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90_HB2303
20 ILCS 3105/1A-1.01 new
30 ILCS 105/5.449 new
30 ILCS 330/2 from Ch. 127, par. 652
30 ILCS 330/5 from Ch. 127, par. 655
30 ILCS 330/12 from Ch. 127, par. 662
Amends the Capital Development Board Act to provide for
school construction grants to be made to school districts
from funds appropriated from the School Improvement Bond
Fund, on a one-half to one-fifth matching grant basis, by
region, over at least a 10-year period. Amends the General
Obligation Bond Act to increase the State's bonding authority
by $3,000,000,000 for school construction grants. Provides
that the proceeds from the sale of the bonds shall be
deposited into the School Improvement Bond Fund. Amends the
State Finance Act to create the School Improvement Bond Fund.
Effective July 1, 1998.
LRB9006685KDksA
LRB9006685KDksA
1 AN ACT concerning education funding.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Capital Development Board Act is amended
5 by adding Section 1A-1.01 as follows:
6 (20 ILCS 3105/1A-1.01 new)
7 Sec. 1A-1.01. School improvement project grants.
8 (a) The Board is authorized to make grants to school
9 districts for school construction projects and debt service
10 from funds appropriated by the General Assembly from the
11 School Improvement Bond Fund for the purposes set forth in
12 subsection (a) of Section 5 of the General Obligation Bond
13 Act.
14 (b) Grants shall be allocated by region as follows:
15 (1) Region 1 to the school district organized under
16 Article 34 of the School Code and located in the City of
17 Chicago;
18 (2) Region 2 to school districts located in Cook
19 County, but outside the City of Chicago;
20 (3) Region 3 to school districts located in Lake,
21 McHenry, Kane, DuPage, and Will Counties; and
22 (4) Region 4 to all other school districts.
23 (c) Within each region, of the total amount allocated to
24 that region under subsection (b), the Board may make grants
25 in the designated fiscal year as follows: up to 10% of that
26 total amount in 1999, up to 20% of that total amount through
27 2000, up to 30% of that total amount through 2001, up to 40%
28 of that total amount through 2002, up to 50% of that total
29 amount through 2003, up to 60% of that total amount through
30 2004, up to 70% of that total amount through 2005, up to 80%
31 of that total amount through 2006, up to 90% of that total
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1 amount through 2007, and up to 100% of that total amount
2 through 2008 and thereafter. The limitations of this
3 subsection shall not apply to school districts that are among
4 the 100 school districts with the lowest equalized assessed
5 valuation per pupil for the 1996 tax year.
6 (d) Within each region, except that region described in
7 paragraph (1) of subsection (b), grants shall be allocated to
8 school districts within the region pro rata based on the
9 average daily attendance for the 1996-1997 school year of the
10 school district compared to the average daily attendance for
11 the 1995-1996 school year of all school districts within the
12 region.
13 (e) Each school district that receives a grant under
14 this Section shall expend, for purposes set forth in
15 subsection (a) of Section 5 of the General Obligation Bond
16 Act, an amount equal to one-half of the grant it receives
17 under this Section, except that a school district that is
18 among the 100 school districts with the lowest equalized
19 assessed valuation per pupil for the 1996 tax year shall
20 expend, for purposes set forth in subsection (a) of Section 5
21 of the General Obligation Bond Act, an amount equal to
22 one-fifth of the grant it receives under this Section.
23 (f) The Board shall promulgate rules to implement the
24 provisions of this Section.
25 Section 10. The State Finance Act is amended by adding
26 Section 5.449 as follows:
27 (30 ILCS 105/5.449 new)
28 Sec. 5.449. The School Improvement Bond Fund.
29 Section 15. The General Obligation Bond Act is amended
30 by changing Sections 2, 5, and 12 as follows:
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1 (30 ILCS 330/2) (from Ch. 127, par. 652)
2 (Text of Section before amendment by P.A. 90-8)
3 Sec. 2. Authorization for Bonds. The State of Illinois
4 is authorized to issue, sell and provide for the retirement
5 of General Obligation Bonds of the State of Illinois in the
6 total amount of $11,805,508,392 $8,805,508,392 herein called
7 "Bonds".
8 Of the total amount of bonds authorized above, up to
9 $2,200,000,000 in aggregate original principal amount may be
10 issued and sold in accordance with the Baccalaureate Savings
11 Act in the form of General Obligation College Savings Bonds.
12 Of the total amount of bonds authorized above, up to
13 $300,000,000 in aggregate original principal amount may be
14 issued and sold in accordance with the Retirement Savings Act
15 in the form of General Obligation Retirement Savings Bonds.
16 The issuance and sale of Bonds pursuant to the General
17 Obligation Bond Act is an economical and efficient method of
18 financing the capital needs of the State. This Act will
19 permit the issuance of a multi-purpose General Obligation
20 Bond with uniform terms and features. This will not only
21 lower the cost of registration but also reduce the overall
22 cost of issuing debt by improving the marketability of
23 Illinois General Obligation Bonds.
24 Bonds shall be issued for the categories and specific
25 purposes expressed in Sections 2 through 8 and Section 16 of
26 this Act.
27 (Source: P.A. 90-1, eff. 2-20-97.)
28 (Text of Section after amendment by P.A. 90-8)
29 Sec. 2. Authorization for Bonds. The State of Illinois
30 is authorized to issue, sell and provide for the retirement
31 of General Obligation Bonds of the State of Illinois in the
32 total amount of $11,972,708,392 $8,972,708,392 herein called
33 "Bonds".
