Full Text of HB0413 95th General Assembly
HB0413 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB0413
Introduced 01/26/07, by Rep. Roger L. Eddy SYNOPSIS AS INTRODUCED: |
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30 ILCS 330/2 |
from Ch. 127, par. 652 |
30 ILCS 330/5 |
from Ch. 127, par. 655 |
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Amends the General Obligation Bond Act. Increases the authorization for school construction bonds by $148,518,304. Effective July 1, 2007.
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FISCAL NOTE ACT MAY APPLY | |
STATE DEBT IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB0413 |
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LRB095 06855 RCE 26973 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The General Obligation Bond Act is amended by | 5 |
| changing Sections 2 and 5 as follows:
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| (30 ILCS 330/2) (from Ch. 127, par. 652)
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| 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 $27,806,667,673
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| $27,658,149,369 .
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| The bonds authorized in this Section 2 and in Section 16 of | 14 |
| this Act are
herein called "Bonds".
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| 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.
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| 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.
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| Of the total amount of Bonds authorized in this Act, the |
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HB0413 |
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LRB095 06855 RCE 26973 b |
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| additional
$10,000,000,000 authorized by this amendatory Act | 2 |
| of the 93rd General
Assembly shall be used solely as provided | 3 |
| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General | 5 |
| Obligation Bond
Act is an economical and efficient method of | 6 |
| financing the long-term capital needs of
the State. This Act | 7 |
| will permit the issuance of a multi-purpose General
Obligation | 8 |
| Bond with uniform terms and features. This will not only lower
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| the cost of registration but also reduce the overall cost of | 10 |
| issuing debt
by improving the marketability of Illinois General | 11 |
| Obligation Bonds.
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| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | 13 |
| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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| (30 ILCS 330/5) (from Ch. 127, par. 655)
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| Sec. 5. School Construction.
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| (a) The amount of $58,450,000 is authorized to
make grants | 17 |
| to local school
districts for the acquisition, development, | 18 |
| construction, reconstruction,
rehabilitation, improvement, | 19 |
| financing, architectural planning and
installation of capital | 20 |
| facilities, including but not limited to those
required for | 21 |
| special
education building projects provided for in Article 14 | 22 |
| of The School Code,
consisting of buildings, structures, and | 23 |
| durable equipment, and for the
acquisition and improvement of | 24 |
| real property and interests in real property
required, or | 25 |
| expected to be required, in connection therewith.
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HB0413 |
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LRB095 06855 RCE 26973 b |
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| (b) $22,550,000, or so much thereof as may be necessary, | 2 |
| for grants to
school districts for the making of principal and | 3 |
| interest payments, required
to be made, on bonds issued by such | 4 |
| school districts after January 1, 1969,
pursuant to any | 5 |
| indenture, ordinance, resolution, agreement or contract
to | 6 |
| provide funds for the acquisition, development, construction,
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| reconstruction, rehabilitation, improvement, architectural | 8 |
| planning and installation of
capital facilities consisting of | 9 |
| buildings, structures, durable equipment
and land for | 10 |
| educational purposes or for lease payments required to be made
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| by a school district for principal and interest payments on | 12 |
| bonds issued
by a Public Building Commission after January 1, | 13 |
| 1969.
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| (c) $10,000,000 for grants to school districts for the | 15 |
| acquisition,
development, construction, reconstruction, | 16 |
| rehabilitation, improvement,
architectural
planning and | 17 |
| installation of capital facilities consisting of buildings
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| structures, durable equipment and land for special education | 19 |
| building projects.
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| (d) $9,000,000 for grants to school districts for the | 21 |
| reconstruction,
rehabilitation, improvement, financing and | 22 |
| architectural planning of capital
facilities, including | 23 |
| construction at another location to replace such capital
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| facilities, consisting of those public school buildings and | 25 |
| temporary school
facilities which, prior to January 1, 1984, | 26 |
| were condemned by the regional
superintendent under Section |
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HB0413 |
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LRB095 06855 RCE 26973 b |
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| 3-14.22 of The School Code or by any State
official having | 2 |
| jurisdiction over building safety.
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| (e) $3,198,518,304
$3,050,000,000 for grants to school | 4 |
| districts for
school improvement
projects authorized by the | 5 |
| School Construction Law. The bonds shall be sold in
amounts not | 6 |
| to exceed the following schedule, except any bonds not sold | 7 |
| during
one year shall be added to the bonds to be sold during | 8 |
| the remainder of the
schedule:
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| First year ..................................$200,000,000
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| Second year .................................$450,000,000
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| Third year ..................................$500,000,000
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| Fourth year .................................$500,000,000
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| Fifth year ..................................$800,000,000
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| Sixth year and thereafter ...................$600,000,000
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| (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)
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| Section 99. Effective date. This Act takes effect July 1, | 17 |
| 2007.
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