2023 Illinois Compiled Statutes › Chapter 30 - FINANCE › 30 ILCS 395/ - Educational Institution Bond Authorization Act.

(30 ILCS 395/0.01) (from Ch. 127, par. 306.9)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Educational Institution Bond Authorization Act.
(Source: P.A. 86-1324.)
(30 ILCS 395/1) (from Ch. 127, par. 307)
Sec. 1. 
		
		The State of Illinois is authorized to issue and sell and provide
for the retirement of bonds of the State of Illinois to the amount of
$195,000,000 for the purpose of providing funds in order to relieve
overcrowded conditions by making permanent improvements at educational
institutions owned by this State which are now under the jurisdiction,
management and control of the Board of Trustees of the University of
Illinois, the Board of Trustees of Southern Illinois University,
the Board of Trustees of Chicago State University, the Board of Trustees of
Eastern Illinois University, the Board of Trustees of Governors State
University, the Board of Trustees of Illinois State University, the Board of
Trustees of Northeastern Illinois University, the Board of Trustees of Northern
Illinois University, and the Board of Trustees of Western Illinois University.
(Source: P.A. 89-4, eff. 1-1-96.)
(30 ILCS 395/2) (from Ch. 127, par. 308)
Sec. 2. 
		
		The Building Bond Board hereinafter called the Board is created to
consist of the Governor, the State Treasurer and the Attorney General. The
issuance, sale and retirement of bonds authorized by this Act shall be
under the general supervision and control of the Board.
The bonds shall bear interest, payable annually, from their date, at the
rate of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract. They shall be serial bonds and be
dated, issued and sold from time to time in such amounts as may be
necessary to provide sufficient money to make improvements provided for in
this Act. Each bond shall be in the denomination of $1000.00 or some
multiple thereof, and shall be made payable within 25 years from its date.
These bonds shall be signed by the Governor and attested by the Secretary
of State under the seal of the State and countersigned by the State
Treasurer. The signatures of the Governor and the Secretary of State may be
lithographed facsimile signatures. Interest coupons with lithographed
facsimile signatures of the Governor, Secretary of State and State
Treasurer may be attached to the bonds. The fact that an officer whose
signature or facsimile thereof appears on a bond or interest coupon no
longer holds such office at the time the bond or coupon is delivered shall
not invalidate such bond or interest coupon.
Pending the preparation and execution of any such bonds, temporary bonds
may be issued with or without interest coupons. The bonds shall be sold to
the highest and best bidders, for not less than their par value, upon
sealed bids. The Board shall, from time to time as bonds are to be sold,
advertise in at least 2 daily newspapers one of which is published in the
City of Springfield and one in the City of Chicago for proposals to
purchase the bonds. Each of such advertisements for proposals shall be
published at least 10 days prior to the date of the opening of the bids.
The Board may reserve the right to reject any and all bids. The bonds may,
at the request of owners, be registered with the Secretary of State. The
bonds shall be deposited with the State Treasurer and when sold the
proceeds of the bonds shall be paid into the State treasury and kept in a
separate fund which shall be known as the Universities Building Fund, which
separate fund is hereby created.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
(30 ILCS 395/3) (from Ch. 127, par. 309)
Sec. 3. 
		
		The proceeds from the sale of bonds issued pursuant to this Act
shall be used for making permanent improvements at State institutions.
As used in this Act, the term "permanent improvements" means and
includes construction of buildings, enlargement and rehabilitation of
existing buildings, with fixed equipment installed; preparation of plans
and specifications therefor; land acquisition; landscaping and construction
of sidewalks, roads, driveways and parking space; and all other things
necessary for completion of construction of buildings and grounds in
connection therewith.
(Source: Laws 1959, p. 2237.)
(30 ILCS 395/4) (from Ch. 127, par. 310)
Sec. 4. 
		
		The State Treasurer may, with the approval of the Governor, invest
and reinvest, at the existing market price and in any event not to exceed
102% of par plus accrued interest, any money in the Universities Building
Fund in the State treasury which, in the opinion of the Governor
communicated in writing to the State Treasurer, is not needed for current
expenditures due or about to become due from such fund, in obligations of
the United States Government maturing not more than one year after the date
of purchase. The cost price of all such obligations shall be considered as
cash in the custody of the State Treasurer and such obligations shall be
conveyed at cost price as cash by the State Treasurer to his successor. The
money in the Universities Building Fund in the form of such obligations
shall be set up by the State Treasurer as a separate account of such fund
and shown distinctly in every report issued by him regarding fund balances.
All earnings accruing upon such investment shall be paid into the
Universities Building Bond Retirement and Interest Fund in the State
treasury, which separate fund in the State treasury is hereby created. All
of the moneys received from the sale or redemption of such obligations of
the United States Government shall be replaced in the Universities Building
Fund.
(Source: Laws 1959, p. 2237.)
(30 ILCS 395/5) (from Ch. 127, par. 311)
Sec. 5. 
		
		To the extent that funds are available in the General Revenue Fund
of the State, the General Assembly is authorized to direct the transfer,
from time to time, from the General Revenue Fund to the Universities
Building Bond Retirement and Interest Fund of sufficient money to pay the
principal of and interest on the bonds provided for by this Act, as the
same become due, and to the extent such transfer of funds is authorized by
the General Assembly for that purpose, the taxes levied for the payment of
the principal of and interest on said bonds as provided by Section 6 of
this Act shall be abated.
(Source: Laws 1959, p. 2237.)
(30 ILCS 395/6) (from Ch. 127, par. 312)
Sec. 6. 
		
		Each year, after this Act becomes fully operative, and until all of
the bonds issued as herein provided have been retired, there is levied a
direct annual tax upon all real and personal property in this State subject
to taxation for such amount as shall be necessary and sufficient to pay the
interest annually, as it shall accrue, on all bonds issued under the
provisions of this Act and also to pay and discharge the principal of such
bonds at par value, as such bonds fall due; and the amounts of such direct
annual tax shall be appropriated for that specific purpose.
The proceeds of this tax shall be paid into the Universities Building
Bond Retirement and Interest Fund in the State treasury.
The required rate of such direct annual tax shall be fixed each year by
the officers charged by law with fixing the rate for State taxes on the
valuation of real and personal property in this State subject to taxation
in accordance with the provisions of the statutes in such cases: provided,
however, that if money has been transferred from the General Revenue Fund
to the Universities Building Bond Retirement and Interest Fund for the same
purpose for which said direct annual tax is levied and imposed then said
officers shall in fixing the rate of said direct annual tax make proper
allowance in the amount of money so transferred in reduction of the tax
levied under this Section and the tax levied under this Section shall be
abated in that amount.
(Source: Laws 1959, p. 2237.)
(30 ILCS 395/10) (from Ch. 127, par. 313)
Sec. 10. 
		
		This Act shall go into full force and effect upon receiving
at the general election at which it is submitted the majority of votes
required by the Constitution. The provisions
of this Act for the payment of the principal of said bonds at maturity
and of the interest thereon annually, as it shall accrue, by authorizing
the General Assembly to direct the transfer of funds in the General
Revenue Fund to the Universities Building Bond Retirement and Interest
Fund for that purpose and by the direct annual tax upon real and
personal property which has been levied and imposed herein for that
purpose, shall be irrepealable until such debt and interest is paid in
full, and for the making of such payments the faith of the State of
Illinois is hereby pledged.
(Source: P.A. 81-1489.)