SCH CONSTRUCTION-BOND-CAP PLAN Senate SponsorsSen. Larry D. Woolard-Christine Radogno-Kimberly A. Lightford-M. Maggie Crotty 4/3/2003SenateThird Reading - Lost; 033-004-021 30 ILCS 330/2from Ch. 127, par. 65230 ILCS 330/5from Ch. 127, par. 655105 ILCS 230/5-60 newAmends the General Obligation Bond Act and the School Construction Law. Increases by $1,000,000,000 the amount of General Obligation Bonds authorized to be sold for grants to school districts for school improvement projects authorized by the School Construction Law. Distributes the increased authorization in year 8 of the schedule. Requires the State Board of Education to submit an annual capital plan to the General Assembly, based on the 5-year capital needs of school districts. Effective immediately.Fiscal Note (State Board of Education) Will increase the state cost for debt service on $1 Billion in bonds and administrative costs to develop a capital plan for school districts. The amount of increased debt service will depend on the structure of the bonds and the interest rates of the bonds. Once $1 Billion in bonds are issued, SB 634 will likely cost less than $80 Million per year in debt service, the Bureau of the Budget could provide a more specific estimate. The administrative costs are relatively minor (less than $500 thousand) compared to the cost of debt service, but may create a burden given recent and anticipated cuts to operations. 2/19/2003SenateFiled with Secretary by Sen. Larry D. Woolard 2/19/2003SenateFirst Reading 2/19/2003SenateReferred to Rules 2/20/2003SenateAdded as Chief Co-Sponsor Sen. Christine Radogno 2/26/2003SenateAssigned to Education 3/6/2003SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford 3/10/2003SenateAdded as Chief Co-Sponsor Sen. M. Maggie Crotty 3/12/2003SenateDo Pass Education; 006-000-003 3/12/2003SenatePlaced on Calendar Order of 2nd Reading March 13, 2003 3/13/2003SenateFiscal Note Requested by Sen. Dan Cronin 3/18/2003SenateFiscal Note Filed 3/21/2003SenateSecond Reading 3/21/2003SenatePlaced on Calendar Order of 3rd Reading March 24, 2003 4/3/2003Senate3/5 Vote Required 4/3/2003SenateThird Reading - Lost; 033-004-021