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91_HB4584sam001
91HB4584sam01
1 AMENDMENT TO HOUSE BILL 4584
2 AMENDMENT NO. . Amend House Bill 4584 by replacing
3 the title with the following:
4 "AN ACT to amend the General Obligation Bond Act by
5 changing Sections 2, 3, 6, and 16."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The General Obligation Bond Act is amended
9 by changing Sections 2, 3, 6, and 16 as follows:
10 (30 ILCS 330/2) (from Ch. 127, par. 652)
11 Sec. 2. Authorization for Bonds. The State of Illinois
12 is authorized to issue, sell and provide for the retirement
13 of General Obligation Bonds of the State of Illinois for the
14 categories and specific purposes expressed in Sections 2
15 through 8 of this Act, in the total amount of $14,197,632,592
16 $16,177,847,592 herein called "Bonds".
17 The bonds authorized in this Section 2 and in Section 16
18 of this Act are herein called "Bonds".
19 Of the total amount of Bonds bonds authorized in this Act
20 above, up to $2,200,000,000 in aggregate original principal
21 amount may be issued and sold in accordance with the
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1 Baccalaureate Savings Act in the form of General Obligation
2 College Savings Bonds.
3 Of the total amount of Bonds bonds authorized in this Act
4 above, up to $300,000,000 in aggregate original principal
5 amount may be issued and sold in accordance with the
6 Retirement Savings Act in the form of General Obligation
7 Retirement Savings Bonds.
8 The issuance and sale of Bonds pursuant to the General
9 Obligation Bond Act is an economical and efficient method of
10 financing the capital needs of the State. This Act will
11 permit the issuance of a multi-purpose General Obligation
12 Bond with uniform terms and features. This will not only
13 lower the cost of registration but also reduce the overall
14 cost of issuing debt by improving the marketability of
15 Illinois General Obligation Bonds.
16 Bonds shall be issued for the categories and specific
17 purposes expressed in Sections 2 through 8 and Section 16 of
18 this Act.
19 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
20 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99;
21 91-53, eff 6-30-99.)
22 (30 ILCS 330/3) (from Ch. 127, par. 653)
23 Sec. 3. Capital Facilities. The amount of $6,078,847,592
24 $5,238,217,592 is authorized to be used for the acquisition,
25 development, construction, reconstruction, improvement,
26 financing, architectural planning and installation of capital
27 facilities within the State, consisting of buildings,
28 structures, durable equipment, land, and interests in land
29 for the following specific purposes:
30 (a) $1,710,255,446 $1,516,755,446 for educational
31 purposes by State universities and colleges, the Illinois
32 Community College Board created by the Public Community
33 College Act and for grants to public community colleges as
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1 authorized by Sections 5-11 and 5-12 of the Public Community
2 College Act;
3 (b) $1,542,970,168 $1,312,970,168 for correctional
4 purposes at State prison and correctional centers;
5 (c) $470,941,786 $433,941,786 for open spaces,
6 recreational and conservation purposes and the protection of
7 land;
8 (d) $536,280,486 $506,780,486 for child care facilities,
9 mental and public health facilities, and facilities for the
10 care of disabled veterans and their spouses;
11 (e) $1,129,599,341 $1,033,599,341 for use by the State,
12 its departments, authorities, public corporations,
13 commissions and agencies;
14 (f) $818,100 for cargo handling facilities at port
15 districts and for breakwaters, including harbor entrances, at
16 port districts in conjunction with facilities for small boats
17 and pleasure crafts;
18 (g) $186,657,796 $173,527,796 for water resource
19 management projects;
20 (h) $16,940,269 for the provision of facilities for food
21 production research and related instructional and public
22 service activities at the State universities and public
23 community colleges;
24 (i) $36,000,000 $34,000,000 for grants by the Secretary
25 of State, as State Librarian, for central library facilities
26 authorized by Section 8 of the Illinois Library System Act
27 and for grants by the Capital Development Board to units of
28 local government for public library facilities;
29 (j) $25,000,000 for the acquisition, development,
30 construction, reconstruction, improvement, financing,
31 architectural planning and installation of capital facilities
32 consisting of buildings, structures, durable equipment and
33 land for grants to counties, municipalities or public
34 building commissions with correctional facilities that do not
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1 comply with the minimum standards of the Department of
2 Corrections under Section 3-15-2 of the Unified Code of
3 Corrections;
4 (k) $5,000,000 for grants in fiscal year 1988 by the
5 Department of Conservation for improvement or expansion of
6 aquarium facilities located on property owned by a park
7 district;
