093_HB3873
LRB093 13664 RAS 19048 b
1 AN ACT concerning school construction.
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 and 5 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 $27,810,149,369
12 $27,658,149,369.
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 Of the total amount of Bonds authorized in this Act, the
25 additional $10,000,000,000 authorized by this amendatory Act
26 of the 93rd General Assembly shall be used solely as provided
27 in Section 7.2.
28 The issuance and sale of Bonds pursuant to the General
29 Obligation Bond Act is an economical and efficient method of
30 financing the capital and general operating needs of the
31 State. This Act will permit the issuance of a multi-purpose
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1 General Obligation Bond with uniform terms and features.
2 This will not only lower the cost of registration but also
3 reduce the overall cost of issuing debt by improving the
4 marketability of Illinois General Obligation Bonds.
5 (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02;
6 92-598, eff. 6-28-02; 93-2, eff. 4-7-03.)
7 (30 ILCS 330/5) (from Ch. 127, par. 655)
8 Sec. 5. School Construction.
9 (a) The amount of $58,450,000 is authorized to make
10 grants to local school districts for the acquisition,
11 development, construction, reconstruction, rehabilitation,
12 improvement, financing, architectural planning and
13 installation of capital facilities, including but not limited
14 to those required for special education building projects
15 provided for in Article 14 of The School Code, consisting of
16 buildings, structures, and durable equipment, and for the
17 acquisition and improvement of real property and interests in
18 real property required, or expected to be required, in
19 connection therewith.
20 (b) $22,550,000, or so much thereof as may be necessary,
21 for grants to school districts for the making of principal
22 and interest payments, required to be made, on bonds issued
23 by such school districts after January 1, 1969, pursuant to
24 any indenture, ordinance, resolution, agreement or contract
25 to provide funds for the acquisition, development,
26 construction, reconstruction, rehabilitation, improvement,
27 architectural planning and installation of capital facilities
28 consisting of buildings, structures, durable equipment and
29 land for educational purposes or for lease payments required
30 to be made by a school district for principal and interest
31 payments on bonds issued by a Public Building Commission
32 after January 1, 1969.
33 (c) $10,000,000 for grants to school districts for the
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1 acquisition, development, construction, reconstruction,
2 rehabilitation, improvement, architectural planning and
3 installation of capital facilities consisting of buildings
4 structures, durable equipment and land for special education
5 building projects.
6 (d) $9,000,000 for grants to school districts for the
7 reconstruction, rehabilitation, improvement, financing and
8 architectural planning of capital facilities, including
9 construction at another location to replace such capital
10 facilities, consisting of those public school buildings and
11 temporary school facilities which, prior to January 1, 1984,
12 were condemned by the regional superintendent under Section
13 3-14.22 of The School Code or by any State official having
14 jurisdiction over building safety.
15 (e) $3,202,000,000 $3,050,000,000 for grants to school
16 districts for school improvement projects authorized by the
17 School Construction Law. The bonds shall be sold in amounts
18 not to exceed the following schedule, except any bonds not
19 sold during one year shall be added to the bonds to be sold
20 during the remainder of the schedule:
21 First year...................................$200,000,000
22 Second year..................................$450,000,000
23 Third year...................................$500,000,000
24 Fourth year..................................$500,000,000
25 Fifth year...................................$800,000,000
26 Sixth year and thereafter....................$600,000,000
27 (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
28 Section 99. Effective date. This Act takes effect upon
29 becoming law.