(30 ILCS 390/3) (from Ch. 122, par. 1203)
Sec. 3.
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 $330,000,000 hereinafter called the "Bonds",
for the specific purpose of providing funds to make grants to local
school districts for capital facilities program planning assistance and
for the acquisition, development, construction, reconstruction,
rehabilitation, improvement, financing, architectural planning and
installation of capital facilities, including but not limited to those
required for special education building projects provided for in Article
14 of The School Code, consisting of buildings, structures, and durable
equipment and for the acquisition and improvement of real property and
interests in real property required, or expected to be required, in
connection therewith and for debt service on school district bonds
issued for such purposes after January 1, 1969.
The proceeds from the sale of the Bonds shall be used in the
following specific manner:
(a) $251,550,000, with the addition of such sums as may be
authorized under Subsection (c) of this Section, for grants to school
districts for capital facilities program planning assistance and for the
acquisition, development, construction, reconstruction, rehabilitation
improvement, architectural planning and installation of capital
facilities consisting of buildings, structures, durable equipment and
land for educational purposes; and
(b) $58,450,000, or so much thereof as may be necessary, for grants
to school districts for the making of principal and interest payments,
required to be made, on bonds issued by such school districts after
January 1, 1969, pursuant to any indenture, ordinance, resolution,
agreement or contract to provide funds for the acquisition, development,
construction, reconstruction, rehabilitation, improvement, architectural
planning and installation of capital facilities consisting of buildings,
structures, durable equipment and land for educational purposes or for
lease payments required to be made by a school district for principal
and interest payments on bonds issued by a Public Building Commission
after January 1, 1969; and
(c) $20,000,000 for reimbursements to school districts for the
acquisition, development, construction, reconstruction, rehabilitation,
improvement, architectural planning and installation of capital
facilities consisting of buildings, structures, durable equipment and
land for special education building projects as provided for in Article
14 of The School Code.
(d) If, in any fiscal year, the funds appropriated for grants to
school districts under Subsection (b) of this Section are not needed in
their entirety for the purpose of grants to school districts for debt
service, the surplus funds may be used for grants to accomplish the
purposes of Subsection (a) of this Section.
(Source: P.A. 84-832.)
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