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91_HB3555ham001
LRB9111328NTksam
1 AMENDMENT TO HOUSE BILL 3555
2 AMENDMENT NO. . Amend House Bill 3555 on page 1,
3 line 2, by replacing "and 5-25" with ", 5-25, and 5-35"; and
4 on page 1, line 6, by replacing "and 5-25" with ", 5-25, and
5 5-35"; and
6 on page 3, immediately below line 15, by inserting the
7 following:
8 "(105 ILCS 230/5-35)
9 Sec. 5-35. School construction project grant amounts;
10 permitted use; prohibited use.
11 (a) The product of the district's grant index and the
12 recognized project cost, as determined by the Capital
13 Development Board, for an approved school construction
14 project shall equal the amount of the grant the Capital
15 Development Board shall provide to the eligible district.
16 For those districts that have not received grants from the
17 Capital Development Board prior to the effective date of this
18 amendatory Act of the 91st General Assembly, the district's
19 grant index may not be less than 0.50. The grant index shall
20 not be used in cases where the General Assembly and the
21 Governor approve appropriations designated for specifically
22 identified school district construction projects.
-2- LRB9111328NTksam
1 (b) In each fiscal year in which school construction
2 project grants are awarded, 20% of the total amount awarded
3 statewide shall be awarded to a school district with a
4 population exceeding 500,000, provided such district complies
5 with the provisions of this Article.
6 In addition to the uses otherwise authorized by this Law,
7 any school district with a population exceeding 500,000 is
8 authorized to use any or all of the school construction
9 project grants (i) to pay debt service, as defined in the
10 Local Government Debt Reform Act, on bonds, as defined in the
11 Local Government Debt Reform Act, issued to finance one or
12 more school construction projects and (ii) to the extent that
13 any such bond is a lease or other installment or financing
14 contract between the school district and a public building
15 commission that has issued bonds to finance one or more
16 qualifying school construction projects, to make lease
17 payments under the lease.
18 (c) No portion of a school construction project grant
19 awarded by the Capital Development Board shall be used by a
20 school district for any on-going operational costs.
21 (Source: P.A. 90-548, eff. 1-1-98; 91-38, eff. 6-15-99.)".