(105 ILCS 230/5-35)
Sec. 5-35. School construction project grant amounts; permitted
use; prohibited use. (a) The product of the district's grant index and the
recognized project cost, as determined by the Capital Development Board, for an
approved school construction project shall equal the amount of the grant the
Capital Development Board shall provide to the eligible district. The grant
index shall not be used in cases where the General Assembly and the Governor
approve appropriations designated for specifically identified school district
construction projects.
The average of the grant indexes of the member districts in a joint agreement shall be used to calculate the amount of a school construction project grant awarded to an eligible Type 40 area vocational center.
(b) In each fiscal year in which school construction project grants are
awarded, 20% of the total amount awarded statewide shall be awarded to a school
district with a population exceeding 500,000, provided such district complies
with the provisions of this Article.
In addition to the uses otherwise authorized by this Law, any school
district with a population exceeding 500,000 is authorized to use any or all
of the school construction project grants (i) to pay debt service, as defined
in the Local Government Debt Reform Act, on bonds, as defined in the Local
Government Debt Reform Act, issued to finance one or more school construction
projects and (ii) to the extent that any such bond is a lease or other
installment or financing contract between the school district and a public
building commission that has issued bonds to finance one or more qualifying
school construction projects, to make lease payments under the lease.
(b-5) In addition to the uses otherwise authorized by this Law, any school district that (1) was organized prior to 1860 and (2) is located in part in a city originally incorporated prior to 1840 is authorized to use any or all of the school construction project grants (i) to pay debt service on bonds, as those terms are defined in the Local Government Debt Reform Act, that are issued to finance one or more school construction projects and (ii) to the extent that any such bond is a lease or other installment or financing contract between the school district and a public building commission that has issued bonds to finance one or more qualifying school construction projects, to make lease payments under the lease. (c) No portion of a school construction project grant awarded by the
Capital Development Board shall be used by a school district for any
on-going operational costs.
(Source: P.A. 96-731, eff. 8-25-09; 96-1467, eff. 8-20-10.)
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