-14-94; 88-670, eff. 12-2-94.)
3 (30 ILCS 330/3) (from Ch. 127, par. 653)
4 Sec. 3. Capital Facilities. The amount of $3,487,283,392
5 $2,930,083,392 is authorized to be used for the acquisition,
6 development, construction, reconstruction, improvement,
7 financing, architectural planning and installation of capital
8 facilities within the State, consisting of buildings,
9 structures, durable equipment, land, and interests in land
10 for the following specific purposes:
11 (a) $905,272,246 $752,272,246 for educational purposes
12 by State universities and colleges, the Illinois Community
13 College Board created by the Public Community College Act and
14 for grants to public community colleges as authorized by
15 Sections 5-11 and 5-12 of the Public Community College Act;
16 (b) $898,113,368 $619,113,368 for correctional purposes
17 at State prison and correctional centers;
18 (c) $284,132,486 $264,132,486 for open spaces,
19 recreational and conservation purposes and the protection of
20 land;
21 (d) $415,165,486 $353,165,486 for child care facilities,
22 mental and public health facilities, and facilities for the
23 care of disabled veterans and their spouses;
24 (e) $765,968,641 $729,843,641 for use by the State, its
25 departments, authorities, public corporations, commissions
26 and agencies;
27 (f) $818,100 for cargo handling facilities at port
28 districts and for breakwaters, including harbor entrances, at
29 port districts in conjunction with facilities for small boats
30 and pleasure crafts;
31 (g) $129,572,796 $122,572,796 for water resource
32 management projects;
33 (h) $16,940,269 $16,865,269 for the provision of
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1 facilities for food production research and related
2 instructional and public service activities at the State
3 universities and public community colleges;
4 (i) $34,000,000 for grants by the Secretary of State, as
5 State Librarian, for central library facilities authorized by
6 Section 8 of the Illinois Library System Act and for grants
7 by the Capital Development Board to units of local government
8 for public library facilities;
9 (j) $25,000,000 for the acquisition, development,
10 construction, reconstruction, improvement, financing,
11 architectural planning and installation of capital facilities
12 consisting of buildings, structures, durable equipment and
13 land for grants to counties, municipalities or public
14 building commissions with correctional facilities that do not
15 comply with the minimum standards of the Department of
16 Corrections under Section 3-15-2 of the Unified Code of
17 Corrections;
18 (k) $5,000,000 for grants in fiscal year 1988 by the
19 Department of Conservation for improvement or expansion of
20 aquarium facilities located on property owned by a park
21 district; and
22 (l) $7,300,000 to State agencies for grants to local
23 governments for the acquisition, financing, architectural
24 planning, development, alteration, installation, and
25 construction of capital facilities consisting of buildings,
26 structures, durable equipment, and land.
27 The amounts authorized above for capital facilities may
28 be used for the acquisition, installation, alteration,
29 construction, or reconstruction of capital facilities and for
30 the purchase of equipment for the purpose of major capital
31 improvements which will reduce energy consumption in State
32 buildings or facilities.
33 (Source: P.A. 87-836; 87-852; 87-873; 87-895; 88-93; 88-552.)
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1 (30 ILCS 330/4) (from Ch. 127, par. 654)
2 Sec. 4. Transportation. The amount of $2,388,300,000
3 $2,336,500,000 is authorized for use by the Department of
4 Transportation for the specific purpose of promoting and
5 assuring rapid, efficient, and safe highway, air and mass
6 transportation for the inhabitants of the State by providing
7 monies, including the making of grants and loans, for the
8 acquisition, construction, reconstruction, extension and
9 improvement of the following transportation facilities and
10 equipment, and for the acquisition of real property and
11 interests in real property required or expected to be
12 required in connection therewith as follows:
13 (a) $1,411,000,000 for State highways, arterial
14 highways, freeways, roads, bridges, structures separating
15 highways and railroads and roads, and bridges on roads
16 maintained by counties, municipalities, townships or road
17 districts for the following specific purposes:
18 (1) $1,310,000,000 for use statewide,
19 (2) $3,641,000 for use outside the Chicago
20 urbanized area,
21 (3) $7,543,000 for use within the Chicago urbanized
22 area,
23 (4) $13,060,600 for use within the City of Chicago,
24 (5) $57,894,500 for use within the counties of
25 Cook, DuPage, Kane, Lake, McHenry and Will, and
26 (6) $18,860,900 for use outside the counties of
27 Cook, DuPage, Kane, Lake, McHenry and Will.
28 (b) $787,300,000 $735,500,000 for mass transit
29 facilities, as defined in Section 49.19 of the Civil
30 Administrative Code of Illinois, including rapid transit,
31 rail, bus and other equipment used in connection therewith by
32 the State or any unit of local government, special
33 transportation district, municipal corporation or other
34 corporation or public authority authorized to provide and
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1 promote public transportation within the State or two or more
2 of the foregoing jointly, for the following specific
3 purposes:
4 (1) $691,500,000 $641,500,000 statewide,
5 (2) $83,350,000 $82,000,000 for use within the
6 counties of Cook, DuPage, Kane, Lake, McHenry and Will,
7 (3) $12,450,000 $12,000,000 for use outside the
8 counties of Cook, DuPage, Kane, Lake, McHenry and Will.
