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92_SB2339 BOB-BOBond03 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 5. The General Obligation Bond Act is amended by 5 changing Sections 2, 3 and 6 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 $15,973,007,500 12$15,265,007,500. 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 -2- BOB-GOBond03 1 Illinois General Obligation Bonds. 2 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff 6-30-99; 3 91-710, eff. 5-17-00; 92-13, eff. 6-22-01.) 4 (30 ILCS 330/3) (from Ch. 127, par. 653) 5 Sec. 3. Capital Facilities. The amount of $7,315,093,500 6$6,626,093,492is authorized to be used for the acquisition, 7 development, construction, reconstruction, improvement, 8 financing, architectural planning and installation of capital 9 facilities within the State, consisting of buildings, 10 structures, durable equipment, land, and interests in land 11 for the following specific purposes: 12 (a) $2,180,077,346$1,880,077,346for educational 13 purposes by State universities and colleges, the Illinois 14 Community College Board created by the Public Community 15 College Act and for grants to public community colleges 16 as authorized by Sections 5-11 and 5-12 of the Public 17 Community College Act; 18 (b) $1,614,450,168$1,584,450,168for correctional 19 purposes at State prison and correctional centers; 20 (c) $531,185,786$496,685,786for open spaces, 21 recreational and conservation purposes and the protection 22 of land; 23 (d) $589,926,486$556,926,486for child care 24 facilities, mental and public health facilities, and 25 facilities for the care of disabled veterans and their 26 spouses; 27 (e) $1,470,653,349$1,290,153,341for use by the 28 State, its departments, authorities, public corporations, 29 commissions and agencies; 30 (f) $818,100 for cargo handling facilities at port 31 districts and for breakwaters, including harbor 32 entrances, at port districts in conjunction with -3- BOB-GOBond03 1 facilities for small boats and pleasure crafts; 2 (g) $204,657,796$198,657,796for water resource 3 management projects; 4 (h) $16,940,269 for the provision of facilities for 5 food production research and related instructional and 6 public service activities at the State universities and 7 public community colleges; 8 (i) $36,000,000 for grants by the Secretary of 9 State, as State Librarian, for central library facilities 10 authorized by Section 8 of the Illinois Library System 11 Act and for grants by the Capital Development Board to 12 units of local government for public library facilities; 13 (j) $25,000,000 for the acquisition, development, 14 construction, reconstruction, improvement, financing, 15 architectural planning and installation of capital 16 facilities consisting of buildings, structures, durable 17 equipment and land for grants to counties, municipalities 18 or public building commissions with correctional 19 facilities that do not comply with the minimum standards 20 of the Department of Corrections under Section 3-15-2 of 21 the Unified Code of Corrections; 22 (k) $5,000,000 for grants in fiscal year 1988 by 23 the Department of Conservation for improvement or 24 expansion of aquarium facilities located on property 25 owned by a park district; 26 (l) $432,584,200$367,584,200to State agencies for 27 grants to local governments for the acquisition, 28 financing, architectural planning, development, 29 alteration, installation, and construction of capital 30 facilities consisting of buildings, structures, durable 31 equipment, and land; and 32 (m) $207,800,000$167,800,000for the Illinois Open 33 Land Trust Program as defined by the Illinois Open Land 34 Trust Act. -4- BOB-GOBond03 1 The amounts authorized above for capital facilities may 2 be used for the acquisition, installation, alteration, 3 construction, or reconstruction of capital facilities and for 4 the purchase of equipment for the purpose of major capital 5 improvements which will reduce energy consumption in State 6 buildings or facilities. 7 (Source: P.A. 91-39, 6-15-99; 91-53, eff. 6-30-99; 91-710, 8 eff. 5-17-00; 92-13, eff. 6-22-01.) 9 (30 ILCS 330/6) (from Ch. 127, par. 656) 10 Sec. 6. Anti-Pollution. 11 (a) The amount of $300,815,000$281,815,000is 12 authorized for allocation by the Environmental Protection 13 Agency for grants or loans to units of local government in 14 such amounts, at such times and for such purpose as the 15 Agency deems necessary or desirable for the planning, 16 financing, and construction of municipal sewage treatment 17 works and solid waste disposal facilities and for making of 18 deposits into the Water Revolving Fund and the U.S. 19 Environmental Protection Fund to provide assistance in 20 accordance with the provisions of Title IV-A of the 21 Environmental Protection Act. 22 (b) The amount of $160,500,000 is authorized for 23 allocation by the Environmental Protection Agency for payment 24 of claims submitted to the State and approved for payment 25 under the Leaking Underground Storage Tank Program 26 established in Title XVI of the Environmental Protection Act. 27 (Source: P.A. 91-39, eff. 6-15-99; 91-710, eff. 5-17-00; 28 92-13, eff. 6-22-01.) 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.