[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
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 $10,895,296,392 herein 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.