State of Illinois
92nd General Assembly
Legislation

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92_SB1586

 
                                               LRB9212426SMdv

 1        AN ACT concerning bonds.

 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
 8    is authorized to issue, sell and provide for  the  retirement
 9    of  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 $16,265,007,500
12    $15,265,007,500.
13        The  bonds authorized in this Section 2 and in Section 16
14    of this Act are herein called "Bonds".
15        Of the total amount of Bonds authorized in this  Act,  up
16    to  $2,200,000,000 in aggregate original principal amount may
17    be issued and  sold  in  accordance  with  the  Baccalaureate
18    Savings Act in the form of General Obligation College Savings
19    Bonds.
20        Of  the  total amount of Bonds authorized in this Act, up
21    to $300,000,000 in aggregate original principal amount may be
22    issued and sold in accordance with the Retirement Savings Act
23    in the form of General Obligation Retirement Savings Bonds.
24        The issuance and sale of Bonds pursuant  to  the  General
25    Obligation  Bond Act is an economical and efficient method of
26    financing the capital needs of  the  State.   This  Act  will
27    permit  the  issuance  of  a multi-purpose General Obligation
28    Bond with uniform terms and features.   This  will  not  only
29    lower  the  cost  of registration but also reduce the overall
30    cost of  issuing  debt  by  improving  the  marketability  of
31    Illinois General Obligation Bonds.
 
                            -2-                LRB9212426SMdv
 1    (Source:  P.A.  91-39,  eff.  6-15-99;  91-53,  eff  6-30-99;
 2    91-710, eff. 5-17-00; 92-13, eff. 6-22-01.)

 3        (30 ILCS 330/5) (from Ch. 127, par. 655)
 4        Sec. 5.  School Construction.
 5        (a)  The  amount  of  $58,450,000  is  authorized to make
 6    grants  to  local  school  districts  for  the   acquisition,
 7    development,  construction,  reconstruction,  rehabilitation,
 8    improvement,    financing,    architectural    planning   and
 9    installation of capital facilities, including but not limited
10    to those required for  special  education  building  projects
11    provided  for in Article 14 of The School Code, consisting of
12    buildings, structures, and durable  equipment,  and  for  the
13    acquisition and improvement of real property and interests in
14    real  property  required,  or  expected  to  be  required, in
15    connection therewith.
16        (b)  $22,550,000, or so much thereof as may be necessary,
17    for grants to school districts for the  making  of  principal
18    and  interest  payments, required to be made, on bonds issued
19    by such school districts after January 1, 1969,  pursuant  to
20    any  indenture,  ordinance, resolution, agreement or contract
21    to  provide   funds   for   the   acquisition,   development,
22    construction,  reconstruction,  rehabilitation,  improvement,
23    architectural planning and installation of capital facilities
24    consisting  of  buildings,  structures, durable equipment and
25    land for educational purposes or for lease payments  required
26    to  be  made  by a school district for principal and interest
27    payments on bonds issued  by  a  Public  Building  Commission
28    after January 1, 1969.
29        (c)  $10,000,000  for  grants to school districts for the
30    acquisition,   development,   construction,   reconstruction,
31    rehabilitation,  improvement,  architectural   planning   and
32    installation  of  capital  facilities consisting of buildings
33    structures, durable equipment and land for special  education
 
                            -3-                LRB9212426SMdv
 1    building projects.
 2        (d)  $9,000,000  for  grants  to school districts for the
 3    reconstruction, rehabilitation,  improvement,  financing  and
 4    architectural   planning  of  capital  facilities,  including
 5    construction at another  location  to  replace  such  capital
 6    facilities,  consisting  of those public school buildings and
 7    temporary school facilities which, prior to January 1,  1984,
 8    were  condemned  by the regional superintendent under Section
 9    3-14.22 of The School Code or by any  State  official  having
10    jurisdiction over building safety.
11        (e)  $3,120,000,000  $2,120,000,000  for grants to school
12    districts for school improvement projects authorized  by  the
13    School  Construction Law.  The bonds shall be sold in amounts
14    not to exceed the following schedule, except  any  bonds  not
15    sold  during  one year shall be added to the bonds to be sold
16    during the remainder of the schedule:
17        First year...................................$200,000,000
18        Second year..................................$450,000,000
19        Third year...................................$500,000,000
20        Fourth year..................................$500,000,000
21        Fifth year......................$500,000,000 $300,000,000
22        Sixth year......................$500,000,000 $170,000,000
23        Seventh year.................................$300,000,000
24        Eighth year..................................$170,000,000
25    (Source: P.A. 90-549, eff. 12-8-97; 91-39, eff. 6-15-99.)

26        Section 99.  Effective date.  This Act  takes  effect  on
27    July 1, 2002.

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