House Sponsors: LANG-CAPPARELLI. Short description: RVRBTS DOCKSIDE-SCH CONST BNDS Synopsis of Bill as introduced: Amends the State Finance Act to create the Riverboat Gambling Revenue School Construction Fund and the School Construction Bond Repayment Fund. Creates the Riverboat Gambling Revenue School Construction Act. Gives the Capital Development Board the power to issue revenue bonds in amounts not to exceed the amount of revenue generated pursuant to the Act in excess of the amount of revenue generated pursuant to the Act in calendar year 1998. Provides that proceeds from the sale of the bonds shall be deposited into the Riverboat Gambling Revenue School Construction Fund. Provides that the Capital Development Board may make grants to school districts for school construction projects with funds appropriated from the Riverboat Gambling Revenue School Construction Fund. Amends the Riverboat Gambling Act. Provides that an owners license shall authorize the licensee to conduct gambling at the number of gambling positions permitted by the Board, which number shall not exceed 1,200. Deletes the limitation on the number of organization licenses the Board may grant, but does not increase the total number of gambling positions (12,000) for which the Board may grant licenses. Authorizes gambling in Cook County and on Lake Michigan. Authorizes dockside gambling with the approval of the municipality or county that is the home dock of the riverboat. Permits home dock relocation with the authorization of the Board. Effective immediately. FISCAL NOTE (Illinois Gaming Board) State share of new taxes generated will equal approximately $53.9 million and funds available for distribution to locals will increase by an estimated $6.8 million. STATE DEBT NOTE (Economic and Fiscal Commission) HB276 would not increase State general obligation debt. FISCAL NOTE (Capital Development Board) The fiscal impact for HB 276 would be $532,800. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status