93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2264

 

Introduced 1/15/2004, by Emil Jones Jr.

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/5   from Ch. 127, par. 655

    Amends the General Obligation Bond Act. Makes a technical change concerning school construction bonds.


LRB093 15839 RCE 41456 b

 

 

A BILL FOR

 

SB2264 LRB093 15839 RCE 41456 b

1     AN ACT concerning finance.
 
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 Section 5 as follows:
 
6     (30 ILCS 330/5)  (from Ch. 127, par. 655)
7     Sec. 5. School Construction.
8     (a) The amount of $58,450,000 is authorized to make grants
9 to local school districts for the acquisition, development,
10 construction, reconstruction, rehabilitation, improvement,
11 financing, architectural planning and installation of capital
12 facilities, including but not limited to those required for
13 special education building projects provided for in Article 14
14 of the The School Code, consisting of buildings, structures,
15 and durable equipment, and for the acquisition and improvement
16 of real property and interests in real property required, or
17 expected to be required, in connection therewith.
18     (b) $22,550,000, or so much thereof as may be necessary,
19 for grants to school districts for the making of principal and
20 interest payments, required to be made, on bonds issued by such
21 school districts after January 1, 1969, pursuant to any
22 indenture, ordinance, resolution, agreement or contract to
23 provide funds for the acquisition, development, construction,
24 reconstruction, rehabilitation, improvement, architectural
25 planning and installation of capital facilities consisting of
26 buildings, structures, durable equipment and land for
27 educational purposes or for lease payments required to be made
28 by a school district for principal and interest payments on
29 bonds issued by a Public Building Commission after January 1,
30 1969.
31     (c) $10,000,000 for grants to school districts for the
32 acquisition, development, construction, reconstruction,

 

 

SB2264 - 2 - LRB093 15839 RCE 41456 b

1 rehabilitation, improvement, architectural planning and
2 installation of capital facilities consisting of buildings
3 structures, durable equipment and land for special education
4 building projects.
5     (d) $9,000,000 for grants to school districts for the
6 reconstruction, rehabilitation, improvement, financing and
7 architectural planning of capital facilities, including
8 construction at another location to replace such capital
9 facilities, consisting of those public school buildings and
10 temporary school facilities which, prior to January 1, 1984,
11 were condemned by the regional superintendent under Section
12 3-14.22 of The School Code or by any State official having
13 jurisdiction over building safety.
14     (e) $3,050,000,000 for grants to school districts for
15 school improvement projects authorized by the School
16 Construction Law. The bonds shall be sold in amounts not to
17 exceed the following schedule, except any bonds not sold during
18 one year shall be added to the bonds to be sold during the
19 remainder of the schedule:
20     First year......................................$200,000,000
21     Second year.....................................$450,000,000
22     Third year......................................$500,000,000
23     Fourth year.....................................$500,000,000
24     Fifth year......................................$800,000,000
25     Sixth year and thereafter.......................$600,000,000
26 (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)