093_HB3873

 
                                     LRB093 13664 RAS 19048 b

 1        AN ACT concerning school construction.

 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 $27,810,149,369
12    $27,658,149,369.
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        Of the total amount of Bonds authorized in this Act,  the
25    additional  $10,000,000,000 authorized by this amendatory Act
26    of the 93rd General Assembly shall be used solely as provided
27    in Section 7.2.
28        The issuance and sale of Bonds pursuant  to  the  General
29    Obligation  Bond Act is an economical and efficient method of
30    financing the capital and  general  operating  needs  of  the
31    State.   This Act will permit the issuance of a multi-purpose
 
                            -2-      LRB093 13664 RAS 19048 b
 1    General Obligation Bond  with  uniform  terms  and  features.
 2    This  will  not  only lower the cost of registration but also
 3    reduce the overall cost of  issuing  debt  by  improving  the
 4    marketability of Illinois General Obligation Bonds.
 5    (Source:  P.A.  92-13,  eff.  6-22-01;  92-596, eff. 6-28-02;
 6    92-598, eff. 6-28-02; 93-2, eff. 4-7-03.)

 7        (30 ILCS 330/5) (from Ch. 127, par. 655)
 8        Sec. 5.  School Construction.
 9        (a)  The amount of  $58,450,000  is  authorized  to  make
10    grants   to  local  school  districts  for  the  acquisition,
11    development,  construction,  reconstruction,  rehabilitation,
12    improvement,   financing,    architectural    planning    and
13    installation of capital facilities, including but not limited
14    to  those  required  for  special education building projects
15    provided for in Article 14 of The School Code, consisting  of
16    buildings,  structures,  and  durable  equipment, and for the
17    acquisition and improvement of real property and interests in
18    real property  required,  or  expected  to  be  required,  in
19    connection therewith.
20        (b)  $22,550,000, or so much thereof as may be necessary,
21    for  grants  to  school districts for the making of principal
22    and interest payments, required to be made, on  bonds  issued
23    by  such  school districts after January 1, 1969, pursuant to
24    any indenture, ordinance, resolution, agreement  or  contract
25    to   provide   funds   for   the   acquisition,  development,
26    construction,  reconstruction,  rehabilitation,  improvement,
27    architectural planning and installation of capital facilities
28    consisting of buildings, structures,  durable  equipment  and
29    land  for educational purposes or for lease payments required
30    to be made by a school district for  principal  and  interest
31    payments  on  bonds  issued  by  a Public Building Commission
32    after January 1, 1969.
33        (c)  $10,000,000 for grants to school districts  for  the
 
                            -3-      LRB093 13664 RAS 19048 b
 1    acquisition,   development,   construction,   reconstruction,
 2    rehabilitation,   improvement,   architectural  planning  and
 3    installation of capital facilities  consisting  of  buildings
 4    structures,  durable equipment and land for special education
 5    building projects.
 6        (d)  $9,000,000 for grants to school  districts  for  the
 7    reconstruction,  rehabilitation,  improvement,  financing and
 8    architectural  planning  of  capital  facilities,   including
 9    construction  at  another  location  to  replace such capital
10    facilities, consisting of those public school  buildings  and
11    temporary  school facilities which, prior to January 1, 1984,
12    were condemned by the regional superintendent  under  Section
13    3-14.22  of  The  School Code or by any State official having
14    jurisdiction over building safety.
15        (e)  $3,202,000,000 $3,050,000,000 for grants  to  school
16    districts  for  school improvement projects authorized by the
17    School Construction Law.  The bonds shall be sold in  amounts
18    not  to  exceed  the following schedule, except any bonds not
19    sold during one year shall be added to the bonds to  be  sold
20    during the remainder of the schedule:
21        First year...................................$200,000,000
22        Second year..................................$450,000,000
23        Third year...................................$500,000,000
24        Fourth year..................................$500,000,000
25        Fifth year...................................$800,000,000
26        Sixth year and thereafter....................$600,000,000
27    (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)

28        Section  99.  Effective date.  This Act takes effect upon
29    becoming law.