MORROW-HANNIG-SCHOENBERG-DAVIS,MONIQUE, FRITCHEY, FRANKS,
SCOTT, FLOWERS, GILES AND HOFFMAN.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status