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Public Act 91-0710
HB4584 Enrolled LRB9112938REdv
AN ACT to amend the General Obligation Bond Act by
changing Sections 2, 3, 6, and 16.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The General Obligation Bond Act is amended by
changing Sections 2, 3, 6, and 16 as follows:
(30 ILCS 330/2) (from Ch. 127, par. 652)
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 $14,197,632,592
$16,177,847,592 herein called "Bonds".
The bonds authorized in this Section 2 and in Section 16
of this Act are herein called "Bonds".
Of the total amount of Bonds bonds authorized in this Act
above, 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.
Of the total amount of Bonds bonds authorized in this Act
above, 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.
The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the 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 the cost of registration but also reduce the overall
cost of issuing debt by improving the marketability of
Illinois General Obligation Bonds.
Bonds shall be issued for the categories and specific
purposes expressed in Sections 2 through 8 and Section 16 of
this Act.
(Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99;
91-53, eff 6-30-99.)
(30 ILCS 330/3) (from Ch. 127, par. 653)
Sec. 3. Capital Facilities. The amount of $6,078,847,592
$5,238,217,592 is authorized to be used for the acquisition,
development, construction, reconstruction, improvement,
financing, architectural planning and installation of capital
facilities within the State, consisting of buildings,
structures, durable equipment, land, and interests in land
for the following specific purposes:
(a) $1,710,255,446 $1,516,755,446 for educational
purposes by State universities and colleges, the Illinois
Community College Board created by the Public Community
College Act and for grants to public community colleges as
authorized by Sections 5-11 and 5-12 of the Public Community
College Act;
(b) $1,542,970,168 $1,312,970,168 for correctional
purposes at State prison and correctional centers;
(c) $470,941,786 $433,941,786 for open spaces,
recreational and conservation purposes and the protection of
land;
(d) $536,280,486 $506,780,486 for child care facilities,
mental and public health facilities, and facilities for the
care of disabled veterans and their spouses;
(e) $1,129,599,341 $1,033,599,341 for use by the State,
its departments, authorities, public corporations,
commissions and agencies;
(f) $818,100 for cargo handling facilities at port
districts and for breakwaters, including harbor entrances, at
port districts in conjunction with facilities for small boats
and pleasure crafts;
(g) $186,657,796 $173,527,796 for water resource
management projects;
(h) $16,940,269 for the provision of facilities for food
production research and related instructional and public
service activities at the State universities and public
community colleges;
(i) $36,000,000 $34,000,000 for grants by the Secretary
of State, as State Librarian, for central library facilities
authorized by Section 8 of the Illinois Library System Act
and for grants by the Capital Development Board to units of
local government for public library facilities;
(j) $25,000,000 for the acquisition, development,
construction, reconstruction, improvement, financing,
architectural planning and installation of capital facilities
consisting of buildings, structures, durable equipment and
land for grants to counties, municipalities or public
building commissions with correctional facilities that do not
comply with the minimum standards of the Department of
Corrections under Section 3-15-2 of the Unified Code of
Corrections;
(k) $5,000,000 for grants in fiscal year 1988 by the
Department of Conservation for improvement or expansion of
aquarium facilities located on property owned by a park
district;
(l) $337,584,200 $138,484,200 to State agencies for
grants to local governments for the acquisition, financing,
architectural planning, development, alteration,
installation, and construction of capital facilities
consisting of buildings, structures, durable equipment, and
land; and
(m) $80,800,000 $40,400,000 for the Illinois Open Land
Trust Program as defined by the Illinois Open Land Trust Act.
The amounts authorized above for capital facilities may
be used for the acquisition, installation, alteration,
construction, or reconstruction of capital facilities and for
the purchase of equipment for the purpose of major capital
improvements which will reduce energy consumption in State
buildings or facilities.
(Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, 6-15-99; 91-53,
eff. 6-30-99.)
(30 ILCS 330/6) (from Ch. 127, par. 656)
Sec. 6. Anti-Pollution.
(a) The amount of $262,815,000 $244,635,000 is
authorized for allocation by the Environmental Protection
Agency for grants or loans to units of local government in
such amounts, at such times and for such purpose as the
Agency deems necessary or desirable for the planning,
financing, and construction of municipal sewage treatment
works and solid waste disposal facilities and for making of
deposits into the Water Revolving Fund and the U.S.
Environmental Protection Fund to provide assistance in
accordance with the provisions of Title IV-A of the
Environmental Protection Act.
(b) The amount of $160,500,000 is authorized for
allocation by the Environmental Protection Agency for payment
of claims submitted to the State and approved for payment
under the Leaking Underground Storage Tank Program
established in Title XVI of the Environmental Protection Act.
(Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99.)
(30 ILCS 330/16) (from Ch. 127, par. 666)
Sec. 16. Refunding Bonds. 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 $2,839,025,000, at any time and from time to time
outstanding, is authorized for the purpose of refunding any
State of Illinois general obligation Bonds then outstanding,
including the payment of any redemption premium thereon, any
reasonable expenses of such refunding, any interest accrued
or to accrue to the earliest or any subsequent date of
redemption or maturity of such outstanding Bonds and any
interest to accrue to the first interest payment on the
refunding Bonds; provided that such refunding Bonds shall
mature no later than the final maturity date of Bonds being
refunded.
Refunding Bonds may be sold from time to time pursuant to
notice of sale and public bid or by negotiated sale in such
amounts and at such times, as directed by the Governor, upon
recommendation by the Director of the Bureau of the Budget.
The Governor shall notify the State Treasurer and Comptroller
of such refunding. The proceeds received from the sale of
refunding Bonds shall be used for the retirement at maturity
or redemption of such outstanding Bonds on any maturity or
redemption date and, pending such use, shall be placed in
escrow, subject to such terms and conditions as shall be
provided for in the Bond Sale Order relating to the Refunding
Bonds. Proceeds not needed for deposit in an escrow account
shall be deposited in the General Obligation Bond Retirement
and Interest Fund. This Act shall constitute an irrevocable
and continuing appropriation of all amounts necessary to
establish an escrow account for the purpose of refunding
outstanding general obligation Bonds and to pay the
reasonable expenses of such refunding and of the issuance and
sale of the refunding Bonds. Any such escrowed proceeds may
be invested and reinvested in direct obligations of the
United States of America, maturing at such time or times as
shall be appropriate to assure the prompt payment, when due,
of the principal of and interest and redemption premium, if
any, on the refunded Bonds. After the terms of the escrow
have been fully satisfied, any remaining balance of such
proceeds and interest, income and profits earned or realized
on the investments thereof shall be paid into the General
Revenue Fund. The liability of the State upon the Bonds
shall continue, provided that the holders thereof shall
thereafter be entitled to payment only out of the moneys
deposited in the escrow account.
Except as otherwise herein provided in this Section, such
refunding Bonds shall in all other respects be subject to the
terms and conditions of this Act.
(Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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