Bill Text: IL SB0521 | 2017-2018 | 100th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Amends the State Prompt Payment Act. Makes a technical change concerning examination of vouchers.

Sponsorship: Slight Partisan Bill (Democrat 4-2)

Status: (Passed) 2017-12-29 - Public Act . . . . . . . . . 100-0573 [SB0521 Detail]

Download: Illinois-2017-SB0521-Engrossed.html

---

SB0521 Engrossed LRB100 04945 MLM 14955 b
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 3 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 $50,492,925,743
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

SB0521 Engrossed - 2 - LRB100 04945 MLM 14955 b
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 330/3) (from Ch. 127, par. 653)
Sec. 3. Capital Facilities. The amount of $10,328,963,443
9,753,963,443 is authorized to be used for the acquisition,
development, construction, reconstruction, improvement,
financing, architectural planning and installation of capital
facilities within the State, consisting of buildings,
structures, durable equipment, land, interests in land, and the
costs associated with the purchase and implementation of
information technology, including but not limited to the
purchase of hardware and software, for the following specific

SB0521 Engrossed - 3 - LRB100 04945 MLM 14955 b
purposes:
(a) $3,393,228,000 for educational purposes by State
universities and colleges, the Illinois Community College
Board created by the Public Community College Act and for
grants to public community colleges as authorized by
Sections 5-11 and 5-12 of the Public Community College Act;
(b) $1,648,420,000 for correctional purposes at State
prison and correctional centers;
(c) $599,183,000 for open spaces, recreational and
conservation purposes and the protection of land;
(d) $751,317,000 for child care facilities, mental and
public health facilities, and facilities for the care of
veterans with disabilities and their spouses;
(e) $2,727,790,000 2,152,790,000 for use by the State,
its departments, authorities, public corporations,
commissions and agencies;
(f) $818,100 for cargo handling facilities at port
districts and for breakwaters, including harbor entrances,
at port districts in conjunction with facilities for small
boats and pleasure crafts;
(g) $297,177,074 for water resource management
projects;
(h) $16,940,269 for the provision of facilities for
food production research and related instructional and
public service activities at the State universities and
public community colleges;

SB0521 Engrossed - 4 - LRB100 04945 MLM 14955 b
(i) $36,000,000 for grants by the Secretary of State,
as State Librarian, for central library facilities
authorized by Section 8 of the Illinois Library System Act
and for grants by the Capital Development Board to units of
local government for public library facilities;
(j) $25,000,000 for the acquisition, development,
construction, reconstruction, improvement, financing,
architectural planning and installation of capital
facilities consisting of buildings, structures, durable
equipment and land for grants to counties, municipalities
or public building commissions with correctional
facilities that do not comply with the minimum standards of
the Department of Corrections under Section 3-15-2 of the
Unified Code of Corrections;
(k) $5,000,000 for grants in fiscal year 1988 by the
Department of Conservation for improvement or expansion of
aquarium facilities located on property owned by a park
district;
(l) $599,590,000 to State agencies for grants to local
governments for the acquisition, financing, architectural
planning, development, alteration, installation, and
construction of capital facilities consisting of
buildings, structures, durable equipment, and land; and
(m) $228,500,000 for the Illinois Open Land Trust
Program as defined by the Illinois Open Land Trust Act.
The amounts authorized above for capital facilities may be

SB0521 Engrossed - 5 - LRB100 04945 MLM 14955 b
used for the acquisition, installation, alteration,
construction, or reconstruction of capital facilities and for
the purchase of equipment for the purpose of major capital
improvements which will reduce energy consumption in State
buildings or facilities.
(Source: P.A. 98-94, eff. 7-17-13; 99-143, eff. 7-27-15.)