Public Act 90-0001 of the 90th General Assembly
Public Act 90-0001
SB87 Enrolled SRA90S0012MWcb
AN ACT to amend the General Obligation Bond Act and the
Baccalaureate Savings Act.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. The General Obligation Bond Act is amended by
changing Sections 2, 3, 4, and 6.
(30 ILCS 330/2) (from Ch. 127, par. 652)
Sec. 2. Authorization for Bonds. The State of Illinois
is authorized to issue, sell and provide for the retirement
of General Obligation Bonds of the State of Illinois in the
total amount of $8,805,508,392 $8,146,008,392 herein called
"Bonds".
Of the total amount of bonds authorized above, up to
$2,200,000,000 $1,700,000,000 in aggregate original principal
amount may be issued and sold in accordance with the
Baccalaureate Savings Act in the form of General Obligation
College Savings Bonds.
Of the total amount of bonds authorized above, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the capital needs of the State. This Act will
permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only
lower the cost of registration but also reduce the overall
cost of issuing debt by improving the marketability of
Illinois General Obligation Bonds.
Bonds shall be issued for the categories and specific
purposes expressed in Sections 2 through 8 and Section 16 of
this Act.
(Source: P.A. 87-144; 87-173; 87-836; 87-873; 88-93; 88-472;
88-552, eff. 7-14-94; 88-670, eff. 12-2-94.)
(30 ILCS 330/3) (from Ch. 127, par. 653)
Sec. 3. Capital Facilities. The amount of $3,487,283,392
$2,930,083,392 is authorized to be used for the acquisition,
development, construction, reconstruction, improvement,
financing, architectural planning and installation of capital
facilities within the State, consisting of buildings,
structures, durable equipment, land, and interests in land
for the following specific purposes:
(a) $905,272,246 $752,272,246 for educational purposes
by State universities and colleges, the Illinois Community
College Board created by the Public Community College Act and
for grants to public community colleges as authorized by
Sections 5-11 and 5-12 of the Public Community College Act;
(b) $898,113,368 $619,113,368 for correctional purposes
at State prison and correctional centers;
(c) $284,132,486 $264,132,486 for open spaces,
recreational and conservation purposes and the protection of
land;
(d) $415,165,486 $353,165,486 for child care facilities,
mental and public health facilities, and facilities for the
care of disabled veterans and their spouses;
(e) $765,968,641 $729,843,641 for use by the State, its
departments, authorities, public corporations, commissions
and agencies;
(f) $818,100 for cargo handling facilities at port
districts and for breakwaters, including harbor entrances, at
port districts in conjunction with facilities for small boats
and pleasure crafts;
(g) $129,572,796 $122,572,796 for water resource
management projects;
(h) $16,940,269 $16,865,269 for the provision of
facilities for food production research and related
instructional and public service activities at the State
universities and public community colleges;
(i) $34,000,000 for grants by the Secretary of State, as
State Librarian, for central library facilities authorized by
Section 8 of the Illinois Library System Act and for grants
by the Capital Development Board to units of local government
for public library facilities;
(j) $25,000,000 for the acquisition, development,
construction, reconstruction, improvement, financing,
architectural planning and installation of capital facilities
consisting of buildings, structures, durable equipment and
land for grants to counties, municipalities or public
building commissions with correctional facilities that do not
comply with the minimum standards of the Department of
Corrections under Section 3-15-2 of the Unified Code of
Corrections;
(k) $5,000,000 for grants in fiscal year 1988 by the
Department of Conservation for improvement or expansion of
aquarium facilities located on property owned by a park
district; and
(l) $7,300,000 to State agencies for grants to local
governments for the acquisition, financing, architectural
planning, development, alteration, installation, and
construction of capital facilities consisting of buildings,
structures, durable equipment, and land.
The amounts authorized above for capital facilities may
be used for the acquisition, installation, alteration,
construction, or reconstruction of capital facilities and for
the purchase of equipment for the purpose of major capital
improvements which will reduce energy consumption in State
buildings or facilities.
(Source: P.A. 87-836; 87-852; 87-873; 87-895; 88-93; 88-552.)
(30 ILCS 330/4) (from Ch. 127, par. 654)
Sec. 4. Transportation. The amount of $2,388,300,000
$2,336,500,000 is authorized for use by the Department of
Transportation for the specific purpose of promoting and
assuring rapid, efficient, and safe highway, air and mass
transportation for the inhabitants of the State by providing
monies, including the making of grants and loans, for the
acquisition, construction, reconstruction, extension and
improvement of the following transportation facilities and
equipment, and for the acquisition of real property and
interests in real property required or expected to be
required in connection therewith as follows:
(a) $1,411,000,000 for State highways, arterial
highways, freeways, roads, bridges, structures separating
highways and railroads and roads, and bridges on roads
maintained by counties, municipalities, townships or road
districts for the following specific purposes:
(1) $1,310,000,000 for use statewide,
(2) $3,641,000 for use outside the Chicago
urbanized area,
(3) $7,543,000 for use within the Chicago urbanized
area,
(4) $13,060,600 for use within the City of Chicago,
(5) $57,894,500 for use within the counties of
Cook, DuPage, Kane, Lake, McHenry and Will, and
(6) $18,860,900 for use outside the counties of
Cook, DuPage, Kane, Lake, McHenry and Will.
