Senate Sponsors: CRONIN. Short description: GO BOND ACT-SCHOOLS-GAMING TAX Synopsis of Bill as introduced: Amends the General Obligation Bond Act. Authorizes the State to issue, sell, and provide for the retirement of general obligation bonds in the total amount of $17,265,007,500 (the current limit is $15,265,007,500). Provides that the additional amount is to be used for the purpose of grants to school districts for the school improvement projects authorized by the School Construction Law. Provides a schedule for when the additional bonds may be sold. Amends the Riverboat Gambling Act. Increases the amount of the privilege tax on riverboat gambling operations by 10%. Requires the payment, subject to appropriation, into the General Obligation Bond Retirement and Interest Fund of 10% of the adjusted gross receipts generated by a riverboat until the Bureau of the Budget certifies to the Department that the amount that will be necessary to finance the principal of, interest on, and premium, if any, on the $2,000,000,000 in additional general obligation bonds authorized to be issued for grants to school districts for school improvement projects authorized by the School Construction Law has been paid into that Fund. Effective July 1, 2002. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status