Senate Sponsors: OBAMA. Short description: TELECOM EXCIS TX-$3MIL-SCHOOL Synopsis of Bill as introduced: Amends the State Finance Act and the Telecommunications Excise Tax Act. Provides that the Department of Revenue shall transfer the first $3,000,000 realized each month, or as much of that amount as possible if less than $3,000,000 is realized, from the tax imposed by the Telecommunications Excise Tax Act into the General Revenue Fund for payment of principal, interest, and premiums, if any, on bonds issued to finance improved telecommunications facilities in schools. Amends the General Obligation Bond Act to increase authorization of bonds by $450,000,000. Authorizes the issuance of $450,000,000 for use in constructing and improving school telecommunications facilities. Provides that the proceeds from these bonds shall be deposited into the School Technology Fund. Provides that the moneys in the School Technology Fund shall, subject to appropriation, be distributed as grants to school districts for the purchase of computers, on-line computer services, or telecommunications equipment. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status