92nd General Assembly
Status of SB1754
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 Full Text  Bill Summary

   30 ILCS 330/2             from Ch. 127, par. 652                            
   30 ILCS 330/5             from Ch. 127, par. 655                            
   230 ILCS 10/13            from Ch. 120, par. 2413                           

        Amends the General Obligation Bond Act. Authorizes the  State  to      
   issue,  sell,  and  provide  for  the retirement of general obligation      
   bonds in the total amount of $17,265,007,500  (the  current  limit  is      
   $15,265,007,500).  Provides  that  the additional amount is to be used      
   for  the  purpose  of  grants  to  school  districts  for  the  school      
   improvement  projects  authorized  by  the  School  Construction  Law.      
   Provides a schedule for when the additional bonds may be sold.  Amends      
   the  Riverboat Gambling Act. Increases the amount of the privilege tax      
   on riverboat gambling operations by 10%. Requires the payment, subject      
   to appropriation, into the  General  Obligation  Bond  Retirement  and      
   Interest  Fund  of  10%  of the adjusted gross receipts generated by a      
   riverboat until the Bureau of the Budget certifies to  the  Department      
   that  the  amount  that will be necessary to finance the principal of,      
   interest on, and premium, if any, on the $2,000,000,000 in  additional      
   general  obligation bonds authorized to be issued for grants to school      
   districts for school improvement projects  authorized  by  the  School      
   Construction Law has been paid into that Fund. Effective July 1, 2002.      
   FEB-05-2002  S  FIRST READING                                                  
   FEB-05-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary