State of Illinois
92nd General Assembly
Legislation

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92_HB2475

 
                                               LRB9204534NTsb

 1        AN ACT concerning schools.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The School Construction  Law  is  amended  by
 5    changing Section 5-35 as follows:

 6        (105 ILCS 230/5-35)
 7        Sec.  5-35.  School  construction  project grant amounts;
 8    permitted use; prohibited use.
 9        (a)  The product of the district's grant  index  and  the
10    recognized   project  cost,  as  determined  by  the  Capital
11    Development  Board,  for  an  approved  school   construction
12    project  shall  equal  the  amount  of  the grant the Capital
13    Development Board shall provide  to  the  eligible  district.
14    The  grant index shall not be used in cases where the General
15    Assembly and the Governor approve  appropriations  designated
16    for  specifically  identified  school  district  construction
17    projects.
18        (b)  In  each  fiscal  year  in which school construction
19    project grants are awarded, 20% of the total  amount  awarded
20    statewide  shall  be  awarded  to  a  school  district with a
21    population exceeding 500,000, provided such district complies
22    with the provisions of this Article.
23        In addition to the uses otherwise authorized by this Law,
24    any school district with a population  exceeding  500,000  is
25    authorized  to  use  any  or  all  of the school construction
26    project grants (i) to pay debt service,  as  defined  in  the
27    Local Government Debt Reform Act, on bonds, as defined in the
28    Local  Government  Debt  Reform Act, issued to finance one or
29    more school construction projects and (ii) to the extent that
30    any such bond is a lease or other  installment  or  financing
31    contract  between  the  school district and a public building
 
                            -2-                LRB9204534NTsb
 1    commission that has issued  bonds  to  finance  one  or  more
 2    qualifying   school  construction  projects,  to  make  lease
 3    payments under the lease.
 4        (b-5)  Any school district that leases a school  building
 5    from  a municipality under an agreement involving the sale of
 6    certificates of participation is eligible to receive a  grant
 7    under  this  Law,  provided  that  the  term  of the lease is
 8    sufficient to cover the estimated life of  the  building  and
 9    the lease is not subject to forfeiture or termination.
10        (c)  No  portion  of  a school construction project grant
11    awarded by the Capital Development Board shall be used  by  a
12    school district for any on-going operational costs.
13    (Source: P.A. 90-548, eff. 1-1-98; 91-38, eff. 6-15-99.)

14        Section  99.   Effective  date.  This Act takes effect on
15    July 1, 2001.

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