Full Text of HB5667 099th General Assembly
HB5667 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB5667 Introduced , by Rep. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED: |
| 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 by $100,000,000 the amount of General Obligation Bonds authorized to be sold for grants to school districts for school improvement projects authorized by the School Construction Law. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | STATE DEBT IMPACT NOTE ACT MAY APPLY |
| | 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 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 $50,017,925,743 | 12 | | $49,917,925,743 . | 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 |
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| 1 | | additional
$10,000,000,000 authorized by Public Act 93-2, the | 2 | | $3,466,000,000 authorized by Public Act 96-43, and the | 3 | | $4,096,348,300 authorized by Public Act 96-1497 shall be used | 4 | | solely as provided in Section 7.2. | 5 | | The issuance and sale of Bonds pursuant to the General | 6 | | Obligation Bond
Act is an economical and efficient method of | 7 | | financing the long-term capital needs of
the State. This Act | 8 | | will permit the issuance of a multi-purpose General
Obligation | 9 | | Bond with uniform terms and features. This will not only lower
| 10 | | the cost of registration but also reduce the overall cost of | 11 | | issuing debt
by improving the marketability of Illinois General | 12 | | Obligation Bonds. | 13 | | (Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | 14 | | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. | 15 | | 8-16-13; 98-781, eff. 7-22-14.)
| 16 | | (30 ILCS 330/5) (from Ch. 127, par. 655)
| 17 | | Sec. 5. School Construction.
| 18 | | (a) The amount of $58,450,000 is authorized to
make grants | 19 | | to local school
districts for the acquisition, development, | 20 | | construction, reconstruction,
rehabilitation, improvement, | 21 | | financing, architectural planning and
installation of capital | 22 | | facilities, including but not limited to those
required for | 23 | | special
education building projects provided for in Article 14 | 24 | | of The School Code,
consisting of buildings, structures, and | 25 | | durable equipment, and for the
acquisition and improvement of |
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| 1 | | real property and interests in real property
required, or | 2 | | expected to be required, in connection therewith.
| 3 | | (b) $22,550,000, or so much thereof as may be necessary, | 4 | | for grants to
school districts for the making of principal and | 5 | | interest payments, required
to be made, on bonds issued by such | 6 | | school districts after January 1, 1969,
pursuant to any | 7 | | indenture, ordinance, resolution, agreement or contract
to | 8 | | provide funds for the acquisition, development, construction,
| 9 | | reconstruction, rehabilitation, improvement, architectural | 10 | | planning and installation of
capital facilities consisting of | 11 | | buildings, structures, durable equipment
and land for | 12 | | educational purposes or for lease payments required to be made
| 13 | | by a school district for principal and interest payments on | 14 | | bonds issued
by a Public Building Commission after January 1, | 15 | | 1969.
| 16 | | (c) $10,000,000 for grants to school districts for the | 17 | | acquisition,
development, construction, reconstruction, | 18 | | rehabilitation, improvement,
architectural
planning and | 19 | | installation of capital facilities consisting of buildings
| 20 | | structures, durable equipment and land for special education | 21 | | building projects.
| 22 | | (d) $9,000,000 for grants to school districts for the | 23 | | reconstruction,
rehabilitation, improvement, financing and | 24 | | architectural planning of capital
facilities, including | 25 | | construction at another location to replace such capital
| 26 | | facilities, consisting of those public school buildings and |
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| 1 | | temporary school
facilities which, prior to January 1, 1984, | 2 | | were condemned by the regional
superintendent under Section | 3 | | 3-14.22 of The School Code or by any State
official having | 4 | | jurisdiction over building safety.
| 5 | | (e) $3,150,000,000 $3,050,000,000 for grants to school | 6 | | districts for
school improvement
projects authorized by the | 7 | | School Construction Law. The bonds shall be sold in
amounts not | 8 | | to exceed the following schedule, except any bonds not sold | 9 | | during
one year shall be added to the bonds to be sold during | 10 | | the remainder of the
schedule:
| 11 | | First year ...................................$200,000,000
| 12 | | Second year ..................................$450,000,000
| 13 | | Third year ...................................$500,000,000
| 14 | | Fourth year ..................................$500,000,000
| 15 | | Fifth year ...................................$800,000,000
| 16 | | Sixth year and thereafter ....................$600,000,000
| 17 | | (f) $1,600,000,000 grants to school districts for school | 18 | | implemented projects authorized by the School Construction | 19 | | Law. | 20 | | (Source: P.A. 98-94, eff. 7-17-13.)
| 21 | | Section 99. Effective date. This Act takes effect upon | 22 | | becoming law.
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