(b) $787,300,000 $735,500,000 for mass transit
facilities, as defined in Section 49.19 of the Civil
Administrative Code of Illinois, including rapid transit,
rail, bus and other equipment used in connection therewith by
the State or any unit of local government, special
transportation district, municipal corporation or other
corporation or public authority authorized to provide and
promote public transportation within the State or two or more
of the foregoing jointly, for the following specific
purposes:
(1) $691,500,000 $641,500,000 statewide,
(2) $83,350,000 $82,000,000 for use within the
counties of Cook, DuPage, Kane, Lake, McHenry and Will,
(3) $12,450,000 $12,000,000 for use outside the
counties of Cook, DuPage, Kane, Lake, McHenry and Will.
(c) $190,000,000 for airport or aviation facilities and
any equipment used in connection therewith, including
engineering and land acquisition costs, by the State or any
unit of local government, special transportation district,
municipal corporation or other corporation or public
authority authorized to provide public transportation within
the State, or two or more of the foregoing acting jointly.
(Source: P.A. 88-552; 89-235, eff. 8-4-95.)
(30 ILCS 330/6) (from Ch. 127, par. 656)
Sec. 6. Anti-Pollution.
(a) The amount of $170,400,000 is authorized for
allocation by the Environmental Protection Agency for grants
or loans to units of local government in such amounts, at
such times and for such purpose as the Agency deems necessary
or desirable for the planning, financing, and construction of
municipal sewage treatment works and solid waste disposal
facilities and for making of deposits into the Water
Pollution Control Revolving Fund to provide assistance in
accordance with the provisions of Title IV-A of the
Environmental Protection Act.
(b) The amount of $160,500,000 $110,000,000 is
authorized for allocation by the Environmental Protection
Agency for payment of claims submitted to the State and
approved for payment under the Leaking Underground Storage
Tank Program established in Title XVI of the Environmental
Protection Act.
(Source: P.A. 87-836; 88-93; 88-552, eff. 7-14-94; 88-670,
eff. 12-2-94.)
Section 2. The Baccalaureate Savings Act is amended by
changing Section 4.
(110 ILCS 920/4) (from Ch. 144, par. 2404)
Sec. 4. Issuance and Sale of College Savings Bonds. In
order to provide investors with investment alternatives to
enhance their financial access to Institutions of Higher
Education located in the State of Illinois, and in
furtherance of the public policy of this Act, bonds
authorized by the provisions of the General Obligation Bond
Act, in a total aggregate original principal amount not to
exceed $2,200,000,000 $1,700,000,000 may be issued and sold
from time to time, and as often as practicable, as College
Savings Bonds in such amounts as directed by the Governor,
upon recommendation by the Director of the Bureau of the
Budget. Bonds to be issued and sold as College Savings Bonds
shall be designated by the Governor and the Director of the
Bureau of the Budget as "General Obligation College Savings
Bonds" in the proceedings authorizing the issuance of such
Bonds, and shall be subject to all of the terms and
provisions of the General Obligation Bond Act, except that
College Savings Bonds may bear interest payable at such time
or times and may be sold at such prices and in such manner as
may be determined by the Governor and the Director of the
Bureau of the Budget and except as otherwise provided in this
Act. If College Savings Bonds are sold at public sale, the
public sale procedures shall be as set forth in Section 11 of
the General Obligation Bond Act. College Savings Bonds may
be sold at negotiated sale if the Director of the Bureau of
the Budget determines that a negotiated sale will result in
either a more efficient and economic sale of such Bonds or
greater access to such Bonds by investors who are residents
of the State of Illinois. If any College Savings Bonds are
sold at a negotiated sale, the underwriter or underwriters to
which such Bonds are sold shall (a) be organized,
incorporated or have their principal place of business in the
State of Illinois, or (b) in the judgment of the Director of
the Bureau of the Budget, have sufficient capability to make
a broad distribution of such Bonds to investors resident in
the State of Illinois. In determining the aggregate
principal amount of College Savings Bonds that has been
issued pursuant to this Act, the aggregate original principal
amount of such Bonds issued and sold shall be taken into
account. Any bond issued under this Act shall be payable in
one payment on a fixed date, unless the Governor and the
Director of the Bureau of the Budget determine otherwise.
(Source: P.A. 87-144; 88-93.)
Section 3. This Act becomes effective immediately upon
becoming law.