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91_SB0640
BOB-GOBA2000
1 AN ACT to amend the General Obligation Bond Act.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. The General Obligation Bond Act is amended by
5 changing Sections 2, 3, 4, 6, and 16 as follows:
6 (30 ILCS 330/2) (from Ch. 127, par. 652)
7 Sec. 2. Authorization for Bonds. The State of Illinois
8 is authorized to issue, sell and provide for the retirement
9 of General Obligation Bonds of the State of Illinois in the
10 total amount of $12,013,796,392 $10,895,296,392 herein called
11 "Bonds".
12 Of the total amount of bonds authorized above, up to
13 $2,200,000,000 in aggregate original principal amount may be
14 issued and sold in accordance with the Baccalaureate Savings
15 Act in the form of General Obligation College Savings Bonds.
16 Of the total amount of bonds authorized above, up to
17 $300,000,000 in aggregate original principal amount may be
18 issued and sold in accordance with the Retirement Savings Act
19 in the form of General Obligation Retirement Savings Bonds.
20 The issuance and sale of Bonds pursuant to the General
21 Obligation Bond Act is an economical and efficient method of
22 financing the capital needs of the State. This Act will
23 permit the issuance of a multi-purpose General Obligation
24 Bond with uniform terms and features. This will not only
25 lower the cost of registration but also reduce the overall
26 cost of issuing debt by improving the marketability of
27 Illinois General Obligation Bonds.
28 Bonds shall be issued for the categories and specific
29 purposes expressed in Sections 2 through 8 and Section 16 of
30 this Act.
31 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
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1 eff. 12-8-97; 90-586, eff. 6-4-98.)
2 (30 ILCS 330/3) (from Ch. 127, par. 653)
3 Sec. 3. Capital Facilities. The amount of $4,864,166,392
4 $4,335,266,392 is authorized to be used for the acquisition,
5 development, construction, reconstruction, improvement,
6 financing, architectural planning and installation of capital
7 facilities within the State, consisting of buildings,
8 structures, durable equipment, land, and interests in land
9 for the following specific purposes:
10 (a) $1,352,217,246 $1,189,517,246 for educational
11 purposes by State universities and colleges, the Illinois
12 Community College Board created by the Public Community
13 College Act and for grants to public community colleges as
14 authorized by Sections 5-11 and 5-12 of the Public Community
15 College Act;
16 (b) $1,312,970,168 $1,126,370,168 for correctional
17 purposes at State prison and correctional centers;
18 (c) $409,711,786 $379,711,786 for open spaces,
19 recreational and conservation purposes and the protection of
20 land;
21 (d) $504,780,486 $482,280,486 for child care facilities,
22 mental and public health facilities, and facilities for the
23 care of disabled veterans and their spouses;
24 (e) $951,589,341 895,189,341 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) $167,467,796 $147,267,796 for water resource
32 management projects;
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1 (h) $16,940,269 for the provision of facilities for food
2 production research and related instructional and public
3 service activities at the State universities and public
4 community colleges;
5 (i) $34,000,000 for grants by the Secretary of State, as
6 State Librarian, for central library facilities authorized by
7 Section 8 of the Illinois Library System Act and for grants
8 by the Capital Development Board to units of local government
9 for public library facilities;
10 (j) $25,000,000 for the acquisition, development,
11 construction, reconstruction, improvement, financing,
12 architectural planning and installation of capital facilities
13 consisting of buildings, structures, durable equipment and
14 land for grants to counties, municipalities or public
15 building commissions with correctional facilities that do not
16 comply with the minimum standards of the Department of
17 Corrections under Section 3-15-2 of the Unified Code of
18 Corrections;
19 (k) $5,000,000 for grants in fiscal year 1988 by the
20 Department of Conservation for improvement or expansion of
21 aquarium facilities located on property owned by a park
22 district; and
23 (l) $40,400,000 for the Open Land Trust Program as
24 defined by the Open Land Trust Act;
25 (m) (l) $43,271,200 $33,171,200 to State agencies for
26 grants to local governments and to museums operated by or
27 located on land owned by a unit of local government for the
28 acquisition, financing, architectural planning, development,
29 alteration, installation, and construction of capital
30 facilities consisting of buildings, structures, durable
31 equipment, and land.
32 The amounts authorized above for capital facilities may
33 be used for the acquisition, installation, alteration,
34 construction, or reconstruction of capital facilities and for
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1 the purchase of equipment for the purpose of major capital
2 improvements which will reduce energy consumption in State
3 buildings or facilities.
4 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
5 eff. 12-8-97; 90-586, eff. 6-4-98.)
