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90_SB0087enr 30 ILCS 330/2 +m from Ch. 127, par. 652@m 30 ILCS 330/3 +m from Ch. 127, par. 653@m 30 ILCS 330/4 +m from Ch. 127, par. 654@m 30 ILCS 330/6 +m from Ch. 127, par. 656@m 110 ILCS 920/4 +m from Ch. 144, par. 2404@m 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 SB87 Enrolled 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
$8,146,008,392herein called 12 "Bonds". 13 Of the total amount of bonds authorized above, up to 14 $2,200,000,000 $1,700,000,000in 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 SB87 Enrolled -2- SRA90S0012MWcb 1 purposes expressed in Sections 2 through 8 and Section 16 of 2 this Act. 3 (Source: P.A. 87-144; 87-173; 87-836; 87-873; 88-93; 88-472; 4 88-552, eff. 7-14-94; 88-670, eff. 12-2-94.) 5 (30 ILCS 330/3) (from Ch. 127, par. 653) 6 Sec. 3. Capital Facilities. The amount of $3,487,283,392 7 $2,930,083,392is authorized to be used for the acquisition, 8 development, construction, reconstruction, improvement, 9 financing, architectural planning and installation of capital 10 facilities within the State, consisting of buildings, 11 structures, durable equipment, land, and interests in land 12 for the following specific purposes: 13 (a) $905,272,246 $752,272,246for educational purposes 14 by State universities and colleges, the Illinois Community 15 College Board created by the Public Community College Act and 16 for grants to public community colleges as authorized by 17 Sections 5-11 and 5-12 of the Public Community College Act; 18 (b) $898,113,368 $619,113,368for correctional purposes 19 at State prison and correctional centers; 20 (c) $284,132,486 $264,132,486for open spaces, 21 recreational and conservation purposes and the protection of 22 land; 23 (d) $415,165,486 $353,165,486for child care facilities, 24 mental and public health facilities, and facilities for the 25 care of disabled veterans and their spouses; 26 (e) $765,968,641 $729,843,641for use by the State, its 27 departments, authorities, public corporations, commissions 28 and agencies; 29 (f) $818,100 for cargo handling facilities at port 30 districts and for breakwaters, including harbor entrances, at 31 port districts in conjunction with facilities for small boats 32 and pleasure crafts; 33 (g) $129,572,796 $122,572,796for water resource SB87 Enrolled -3- SRA90S0012MWcb 1 management projects; 2 (h) $16,940,269 $16,865,269for the provision of 3 facilities for food production research and related 4 instructional and public service activities at the State 5 universities and public community colleges; 6 (i) $34,000,000 for grants by the Secretary of State, as 7 State Librarian, for central library facilities authorized by 8 Section 8 of the Illinois Library System Act and for grants 9 by the Capital Development Board to units of local government 10 for public library facilities; 11 (j) $25,000,000 for the acquisition, development, 12 construction, reconstruction, improvement, financing, 13 architectural planning and installation of capital facilities 14 consisting of buildings, structures, durable equipment and 15 land for grants to counties, municipalities or public 16 building commissions with correctional facilities that do not 17 comply with the minimum standards of the Department of 18 Corrections under Section 3-15-2 of the Unified Code of 19 Corrections; 20 (k) $5,000,000 for grants in fiscal year 1988 by the 21 Department of Conservation for improvement or expansion of 22 aquarium facilities located on property owned by a park 23 district; and 24 (l) $7,300,000 to State agencies for grants to local 25 governments for the acquisition, financing, architectural 26 planning, development, alteration, installation, and 27 construction of capital facilities consisting of buildings, 28 structures, durable equipment, and land. 29 The amounts authorized above for capital facilities may 30 be used for the acquisition, installation, alteration, 31 construction, or reconstruction of capital facilities and for 32 the purchase of equipment for the purpose of major capital 33 improvements which will reduce energy consumption in State 34 buildings or facilities. SB87 Enrolled -4- SRA90S0012MWcb 1 (Source: P.A. 87-836; 87-852; 87-873; 87-895; 88-93; 88-552.) 2 (30 ILCS 330/4) (from Ch. 127, par. 654) 3 Sec. 4. Transportation. The amount of $2,388,300,000 4 $2,336,500,000is authorized for use by the Department of 5 Transportation for the specific purpose of promoting and 6 assuring rapid, efficient, and safe highway, air and mass 7 transportation for the inhabitants of the State by providing 8 monies, including the making of grants and loans, for the 9 acquisition, construction, reconstruction, extension and 10 improvement of the following transportation facilities and 11 equipment, and for the acquisition of real property and 12 interests in real property required or expected to be 13 required in connection therewith as follows: 14 (a) $1,411,000,000 for State highways, arterial 15 highways, freeways, roads, bridges, structures separating 16 highways and railroads and roads, and bridges on roads 17 maintained by counties, municipalities, townships or road 18 districts for the following specific purposes: 19 (1) $1,310,000,000 for use statewide, 20 (2) $3,641,000 for use outside the Chicago 21 urbanized area, 22 (3) $7,543,000 for use within the Chicago urbanized 23 area, 24 (4) $13,060,600 for use within the