92nd General Assembly
Summary of HB3521
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House Sponsors:

Senate Sponsors:

Short description: 
GO BONDS-SCHOOL CONSTRUCT PRG                                              

Synopsis of Bill as introduced:
        Amends the  General  Obligation  Bond  Act.   Includes  the  2001      
   Illinois  School Construction and Infrastructure Assistance Program in      
   the Section concerning bond authorization for school construction.          
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 3521 would not change the amount of authorization for any         
          type of State-issued or State-support bond  and, therefore,          
          would not affect the level of State indebtedness.                    
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          30 ILCS 330/2                   from Ch. 127, par. 652               
        Deletes everything.  Amends  the  General  Obligation  Bond  Act.      
   Increases  by  $500,000,000  the amount of bonds that may be issued to      
   make  grants  for  school  improvement  projects  under   the   School      
   Construction Law.  Effective July 1, 2001.                                  
          STATE DEBT NOTE, H-AM 1 (Economic and Fiscal Commission)             
          HB 3521 (H-am 1) would increase:                                     
           General Obligation principal by                 $500.0 million      
           Potential General Obligation debt by            $908.1 million      
           Annual debt service by                          $ 36.8 million      
          BALANCED BUDGET NOTE, H-AM 1 (Bureau of the Budget)                  
          Since HB 3521 is not a supplemental appropriation bill, the          
          Balanced Budget Note Act is inapplicable.                            
          FISCAL NOTE, H-AM 1 (Bureau of the Budget)                           
          Assuming all of the authorized bonds are issued under pre-           
          vailing interest rates, the impact would be approximately            
          $40,000,000 to $50,000,000 GRF for each of the next 20 years.        
          STATE DEBT NOTE, ENGROSSED (Economic and Fiscal Commission)          
          Same as previous State Debt Note.                                    
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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