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91_HB2317 LRB9105478NTsb 1 AN ACT relating to bonds for school construction 2 projects, amending named Acts. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The General Obligation Bond Act is amended by 6 changing Sections 2 and 5 a follows: 7 (30 ILCS 330/2) (from Ch. 127, par. 652) 8 Sec. 2. Authorization for Bonds. The State of Illinois 9 is authorized to issue, sell and provide for the retirement 10 of General Obligation Bonds of the State of Illinois in the 11 total amount of $11,255,296,392
$10,895,296,392herein called 12 "Bonds". 13 Of the total amount of bonds authorized above, up to 14 $2,200,000,000 in aggregate original principal amount may be 15 issued and sold in accordance with the Baccalaureate Savings 16 Act in the form of General Obligation College Savings Bonds. 17 Of the total amount of bonds authorized above, up to 18 $300,000,000 in aggregate original principal amount may be 19 issued and sold in accordance with the Retirement Savings Act 20 in the form of General Obligation Retirement Savings Bonds. 21 The issuance and sale of Bonds pursuant to the General 22 Obligation Bond Act is an economical and efficient method of 23 financing the capital needs of the State. This Act will 24 permit the issuance of a multi-purpose General Obligation 25 Bond with uniform terms and features. This will not only 26 lower the cost of registration but also reduce the overall 27 cost of issuing debt by improving the marketability of 28 Illinois General Obligation Bonds. 29 Bonds shall be issued for the categories and specific 30 purposes expressed in Sections 2 through 8 and Section 16 of 31 this Act. -2- LRB9105478NTsb 1 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549, 2 eff. 12-8-97; 90-586, eff. 6-4-98.) 3 (30 ILCS 330/5) (from Ch. 127, par. 655) 4 Sec. 5. School Construction. 5 (a) The amount of $58,450,000 is authorized to make 6 grants to local school districts for the acquisition, 7 development, construction, reconstruction, rehabilitation, 8 improvement, financing, architectural planning and 9 installation of capital facilities, including but not limited 10 to those required for special education building projects 11 provided for in Article 14 of The School Code, consisting of 12 buildings, structures, and durable equipment, and for the 13 acquisition and improvement of real property and interests in 14 real property required, or expected to be required, in 15 connection therewith. 16 (b) $22,550,000, or so much thereof as may be necessary, 17 for grants to school districts for the making of principal 18 and interest payments, required to be made, on bonds issued 19 by such school districts after January 1, 1969, pursuant to 20 any indenture, ordinance, resolution, agreement or contract 21 to provide funds for the acquisition, development, 22 construction, reconstruction, rehabilitation, improvement, 23 architectural planning and installation of capital facilities 24 consisting of buildings, structures, durable equipment and 25 land for educational purposes or for lease payments required 26 to be made by a school district for principal and interest 27 payments on bonds issued by a Public Building Commission 28 after January 1, 1969. 29 (c) $10,000,000 for grants to school districts for the 30 acquisition, development, construction, reconstruction, 31 rehabilitation, improvement, architectural planning and 32 installation of capital facilities consisting of buildings 33 structures, durable equipment and land for special education -3- LRB9105478NTsb 1 building projects. 2 (d) $9,000,000 for grants to school districts for the 3 reconstruction, rehabilitation, improvement, financing and 4 architectural planning of capital facilities, including 5 construction at another location to replace such capital 6 facilities, consisting of those public school buildings and 7 temporary school facilities which, prior to January 1, 1984, 8 were condemned by the regional superintendent under Section 9 3-14.22 of The School Code or by any State official having 10 jurisdiction over building safety. 11 (e) $1,100,000,000 for grants to school districts for 12 school improvement projects authorized by the School 13 Construction Law. The bonds shall be sold in amounts not to 14 exceed the following schedule, except any bonds not sold 15 during one year shall be added to the bonds to be sold during 16 the remainder of the schedule: 17 First year...................................$200,000,000 18 Second year..................................$250,000,000 19 Third year...................................$250,000,000 20 Fourth year..................................$200,000,000 21 Fifth year...................................$200,000,000 22 (f) $360,000,000 for grants to school districts which 23 are located in a county that has a population of less than 24 500,000 inhabitants and that is not contiguous to a county 25 with a population in excess of 3,000,000 inhabitants for the 26 acquisition, development, construction, reconstruction, 27 rehabilitation, improvement, financing, architectural 28 planning, and installation of capital facilities, including 29 but not limited to those required for special education 30 building projects provided for in Article 14 of the School 31 Code, consisting of buildings, structures, and durable 32 equipment, and for the acquisition and improvement of real 33 property and interests in real property required, or expected 34 to be required, in connection therewith. School district -4- LRB9105478NTsb 1 projects eligible for grants pursuant to this subsection (f) 2 are subject to the criteria that, under the provisions of 3 Section 5-15 of the School Construction Law, are entitled to 4 priority consideration from the State Board of Education in 5 issuing grant entitlements and determining the priority order 6 of school construction project grants that are to be made by 7 the Capital Development Board under Section 5-13 of the 8 School Construction Law. 9 (Source: P.A. 90-549, eff. 12-8-97.) 10 Section 10. The School Construction Law is amended by 11 adding Section 5-13 and changing Section 5-15 as follows: 12 (105 ILCS 230/5-13 new) 13 Sec. 5-13. Grants authorized under General Obligation 14 Bond Act. From funds appropriated by the General Assembly 15 from the School Infrastructure Fund, the Capital Development 16 Board is authorized to make grants in accordance with the 17 provisions of this Act for school construction projects 18 authorized pursuant to subsection (f) of Section 5 of the 19 General Obligation Bond Act. Those grants shall be based on 20 grant entitlements issued by the State Board of Education and 21 shall be made by the Capital Development Board to school 22 districts which are located in a county that has a population 23 of less than 500,000 inhabitants and that is not contiguous 24 to a county with a population in excess of 3,000,000 25 inhabitants, in accordance with the priority order provided 26 by the State Board of Education under the priority 27 considerations described therefor in Section 5-15 of this 28 Law. 29 (105 ILCS 230/5-15) 30 Sec. 5-15. Grant entitlements. The State Board of 31 Education is authorized to issue grant entitlements for -5- LRB9105478NTsb 1 school construction projects and debt service and shall 2 determine the priority order for school construction project 3 grants to be made by the Capital Development Board. However, 4 in determining the priority order for school construction 5 project grants to be made by the Capital Development Board 6 and the issuance of grant entitlements therefor under Section 7 5-13 of this Law, the State Board of Education shall give 8 priority consideration to school construction projects for 9 (i) school districts that because of debt limitations 10 applicable to the district under Section 19-1 of the School 11 Code are unable, or unable except by referendum, to incur 12 additional indebtedness by the issuance of bonds for school 13 construction purposes and (ii) schools with fire and 14 Health/Life Safety Code violations, child safety concerns, 15 pupil overcrowding, and facilities that are not conducive to 16 the teaching of modern technologies. 17 (Source: P.A. 90-548, eff. 1-1-98.) 18 Section 99. Effective date. This Act takes effect upon 19 becoming law.
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