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Public Act 096-0005
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| HB0289 Enrolled |
LRB096 04276 JAM 14322 b |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. If and only if House Bill 210 of the 96th |
General Assembly becomes law, the General Obligation Bond Act |
is amended by changing Sections 2 and 4 as follows:
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(30 ILCS 330/2) (from Ch. 127, par. 652)
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Sec. 2. Authorization for Bonds. The State of Illinois is |
authorized to
issue, sell and provide for the retirement of |
General Obligation Bonds of
the State of Illinois for the |
categories and specific purposes expressed in
Sections 2 |
through 8 of this Act, in the total amount of $30,693,149,369 |
$27,693,149,369.
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The bonds authorized in this Section 2 and in Section 16 of |
this Act are
herein called "Bonds".
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Of the total amount of Bonds authorized in this Act, up to |
$2,200,000,000
in aggregate original principal amount may be |
issued and sold in accordance
with the Baccalaureate Savings |
Act in the form of General Obligation
College Savings Bonds.
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Of the total amount of Bonds authorized in this Act, up to |
$300,000,000 in
aggregate original principal amount may be |
issued and sold in accordance
with the Retirement Savings Act |
in the form of General Obligation
Retirement Savings Bonds.
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Of the total amount of Bonds authorized in this Act, the |
additional
$10,000,000,000 authorized by this amendatory Act |
of the 93rd General
Assembly shall be used solely as provided |
in Section 7.2.
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The issuance and sale of Bonds pursuant to the General |
Obligation Bond
Act is an economical and efficient method of |
financing the long-term capital needs of
the State. This Act |
will permit the issuance of a multi-purpose General
Obligation |
Bond with uniform terms and features. This will not only lower
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the cost of registration but also reduce the overall cost of |
issuing debt
by improving the marketability of Illinois General |
Obligation Bonds.
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(Source: P.A. 95-1026, eff. 1-12-09.)
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(30 ILCS 330/4) (from Ch. 127, par. 654)
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Sec. 4. Transportation. The amount of $8,313,399,000 |
$5,313,399,000
is authorized for use by the Department of |
Transportation for the specific
purpose of promoting and |
assuring rapid, efficient, and safe highway, air and
mass |
transportation for the inhabitants of the State by providing |
monies,
including the making of grants and loans, for the |
acquisition, construction,
reconstruction, extension and |
improvement of the following transportation
facilities and |
equipment, and for the acquisition of real property and
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interests in real property required or expected to be required |
in connection
therewith as follows:
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(a) $5,432,129,000 $3,432,129,000 for State highways, |
arterial
highways, freeways,
roads, bridges, structures |
separating highways and railroads and roads, and
bridges on |
roads maintained by counties, municipalities, townships or |
road
districts for the following specific purposes:
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(1) $3,330,000,000 for use statewide,
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(2) $3,677,000 for use outside the Chicago urbanized
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area,
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(3) $7,543,000 for use within the Chicago urbanized |
area,
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(4) $13,060,600 for use within the City of Chicago,
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(5) $58,987,500 for use within the counties of Cook,
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DuPage, Kane, Lake, McHenry and Will, and
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(6) $18,860,900 for use outside the counties of Cook, |
DuPage, Kane,
Lake, McHenry and Will, and .
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(7) $2,000,000,000 for use on projects included in |
either (i) the FY09-14 Proposed Highway Improvement |
Program as published by the Illinois Department of |
Transportation in May 2008 or (ii) the FY10-15 Proposed |
Highway Improvement Program to be published by the Illinois |
Department of Transportation in the spring of 2009; except |
that all projects must be maintenance projects for the |
existing State system with the goal of reaching 90% |
acceptable condition in the system statewide and further |
except that all projects must reflect the generally |
accepted historical distribution of projects throughout |
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the State. |
(b) $2,529,670,000 $1,529,670,000 for rail facilities and |
for
mass transit facilities, as defined in Section 2705-305 of |
the Department of
Transportation Law (20 ILCS 2705/2705-305), |
including rapid transit, rail, bus
and other equipment used in |
connection therewith by the State or any unit of
local |
government, special transportation district, municipal |
corporation or
other corporation or public authority |
authorized to provide and promote public
transportation within |
the State or two or more of the foregoing jointly, for
the |
following specific purposes:
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(1) $1,433,870,000 statewide,
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(2) $83,350,000 for use within the counties of Cook,
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DuPage, Kane, Lake, McHenry and Will,
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(3) $12,450,000 for use outside the counties of Cook,
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DuPage, Kane, Lake, McHenry and Will, and .
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(4) $1,000,000,000 for use on projects that shall |
reflect the generally accepted historical distribution of |
projects throughout the State. |
(c) $351,600,000 for airport or aviation facilities and any |
equipment used
in connection therewith, including engineering |
and land acquisition costs,
by the State or any unit of local |
government, special transportation district,
municipal |
corporation or other corporation or public authority |
authorized
to provide public transportation within the State, |
or two or more of the
foregoing acting jointly, and for the |