94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3903


 
Introduced 2/28/2005, by Rep. Michael J. Madigan - Gary Hannig
 
SYNOPSIS AS INTRODUCED:
 		













30 ILCS 330/5
  from Ch. 127, par. 655







    Amends the General Obligation Bond Act.  Makes a technical change in a Section concerning
school construction bonds.
















LRB094 02736 RCE 32737 b

















 


 


A BILL FOR









 











HB3903

LRB094 02736 RCE 32737 b






1
    AN ACT concerning finance.

 
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
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 School Code,
consisting of 
15
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 and 
21
interest payments, required
to be made, on bonds issued by such 
22
school districts after January 1, 1969,
pursuant to any 
23
indenture, ordinance, resolution, agreement or contract
to 
24
provide funds for the acquisition, development, construction,

25
reconstruction, rehabilitation, improvement, architectural 
26
planning and installation of
capital facilities consisting of 
27
buildings, structures, durable equipment
and land for 
28
educational purposes or for lease payments required to be made

29
by a school district for principal and interest payments on 
30
bonds issued
by a Public Building Commission after January 1, 
31
1969.

32
    (c) $10,000,000 for grants to school districts for the 
 


 






HB3903
- 2 -
LRB094 02736 RCE 32737 b




1
acquisition,
development, construction, reconstruction, 
2
rehabilitation, improvement,
architectural
planning and 
3
installation of capital facilities consisting of buildings

4
structures, durable equipment and land for special education 
5
building projects.

6
    (d) $9,000,000 for grants to school districts for the 
7
reconstruction,
rehabilitation, improvement, financing and 
8
architectural planning of capital
facilities, including 
9
construction at another location to replace such capital

10
facilities, consisting of those public school buildings and 
11
temporary school
facilities which, prior to January 1, 1984, 
12
were condemned by the regional
superintendent under Section 
13
3-14.22 of The School Code or by any State
official having 
14
jurisdiction over building safety.

15
    (e) $3,050,000,000 for grants to school districts for

16
school improvement
projects authorized by the School 
17
Construction Law.  The bonds shall be sold in
amounts not to 
18
exceed the following schedule, except any bonds not sold during

19
one year shall be added to the bonds to be sold during the 
20
remainder of the
schedule:

21
    First year.......................................$200,000,000

22
    Second year......................................$450,000,000

23
    Third year.......................................$500,000,000

24
    Fourth year......................................$500,000,000

25
    Fifth year.......................................$800,000,000

26
    Sixth year and thereafter........................$600,000,000

27
(Source: P.A. 91-39, eff. 6-15-99; 92-598, eff. 6-28-02.)