95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0002

 

Introduced 1/10/2007, by Sen. Emil Jones, Jr.

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/5   from Ch. 127, par. 655

    Amends the General Obligation Bond Act. Provides that the bill may be referred to as the School Construction Act of 2007. Decreases by $1 the amount authorized for school construction bonds. Effective immediately.


LRB095 04980 RCE 25046 b

 

 

A BILL FOR

 

SB0002 LRB095 04980 RCE 25046 b

1     AN ACT concerning school construction bonds, which may be
2 referred to as the School Construction Act of 2007.
 
3     Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
 
5     Section 5. The General Obligation Bond Act is amended by
6 changing Section 5 as follows:
 
7     (30 ILCS 330/5)  (from Ch. 127, par. 655)
8     Sec. 5. School Construction.
9     (a) The amount of $58,449,999 $58,450,000 is authorized to
10 make 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 and
22 interest payments, required to be made, on bonds issued by such
23 school districts after January 1, 1969, pursuant to any

 

 

SB0002 - 2 - LRB095 04980 RCE 25046 b

1 indenture, ordinance, resolution, agreement or contract to
2 provide funds for the acquisition, development, construction,
3 reconstruction, rehabilitation, improvement, architectural
4 planning and installation of capital facilities consisting of
5 buildings, structures, durable equipment and land for
6 educational purposes or for lease payments required to be made
7 by a school district for principal and interest payments on
8 bonds issued by a Public Building Commission after January 1,
9 1969.
10     (c) $10,000,000 for grants to school districts for the
11 acquisition, development, construction, reconstruction,
12 rehabilitation, improvement, architectural planning and
13 installation of capital facilities consisting of buildings
14 structures, durable equipment and land for special education
15 building projects.
16     (d) $9,000,000 for grants to school districts for the
17 reconstruction, rehabilitation, improvement, financing and
18 architectural planning of capital facilities, including
19 construction at another location to replace such capital
20 facilities, consisting of those public school buildings and
21 temporary school facilities which, prior to January 1, 1984,
22 were condemned by the regional superintendent under Section
23 3-14.22 of The School Code or by any State official having
24 jurisdiction over building safety.
25     (e) $3,050,000,000 for grants to school districts for
26 school improvement projects authorized by the School

 

 

SB0002 - 3 - LRB095 04980 RCE 25046 b

1 Construction Law. The bonds shall be sold in amounts not to
2 exceed the following schedule, except any bonds not sold during
3 one year shall be added to the bonds to be sold during the
4 remainder of the schedule:
5     First year..................................$200,000,000
6     Second year.................................$450,000,000
7     Third year..................................$500,000,000
8     Fourth year.................................$500,000,000
9     Fifth year..................................$800,000,000
10     Sixth year and thereafter...................$600,000,000
11 (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
 
12     Section 99. Effective date. This Act takes effect upon
13 becoming law.