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91_SB0720
SDA91SB0421ESnh
1 AN ACT to amend the General Obligation Bond Act by
2 changing Section 2 and 5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 (30 ILCS 330/2) (from Ch. 127, par. 652)
6 Sec. 2. Authorization for Bonds. The State of Illinois
7 is authorized to issue, sell and provide for the retirement
8 of General Obligation Bonds of the State of Illinois in the
9 total amount of $11,895,296,392 $10,895,296,392 herein called
10 "Bonds".
11 Of the total amount of bonds authorized above, up to
12 $2,200,000,000 in aggregate original principal amount may be
13 issued and sold in accordance with the Baccalaureate Savings
14 Act in the form of General Obligation College Savings Bonds.
15 Of the total amount of bonds authorized above, up to
16 $300,000,000 in aggregate original principal amount may be
17 issued and sold in accordance with the Retirement Savings Act
18 in the form of General Obligation Retirement Savings Bonds.
19 The issuance and sale of Bonds pursuant to the General
20 Obligation Bond Act is an economical and efficient method of
21 financing the capital needs of the State. This Act will
22 permit the issuance of a multi-purpose General Obligation
23 Bond with uniform terms and features. This will not only
24 lower the cost of registration but also reduce the overall
25 cost of issuing debt by improving the marketability of
26 Illinois General Obligation Bonds.
27 Bonds shall be issued for the categories and specific
28 purposes expressed in Sections 2 through 8 and Section 16 of
29 this Act.
30 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
31 eff. 12-8-97; 90-586, eff. 6-4-98.)
-2- SDA91SB0421ESnh
1 (30 ILCS 330/5) (from Ch. 127, par. 655)
2 Sec. 5. School Construction.
3 (a) The amount of $58,450,000 is authorized to make
4 grants to local school districts for the acquisition,
5 development, construction, reconstruction, rehabilitation,
6 improvement, financing, architectural planning and
7 installation of capital facilities, including but not limited
8 to those required for special education building projects
9 provided for in Article 14 of The School Code, consisting of
10 buildings, structures, and durable equipment, and for the
11 acquisition and improvement of real property and interests in
12 real property required, or expected to be required, in
13 connection therewith.
14 (b) $22,550,000, or so much thereof as may be necessary,
15 for grants to school districts for the making of principal
16 and interest payments, required to be made, on bonds issued
17 by such school districts after January 1, 1969, pursuant to
18 any indenture, ordinance, resolution, agreement or contract
19 to provide funds for the acquisition, development,
20 construction, reconstruction, rehabilitation, improvement,
21 architectural planning and installation of capital facilities
22 consisting of buildings, structures, durable equipment and
23 land for educational purposes or for lease payments required
24 to be made by a school district for principal and interest
25 payments on bonds issued by a Public Building Commission
26 after January 1, 1969.
27 (c) $10,000,000 for grants to school districts for the
28 acquisition, development, construction, reconstruction,
29 rehabilitation, improvement, architectural planning and
30 installation of capital facilities consisting of buildings
31 structures, durable equipment and land for special education
32 building projects.
33 (d) $9,000,000 for grants to school districts for the
34 reconstruction, rehabilitation, improvement, financing and
-3- SDA91SB0421ESnh
1 architectural planning of capital facilities, including
2 construction at another location to replace such capital
3 facilities, consisting of those public school buildings and
4 temporary school facilities which, prior to January 1, 1984,
5 were condemned by the regional superintendent under Section
6 3-14.22 of The School Code or by any State official having
7 jurisdiction over building safety.
8 (e) $2,100,000,000 $1,100,000,000 for grants to school
9 districts for school improvement projects authorized by the
10 School Construction Law. The bonds shall be sold in amounts
11 not to exceed the following schedule, except any bonds not
12 sold during one year shall be added to the bonds to be sold
13 during the remainder of the schedule:
14 First year...................................$200,000,000
15 Second year.....................$500,000,000 $250,000,000
16 Third year.......................$500,000,000$250,000,000
17 Fourth year......................$500,000,000$200,000,000
18 Fifth year.......................$400,000,000$200,000,000
19 (Source: P.A. 90-549, eff. 12-8-97.)
20 Section 99. Effective Date. This Act takes effect July
21 1, 1999.