State of Illinois
92nd General Assembly
Legislation

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[ Introduced ][ Engrossed ][ House Amendment 001 ]


92_HB3521ham002

 










                                           LRB9206870SMdvam01

 1                    AMENDMENT TO HOUSE BILL 3521

 2        AMENDMENT NO.     .  Amend House Bill 3521  by  replacing
 3    the title with the following:
 4        "AN ACT concerning bonds."; and

 5    by  replacing  everything  after the enacting clause with the
 6    following:

 7        "Section 5.  The General Obligation Bond Act  is  amended
 8    by changing Sections 2 and 5 as follows:

 9        (30 ILCS 330/2) (from Ch. 127, par. 652)
10        Sec.  2.  Authorization for Bonds.  The State of Illinois
11    is authorized to issue, sell and provide for  the  retirement
12    of  General Obligation Bonds of the State of Illinois for the
13    categories and specific  purposes  expressed  in  Sections  2
14    through 8 of this Act, in the total amount of $15,197,632,592
15    $14,197,632,592.
16        The  bonds authorized in this Section 2 and in Section 16
17    of this Act are herein called "Bonds".
18        Of the total amount of Bonds authorized in this  Act,  up
19    to  $2,200,000,000 in aggregate original principal amount may
20    be issued and  sold  in  accordance  with  the  Baccalaureate
21    Savings Act in the form of General Obligation College Savings
 
                            -2-            LRB9206870SMdvam01
 1    Bonds.
 2        Of  the  total amount of Bonds authorized in this Act, up
 3    to $300,000,000 in aggregate original principal amount may be
 4    issued and sold in accordance with the Retirement Savings Act
 5    in the form of General Obligation Retirement Savings Bonds.
 6        The issuance and sale of Bonds pursuant  to  the  General
 7    Obligation  Bond Act is an economical and efficient method of
 8    financing the capital needs of  the  State.   This  Act  will
 9    permit  the  issuance  of  a multi-purpose General Obligation
10    Bond with uniform terms and features.   This  will  not  only
11    lower  the  cost  of registration but also reduce the overall
12    cost of  issuing  debt  by  improving  the  marketability  of
13    Illinois General Obligation Bonds.
14    (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
15    eff.  12-8-97;  90-586,  eff.  6-4-98;  91-39,  eff. 6-15-99;
16    91-53, eff 6-30-99; 91-710, eff. 5-17-00.)

17        (30 ILCS 330/5) (from Ch. 127, par. 655)
18        Sec. 5.  School Construction.
19        (a)  The amount of  $58,450,000  is  authorized  to  make
20    grants   to  local  school  districts  for  the  acquisition,
21    development,  construction,  reconstruction,  rehabilitation,
22    improvement,   financing,    architectural    planning    and
23    installation of capital facilities, including but not limited
24    to  those  required  for  special education building projects
25    provided for in Article 14 of The School Code, consisting  of
26    buildings,  structures,  and  durable  equipment, and for the
27    acquisition and improvement of real property and interests in
28    real property  required,  or  expected  to  be  required,  in
29    connection therewith.
30        (b)  $22,550,000, or so much thereof as may be necessary,
31    for  grants  to  school districts for the making of principal
32    and interest payments, required to be made, on  bonds  issued
33    by  such  school districts after January 1, 1969, pursuant to
 
                            -3-            LRB9206870SMdvam01
 1    any indenture, ordinance, resolution, agreement  or  contract
 2    to   provide   funds   for   the   acquisition,  development,
 3    construction,  reconstruction,  rehabilitation,  improvement,
 4    architectural planning and installation of capital facilities
 5    consisting of buildings, structures,  durable  equipment  and
 6    land  for educational purposes or for lease payments required
 7    to be made by a school district for  principal  and  interest
 8    payments  on  bonds  issued  by  a Public Building Commission
 9    after January 1, 1969.
10        (c)  $10,000,000 for grants to school districts  for  the
11    acquisition,   development,   construction,   reconstruction,
12    rehabilitation,   improvement,   architectural  planning  and
13    installation of capital facilities  consisting  of  buildings
14    structures,  durable equipment and land for special education
15    building projects.
16        (d)  $9,000,000 for grants to school  districts  for  the
17    reconstruction,  rehabilitation,  improvement,  financing and
18    architectural  planning  of  capital  facilities,   including
19    construction  at  another  location  to  replace such capital
20    facilities, consisting of those public school  buildings  and
21    temporary  school facilities which, prior to January 1, 1984,
22    were condemned by the regional superintendent  under  Section
23    3-14.22  of  The  School Code or by any State official having
24    jurisdiction over building safety.
25        (e)  $3,120,000,000 $2,120,000,000 for grants  to  school
26    districts  for  school improvement projects authorized by the
27    School Construction Law.  The bonds shall be sold in  amounts
28    not  to  exceed  the following schedule, except any bonds not
29    sold during one year shall be added to the bonds to  be  sold
30    during the remainder of the schedule:
31        First year...................................$200,000,000
32        Second year..................................$450,000,000
33        Third year...................................$500,000,000
34        Fourth year..................................$500,000,000
 
                            -4-            LRB9206870SMdvam01
 1        Fifth year......................$500,000,000 $300,000,000
 2        Sixth year......................$500,000,000 $170,000,000
 3        Seventh year.................................$300,000,000
 4        Eighth year..................................$170,000,000
 5    (Source: P.A. 90-549, eff. 12-8-97; 91-39, eff. 6-15-99.)

 6        Section  99.   Effective  date.  This Act takes effect on
 7    July 1, 2001.".

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