34 Of the total amount of bonds authorized above, up to
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1 $2,200,000,000 in aggregate original principal amount may be
2 issued and sold in accordance with the Baccalaureate Savings
3 Act in the form of General Obligation College Savings Bonds.
4 Of the total amount of bonds authorized above, up to
5 $300,000,000 in aggregate original principal amount may be
6 issued and sold in accordance with the Retirement Savings Act
7 in the form of General Obligation Retirement Savings Bonds.
8 The issuance and sale of Bonds pursuant to the General
9 Obligation Bond Act is an economical and efficient method of
10 financing the capital needs of the State. This Act will
11 permit the issuance of a multi-purpose General Obligation
12 Bond with uniform terms and features. This will not only
13 lower the cost of registration but also reduce the overall
14 cost of issuing debt by improving the marketability of
15 Illinois General Obligation Bonds.
16 Bonds shall be issued for the categories and specific
17 purposes expressed in Sections 2 through 8 and Section 16 of
18 this Act.
19 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 6-1-98.)
20 (30 ILCS 330/5) (from Ch. 127, par. 655)
21 Sec. 5. School Construction.
22 (a) The amount of $3,058,450,000 $58,450,000 is
23 authorized to make grants to local school districts for the
24 acquisition, development, construction, reconstruction,
25 rehabilitation, improvement, financing, architectural
26 planning and installation of capital facilities, including
27 but not limited to those required for special education
28 building projects provided for in Article 14 of the School
29 Code, consisting of buildings, structures, and durable
30 equipment, and for the acquisition and improvement of real
31 property and interests in real property required, or expected
32 to be required, in connection therewith.
33 (b) $22,550,000, or so much thereof as may be necessary,
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1 for grants to school districts for the making of principal
2 and interest payments, required to be made, on bonds issued
3 by such school districts after January 1, 1969, pursuant to
4 any indenture, ordinance, resolution, agreement or contract
5 to provide funds for the acquisition, development,
6 construction, reconstruction, rehabilitation, improvement,
7 architectural planning and installation of capital facilities
8 consisting of buildings, structures, durable equipment and
9 land for educational purposes or for lease payments required
10 to be made by a school district for principal and interest
11 payments on bonds issued by a Public Building Commission
12 after January 1, 1969.
13 (c) $10,000,000 for grants to school districts for the
14 acquisition, development, construction, reconstruction,
15 rehabilitation, improvement, architectural planning and
16 installation of capital facilities consisting of buildings
17 structures, durable equipment and land for special education
18 building projects.
19 (d) $9,000,000 for grants to school districts for the
20 reconstruction, rehabilitation, improvement, financing and
21 architectural planning of capital facilities, including
22 construction at another location to replace such capital
23 facilities, consisting of those public school buildings and
24 temporary school facilities which, prior to January 1, 1984,
25 were condemned by the regional superintendent under Section
26 3-14.22 of The School Code or by any State official having
27 jurisdiction over building safety.
28 (Source: P.A. 84-1227.)
29 (30 ILCS 330/12) (from Ch. 127, par. 662)
30 Sec. 12. Allocation of Proceeds from Sale of Bonds. (a)
31 Proceeds from the sale of Bonds, authorized by Section 3 of
32 this Act, shall be deposited in the separate fund known as
33 the Capital Development Fund.
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1 (b) Proceeds from the sale of Bonds, authorized by
2 paragraph (a) of Section 4 of this Act, shall be deposited in
3 the separate fund known as the Transportation Bond, Series A
4 Fund.
5 (c) Proceeds from the sale of Bonds, authorized by
6 paragraphs (b) and (c) of Section 4 of this Act, shall be
7 deposited in the separate fund known as the Transportation
8 Bond, Series B Fund.
9 (d) Proceeds from the sale of Bonds, authorized by
10 Section 5 of this Act, shall be deposited in the separate
11 fund known as the School Construction Fund, except that
12 proceeds from the sale of the additional $3,000,000,000 of
13 bonds authorized in subsection (a) of Section 5 pursuant to
14 this amendatory Act shall be deposited into the School
15 Improvement Bond Fund, which is hereby created in the State
16 Treasury.
17 (e) Proceeds from the sale of Bonds, authorized by
18 Section 6 of this Act, shall be deposited in the separate
19 fund known as the Anti-Pollution Fund.
20 (f) Proceeds from the sale of Bonds, authorized by
21 Section 7 of this Act, shall be deposited in the separate
22 fund known as the Coal Development Fund.
23 (g) Proceeds from the sale of Bonds, authorized by
24 Section 8 of this Act, shall be deposited in the Capital
25 Development Fund.
26 (h) Subsequent to the issuance of any Bonds for the
27 purposes described in Sections 2 through 8 of this Act, the
28 Governor and the Director of the Bureau of the Budget may
29 provide for the reallocation of unspent proceeds of such
30 Bonds to any other purposes authorized under said Sections of
31 this Act, subject to the limitations on aggregate principal
32 amounts contained therein. Upon any such reallocation, such
33 unspent proceeds shall be transferred to the appropriate
34 funds as determined by reference to paragraphs (a) through
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1 (g) of this Section.
2 (Source: P.A. 86-453; 86-1017.)
3 Section 99. Effective date. This Act takes effect on
4 July 1, 1998.