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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
91_HB4584enr HB4584 Enrolled LRB9112938REdv 1 AN ACT to amend the General Obligation Bond Act by 2 changing Sections 2, 3, 6, and 16. 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, 3, 6, and 16 as 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 for the 11 categories and specific purposes expressed in Sections 2 12 through 8 of this Act, in the total amount of $14,197,632,592 13$16,177,847,592 herein called "Bonds". 14 The bonds authorized in this Section 2 and in Section 16 15 of this Act are herein called "Bonds". 16 Of the total amount of Bondsbondsauthorized in this Act 17above, up to $2,200,000,000 in aggregate original principal 18 amount may be issued and sold in accordance with the 19 Baccalaureate Savings Act in the form of General Obligation 20 College Savings Bonds. 21 Of the total amount of Bondsbondsauthorized in this Act 22above, up to $300,000,000 in aggregate original principal 23 amount may be issued and sold in accordance with the 24 Retirement Savings Act in the form of General Obligation 25 Retirement Savings Bonds. 26 The issuance and sale of Bonds pursuant to the General 27 Obligation Bond Act is an economical and efficient method of 28 financing the capital needs of the State. This Act will 29 permit the issuance of a multi-purpose General Obligation 30 Bond with uniform terms and features. This will not only 31 lower the cost of registration but also reduce the overall HB4584 Enrolled -2- LRB9112938REdv 1 cost of issuing debt by improving the marketability of 2 Illinois General Obligation Bonds. 3Bonds shall be issued for the categories and specific4purposes expressed in Sections 2 through 8 and Section 16 of5this Act.6 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549, 7 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99; 8 91-53, eff 6-30-99.) 9 (30 ILCS 330/3) (from Ch. 127, par. 653) 10 Sec. 3. Capital Facilities. The amount of $6,078,847,592 11$5,238,217,592is authorized to be used for the acquisition, 12 development, construction, reconstruction, improvement, 13 financing, architectural planning and installation of capital 14 facilities within the State, consisting of buildings, 15 structures, durable equipment, land, and interests in land 16 for the following specific purposes: 17 (a) $1,710,255,446$1,516,755,446for educational 18 purposes by State universities and colleges, the Illinois 19 Community College Board created by the Public Community 20 College Act and for grants to public community colleges as 21 authorized by Sections 5-11 and 5-12 of the Public Community 22 College Act; 23 (b) $1,542,970,168$1,312,970,168for correctional 24 purposes at State prison and correctional centers; 25 (c) $470,941,786$433,941,786for open spaces, 26 recreational and conservation purposes and the protection of 27 land; 28 (d) $536,280,486$506,780,486for child care facilities, 29 mental and public health facilities, and facilities for the 30 care of disabled veterans and their spouses; 31 (e) $1,129,599,341$1,033,599,341for use by the State, 32 its departments, authorities, public corporations, 33 commissions and agencies; HB4584 Enrolled -3- LRB9112938REdv 1 (f) $818,100 for cargo handling facilities at port 2 districts and for breakwaters, including harbor entrances, at 3 port districts in conjunction with facilities for small boats 4 and pleasure crafts; 5 (g) $186,657,796$173,527,796for water resource 6 management projects; 7 (h) $16,940,269 for the provision of facilities for food 8 production research and related instructional and public 9 service activities at the State universities and public 10 community colleges; 11 (i) $36,000,000$34,000,000for grants by the Secretary 12 of State, as State Librarian, for central library facilities 13 authorized by Section 8 of the Illinois Library System Act 14 and for grants by the Capital Development Board to units of 15 local government for public library facilities; 16 (j) $25,000,000 for the acquisition, development, 17 construction, reconstruction, improvement, financing, 18 architectural planning and installation of capital facilities 19 consisting of buildings, structures, durable equipment and 20 land for grants to counties, municipalities or public 21 building commissions with correctional facilities that do not 22 comply with the minimum standards of the Department of 23 Corrections under Section 3-15-2 of the Unified Code of 24 Corrections; 25 (k) $5,000,000 for grants in fiscal year 1988 by the 26 Department of Conservation for improvement or expansion of 27 aquarium facilities located on property owned by a park 28 district; 29 (l) $337,584,200$138,484,200to State agencies for 30 grants to local governments for the acquisition, financing, 31 architectural planning, development, alteration, 32 installation, and construction of capital facilities 33 consisting of buildings, structures, durable equipment, and 34 land; and HB4584 Enrolled -4- LRB9112938REdv 1 (m) $80,800,000$40,400,000for the Illinois Open Land 2 Trust Program as defined by the Illinois Open Land Trust Act. 3 The amounts authorized above for capital facilities may 4 be used for the acquisition, installation, alteration, 5 construction, or reconstruction of capital facilities and for 6 the purchase of equipment for the purpose of major capital 7 improvements which will reduce energy consumption in State 8 buildings or facilities. 