(30 ILCS 390/1) (from Ch. 122, par. 1201)
Sec. 1.
This Act shall be known and may be cited as the "School Construction
Bond Act".
(Source: P.A. 78-220.)
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(30 ILCS 390/2) (from Ch. 122, par. 1202)
Sec. 2.
The General Assembly has examined the long-term capital facility
and land needs of the local school districts within the State of Illinois. The General
Assembly also recognizes the State of Illinois' primary responsibility for
financing the system of public education. The objective of this Act is
to provide for capital facilities planning assistance and to provide such
capital facilities consisting of buildings, structures, durable equipment
and land as will permit the State's elementary, vocational and secondary
schools to provide the People of Illinois with essential educational services
and the issuance and sale of the Bonds in an economical and efficient method
of financing such planning assistance, acquisitions, construction, development,
reconstruction, rehabilitation, improvement, architectural planning and
installation. This Act will also provide funds for making grants to school
districts for debt service on bonds issued for such capital purposes after
January 1, 1969. As used in this Act, "School District" means any school
district or special charter district as defined in Section 1-3 of "The School
Code" approved March 18, 1961, as amended.
(Source: P.A. 79-1480.)
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(30 ILCS 390/3) (from Ch. 122, par. 1203)
Sec. 3.
The State of Illinois is authorized to issue, sell and
provide for the retirement of general obligation bonds of the State of
Illinois in the amount of $330,000,000 hereinafter called the "Bonds",
for the specific purpose of providing funds to make grants to local
school districts for capital facilities program planning assistance and
for the acquisition, development, construction, reconstruction,
rehabilitation, improvement, financing, architectural planning and
installation of capital facilities, including but not limited to those
required for special education building projects provided for in Article
14 of The School Code, consisting of buildings, structures, and durable
equipment and for the acquisition and improvement of real property and
interests in real property required, or expected to be required, in
connection therewith and for debt service on school district bonds
issued for such purposes after January 1, 1969.
The proceeds from the sale of the Bonds shall be used in the
following specific manner:
(a) $251,550,000, with the addition of such sums as may be
authorized under Subsection (c) of this Section, for grants to school
districts for capital facilities program planning assistance and for the
acquisition, development, construction, reconstruction, rehabilitation
improvement, architectural planning and installation of capital
facilities consisting of buildings, structures, durable equipment and
land for educational purposes; and
(b) $58,450,000, or so much thereof as may be necessary, for grants
to school districts for the making of principal and interest payments,
required to be made, on bonds issued by such school districts after
January 1, 1969, pursuant to any indenture, ordinance, resolution,
agreement or contract to provide funds for the acquisition, development,
construction, reconstruction, rehabilitation, improvement, architectural
planning and installation of capital facilities consisting of buildings,
structures, durable equipment and land for educational purposes or for
lease payments required to be made by a school district for principal
and interest payments on bonds issued by a Public Building Commission
after January 1, 1969; and
(c) $20,000,000 for reimbursements to school districts for the
acquisition, development, construction, reconstruction, rehabilitation,
improvement, architectural planning and installation of capital
facilities consisting of buildings, structures, durable equipment and
land for special education building projects as provided for in Article
14 of The School Code.
(d) If, in any fiscal year, the funds appropriated for grants to
school districts under Subsection (b) of this Section are not needed in
their entirety for the purpose of grants to school districts for debt
service, the surplus funds may be used for grants to accomplish the
purposes of Subsection (a) of this Section.
(Source: P.A. 84-832.)
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(30 ILCS 390/4) (from Ch. 122, par. 1204)
Sec. 4. The Bonds shall be issued and sold from time to time in such amounts
as
directed by the Governor, upon recommendation by the Director of the
Governor's Office of Management and Budget. The Bonds shall be serial bonds and shall be in such form,
in the denomination of $5,000 or some multiple thereof, payable within 30
years from their date, bearing interest payable annually or semi-annually
from their date at the rate of not more than 7% per annum, and be dated as
shall be fixed and determined by the Director of the
Governor's Office of Management and Budget
in the order authorizing the issuance and sale of the Bonds, which order
shall be approved by the Governor prior to the giving of notice of the sale
of any of the Bonds. Said Bonds shall be payable as to both principal and
interest at such place or places, within or without the State of Illinois,
and may be made registrable as to either principal or as to both principal
and interest, as shall be fixed and determined by the Director of the
Governor's Office of Management and Budget in the order authorizing the issuance and sale of such
Bonds. The Bonds may be callable as fixed and determined by the Director of
the
Governor's Office of Management and Budget in the order authorizing the issuance and sale of
the Bonds; provided however, that the State shall not pay a premium of more
than 3% of the principal of any Bonds so called.
(Source: P.A. 94-793, eff. 5-19-06.)
