State of Illinois
92nd General Assembly
Legislation

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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    $6,626,093,492 is 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  $1,880,077,346  for 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  $1,584,450,168 for correctional
19        purposes at State prison and correctional centers;
20             (c)  $531,185,786  $496,685,786  for  open   spaces,
21        recreational and conservation purposes and the protection
22        of land;
23             (d)  $589,926,486   $556,926,486   for   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 $1,290,153,341 for  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  $198,657,796  for  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 $367,584,200 to 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 $167,800,000 for 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   $281,815,000   is
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.

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