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92_SB1350
BOB-GOBOND02
1 AN ACT to amend the General Obligation Bond Act by
2 changing Sections 2, 3 and 6.
3 Be it enacted by the People of the State of Illinois,
4 Section 5. The General Obligation Bond Act is amended by
5 changing Sections 2, 3 and 6 as follows:
6 (30 ILCS 330/2) (from Ch. 127, par. 652)
7 Sec. 2. Authorization for Bonds. The State of Illinois
8 is authorized to issue, sell and provide for the retirement
9 of General Obligation Bonds of the State of Illinois for the
10 categories and specific purposes expressed in Sections 2
11 through 8 of this Act, in the total amount of $14,923,144,846
12 $14,197,632,592.
13 The bonds authorized in this Section 2 and in Section 16
14 of this Act are herein called "Bonds".
15 Of the total amount of Bonds authorized in this Act, up
16 to $2,200,000,000 in aggregate original principal amount may
17 be issued and sold in accordance with the Baccalaureate
18 Savings Act in the form of General Obligation College Savings
19 Bonds.
20 Of the total amount of Bonds authorized in this Act, up
21 to $300,000,000 in aggregate original principal amount may be
22 issued and sold in accordance with the Retirement Savings Act
23 in the form of General Obligation Retirement Savings Bonds.
24 The issuance and sale of Bonds pursuant to the General
25 Obligation Bond Act is an economical and efficient method of
26 financing the capital needs of the State. This Act will
27 permit the issuance of a multi-purpose General Obligation
28 Bond with uniform terms and features. This will not only
29 lower the cost of registration but also reduce the overall
30 cost of issuing debt by improving the marketability of
31 Illinois General Obligation Bonds.
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1 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
2 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99;
3 91-53, eff 6-30-99; 91-710, eff. 5-17-00.)
4 (30 ILCS 330/3) (from Ch. 127, par. 653)
5 Sec. 3. Capital Facilities. The amount of $6,078,847,592
6 is authorized to be used for the acquisition, development,
7 construction, reconstruction, improvement, financing,
8 architectural planning and installation of capital facilities
9 within the State, consisting of buildings, structures,
10 durable equipment, land, and interests in land for the
11 following specific purposes:
12 (a) $1,950,614,200 $1,710,255,446 for educational
13 purposes by State universities and colleges, the Illinois
14 Community College Board created by the Public Community
15 College Act and for grants to public community colleges
16 as authorized by Sections 5-11 and 5-12 of the Public
17 Community College Act;
18 (b) $1,724,244,968 $1,542,970,168 for correctional
19 purposes at State prison and correctional centers;
20 (c)$506,497,826 $470,941,786 for open spaces,
21 recreational and conservation purposes and the protection
22 of land;
23 (d) $561,001,246 $536,280,486 for child care
24 facilities, mental and public health facilities, and
25 facilities for the care of disabled veterans and their
26 spouses;
27 (e) $1,301,491,241 $1,129,599,341 for use by the
28 State, its departments, authorities, public corporations,
29 commissions and agencies;
30 (f) $818,100 for cargo handling facilities at port
31 districts and for breakwaters, including harbor
32 entrances, at port districts in conjunction with
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1 facilities for small boats and pleasure crafts;
2 (g) $198,777,796 $186,657,796 for water resource
3 management projects;
4 (h) $16,940,269 for the provision of facilities for
5 food production research and related instructional and
6 public service activities at the State universities and
7 public community colleges;
8 (i) $36,000,000 for grants by the Secretary of
9 State, as State Librarian, for central library facilities
10 authorized by Section 8 of the Illinois Library System
11 Act and for grants by the Capital Development Board to
12 units of local government for public library facilities;
13 (j) $25,000,000 for the acquisition, development,
14 construction, reconstruction, improvement, financing,
15 architectural planning and installation of capital
16 facilities consisting of buildings, structures, durable
17 equipment and land for grants to counties, municipalities
18 or public building commissions with correctional
19 facilities that do not comply with the minimum standards
20 of the Department of Corrections under Section 3-15-2 of
21 the Unified Code of Corrections;
22 (k) $5,000,000 for grants in fiscal year 1988 by
23 the Department of Conservation for improvement or
24 expansion of aquarium facilities located on property
25 owned by a park district;
26 (l) $337,584,200 to State agencies for grants to
27 local governments for the acquisition, financing,
28 architectural planning, development, alteration,
29 installation, and construction of capital facilities
30 consisting of buildings, structures, durable equipment,
31 and land; and
32 (m) $121,200,000 $80,800,000 for the Illinois Open
33 Land Trust Program as defined by the Illinois Open Land
34 Trust Act.
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1 The amounts authorized above for capital facilities may
2 be used for the acquisition, installation, alteration,
3 construction, or reconstruction of capital facilities and for
4 the purchase of equipment for the purpose of major capital
5 improvements which will reduce energy consumption in State
6 buildings or facilities.
7 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
8 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, 6-15-99; 91-53,
9 eff. 6-30-99; 91-710, eff. 5-17-00.)
10 (30 ILCS 330/6) (from Ch. 127, par. 656)
11 Sec. 6. Anti-Pollution.
12 (a) The amount of $282,005,000 $262,815,000 is
13 authorized for allocation by the Environmental Protection
14 Agency for grants or loans to units of local government in
15 such amounts, at such times and for such purpose as the
16 Agency deems necessary or desirable for the planning,
17 financing, and construction of municipal sewage treatment
18 works and solid waste disposal facilities and for making of
19 deposits into the Water Revolving Fund and the U.S.
20 Environmental Protection Fund to provide assistance in
21 accordance with the provisions of Title IV-A of the
22 Environmental Protection Act.
23 (b) The amount of $160,500,000 is authorized for
24 allocation by the Environmental Protection Agency for payment
25 of claims submitted to the State and approved for payment
26 under the Leaking Underground Storage Tank Program
27 established in Title XVI of the Environmental Protection Act.
28 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
29 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99;
30 91-710, eff. 5-17-00.)
31 Section 99. Effective date. This Act takes effect upon
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1 becoming law.