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(30 ILCS 390/5) (from Ch. 122, par. 1205)
Sec. 5.
The Bonds shall be signed by the Governor and attested by the Secretary
of State under the printed facsimile seal of the State and countersigned by
the Treasurer by his manual signature or by his duly authorized deputy. The
signatures of the Governor and the Secretary of State may be printed
facsimile signatures. Interest coupons with facsimile signatures of the
Governor, Secretary of State and Treasurer may be attached to the Bonds.
The fact that an officer whose signature or facsimile thereof appears on a
Bond or interest coupon no longer holds such office at the time the Bond or
coupon is delivered shall not invalidate such Bond or interest coupon.
(Source: P.A. 78-220.)
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(30 ILCS 390/6) (from Ch. 122, par. 1206)
Sec. 6. The Bonds shall be sold from time to time by the Director of the
Governor's Office of Management and Budget to the highest and best bidders, for not less than their par
value, upon sealed bids, at not exceeding the maximum interest rate fixed
in the order authorizing the issuance of the Bonds, provided, that at no
one time shall Bonds in excess of the amount of $150,000,000 be offered for
sale. The right to reject any and all bids may be reserved. The Secretary
of State shall, from time to time, as the Bonds are to be sold, advertise
in at least two daily newspapers, one of which is published in the City of
Springfield and one in the City of Chicago, for proposals to purchase the
Bonds. Each of such advertisements for proposals shall be published once at
least 10 days prior to the date of the opening of the bids. The executed
Bonds shall, upon payment therefore, be delivered to the purchaser, and the
proceeds of the Bonds shall be paid into the State Treasury. The proceeds
of the Bonds shall be deposited in a separate fund known as the "School
Construction Fund", which separate fund is hereby created.
(Source: P.A. 94-793, eff. 5-19-06.)
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(30 ILCS 390/7) (from Ch. 122, par. 1207)
Sec. 7.
At all times, the proceeds from the sale of the Bonds are subject
to appropriation
by the General Assembly to the Capital Development Board or its successor,
or, for the 1976 and 1977 fiscal years only, to the State Board of Education
for reimbursements for special education building purposes. Proceeds
from the sale of Bonds which are appropriated to the Capital Development
Board may be expended, with approval of the Governor, in such amounts and
at such times as the Capital Development Board deems necessary or desirable
for the specific purposes contemplated by this Act. Proceeds from the sale
of Bonds which are appropriated to the State Board of Education for the
1976 and 1977 fiscal years only for reimbursements for special education building
purposes may be expended in such amounts and at such times as the State
Board of Education deems necessary or desirable.
(Source: P.A. 79-1480.)
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(30 ILCS 390/8) (from Ch. 122, par. 1208)
Sec. 8.
The Treasurer may, with the approval of the Governor, invest and
reinvest any money in the School Construction Fund in the State Treasury
which, in the opinion of the Governor communicated in writing to the
Treasurer, is not needed for current expenditures due or about to become
due from such funds. Such investments shall be made at the existing market
price and in any event not to exceed 102% or par plus accrued interest, in
obligations, the principal of and interest on which is guaranteed by the
United States Government, or any certificates of deposit of any savings
and loan association or State or
national bank which are fully secured by obligations, the principal of and
interest on which is guaranteed by the United States Government or secured
by bonds of this State or any of its units of local government, school
districts, or public community college districts or municipal
bonds of other states,
or bonds, notes or debentures of the Illinois Building Authority, Illinois
Toll Highway Authority, or Illinois Housing Development Authority.
Securities of other states and their political subdivisions shall not be
accepted at an amount exceeding 90% of their market value. All securities
shall be subject to acceptance only upon the approval of the Treasurer. The
cost price of all such obligations shall be considered as cash in the
custody of the Treasurer, and such obligations shall be conveyed at cost
price as cash by the Treasurer to his successor. The money in the School
Construction Fund in the form of such obligations shall be set up by the
Treasurer as separate accounts and shown distinctly in every report issued
by him regarding fund balances. All earnings received upon any such
investment shall be paid into the School Construction Bond Retirement and
Interest Fund. All of the monies other than accrued interest received from
the sale of redemption of such investments shall be replaced by the
Treasurer in the funds from which the money was removed for such
investment.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments of public
funds by public agencies", approved July 23, 1943, as now or hereafter amended.
(Source: P.A. 83-541.)
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(30 ILCS 390/9) (from Ch. 122, par. 1209)
Sec. 9.
To provide for the manner of repayment of the Bonds, the Governor
shall include an appropriation in each annual State Budget of monies in
such amount as shall be necessary and sufficient, for the period covered
by such budget, to pay the interest, as it shall accrue, on all Bonds
issued under this Act and also to pay and discharge the principal of the
Bonds as shall by their terms fall due during such period. A separate
fund in the State Treasury called the "School Construction Bond
Retirement and Interest Fund" is hereby created. The General Assembly
shall make appropriations to pay the principal of and interest on the
Bonds from the School Construction Bond Retirement and Interest Fund.
