Full Text of SB1460 95th General Assembly
SB1460ham002 95TH GENERAL ASSEMBLY
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Rep. Arthur L. Turner
Filed: 7/15/2008
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LRB095 08681 RCE 52084 a |
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| AMENDMENT TO SENATE BILL 1460
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| AMENDMENT NO. ______. Amend Senate Bill 1460 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The General Obligation Bond Act is amended by | 5 |
| 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 | 8 |
| authorized to
issue, sell and provide for the retirement of | 9 |
| 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 $28,018,149,639 | 12 |
| $27,658,149,369 .
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| The bonds authorized in this Section 2 and in Section 16 of | 14 |
| this Act are
herein called "Bonds".
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| Of the total amount of Bonds authorized in this Act, up to | 16 |
| $2,200,000,000
in aggregate original principal amount may be |
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| issued and sold in accordance
with the Baccalaureate Savings | 2 |
| 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 | 4 |
| $300,000,000 in
aggregate original principal amount may be | 5 |
| issued and sold in accordance
with the Retirement Savings Act | 6 |
| in the form of General Obligation
Retirement Savings Bonds.
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| Of the total amount of Bonds authorized in this Act, the | 8 |
| additional
$10,000,000,000 authorized by this amendatory Act | 9 |
| of the 93rd General
Assembly shall be used solely as provided | 10 |
| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General | 12 |
| Obligation Bond
Act is an economical and efficient method of | 13 |
| financing the long-term capital needs of
the State. This Act | 14 |
| will permit the issuance of a multi-purpose General
Obligation | 15 |
| 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 | 17 |
| issuing debt
by improving the marketability of Illinois General | 18 |
| Obligation Bonds.
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| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | 20 |
| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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| (30 ILCS 330/4) (from Ch. 127, par. 654)
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| Sec. 4. Transportation. The amount of $5,673,399,000 | 23 |
| $5,313,399,000
is authorized for use by the Department of | 24 |
| Transportation for the specific
purpose of promoting and | 25 |
| assuring rapid, efficient, and safe highway, air and
mass |
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| transportation for the inhabitants of the State by providing | 2 |
| monies,
including the making of grants and loans, for the | 3 |
| acquisition, construction,
reconstruction, extension and | 4 |
| improvement of the following transportation
facilities and | 5 |
| equipment, and for the acquisition of real property and
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| interests in real property required or expected to be required | 7 |
| in connection
therewith as follows:
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| (a) $3,672,129,000 $3,432,129,000 for State highways, | 9 |
| arterial
highways, freeways,
roads, bridges, structures | 10 |
| separating highways and railroads and roads, and
bridges on | 11 |
| roads maintained by counties, municipalities, townships or | 12 |
| 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 | 17 |
| 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, | 22 |
| DuPage, Kane,
Lake, McHenry and Will , and .
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| (7) $240,000,000 for use statewide for the specific and | 24 |
| sole purpose of matching federal earmark funding | 25 |
| authorized to the State of Illinois for projects specified | 26 |
| under the federal SAFETEA-LU Act of 2005. |
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| (b) $1,649,670,000 $1,529,670,000 for rail facilities and | 2 |
| for
mass transit facilities, as defined in Section 2705-305 of | 3 |
| the Department of
Transportation Law (20 ILCS 2705/2705-305), | 4 |
| including rapid transit, rail, bus
and other equipment used in | 5 |
| connection therewith by the State or any unit of
local | 6 |
| government, special transportation district, municipal | 7 |
| corporation or
other corporation or public authority | 8 |
| authorized to provide and promote public
transportation within | 9 |
| the State or two or more of the foregoing jointly, for
the | 10 |
| following specific purposes:
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| (1) $1,553,870,000 $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.
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| (c) $351,600,000 for airport or aviation facilities and any | 17 |
| equipment used
in connection therewith, including engineering | 18 |
| and land acquisition costs,
by the State or any unit of local | 19 |
| government, special transportation district,
municipal | 20 |
| corporation or other corporation or public authority | 21 |
| authorized
to provide public transportation within the State, | 22 |
| or two or more of the
foregoing acting jointly, and for the | 23 |
| making of deposits into the Airport
Land Loan Revolving Fund | 24 |
| for loans to public airport owners pursuant to the
Illinois | 25 |
| Aeronautics Act.
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| (Source: P.A. 91-39, eff. 6-15-99; 91-239, eff. 1-1-00; 91-712, |
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| eff. 7-1-00;
92-13, eff. 6-22-01.)
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| Section 99. Effective date. This Act takes effect upon | 3 |
| becoming law.".
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