HB3820 EngrossedLRB099 08928 SXM 29101 b

1    AN ACT concerning Finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The General Obligation Bond Act is amended by
5changing Sections 2 and 4 as follows:
 
6    (30 ILCS 330/2)  (from Ch. 127, par. 652)
7    Sec. 2. Authorization for Bonds. The State of Illinois is
8authorized to issue, sell and provide for the retirement of
9General Obligation Bonds of the State of Illinois for the
10categories and specific purposes expressed in Sections 2
11through 8 of this Act, in the total amount of $51,017,925,743
12$49,917,925,743.
13    The bonds authorized in this Section 2 and in Section 16 of
14this Act are herein called "Bonds".
15    Of the total amount of Bonds authorized in this Act, up to
16$2,200,000,000 in aggregate original principal amount may be
17issued and sold in accordance with the Baccalaureate Savings
18Act in the form of General Obligation College Savings Bonds.
19    Of the total amount of Bonds authorized in this Act, up to
20$300,000,000 in aggregate original principal amount may be
21issued and sold in accordance with the Retirement Savings Act
22in the form of General Obligation Retirement Savings Bonds.
23    Of the total amount of Bonds authorized in this Act, the

 

 

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1additional $10,000,000,000 authorized by Public Act 93-2, the
2$3,466,000,000 authorized by Public Act 96-43, and the
3$4,096,348,300 authorized by Public Act 96-1497 shall be used
4solely as provided in Section 7.2.
5    The issuance and sale of Bonds pursuant to the General
6Obligation Bond Act is an economical and efficient method of
7financing the long-term capital needs of the State. This Act
8will permit the issuance of a multi-purpose General Obligation
9Bond with uniform terms and features. This will not only lower
10the cost of registration but also reduce the overall cost of
11issuing debt by improving the marketability of Illinois General
12Obligation Bonds.
13(Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12;
1497-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff.
158-16-13; 98-781, eff. 7-22-14.)
 
16    (30 ILCS 330/4)  (from Ch. 127, par. 654)
17    Sec. 4. Transportation. The amount of $17,048,199,000
18$15,948,199,000 is authorized for use by the Department of
19Transportation for the specific purpose of promoting and
20assuring rapid, efficient, and safe highway, air and mass
21transportation for the inhabitants of the State by providing
22monies, including the making of grants and loans, for the
23acquisition, construction, reconstruction, extension and
24improvement of the following transportation facilities and
25equipment, and for the acquisition of real property and

 

 

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1interests in real property required or expected to be required
2in connection therewith as follows:
3    (a) $5,432,129,000 for State highways, arterial highways,
4freeways, roads, bridges, structures separating highways and
5railroads and roads, and bridges on roads maintained by
6counties, municipalities, townships or road districts for the
7following specific purposes:
8        (1) $3,330,000,000 for use statewide,
9        (2) $3,677,000 for use outside the Chicago urbanized
10    area,
11        (3) $7,543,000 for use within the Chicago urbanized
12    area,
13        (4) $13,060,600 for use within the City of Chicago,
14        (5) $58,987,500 for use within the counties of Cook,
15    DuPage, Kane, Lake, McHenry and Will,
16        (6) $18,860,900 for use outside the counties of Cook,
17    DuPage, Kane, Lake, McHenry and Will, and
18        (7) $2,000,000,000 for use on projects included in
19    either (i) the FY09-14 Proposed Highway Improvement
20    Program as published by the Illinois Department of
21    Transportation in May 2008 or (ii) the FY10-15 Proposed
22    Highway Improvement Program to be published by the Illinois
23    Department of Transportation in the spring of 2009; except
24    that all projects must be maintenance projects for the
25    existing State system with the goal of reaching 90%
26    acceptable condition in the system statewide and further

 

 

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1    except that all projects must reflect the generally
2    accepted historical distribution of projects throughout
3    the State.
4    (b) $5,379,670,000 for rail facilities and for mass transit
5facilities, as defined in Section 2705-305 of the Department of
6Transportation Law (20 ILCS 2705/2705-305), including rapid
7transit, rail, bus and other equipment used in connection
8therewith by the State or any unit of local government, special
9transportation district, municipal corporation or other
10corporation or public authority authorized to provide and
11promote public transportation within the State or two or more
12of the foregoing jointly, for the following specific purposes:
13        (1) $4,283,870,000 statewide,
14        (2) $83,350,000 for use within the counties of Cook,
15    DuPage, Kane, Lake, McHenry and Will,
16        (3) $12,450,000 for use outside the counties of Cook,
17    DuPage, Kane, Lake, McHenry and Will, and
18        (4) $1,000,000,000 for use on projects that shall
19    reflect the generally accepted historical distribution of
20    projects throughout the State.
21    (c) $482,600,000 for airport or aviation facilities and any
22equipment used in connection therewith, including engineering
23and land acquisition costs, by the State or any unit of local
24government, special transportation district, municipal
25corporation or other corporation or public authority
26authorized to provide public transportation within the State,

 

 

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1or two or more of the foregoing acting jointly, and for the
2making of deposits into the Airport Land Loan Revolving Fund
3for loans to public airport owners pursuant to the Illinois
4Aeronautics Act.
5    (d) $5,753,800,000 $4,653,800,000 for use statewide for
6State or local highways, arterial highways, freeways, roads,
7bridges, and structures separating highways and railroads and
8roads, and for grants to counties, municipalities, townships,
9or road districts for planning, engineering, acquisition,
10construction, reconstruction, development, improvement,
11extension, and all construction-related expenses of the public
12infrastructure and other transportation improvement projects
13which are related to economic development in the State of
14Illinois.
15(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13;
1698-781, eff. 7-22-14.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.