|
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
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 is | ||||||||||||||||||||||||||
8 | authorized to
issue, sell and provide for the retirement of | ||||||||||||||||||||||||||
9 | 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 of | ||||||||||||||||||||||||||
14 | this Act are
herein called "Bonds".
| ||||||||||||||||||||||||||
15 | Of the total amount of Bonds authorized in this Act, up to | ||||||||||||||||||||||||||
16 | $2,200,000,000
in aggregate original principal amount may be | ||||||||||||||||||||||||||
17 | issued and sold in accordance
with the Baccalaureate Savings | ||||||||||||||||||||||||||
18 | Act in the form of General Obligation
College Savings Bonds.
| ||||||||||||||||||||||||||
19 | Of the total amount of Bonds authorized in this Act, up to | ||||||||||||||||||||||||||
20 | $300,000,000 in
aggregate original principal amount may be | ||||||||||||||||||||||||||
21 | issued and sold in accordance
with the Retirement Savings Act | ||||||||||||||||||||||||||
22 | in the form of General Obligation
Retirement Savings Bonds.
| ||||||||||||||||||||||||||
23 | Of the total amount of Bonds authorized in this Act, the | ||||||||||||||||||||||||||
24 | additional
$10,000,000,000 authorized by this amendatory Act | ||||||||||||||||||||||||||
25 | of the 93rd General
Assembly shall be used solely as provided | ||||||||||||||||||||||||||
26 | in Section 7.2.
| ||||||||||||||||||||||||||
27 | The issuance and sale of Bonds pursuant to the General | ||||||||||||||||||||||||||
28 | Obligation Bond
Act is an economical and efficient method of | ||||||||||||||||||||||||||
29 | financing the capital and
general operating needs of
the State. | ||||||||||||||||||||||||||
30 | This Act will permit the issuance of a multi-purpose General
| ||||||||||||||||||||||||||
31 | Obligation Bond with uniform terms and features. This will not | ||||||||||||||||||||||||||
32 | only lower
the cost of registration but also reduce the overall |
| |||||||
|
|||||||
1 | cost of issuing debt
by improving the marketability of Illinois | ||||||
2 | General Obligation Bonds.
| ||||||
3 | (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | ||||||
4 | 92-598, eff.
6-28-02; 93-2, eff. 4-7-03.)
| ||||||
5 | (30 ILCS 330/5) (from Ch. 127, par. 655)
| ||||||
6 | Sec. 5. School Construction.
| ||||||
7 | (a) The amount of $58,450,000 is authorized to
make grants | ||||||
8 | to local school
districts for the acquisition, development, | ||||||
9 | construction, reconstruction,
rehabilitation, improvement, | ||||||
10 | financing, architectural planning and
installation of capital | ||||||
11 | facilities, including but not limited to those
required for | ||||||
12 | special
education building projects provided for in Article 14 | ||||||
13 | of The School Code,
consisting of buildings, structures, and | ||||||
14 | durable equipment, and for the
acquisition and improvement of | ||||||
15 | real property and interests in real property
required, or | ||||||
16 | expected to be required, in connection therewith.
| ||||||
17 | (b) $22,550,000, or so much thereof as may be necessary, | ||||||
18 | for grants to
school districts for the making of principal and | ||||||
19 | interest payments, required
to be made, on bonds issued by such | ||||||
20 | school districts after January 1, 1969,
pursuant to any | ||||||
21 | indenture, ordinance, resolution, agreement or contract
to | ||||||
22 | provide funds for the acquisition, development, construction,
| ||||||
23 | reconstruction, rehabilitation, improvement, architectural | ||||||
24 | planning and installation of
capital facilities consisting of | ||||||
25 | buildings, structures, durable equipment
and land for | ||||||
26 | educational purposes or for lease payments required to be made
| ||||||
27 | by a school district for principal and interest payments on | ||||||
28 | bonds issued
by a Public Building Commission after January 1, | ||||||
29 | 1969.
| ||||||
30 | (c) $10,000,000 for grants to school districts for the | ||||||
31 | acquisition,
development, construction, reconstruction, | ||||||
32 | rehabilitation, improvement,
architectural
planning and | ||||||
33 | installation of capital facilities consisting of buildings
| ||||||
34 | structures, durable equipment and land for special education | ||||||
35 | building projects.
|
| |||||||
|
|||||||
1 | (d) $9,000,000 for grants to school districts for the | ||||||
2 | reconstruction,
rehabilitation, improvement, financing and | ||||||
3 | architectural planning of capital
facilities, including | ||||||
4 | construction at another location to replace such capital
| ||||||
5 | facilities, consisting of those public school buildings and | ||||||
6 | temporary school
facilities which, prior to January 1, 1984, | ||||||
7 | were condemned by the regional
superintendent under Section | ||||||
8 | 3-14.22 of The School Code or by any State
official having | ||||||
9 | jurisdiction over building safety.
| ||||||
10 | (e) $3,202,000,000
$3,050,000,000 for grants to school | ||||||
11 | districts for
school improvement
projects authorized by the | ||||||
12 | School Construction Law. The bonds shall be sold in
amounts not | ||||||
13 | to exceed the following schedule, except any bonds not sold | ||||||
14 | during
one year shall be added to the bonds to be sold during | ||||||
15 | the remainder of the
schedule:
| ||||||
16 | First year ......................................$200,000,000
| ||||||
17 | Second year .....................................$450,000,000
| ||||||
18 | Third year ......................................$500,000,000
| ||||||
19 | Fourth year .....................................$500,000,000
| ||||||
20 | Fifth year ......................................$800,000,000
| ||||||
21 | Sixth year and thereafter .......................$600,000,000
| ||||||
22 | (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
| ||||||
23 | Section 99. Effective date. This Act takes effect upon | ||||||
24 | becoming law. |