House Sponsors: NOVAK-SAVIANO-HANNIG-CURRIE-GRANBERG, FANTIN AND WOOLARD. Senate Sponsors: MAITLAND-WEAVER,S-JONES-OBAMA-SMITH Short description: MCCORMICK PLACE PROJECT FUND Synopsis of Bill as introduced: 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. FISCAL NOTE (Bureau of Budget) Total debt service will be approximately $1.845 billion. FISCAL NOTE (State Board of Education) Both the minimum and maximum amounts of construction funding available to school districts would increase; the amounts each district would receive depend on where the district fits into the formula. Changing to an enrollment based index would have minimal effect. Increasing the State's bonding authority would increase State indebtedness by $1 billion. STATE MANDATES FISCAL NOTE (State Board of Education) No change from SBE fiscal note. STATE DEBT IMPACT NOTE Increase in: general obligation principal $ 1.0 billion potential general obligation debt 1.9 billion maximum annual debt service payment (in FY2022) 78.3 million Increase in potential general obligation debt 1.9 billion BALANCED BUDGET NOTE HB 18 does not authorize, increase, decrease or reallocate any general funds appropriation for fiscal year 1997. FISCAL NOTE, H-AM 1 (State Bd. of Ed.) The change from TWADA to an enrollment based index would have minimal effect. Increasing the State's bonding authority would increase the State's indebtedness by $1 billion. STATE MANDATES FISCAL NOTE, H-AM 1 (State Bd. of Ed.) No change from SBE fiscal note, amended. HOUSE AMENDMENT NO. 1. Replaces the text of a Section in the General Obligation Bond Act proposed to be amended by the bill as introduced with the text of that Section as amended by P.A. 90-1, and increases the State's bonding authority (as established in that Section by P.A. 90-1) by $1,000,000,000. STATE DEBT IMPACT NOTE, H-AM 1 No change from previous debt impact note. SENATE AMENDMENT NO. 1. (Senate recedes May 21, 1998) Restores the grant index to a weighted average daily attendance based formula and eliminates the bill's immediate effective date clause. CONFERENCE COMMITTEE REPORT NO. 2. Recommends that the Senate recede from S-am 1. Recommends that the bill be amended as follows: Deletes reference to: 20 ILCS 3105/1A-3 30 ILCS 330/2 30 ILCS 330/5 Adds reference to: 30 ILCS 105/8.25f from Ch. 127, par. 144.25f 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 110/9 from Ch. 120, par. 439.39 35 ILCS 115/9 from Ch. 120, par. 439.109 35 ILCS 120/3 from Ch. 120, par. 442 70 ILCS 210/13 from Ch. 85, par. 1233 70 ILCS 210/13.2 from Ch. 85, par. 1233.2 70 ILCS 210/20 from Ch. 85, par. 1240 Deletes everything. Amends the Metropolitan Pier and Exposition Authority Act. Provides that the surplus revenues of the Authority shall be used for the repair, replacement, and improvement of the grounds, buildings, and facilities of the Authority (now for capital repair and rehabilitation of the grounds, buildings, facilities of the expansion project). Provides that bonds issued by the Authority may not exceed an aggregate original principal amount of $1,037,000,000 (now $937,000,000). Amends the State Finance Act, the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides for specified monthly installment deposits into the McCormick Place Expansion Project Fund for fiscal years 2005, 2006, 2007, and thereafter from moneys collected under the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers's Occupation Tax Act. Provides that the monthly installment deposits shall not be made after fiscal year 2029. Makes other changes. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 90-0612 Last action date: 98-07-08 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status