Bill Text: IL HB5667 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the General Obligation Bond Act. Increases by $100,000,000 the amount of General Obligation Bonds authorized to be sold for grants to school districts for school improvement projects authorized by the School Construction Law. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2016-02-10 - Referred to Rules Committee [HB5667 Detail]

Download: Illinois-2015-HB5667-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB5667 Introduced , by Rep. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED:
30 ILCS 330/2 from Ch. 127, par. 652
30 ILCS 330/5 from Ch. 127, par. 655
Amends the General Obligation Bond Act. Increases by $100,000,000 the amount of General Obligation Bonds authorized to be sold for grants to school districts for school improvement projects authorized by the School Construction Law. Effective immediately.
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FISCAL NOTE ACT MAY APPLY STATE DEBT IMPACT NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The General Obligation Bond Act is amended by
changing Sections 2 and 5 as follows:
(30 ILCS 330/2) (from Ch. 127, par. 652)
Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $50,017,925,743
$49,917,925,743.
The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
Of the total amount of Bonds authorized in this Act, the

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additional $10,000,000,000 authorized by Public Act 93-2, the
$3,466,000,000 authorized by Public Act 96-43, and the
$4,096,348,300 authorized by Public Act 96-1497 shall be used
solely as provided in Section 7.2.
The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12;
97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff.
8-16-13; 98-781, eff. 7-22-14.)
(30 ILCS 330/5) (from Ch. 127, par. 655)
Sec. 5. School Construction.
(a) The amount of $58,450,000 is authorized to make grants
to local school districts for the acquisition, development,
construction, reconstruction, rehabilitation, improvement,
financing, architectural planning and installation of capital
facilities, including but not limited to those required for
special education building projects provided for in Article 14
of The School Code, consisting of buildings, structures, and
durable equipment, and for the acquisition and improvement of

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real property and interests in real property required, or
expected to be required, in connection therewith.
(b) $22,550,000, or so much thereof as may be necessary,
for grants to school districts for the making of principal and
interest payments, required to be made, on bonds issued by such
school districts after January 1, 1969, pursuant to any
indenture, ordinance, resolution, agreement or contract to
provide funds for the acquisition, development, construction,
reconstruction, rehabilitation, improvement, architectural
planning and installation of capital facilities consisting of
buildings, structures, durable equipment and land for
educational purposes or for lease payments required to be made
by a school district for principal and interest payments on
bonds issued by a Public Building Commission after January 1,
1969.
(c) $10,000,000 for grants to school districts for the
acquisition, development, construction, reconstruction,
rehabilitation, improvement, architectural planning and
installation of capital facilities consisting of buildings
structures, durable equipment and land for special education
building projects.
(d) $9,000,000 for grants to school districts for the
reconstruction, rehabilitation, improvement, financing and
architectural planning of capital facilities, including
construction at another location to replace such capital
facilities, consisting of those public school buildings and

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temporary school facilities which, prior to January 1, 1984,
were condemned by the regional superintendent under Section
3-14.22 of The School Code or by any State official having
jurisdiction over building safety.
(e) $3,150,000,000 $3,050,000,000 for grants to school
districts for school improvement projects authorized by the
School Construction Law. The bonds shall be sold in amounts not
to exceed the following schedule, except any bonds not sold
during one year shall be added to the bonds to be sold during
the remainder of the schedule:
First year...................................$200,000,000
Second year..................................$450,000,000
Third year...................................$500,000,000
Fourth year..................................$500,000,000
Fifth year...................................$800,000,000
Sixth year and thereafter....................$600,000,000
(f) $1,600,000,000 grants to school districts for school
implemented projects authorized by the School Construction
Law.
(Source: P.A. 98-94, eff. 7-17-13.)
Section 99. Effective date. This Act takes effect upon
becoming law.