If for any reason the General Assembly fails to make appropriations of
amounts sufficient for the State to pay the principal of and interest on
the Bonds as the same shall by the terms of the Bonds become due, this Act
shall constitute an irrevocable and continuing appropriation of all amounts
necessary for that purpose, and the irrevocable and continuing authority
for and direction to the Comptroller and to the Treasurer of the State to
make the necessary transfers out of and disbursements from the revenues
and funds of the State available for that purpose.
(Source: P.A. 78-3rd S.S.-24.)
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(30 ILCS 390/10) (from Ch. 122, par. 1210)
Sec. 10.
All Bonds issued in accordance with the provisions of this Act shall be
direct, general obligations of the State of Illinois and shall so state on
the face thereof, and the full faith and credit of the State of Illinois
are hereby pledged for the punctual payment of the interest thereon as the
same shall become due and for the punctual payment of the principal thereof
at maturity, and the provisions of this Section shall be irrepealable until
all such Bonds are paid in full as to both principal and interest.
(Source: P.A. 78-220.)
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(30 ILCS 390/11) (from Ch. 122, par. 1211)
Sec. 11.
If the State fails to pay the principal of or interest on any of the
Bonds as the same become due, a civil action to compel payment may be
instituted in the Supreme Court of Illinois as a court of original
jurisdiction by the holder or holders of the Bonds on which such default of
payment exists. Delivery of a summons and a copy of the complaint to the
Attorney General shall constitute sufficient service to give the Supreme
Court of Illinois jurisdiction of the subject matter of such a suit and
jurisdiction over the State and its officers named as defendants for the
purpose of compelling such payment. Any case, controversy or cause of
action concerning the validity of this Act relates to the revenue of the
State of Illinois.
If the Supreme Court of Illinois denies the holder or holders
of bonds leave to file an original action in the Supreme Court, the bond
holder or holders may bring the action in the Circuit Court of Sangamon County.
(Source: P.A. 79-1363.)
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(30 ILCS 390/12) (from Ch. 122, par. 1212)
Sec. 12.
Upon each delivery of Bonds authorized to be
issued under this Act, the Comptroller shall compute
and certify to the State Treasurer the total amount of principal
of and interest on the Bonds issued that will be payable in order to retire
such Bonds and the amount of principal of and interest on such Bonds that
will be payable on each payment date according to the tenure of such Bonds
during the then current and each succeeding fiscal year. On or before the
last day of the month preceding each payment date, the Treasurer and the
Comptroller shall transfer from the General Revenue Fund in the State
Treasury to the School Construction Bond Retirement and Interest Fund a sum
of money, appropriated for such purpose, so such Fund contains an amount
equal to the aggregate of the amount of principal of and interest on the
Bonds payable by the terms of the Bonds on the next payment date. Such
computations and transfers shall be made for each series of the Bonds
issued and delivered. The transfer of monies herein above directed is not
required if monies in the School Construction Bond Retirement and Interest
Fund received from other sources are more than the amount otherwise to be
transferred as hereinabove provided, and if the Governor notifies the
Comptroller and the Treasurer of such fact.
(Source: P.A. 83-1280.)
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(30 ILCS 390/13) (from Ch. 122, par. 1213)
Sec. 13.
The State of Illinois is authorized, from time to time as the Governor
shall determine, to issue, sell and provide for the retirement of Bonds of
the State of Illinois for the sole purpose of refunding all or any portion
of the principal of the Bonds; provided that such refunding bonds shall
mature no later than the final maturity date of the Bonds being refunded.
Such refunding bonds shall in all other respects be subject to the terms
and conditions of Sections 4, 5, 7, 8, 9, 10, 11 and 12 of this Act. The
principal amount of any such refunding bonds shall not exceed 103% of the
principal amount of the Bonds refunded with the proceeds of such refunding
Bonds.
(Source: P.A. 78-220.)
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(30 ILCS 390/14) (from Ch. 122, par. 1214)
Sec. 14.
If any Section, sentence, or clause of this Act is for any reason held
invalid or to be unconstitutional, such decision shall not affect the
validity of the remaining portions of this Act.
(Source: P.A. 78-220.)
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(30 ILCS 390/15) (from Ch. 122, par. 1215)
Sec. 15.
After December 1, 1984 no additional bonds shall be issued or
sold pursuant to this Act; instead all State of Illinois general obligation
bonds shall be issued and sold pursuant to the "General Obligation Bond Act".
(Source: P.A. 83-1490.)
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