Public Act 90-0001 of the 90th General Assembly

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Public Act 90-0001

SB87 Enrolled                                  SRA90S0012MWcb

    AN ACT to amend the General Obligation Bond Act  and  the
Baccalaureate Savings Act.

    Be  it  enacted  by  the People of the State of Illinois,
represented in the General Assembly:


    Section 1.  The General Obligation Bond Act is amended by
changing  Sections 2, 3, 4, and 6.

    (30 ILCS 330/2) (from Ch. 127, par. 652)
    Sec. 2. Authorization for Bonds.  The State  of  Illinois
is  authorized  to issue, sell and provide for the retirement
of General Obligation Bonds of the State of Illinois  in  the
total  amount  of $8,805,508,392 $8,146,008,392 herein called
"Bonds".
    Of the total amount of  bonds  authorized  above,  up  to
$2,200,000,000 $1,700,000,000 in aggregate original principal
amount  may  be  issued  and  sold  in  accordance  with  the
Baccalaureate  Savings  Act in the form of General Obligation
College Savings Bonds.
    Of the total amount of  bonds  authorized  above,  up  to
$300,000,000  in  aggregate  original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
    The issuance and sale of Bonds pursuant  to  the  General
Obligation  Bond Act is an economical and efficient method of
financing the capital needs of  the  State.   This  Act  will
permit  the  issuance  of  a multi-purpose General Obligation
Bond with uniform terms and features.   This  will  not  only
lower  the  cost  of registration but also reduce the overall
cost of  issuing  debt  by  improving  the  marketability  of
Illinois General Obligation Bonds.
    Bonds  shall  be  issued  for the categories and specific
purposes expressed in Sections 2 through 8 and Section 16  of
this Act.
(Source:  P.A. 87-144; 87-173; 87-836; 87-873; 88-93; 88-472;
88-552, eff. 7-14-94; 88-670, eff. 12-2-94.)

    (30 ILCS 330/3) (from Ch. 127, par. 653)
    Sec. 3. Capital Facilities. The amount of  $3,487,283,392
$2,930,083,392  is authorized to be used for the acquisition,
development,   construction,   reconstruction,   improvement,
financing, architectural planning and installation of capital
facilities  within  the  State,  consisting   of   buildings,
structures,  durable  equipment,  land, and interests in land
for the following specific purposes:
    (a)  $905,272,246 $752,272,246 for  educational  purposes
by  State  universities  and colleges, the Illinois Community
College Board created by the Public Community College Act and
for grants to public  community  colleges  as  authorized  by
Sections 5-11 and 5-12 of the Public Community College Act;
    (b)  $898,113,368  $619,113,368 for correctional purposes
at State prison and correctional centers;
    (c)  $284,132,486   $264,132,486   for    open    spaces,
recreational  and conservation purposes and the protection of
land;
    (d)  $415,165,486 $353,165,486 for child care facilities,
mental and public health facilities, and facilities  for  the
care of disabled veterans and their spouses;
    (e)  $765,968,641  $729,843,641 for use by the State, its
departments, authorities,  public  corporations,  commissions
and agencies;
    (f)  $818,100  for  cargo  handling  facilities  at  port
districts and for breakwaters, including harbor entrances, at
port districts in conjunction with facilities for small boats
and pleasure crafts;
    (g)  $129,572,796   $122,572,796   for   water   resource
management projects;
    (h)  $16,940,269   $16,865,269   for   the  provision  of
facilities  for  food   production   research   and   related
instructional  and  public  service  activities  at the State
universities and public community colleges;
    (i)  $34,000,000 for grants by the Secretary of State, as
State Librarian, for central library facilities authorized by
Section 8 of the Illinois Library System Act and  for  grants
by the Capital Development Board to units of local government
for public library facilities;
    (j)  $25,000,000   for   the   acquisition,  development,
construction,   reconstruction,    improvement,    financing,
architectural planning and installation of capital facilities
consisting  of  buildings,  structures, durable equipment and
land  for  grants  to  counties,  municipalities  or   public
building commissions with correctional facilities that do not
comply  with  the  minimum  standards  of  the  Department of
Corrections under Section  3-15-2  of  the  Unified  Code  of
Corrections;
    (k)  $5,000,000  for  grants  in  fiscal year 1988 by the
Department of Conservation for improvement  or  expansion  of
aquarium  facilities  located  on  property  owned  by a park
district; and
    (l)  $7,300,000 to State agencies  for  grants  to  local
governments  for  the  acquisition,  financing, architectural
planning,   development,   alteration,   installation,    and
construction  of  capital facilities consisting of buildings,
structures, durable equipment, and land.
    The amounts authorized above for capital  facilities  may
be   used  for  the  acquisition,  installation,  alteration,
construction, or reconstruction of capital facilities and for
the purchase of equipment for the purpose  of  major  capital
improvements  which  will  reduce energy consumption in State
buildings or facilities.
(Source: P.A. 87-836; 87-852; 87-873; 87-895; 88-93; 88-552.)

