96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0435


 
Introduced 2/6/2009, by Sen. John J. Cullerton
 
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.
















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A BILL FOR









 











SB0435

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    AN ACT concerning finance.

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

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



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



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    Sec. 5. School Construction. 

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    (a) The
The amount of $58,450,000 is authorized to
make 
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grants to local school
districts for the acquisition, 
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development, construction, reconstruction,
rehabilitation, 
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improvement, financing, architectural planning and

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installation of capital facilities, including but not limited 
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to those
required for special
education building projects 
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provided for in Article 14 of The School Code,
consisting of 
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buildings, structures, and durable equipment, and for the

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acquisition and improvement of real property and interests in 
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real property
required, or expected to be required, in 
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connection therewith.
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    (b) $22,550,000, or so much thereof as may be necessary, 
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for grants to
school districts for the making of principal and 
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interest payments, required
to be made, on bonds issued by such 
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school districts after January 1, 1969,
pursuant to any 
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indenture, ordinance, resolution, agreement or contract
to 
 


 






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provide funds for the acquisition, development, construction,

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

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

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    (c) $10,000,000 for grants to school districts for the 
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acquisition,
development, construction, reconstruction, 
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rehabilitation, improvement,
architectural
planning and 
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installation of capital facilities consisting of buildings

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

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

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

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

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school improvement
projects authorized by the School 
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Construction Law.  The bonds shall be sold in
amounts not to 
 


 






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exceed the following schedule, except any bonds not sold during

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

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

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

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

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

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

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

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