093_HB2123eng

 
HB2123 Engrossed                     LRB093 04766 SJM 04822 b

 1        AN ACT concerning bonds.

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

 4        Section 5.  The General Obligation Bond Act is amended by
 5    changing Section 5 as follows:

 6        (30 ILCS 330/5) (from Ch. 127, par. 655)
 7        Sec. 5.  School Construction.
 8        (a)  The amount of  $58,450,000  is  authorized  to  make
 9    grants   to  local  school  districts  for  the  acquisition,
10    development,  construction,  reconstruction,  rehabilitation,
11    improvement,   financing,    architectural    planning    and
12    installation of capital facilities, including but not limited
13    to  those  required  for  special education building projects
14    provided for in Article 14 of the The School Code, consisting
15    of buildings, structures, and durable equipment, and for  the
16    acquisition and improvement of real property and interests in
17    real  property  required,  or  expected  to  be  required, in
18    connection therewith.
19        (b)  $22,550,000, or so much thereof as may be necessary,
20    for grants to school districts for the  making  of  principal
21    and  interest  payments, required to be made, on bonds issued
22    by such school districts after January 1, 1969,  pursuant  to
23    any  indenture,  ordinance, resolution, agreement or contract
24    to  provide   funds   for   the   acquisition,   development,
25    construction,  reconstruction,  rehabilitation,  improvement,
26    architectural planning and installation of capital facilities
27    consisting  of  buildings,  structures, durable equipment and
28    land for educational purposes or for lease payments  required
29    to  be  made  by a school district for principal and interest
30    payments on bonds issued  by  a  Public  Building  Commission
31    after January 1, 1969.
 
HB2123 Engrossed            -2-      LRB093 04766 SJM 04822 b
 1        (c)  $10,000,000  for  grants to school districts for the
 2    acquisition,   development,   construction,   reconstruction,
 3    rehabilitation,  improvement,  architectural   planning   and
 4    installation  of  capital  facilities consisting of buildings
 5    structures, durable equipment and land for special  education
 6    building projects.
 7        (d)  $9,000,000  for  grants  to school districts for the
 8    reconstruction, rehabilitation,  improvement,  financing  and
 9    architectural   planning  of  capital  facilities,  including
10    construction at another  location  to  replace  such  capital
11    facilities,  consisting  of those public school buildings and
12    temporary school facilities which, prior to January 1,  1984,
13    were  condemned  by the regional superintendent under Section
14    3-14.22 of The School Code or by any  State  official  having
15    jurisdiction over building safety.
16        (e)  $3,050,000,000  for  grants  to school districts for
17    school  improvement  projects  authorized   by   the   School
18    Construction  Law.  The bonds shall be sold in amounts not to
19    exceed the following schedule,  except  any  bonds  not  sold
20    during one year shall be added to the bonds to be sold during
21    the remainder of the schedule:
22        First year...................................$200,000,000
23        Second year..................................$450,000,000
24        Third year...................................$500,000,000
25        Fourth year..................................$500,000,000
26        Fifth year...................................$800,000,000
27        Sixth year and thereafter....................$600,000,000
28    (Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)