Bill Text: IL HB0668 | 2015-2016 | 99th General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-04-24 - Rule 19(a) / Re-referred to Rules Committee [HB0668 Detail]

Download: Illinois-2015-HB0668-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB0668 Introduced , by Rep. Michael J. Madigan 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
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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 Section 5 as follows:
(30 ILCS 330/5) (from Ch. 127, par. 655)
Sec. 5. School Construction.
(a) The 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 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

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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
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) $3,050,000,000 for grants to school districts for
school improvement projects authorized by the School
Construction Law. The bonds shall be sold in amounts not to

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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.)