6 (30 ILCS 330/4) (from Ch. 127, par. 654)
7 Sec. 4. Transportation. The amount of $2,542,270,000
8 $2,484,270,000 is authorized for use by the Department of
9 Transportation for the specific purpose of promoting and
10 assuring rapid, efficient, and safe highway, air and mass
11 transportation for the inhabitants of the State by providing
12 monies, including the making of grants and loans, for the
13 acquisition, construction, reconstruction, extension and
14 improvement of the following transportation facilities and
15 equipment, and for the acquisition of real property and
16 interests in real property required or expected to be
17 required in connection therewith as follows:
18 (a) $1,411,000,000 for State highways, arterial
19 highways, freeways, roads, bridges, structures separating
20 highways and railroads and roads, and bridges on roads
21 maintained by counties, municipalities, townships or road
22 districts for the following specific purposes:
23 (1) $1,310,000,000 for use statewide,
24 (2) $3,641,000 for use outside the Chicago
25 urbanized area,
26 (3) $7,543,000 for use within the Chicago urbanized
27 area,
28 (4) $13,060,600 for use within the City of Chicago,
29 (5) $57,894,500 for use within the counties of
30 Cook, DuPage, Kane, Lake, McHenry and Will, and
31 (6) $18,860,900 for use outside the counties of
32 Cook, DuPage, Kane, Lake, McHenry and Will.
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1 (b) $929,770,000 $883,270,000 for mass transit
2 facilities, as defined in Section 49.19 of the Civil
3 Administrative Code of Illinois, including rapid transit,
4 rail, bus and other equipment used in connection therewith by
5 the State or any unit of local government, special
6 transportation district, municipal corporation or other
7 corporation or public authority authorized to provide and
8 promote public transportation within the State or two or more
9 of the foregoing jointly, for the following specific
10 purposes:
11 (1) $833,970,000 $787,470,000 statewide,
12 (2) $83,350,000 for use within the counties of
13 Cook, DuPage, Kane, Lake, McHenry and Will,
14 (3) $12,450,000 for use outside the counties of
15 Cook, DuPage, Kane, Lake, McHenry and Will.
16 (c) $201,500,000 $190,000,000 for airport or aviation
17 facilities and any equipment used in connection therewith,
18 including engineering and land acquisition costs, by the
19 State or any unit of local government, special transportation
20 district, municipal corporation or other corporation or
21 public authority authorized to provide public transportation
22 within the State, or two or more of the foregoing acting
23 jointly.
24 (Source: P.A. 89-235, eff. 8-4-95; 90-1, eff. 2-20-97; 90-8,
25 eff. 12-8-97 (changed from 6-1-98 by P.A. 90-549); 90-586,
26 eff. 6-4-98.)
27 (30 ILCS 330/6) (from Ch. 127, par. 656)
28 Sec. 6. Anti-Pollution.
29 (a) The amount of $244,635,000 $213,035,000 is
30 authorized for allocation by the Environmental Protection
31 Agency for grants or loans to units of local government in
32 such amounts, at such times and for such purpose as the
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1 Agency deems necessary or desirable for the planning,
2 financing, and construction of municipal sewage treatment
3 works and solid waste disposal facilities and for making of
4 deposits into the Water Revolving Fund and the U.S.
5 Environmental Protection Fund to provide assistance in
6 accordance with the provisions of Title IV-A of the
7 Environmental Protection Act.
8 (b) The amount of $160,500,000 is authorized for
9 allocation by the Environmental Protection Agency for payment
10 of claims submitted to the State and approved for payment
11 under the Leaking Underground Storage Tank Program
12 established in Title XVI of the Environmental Protection Act.
13 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
14 eff. 12-8-97; 90-586, eff. 6-4-98.)
15 (30 ILCS 330/16) (from Ch. 127, par. 666)
16 Sec. 16. Refunding Bonds. The amount of $2,839,025,000
17 $2,339,025,000 is authorized for the purpose of refunding any
18 State of Illinois general obligation Bonds then outstanding,
19 including the payment of any redemption premium thereon, any
20 reasonable expenses of such refunding, any interest accrued
21 or to accrue to the earliest or any subsequent date of
22 redemption or maturity of such outstanding Bonds and any
23 interest to accrue to the first interest payment on the
24 refunding Bonds; provided that such refunding Bonds shall
25 mature no later than the final maturity date of Bonds being
26 refunded.
27 Refunding Bonds may be sold in such amounts and at such
28 times, as directed by the Governor, upon recommendation by
29 the Director of the Bureau of the Budget. The Governor shall
30 notify the State Treasurer and Comptroller of such refunding.
31 The proceeds received from the sale of refunding Bonds shall
32 be used for the retirement at maturity or redemption of such
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1 outstanding Bonds on any maturity or redemption date and,
2 pending such use, shall be placed in escrow. Proceeds not
3 needed for deposit in an escrow account shall be deposited in
4 the General Obligation Bond Retirement and Interest Fund.
5 This Act shall constitute an irrevocable and continuing
6 appropriation of all amounts necessary to establish an escrow
7 account for the purpose of refunding outstanding general
8 obligation Bonds and to pay the reasonable expenses of such
9 refunding. Any such escrowed proceeds may be invested and
10 reinvested in direct obligations of the United States of
11 America, maturing at such time or times as shall be
12 appropriate to assure the prompt payment of the principal of
13 and interest and redemption premium, if any, on the refunded
14 Bonds. After the terms of the escrow have been fully
15 satisfied, any remaining balance of such proceeds and
16 interest, income and profits earned or realized on the
17 investments thereof shall be paid into the general revenue
18 fund. The liability of the State upon the Bonds shall
19 continue, provided that the holders thereof shall thereafter
20 be entitled to payment only out of the moneys deposited in
21 the escrow account.
22 Except as otherwise herein provided in this Section, such
23 refunding Bonds shall in all other respects be subject to the
24 terms and conditions of this Act.
25 (Source: P.A. 87-836; 87-873; 88-93; 88-552.)
26 Section 99. Effective date. This Act takes effect
27 immediately upon becoming law.