8 (l) $337,584,200 $138,484,200 to State agencies for
9 grants to local governments for the acquisition, financing,
10 architectural planning, development, alteration,
11 installation, and construction of capital facilities
12 consisting of buildings, structures, durable equipment, and
13 land; and
14 (m) $80,800,000 $40,400,000 for the Illinois Open Land
15 Trust Program as defined by the Illinois Open Land Trust Act.
16 The amounts authorized above for capital facilities may
17 be used for the acquisition, installation, alteration,
18 construction, or reconstruction of capital facilities and for
19 the purchase of equipment for the purpose of major capital
20 improvements which will reduce energy consumption in State
21 buildings or facilities.
22 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
23 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, 6-15-99; 91-53,
24 eff. 6-30-99.)
25 (30 ILCS 330/6) (from Ch. 127, par. 656)
26 Sec. 6. Anti-Pollution.
27 (a) The amount of $262,815,000 $244,635,000 is
28 authorized for allocation by the Environmental Protection
29 Agency for grants or loans to units of local government in
30 such amounts, at such times and for such purpose as the
31 Agency deems necessary or desirable for the planning,
32 financing, and construction of municipal sewage treatment
33 works and solid waste disposal facilities and for making of
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1 deposits into the Water Revolving Fund and the U.S.
2 Environmental Protection Fund to provide assistance in
3 accordance with the provisions of Title IV-A of the
4 Environmental Protection Act.
5 (b) The amount of $160,500,000 is authorized for
6 allocation by the Environmental Protection Agency for payment
7 of claims submitted to the State and approved for payment
8 under the Leaking Underground Storage Tank Program
9 established in Title XVI of the Environmental Protection Act.
10 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
11 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99.)
12 (30 ILCS 330/16) (from Ch. 127, par. 666)
13 Sec. 16. Refunding Bonds. The State of Illinois is
14 authorized to issue, sell, and provide for the retirement of
15 General Obligation Bonds of the State of Illinois in the
16 amount of $2,839,025,000, at any time and from time to time
17 outstanding, is authorized for the purpose of refunding any
18 State of Illinois general obligation Bonds then outstanding,
19 including the payment of any redemption premium thereon, any
20 reasonable expenses of such refunding, any interest accrued
21 or to accrue to the earliest or any subsequent date of
22 redemption or maturity of such outstanding Bonds and any
23 interest to accrue to the first interest payment on the
24 refunding Bonds; provided that such refunding Bonds shall
25 mature no later than the final maturity date of Bonds being
26 refunded.
27 Refunding Bonds may be sold from time to time pursuant to
28 notice of sale and public bid or by negotiated sale in such
29 amounts and at such times, as directed by the Governor, upon
30 recommendation by the Director of the Bureau of the Budget.
31 The Governor shall notify the State Treasurer and Comptroller
32 of such refunding. The proceeds received from the sale of
33 refunding Bonds shall be used for the retirement at maturity
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1 or redemption of such outstanding Bonds on any maturity or
2 redemption date and, pending such use, shall be placed in
3 escrow, subject to such terms and conditions as shall be
4 provided for in the Bond Sale Order relating to the Refunding
5 Bonds. Proceeds not needed for deposit in an escrow account
6 shall be deposited in the General Obligation Bond Retirement
7 and Interest Fund. This Act shall constitute an irrevocable
8 and continuing appropriation of all amounts necessary to
9 establish an escrow account for the purpose of refunding
10 outstanding general obligation Bonds and to pay the
11 reasonable expenses of such refunding and of the issuance and
12 sale of the refunding Bonds. Any such escrowed proceeds may
13 be invested and reinvested in direct obligations of the
14 United States of America, maturing at such time or times as
15 shall be appropriate to assure the prompt payment, when due,
16 of the principal of and interest and redemption premium, if
17 any, on the refunded Bonds. After the terms of the escrow
18 have been fully satisfied, any remaining balance of such
19 proceeds and interest, income and profits earned or realized
20 on the investments thereof shall be paid into the General
21 Revenue Fund. The liability of the State upon the Bonds
22 shall continue, provided that the holders thereof shall
23 thereafter be entitled to payment only out of the moneys
24 deposited in the escrow account.
25 Except as otherwise herein provided in this Section, such
26 refunding Bonds shall in all other respects be subject to the
27 terms and conditions of this Act.
28 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99.)
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.".