City of Chicago, 25 (5) $57,894,500 for use within the counties of 26 Cook, DuPage, Kane, Lake, McHenry and Will, and 27 (6) $18,860,900 for use outside the counties of 28 Cook, DuPage, Kane, Lake, McHenry and Will. 29 (b) $787,300,000 $735,500,000for mass transit 30 facilities, as defined in Section 49.19 of the Civil 31 Administrative Code of Illinois, including rapid transit, 32 rail, bus and other equipment used in connection therewith by 33 the State or any unit of local government, special SB87 Enrolled -5- SRA90S0012MWcb 1 transportation district, municipal corporation or other 2 corporation or public authority authorized to provide and 3 promote public transportation within the State or two or more 4 of the foregoing jointly, for the following specific 5 purposes: 6 (1) $691,500,000 $641,500,000statewide, 7 (2) $83,350,000 $82,000,000for use within the 8 counties of Cook, DuPage, Kane, Lake, McHenry and Will, 9 (3) $12,450,000 $12,000,000for use outside the 10 counties of Cook, DuPage, Kane, Lake, McHenry and Will. 11 (c) $190,000,000 for airport or aviation facilities and 12 any equipment used in connection therewith, including 13 engineering and land acquisition costs, by the State or any 14 unit of local government, special transportation district, 15 municipal corporation or other corporation or public 16 authority authorized to provide public transportation within 17 the State, or two or more of the foregoing acting jointly. 18 (Source: P.A. 88-552; 89-235, eff. 8-4-95.) 19 (30 ILCS 330/6) (from Ch. 127, par. 656) 20 Sec. 6. Anti-Pollution. 21 (a) The amount of $170,400,000 is authorized for 22 allocation by the Environmental Protection Agency for grants 23 or loans to units of local government in such amounts, at 24 such times and for such purpose as the Agency deems necessary 25 or desirable for the planning, financing, and construction of 26 municipal sewage treatment works and solid waste disposal 27 facilities and for making of deposits into the Water 28 Pollution Control Revolving Fund to provide assistance in 29 accordance with the provisions of Title IV-A of the 30 Environmental Protection Act. 31 (b) The amount of $160,500,000 $110,000,000is 32 authorized for allocation by the Environmental Protection 33 Agency for payment of claims submitted to the State and SB87 Enrolled -6- SRA90S0012MWcb 1 approved for payment under the Leaking Underground Storage 2 Tank Program established in Title XVI of the Environmental 3 Protection Act. 4 (Source: P.A. 87-836; 88-93; 88-552, eff. 7-14-94; 88-670, 5 eff. 12-2-94.) 6 Section 2. The Baccalaureate Savings Act is amended by 7 changing Section 4. 8 (110 ILCS 920/4) (from Ch. 144, par. 2404) 9 Sec. 4. Issuance and Sale of College Savings Bonds. In 10 order to provide investors with investment alternatives to 11 enhance their financial access to Institutions of Higher 12 Education located in the State of Illinois, and in 13 furtherance of the public policy of this Act, bonds 14 authorized by the provisions of the General Obligation Bond 15 Act, in a total aggregate original principal amount not to 16 exceed $2,200,000,000 $1,700,000,000may be issued and sold 17 from time to time, and as often as practicable, as College 18 Savings Bonds in such amounts as directed by the Governor, 19 upon recommendation by the Director of the Bureau of the 20 Budget. Bonds to be issued and sold as College Savings Bonds 21 shall be designated by the Governor and the Director of the 22 Bureau of the Budget as "General Obligation College Savings 23 Bonds" in the proceedings authorizing the issuance of such 24 Bonds, and shall be subject to all of the terms and 25 provisions of the General Obligation Bond Act, except that 26 College Savings Bonds may bear interest payable at such time 27 or times and may be sold at such prices and in such manner as 28 may be determined by the Governor and the Director of the 29 Bureau of the Budget and except as otherwise provided in this 30 Act. If College Savings Bonds are sold at public sale, the 31 public sale procedures shall be as set forth in Section 11 of 32 the General Obligation Bond Act. College Savings Bonds may SB87 Enrolled -7- SRA90S0012MWcb 1 be sold at negotiated sale if the Director of the Bureau of 2 the Budget determines that a negotiated sale will result in 3 either a more efficient and economic sale of such Bonds or 4 greater access to such Bonds by investors who are residents 5 of the State of Illinois. If any College Savings Bonds are 6 sold at a negotiated sale, the underwriter or underwriters to 7 which such Bonds are sold shall (a) be organized, 8 incorporated or have their principal place of business in the 9 State of Illinois, or (b) in the judgment of the Director of 10 the Bureau of the Budget, have sufficient capability to make 11 a broad distribution of such Bonds to investors resident in 12 the State of Illinois. In determining the aggregate 13 principal amount of College Savings Bonds that has been 14 issued pursuant to this Act, the aggregate original principal 15 amount of such Bonds issued and sold shall be taken into 16 account. Any bond issued under this Act shall be payable in 17 one payment on a fixed date, unless the Governor and the 18 Director of the Bureau of the Budget determine otherwise. 19 (Source: P.A. 87-144; 88-93.) 20 Section 3. This Act becomes effective immediately upon 21 becoming law.
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