9 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549, 10 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, 6-15-99; 91-53, 11 eff. 6-30-99.) 12 (30 ILCS 330/6) (from Ch. 127, par. 656) 13 Sec. 6. Anti-Pollution. 14 (a) The amount of $262,815,000$244,635,000is 15 authorized for allocation by the Environmental Protection 16 Agency for grants or loans to units of local government in 17 such amounts, at such times and for such purpose as the 18 Agency deems necessary or desirable for the planning, 19 financing, and construction of municipal sewage treatment 20 works and solid waste disposal facilities and for making of 21 deposits into the Water Revolving Fund and the U.S. 22 Environmental Protection Fund to provide assistance in 23 accordance with the provisions of Title IV-A of the 24 Environmental Protection Act. 25 (b) The amount of $160,500,000 is authorized for 26 allocation by the Environmental Protection Agency for payment 27 of claims submitted to the State and approved for payment 28 under the Leaking Underground Storage Tank Program 29 established in Title XVI of the Environmental Protection Act. 30 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549, 31 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99.) 32 (30 ILCS 330/16) (from Ch. 127, par. 666) HB4584 Enrolled -5- LRB9112938REdv 1 Sec. 16. Refunding Bonds. The State of Illinois is 2 authorized to issue, sell, and provide for the retirement of 3 General Obligation Bonds of the State of Illinois in the 4 amount of $2,839,025,000, at any time and from time to time 5 outstanding,is authorizedfor the purpose of refunding any 6 State of Illinois general obligation Bonds then outstanding, 7 including the payment of any redemption premium thereon, any 8 reasonable expenses of such refunding, any interest accrued 9 or to accrue to the earliest or any subsequent date of 10 redemption or maturity of such outstanding Bonds and any 11 interest to accrue to the first interest payment on the 12 refunding Bonds; provided that such refunding Bonds shall 13 mature no later than the final maturity date of Bonds being 14 refunded. 15 Refunding Bonds may be sold from time to time pursuant to 16 notice of sale and public bid or by negotiated sale in such 17 amounts and at such times, as directed by the Governor, upon 18 recommendation by the Director of the Bureau of the Budget. 19 The Governor shall notify the State Treasurer and Comptroller 20 of such refunding. The proceeds received from the sale of 21 refunding Bonds shall be used for the retirement at maturity 22 or redemption of such outstanding Bonds on any maturity or 23 redemption date and, pending such use, shall be placed in 24 escrow, subject to such terms and conditions as shall be 25 provided for in the Bond Sale Order relating to the Refunding 26 Bonds. Proceeds not needed for deposit in an escrow account 27 shall be deposited in the General Obligation Bond Retirement 28 and Interest Fund. This Act shall constitute an irrevocable 29 and continuing appropriation of all amounts necessary to 30 establish an escrow account for the purpose of refunding 31 outstanding general obligation Bonds and to pay the 32 reasonable expenses of such refunding and of the issuance and 33 sale of the refunding Bonds. Any such escrowed proceeds may 34 be invested and reinvested in direct obligations of the HB4584 Enrolled -6- LRB9112938REdv 1 United States of America, maturing at such time or times as 2 shall be appropriate to assure the prompt payment, when due, 3 of the principal of and interest and redemption premium, if 4 any, on the refunded Bonds. After the terms of the escrow 5 have been fully satisfied, any remaining balance of such 6 proceeds and interest, income and profits earned or realized 7 on the investments thereof shall be paid into the General 8 Revenue Fund. The liability of the State upon the Bonds 9 shall continue, provided that the holders thereof shall 10 thereafter be entitled to payment only out of the moneys 11 deposited in the escrow account. 12 Except as otherwise herein provided in this Section, such 13 refunding Bonds shall in all other respects be subject to the 14 terms and conditions of this Act. 15 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99.) 16 Section 99. Effective date. This Act takes effect upon 17 becoming law.