Full Text of HB1272 102nd General Assembly
HB1272 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB1272 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED: | | 30 ILCS 330/5 | from Ch. 127, par. 655 |
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Amends the General Obligation Bond Act. Makes a technical change in a Section concerning
school construction bonds.
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| | A BILL FOR |
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| 1 | | AN ACT concerning finance.
| 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 Section 5 as follows:
| 6 | | (30 ILCS 330/5) (from Ch. 127, par. 655)
| 7 | | Sec. 5. School construction.
| 8 | | (a) The
The amount of $58,450,000 is authorized to
make | 9 | | grants to local school
districts for the acquisition, | 10 | | development, construction, reconstruction,
rehabilitation, | 11 | | improvement, financing, architectural planning and
| 12 | | installation of capital facilities, including but not limited | 13 | | to those
required for special
education building projects | 14 | | provided for in Article 14 of The School Code,
consisting of | 15 | | buildings, structures, and durable equipment, and for the
| 16 | | acquisition and improvement of real property and interests in | 17 | | real property
required, or expected to be required, in | 18 | | connection therewith. | 19 | | (b) $22,550,000, or so much thereof as may be necessary, | 20 | | for grants to
school districts for the making of principal and | 21 | | interest payments, required
to be made, on bonds issued by | 22 | | such school districts after January 1, 1969,
pursuant to any | 23 | | indenture, ordinance, resolution, agreement or contract
to |
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| 1 | | provide funds for the acquisition, development, construction,
| 2 | | reconstruction, rehabilitation, improvement, architectural | 3 | | planning and installation of
capital facilities consisting of | 4 | | buildings, structures, durable equipment
and land for | 5 | | educational purposes or for lease payments required to be made
| 6 | | by a school district for principal and interest payments on | 7 | | bonds issued
by a Public Building Commission after January 1, | 8 | | 1969.
| 9 | | (c) $10,000,000 for grants to school districts for the | 10 | | acquisition,
development, construction, reconstruction, | 11 | | rehabilitation, improvement,
architectural
planning and | 12 | | installation of capital facilities consisting of buildings
| 13 | | structures, durable equipment and land for special education | 14 | | building projects.
| 15 | | (d) $9,000,000 for grants to school districts for the | 16 | | reconstruction,
rehabilitation, improvement, financing and | 17 | | architectural planning of capital
facilities, including | 18 | | construction at another location to replace such capital
| 19 | | facilities, consisting of those public school buildings and | 20 | | temporary school
facilities which, prior to January 1, 1984, | 21 | | were condemned by the regional
superintendent under Section | 22 | | 3-14.22 of The School Code or by any State
official having | 23 | | jurisdiction over building safety.
| 24 | | (e) $3,109,403,700 for grants to school districts for
| 25 | | school improvement
projects authorized by the School | 26 | | Construction Law. The bonds shall be sold in
amounts not to |
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| 1 | | exceed the following schedule, except any bonds not sold | 2 | | during
one year shall be added to the bonds to be sold during | 3 | | the remainder of the
schedule:
| 4 | | First year ...............................$200,000,000
| 5 | | Second year ..............................$450,000,000
| 6 | | Third year ...............................$500,000,000
| 7 | | Fourth year ..............................$500,000,000
| 8 | | Fifth year ...............................$800,000,000
| 9 | | Sixth year and thereafter ................$659,403,700
| 10 | | (f) $1,615,000,000 grants to school districts for school | 11 | | implemented projects authorized by the School Construction | 12 | | Law. | 13 | | (Source: P.A. 100-587, eff. 6-4-18; 101-30, eff. 6-28-19.)
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