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91_SB0640sam001
SRA91SB0640MJcpam01
1 AMENDMENT TO SENATE BILL 640
2 AMENDMENT NO. . Amend Senate Bill 640, by replacing
3 everything after the enacting clause with the following:
4 "Section 1. The General Obligation Bond Act is amended
5 by 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 $12,165,296,392 $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
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1 permit the issuance of a multi-purpose General Obligation
2 Bond with uniform terms and features. This will not only
3 lower the cost of registration but also reduce the overall
4 cost of issuing debt by improving the marketability of
5 Illinois General Obligation Bonds.
6 Bonds shall be issued for the categories and specific
7 purposes expressed in Sections 2 through 8 and Section 16 of
8 this Act.
9 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
10 eff. 12-8-97; 90-586, eff. 6-4-98.)
11 (30 ILCS 330/3) (from Ch. 127, par. 653)
12 Sec. 3. Capital Facilities. The amount of $5,015,666,392
13 $4,335,266,392 is authorized to be used for the acquisition,
14 development, construction, reconstruction, improvement,
15 financing, architectural planning and installation of capital
16 facilities within the State, consisting of buildings,
17 structures, durable equipment, land, and interests in land
18 for the following specific purposes:
19 (a) $1,503,717,246 $1,189,517,246 for educational
20 purposes by State universities and colleges, the Illinois
21 Community College Board created by the Public Community
22 College Act and for grants to public community colleges as
23 authorized by Sections 5-11 and 5-12 of the Public Community
24 College Act;
25 (b) $1,312,970,168 $1,126,370,168 for correctional
26 purposes at State prison and correctional centers;
27 (c) $409,711,786 $379,711,786 for open spaces,
28 recreational and conservation purposes and the protection of
29 land;
30 (d) $504,780,486 $482,280,486 for child care facilities,
31 mental and public health facilities, and facilities for the
32 care of disabled veterans and their spouses;
33 (e) $951,589,341 895,189,341 for use by the State, its
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1 departments, authorities, public corporations, commissions
2 and agencies;
3 (f) $818,100 for cargo handling facilities at port
4 districts and for breakwaters, including harbor entrances, at
5 port districts in conjunction with facilities for small boats
6 and pleasure crafts;
7 (g) $167,467,796 $147,267,796 for water resource
8 management projects;
9 (h) $16,940,269 for the provision of facilities for food
10 production research and related instructional and public
11 service activities at the State universities and public
12 community colleges;
13 (i) $34,000,000 for grants by the Secretary of State, as
14 State Librarian, for central library facilities authorized by
15 Section 8 of the Illinois Library System Act and for grants
16 by the Capital Development Board to units of local government
17 for public library facilities;
18 (j) $25,000,000 for the acquisition, development,
19 construction, reconstruction, improvement, financing,
20 architectural planning and installation of capital facilities
21 consisting of buildings, structures, durable equipment and
22 land for grants to counties, municipalities or public
23 building commissions with correctional facilities that do not
24 comply with the minimum standards of the Department of
25 Corrections under Section 3-15-2 of the Unified Code of
26 Corrections;
27 (k) $5,000,000 for grants in fiscal year 1988 by the
28 Department of Conservation for improvement or expansion of
29 aquarium facilities located on property owned by a park
30 district; and
31 (l) $40,400,000 for the Open Land Trust Program as
32 defined by the Open Land Trust Act;
33 (m) (l) $43,271,200 $33,171,200 to State agencies for
34 grants to local governments and to museums operated by or
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1 located on land owned by a unit of local government for the
2 acquisition, financing, architectural planning, development,
3 alteration, installation, and construction of capital
4 facilities consisting of buildings, structures, durable
5 equipment, and land.
6 The amounts authorized above for capital facilities may
7 be used for the acquisition, installation, alteration,
8 construction, or reconstruction of capital facilities and for
9 the purchase of equipment for the purpose of major capital
10 improvements which will reduce energy consumption in State
11 buildings or facilities.
12 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
13 eff. 12-8-97; 90-586, eff. 6-4-98.)
14 (30 ILCS 330/4) (from Ch. 127, par. 654)
15 Sec. 4. Transportation. The amount of $2,542,270,000
16 $2,484,270,000 is authorized for use by the Department of
17 Transportation for the specific purpose of promoting and
18 assuring rapid, efficient, and safe highway, air and mass
19 transportation for the inhabitants of the State by providing
20 monies, including the making of grants and loans, for the
21 acquisition, construction, reconstruction, extension and
22 improvement of the following transportation facilities and
23 equipment, and for the acquisition of real property and
24 interests in real property required or expected to be
25 required in connection therewith as follows:
26 (a) $1,411,000,000 for State highways, arterial
27 highways, freeways, roads, bridges, structures separating
28 highways and railroads and roads, and bridges on roads
29 maintained by counties, municipalities, townships or road
30 districts for the following specific purposes:
