[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ House Amendment 001 ] | [ House Amendment 002 ] |
92_HB3521eng HB3521 Engrossed LRB9206870REdv 1 AN ACT concerning school construction. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The General Obligation Bond Act is amended by 5 changing Sections 2 and 5 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 for the 10 categories and specific purposes expressed in Sections 2 11 through 8 of this Act, in the total amount of $14,697,632,592 12$14,197,632,592. 13 The bonds authorized in this Section 2 and in Section 16 14 of this Act are herein called "Bonds". 15 Of the total amount of Bonds authorized in this Act, up 16 to $2,200,000,000 in aggregate original principal amount may 17 be issued and sold in accordance with the Baccalaureate 18 Savings Act in the form of General Obligation College Savings 19 Bonds. 20 Of the total amount of Bonds authorized in this Act, up 21 to $300,000,000 in aggregate original principal amount may be 22 issued and sold in accordance with the Retirement Savings Act 23 in the form of General Obligation Retirement Savings Bonds. 24 The issuance and sale of Bonds pursuant to the General 25 Obligation Bond Act is an economical and efficient method of 26 financing the capital needs of the State. This Act will 27 permit the issuance of a multi-purpose General Obligation 28 Bond with uniform terms and features. This will not only 29 lower the cost of registration but also reduce the overall 30 cost of issuing debt by improving the marketability of 31 Illinois General Obligation Bonds. HB3521 Engrossed -2- LRB9206870REdv 1 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549, 2 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99; 3 91-53, eff 6-30-99; 91-710, eff. 5-17-00.) 4 (30 ILCS 330/5) (from Ch. 127, par. 655) 5 Sec. 5. School Construction. 6 (a) The amount of $58,450,000 is authorized to make 7 grants to local school districts for the acquisition, 8 development, construction, reconstruction, rehabilitation, 9 improvement, financing, architectural planning and 10 installation of capital facilities, including but not limited 11 to those required for special education building projects 12 provided for in Article 14 of The School Code, consisting of 13 buildings, structures, and durable equipment, and for the 14 acquisition and improvement of real property and interests in 15 real property required, or expected to be required, in 16 connection therewith. 17 (b) $22,550,000, or so much thereof as may be necessary, 18 for grants to school districts for the making of principal 19 and interest payments, required to be made, on bonds issued 20 by such school districts after January 1, 1969, pursuant to 21 any indenture, ordinance, resolution, agreement or contract 22 to provide funds for the acquisition, development, 23 construction, reconstruction, rehabilitation, improvement, 24 architectural planning and installation of capital facilities 25 consisting of buildings, structures, durable equipment and 26 land for educational purposes or for lease payments required 27 to be made by a school district for principal and interest 28 payments on bonds issued by a Public Building Commission 29 after January 1, 1969. 30 (c) $10,000,000 for grants to school districts for the 31 acquisition, development, construction, reconstruction, 32 rehabilitation, improvement, architectural planning and 33 installation of capital facilities consisting of buildings HB3521 Engrossed -3- LRB9206870REdv 1 structures, durable equipment and land for special education 2 building projects. 3 (d) $9,000,000 for grants to school districts for the 4 reconstruction, rehabilitation, improvement, financing and 5 architectural planning of capital facilities, including 6 construction at another location to replace such capital 7 facilities, consisting of those public school buildings and 8 temporary school facilities which, prior to January 1, 1984, 9 were condemned by the regional superintendent under Section 10 3-14.22 of The School Code or by any State official having 11 jurisdiction over building safety. 12 (e) $2,620,000,000$2,120,000,000for grants to school 13 districts for school improvement projects authorized by the 14 School Construction Law. The bonds shall be sold in amounts 15 not to exceed the following schedule, except any bonds not 16 sold during one year shall be added to the bonds to be sold 17 during the remainder of the schedule: 18 First year...................................$200,000,000 19 Second year..................................$450,000,000 20 Third year...................................$500,000,000 21 Fourth year..................................$500,000,000 22 Fifth year......................$800,000,000$300,000,00023 Sixth year...................................$170,000,000 24 (Source: P.A. 90-549, eff. 12-8-97; 91-39, eff. 6-15-99.) 25 Section 99. Effective date. This Act takes effect July 26 1, 2001.