9 (c) $190,000,000 for airport or aviation facilities and
10 any equipment used in connection therewith, including
11 engineering and land acquisition costs, by the State or any
12 unit of local government, special transportation district,
13 municipal corporation or other corporation or public
14 authority authorized to provide public transportation within
15 the State, or two or more of the foregoing acting jointly.
16 (Source: P.A. 88-552; 89-235, eff. 8-4-95.)
17 (30 ILCS 330/6) (from Ch. 127, par. 656)
18 Sec. 6. Anti-Pollution.
19 (a) The amount of $170,400,000 is authorized for
20 allocation by the Environmental Protection Agency for grants
21 or loans to units of local government in such amounts, at
22 such times and for such purpose as the Agency deems necessary
23 or desirable for the planning, financing, and construction of
24 municipal sewage treatment works and solid waste disposal
25 facilities and for making of deposits into the Water
26 Pollution Control Revolving Fund to provide assistance in
27 accordance with the provisions of Title IV-A of the
28 Environmental Protection Act.
29 (b) The amount of $160,500,000 $110,000,000 is
30 authorized for allocation by the Environmental Protection
31 Agency for payment of claims submitted to the State and
32 approved for payment under the Leaking Underground Storage
33 Tank Program established in Title XVI of the Environmental
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1 Protection Act.
2 (Source: P.A. 87-836; 88-93; 88-552, eff. 7-14-94; 88-670,
3 eff. 12-2-94.)
4 Section 2. The Baccalaureate Savings Act is amended by
5 changing Section 4.
6 (110 ILCS 920/4) (from Ch. 144, par. 2404)
7 Sec. 4. Issuance and Sale of College Savings Bonds. In
8 order to provide investors with investment alternatives to
9 enhance their financial access to Institutions of Higher
10 Education located in the State of Illinois, and in
11 furtherance of the public policy of this Act, bonds
12 authorized by the provisions of the General Obligation Bond
13 Act, in a total aggregate original principal amount not to
14 exceed $2,200,000,000 $1,700,000,000 may be issued and sold
15 from time to time, and as often as practicable, as College
16 Savings Bonds in such amounts as directed by the Governor,
17 upon recommendation by the Director of the Bureau of the
18 Budget. Bonds to be issued and sold as College Savings Bonds
19 shall be designated by the Governor and the Director of the
20 Bureau of the Budget as "General Obligation College Savings
21 Bonds" in the proceedings authorizing the issuance of such
22 Bonds, and shall be subject to all of the terms and
23 provisions of the General Obligation Bond Act, except that
24 College Savings Bonds may bear interest payable at such time
25 or times and may be sold at such prices and in such manner as
26 may be determined by the Governor and the Director of the
27 Bureau of the Budget and except as otherwise provided in this
28 Act. If College Savings Bonds are sold at public sale, the
29 public sale procedures shall be as set forth in Section 11 of
30 the General Obligation Bond Act. College Savings Bonds may
31 be sold at negotiated sale if the Director of the Bureau of
32 the Budget determines that a negotiated sale will result in
33 either a more efficient and economic sale of such Bonds or
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1 greater access to such Bonds by investors who are residents
2 of the State of Illinois. If any College Savings Bonds are
3 sold at a negotiated sale, the underwriter or underwriters to
4 which such Bonds are sold shall (a) be organized,
5 incorporated or have their principal place of business in the
6 State of Illinois, or (b) in the judgment of the Director of
7 the Bureau of the Budget, have sufficient capability to make
8 a broad distribution of such Bonds to investors resident in
9 the State of Illinois. In determining the aggregate
10 principal amount of College Savings Bonds that has been
11 issued pursuant to this Act, the aggregate original principal
12 amount of such Bonds issued and sold shall be taken into
13 account. Any bond issued under this Act shall be payable in
14 one payment on a fixed date, unless the Governor and the
15 Director of the Bureau of the Budget determine otherwise.
16 (Source: P.A. 87-144; 88-93.)
17 Section 3. This Act becomes effective immediately upon
18 becoming law.