31 (1) $1,310,000,000 for use statewide,
32 (2) $3,641,000 for use outside the Chicago
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1 urbanized area,
2 (3) $7,543,000 for use within the Chicago urbanized
3 area,
4 (4) $13,060,600 for use within the City of Chicago,
5 (5) $57,894,500 for use within the counties of
6 Cook, DuPage, Kane, Lake, McHenry and Will, and
7 (6) $18,860,900 for use outside the counties of
8 Cook, DuPage, Kane, Lake, McHenry and Will.
9 (b) $929,770,000 $883,270,000 for mass transit
10 facilities, as defined in Section 49.19 of the Civil
11 Administrative Code of Illinois, including rapid transit,
12 rail, bus and other equipment used in connection therewith by
13 the State or any unit of local government, special
14 transportation district, municipal corporation or other
15 corporation or public authority authorized to provide and
16 promote public transportation within the State or two or more
17 of the foregoing jointly, for the following specific
18 purposes:
19 (1) $833,970,000 $787,470,000 statewide,
20 (2) $83,350,000 for use within the counties of
21 Cook, DuPage, Kane, Lake, McHenry and Will,
22 (3) $12,450,000 for use outside the counties of
23 Cook, DuPage, Kane, Lake, McHenry and Will.
24 (c) $201,500,000 $190,000,000 for airport or aviation
25 facilities and any equipment used in connection therewith,
26 including engineering and land acquisition costs, by the
27 State or any unit of local government, special transportation
28 district, municipal corporation or other corporation or
29 public authority authorized to provide public transportation
30 within the State, or two or more of the foregoing acting
31 jointly.
32 (Source: P.A. 89-235, eff. 8-4-95; 90-1, eff. 2-20-97; 90-8,
33 eff. 12-8-97 (changed from 6-1-98 by P.A. 90-549); 90-586,
34 eff. 6-4-98.)
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1 (30 ILCS 330/6) (from Ch. 127, par. 656)
2 Sec. 6. Anti-Pollution.
3 (a) The amount of $244,635,000 $213,035,000 is
4 authorized for allocation by the Environmental Protection
5 Agency for grants or loans to units of local government in
6 such amounts, at such times and for such purpose as the
7 Agency deems necessary or desirable for the planning,
8 financing, and construction of municipal sewage treatment
9 works and solid waste disposal facilities and for making of
10 deposits into the Water Revolving Fund and the U.S.
11 Environmental Protection Fund to provide assistance in
12 accordance with the provisions of Title IV-A of the
13 Environmental Protection Act.
14 (b) The amount of $160,500,000 is authorized for
15 allocation by the Environmental Protection Agency for payment
16 of claims submitted to the State and approved for payment
17 under the Leaking Underground Storage Tank Program
18 established in Title XVI of the Environmental Protection Act.
19 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
20 eff. 12-8-97; 90-586, eff. 6-4-98.)
21 (30 ILCS 330/16) (from Ch. 127, par. 666)
22 Sec. 16. Refunding Bonds. The amount of $2,839,025,000
23 $2,339,025,000 is authorized for the purpose of refunding any
24 State of Illinois general obligation Bonds then outstanding,
25 including the payment of any redemption premium thereon, any
26 reasonable expenses of such refunding, any interest accrued
27 or to accrue to the earliest or any subsequent date of
28 redemption or maturity of such outstanding Bonds and any
29 interest to accrue to the first interest payment on the
30 refunding Bonds; provided that such refunding Bonds shall
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1 mature no later than the final maturity date of Bonds being
2 refunded.
3 Refunding Bonds may be sold in such amounts and at such
4 times, as directed by the Governor, upon recommendation by
5 the Director of the Bureau of the Budget. The Governor shall
6 notify the State Treasurer and Comptroller of such refunding.
7 The proceeds received from the sale of refunding Bonds shall
8 be used for the retirement at maturity or redemption of such
9 outstanding Bonds on any maturity or redemption date and,
10 pending such use, shall be placed in escrow. Proceeds not
11 needed for deposit in an escrow account shall be deposited in
12 the General Obligation Bond Retirement and Interest Fund.
13 This Act shall constitute an irrevocable and continuing
14 appropriation of all amounts necessary to establish an escrow
15 account for the purpose of refunding outstanding general
16 obligation Bonds and to pay the reasonable expenses of such
17 refunding. Any such escrowed proceeds may be invested and
18 reinvested in direct obligations of the United States of
19 America, maturing at such time or times as shall be
20 appropriate to assure the prompt payment of the principal of
21 and interest and redemption premium, if any, on the refunded
22 Bonds. After the terms of the escrow have been fully
23 satisfied, any remaining balance of such proceeds and
24 interest, income and profits earned or realized on the
25 investments thereof shall be paid into the general revenue
26 fund. The liability of the State upon the Bonds shall
27 continue, provided that the holders thereof shall thereafter
28 be entitled to payment only out of the moneys deposited in
29 the escrow account.
30 Except as otherwise herein provided in this Section, such
31 refunding Bonds shall in all other respects be subject to the
32 terms and conditions of this Act.
33 (Source: P.A. 87-836; 87-873; 88-93; 88-552.)
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1 Section 99. Effective date. This Act takes effect
2 immediately upon becoming law.".