    (30 ILCS 330/4) (from Ch. 127, par. 654)
    Sec. 4.  Transportation.  The  amount  of  $2,388,300,000
$2,336,500,000  is  authorized  for  use by the Department of
Transportation for the  specific  purpose  of  promoting  and
assuring  rapid,  efficient,  and  safe highway, air and mass
transportation for the inhabitants of the State by  providing
monies,  including  the  making  of grants and loans, for the
acquisition,  construction,  reconstruction,  extension   and
improvement  of  the  following transportation facilities and
equipment, and for  the  acquisition  of  real  property  and
interests  in  real  property  required  or  expected  to  be
required in connection therewith as follows:
    (a)  $1,411,000,000    for   State   highways,   arterial
highways, freeways,  roads,  bridges,  structures  separating
highways  and  railroads  and  roads,  and  bridges  on roads
maintained by counties,  municipalities,  townships  or  road
districts for the following specific purposes:
         (1)  $1,310,000,000 for use statewide,
         (2)  $3,641,000   for   use   outside   the  Chicago
    urbanized area,
         (3)  $7,543,000 for use within the Chicago urbanized
    area,
         (4)  $13,060,600 for use within the City of Chicago,
         (5)  $57,894,500 for  use  within  the  counties  of
    Cook, DuPage, Kane, Lake, McHenry and Will, and
         (6)  $18,860,900  for  use  outside  the counties of
    Cook, DuPage, Kane, Lake, McHenry and Will.
    (b)  $787,300,000   $735,500,000   for    mass    transit
facilities,   as  defined  in  Section  49.19  of  the  Civil
Administrative Code of  Illinois,  including  rapid  transit,
rail, bus and other equipment used in connection therewith by
the   State   or   any  unit  of  local  government,  special
transportation  district,  municipal  corporation  or   other
corporation  or  public  authority  authorized to provide and
promote public transportation within the State or two or more
of  the  foregoing  jointly,  for  the   following   specific
purposes:
         (1)  $691,500,000 $641,500,000 statewide,
         (2)  $83,350,000  $82,000,000  for  use  within  the
    counties of Cook, DuPage, Kane, Lake, McHenry and Will,
         (3)  $12,450,000  $12,000,000  for  use  outside the
    counties of Cook, DuPage, Kane, Lake, McHenry and Will.
    (c)  $190,000,000 for airport or aviation facilities  and
any   equipment   used  in  connection  therewith,  including
engineering and land acquisition costs, by the State  or  any
unit  of  local  government, special transportation district,
municipal  corporation  or  other   corporation   or   public
authority  authorized to provide public transportation within
the State, or two or more of the foregoing acting jointly.
(Source: P.A. 88-552; 89-235, eff. 8-4-95.)

    (30 ILCS 330/6) (from Ch. 127, par. 656)
    Sec. 6. Anti-Pollution.
    (a)  The  amount  of  $170,400,000  is   authorized   for
allocation  by the Environmental Protection Agency for grants
or loans to units of local government  in  such  amounts,  at
such times and for such purpose as the Agency deems necessary
or desirable for the planning, financing, and construction of
municipal  sewage  treatment  works  and solid waste disposal
facilities  and  for  making  of  deposits  into  the   Water
Pollution  Control  Revolving  Fund  to provide assistance in
accordance  with  the  provisions  of  Title  IV-A   of   the
Environmental Protection Act.
    (b)  The   amount   of   $160,500,000   $110,000,000   is
authorized  for  allocation  by  the Environmental Protection
Agency for payment of  claims  submitted  to  the  State  and
approved  for  payment  under the Leaking Underground Storage
Tank Program established in Title XVI  of  the  Environmental
Protection Act.
(Source:  P.A.  87-836;  88-93; 88-552, eff. 7-14-94; 88-670,
eff. 12-2-94.)

    Section 2.  The Baccalaureate Savings Act is  amended  by
changing Section 4.

    (110 ILCS 920/4) (from Ch. 144, par. 2404)
    Sec.  4.  Issuance and Sale of College Savings Bonds.  In
order to provide investors with  investment  alternatives  to
enhance  their  financial  access  to  Institutions of Higher
Education  located  in  the  State  of   Illinois,   and   in
furtherance   of   the  public  policy  of  this  Act,  bonds
authorized by the provisions of the General  Obligation  Bond
Act,  in  a  total aggregate original principal amount not to
exceed $2,200,000,000 $1,700,000,000 may be issued  and  sold
from  time  to  time, and as often as practicable, as College
Savings Bonds in such amounts as directed  by  the  Governor,
upon  recommendation  by  the  Director  of the Bureau of the
Budget.  Bonds to be issued and sold as College Savings Bonds
shall be designated by the Governor and the Director  of  the
Bureau  of  the Budget as "General Obligation College Savings
Bonds" in the proceedings authorizing the  issuance  of  such
Bonds,  and  shall  be  subject  to  all  of  the  terms  and
provisions  of  the  General Obligation Bond Act, except that
College Savings Bonds may bear interest payable at such  time
or times and may be sold at such prices and in such manner as
may  be  determined  by  the Governor and the Director of the
Bureau of the Budget and except as otherwise provided in this
Act. If College Savings Bonds are sold at  public  sale,  the
public sale procedures shall be as set forth in Section 11 of
the  General  Obligation Bond Act.  College Savings Bonds may
be sold at negotiated sale if the Director of the  Bureau  of
the  Budget  determines that a negotiated sale will result in
either a more efficient and economic sale of  such  Bonds  or
greater  access  to such Bonds by investors who are residents
of the State of Illinois.  If any College Savings  Bonds  are
sold at a negotiated sale, the underwriter or underwriters to
which   such   Bonds   are   sold  shall  (a)  be  organized,
incorporated or have their principal place of business in the
State of Illinois, or (b) in the judgment of the Director  of
the  Bureau of the Budget, have sufficient capability to make
a broad distribution of such Bonds to investors  resident  in
the   State  of  Illinois.    In  determining  the  aggregate
principal amount of  College  Savings  Bonds  that  has  been
issued pursuant to this Act, the aggregate original principal
amount  of  such  Bonds  issued  and sold shall be taken into
account.  Any bond issued under this Act shall be payable  in
one  payment  on  a  fixed  date, unless the Governor and the
Director of the Bureau of the Budget determine otherwise.
(Source: P.A. 87-144; 88-93.)

    Section 3.  This Act becomes effective  immediately  upon
becoming law.

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