Illinois Compiled Statutes
Chapter 30 - FINANCE
30 ILCS 420/ - Capital Development Bond Act of 1972.

(30 ILCS 420/1) (from Ch. 127, par. 751)
Sec. 1.


This Act shall be known and may be cited as the "Capital Development
Bond Act of 1972".

(Source: P.A. 77-1916.)
 
(30 ILCS 420/2) (from Ch. 127, par. 752)
Sec. 2.

The General Assembly has examined the long-term capital
facility and land needs of the State of Illinois, its departments,
authorities, public corporations, commissions, boards, agencies and
universities, colleges and community colleges and of its elementary,
vocational and secondary schools. The objective of this Act is to provide
for efficient and economic financing, development, acquisition, construction,
reconstruction, improvement, architectural planning and installation of
such capital facilities consisting of buildings, structures, equipment
and land. Such capital facilities consisting of buildings, structures,
durable equipment and land will permit the State, its departments,
authorities, public corporations, commissions, boards, agencies and
universities, colleges and community colleges and its elementary,
vocational and secondary schools to provide the People of Illinois
with essential governmental services and the issuance and sale of the
Bonds is an economical and efficient method of financing such acquisition,
construction, development, reconstruction, improvement, architectural
planning and installation. The General Assembly has also examined the long-term
needs of the People of Illinois for adequate open spaces, water resources
facilities, health services facilities and recreational and conservation
facilities
and has determined that the acquisition, protection, development
and financing of such open spaces, water resource facilities, health
services facilities and recreational and conservation facilities
is in the public interest.

(Source: P.A. 79-620.)
 
(30 ILCS 420/3) (from Ch. 127, par. 753)
Sec. 3.
The State of Illinois is authorized to issue, sell and provide
for the retirement of general obligation bonds of the State of Illinois
in the amount of $1,737,000,000 hereinafter called
the "Bonds", for the specific purpose of providing funds for the
acquisition, development, construction, reconstruction, improvement,
financing, architectural planning and installation of capital facilities
consisting of buildings, structures, and durable equipment
and for the acquisition and improvement
of real property and interests in real property required, or expected to
be required, in connection therewith and for the acquisition, protection
and development of natural resources,
including water related resources, within the State of Illinois for open
spaces, water resource management, recreational and conservation purposes,
all within the State of Illinois.
The Bonds shall be used in the following specific manner:
(a) $636,697,287 for the acquisition, development,
construction, reconstruction,
improvement, financing, architectural planning and installation of capital
facilities consisting of buildings, structures,
durable equipment and land for educational purposes by State universities
and colleges, the Illinois Community College Board created by "An Act in
relation to the
establishment, operation and maintenance of public community colleges",
approved July 15, 1965, as amended and by the School Building
Commission created by "An Act to provide for the acquisition, construction, rental,
and disposition of buildings used for school purposes", approved June 21,
1957, as amended, or its successor, all within the State of Illinois, and
for grants to public community colleges as authorized by Section 5-11 of
the Public Community College Act; and for the acquisition, development,
construction, reconstruction rehabilitation, improvement, architectural
planning and installation of capital facilities consisting of durable movable
equipment, including antennas and structures necessarily relating thereto,
for the Board of Governors of State Colleges and Universities to construct
educational television facilities, which educational television facilities
may be located upon land or structures not owned by the State providing
that the Board of Governors has at least a 25-year lease for the use of
such non-state owned land or structures, which lease may contain a provision
making it subject to annual appropriations by the General Assembly;
(b) $323,000,000 for the acquisition, development,
construction, reconstruction, improvement, financing, architectural planning
and installation of capital facilities consisting of buildings, structures,
durable equipment and land for correctional purposes at State prisons and
correctional centers, all within the State of Illinois;
(c) $157,020,000 for the acquisition, development,
construction, reconstruction, improvement, financing, architectural planning
and installation of capital facilities consisting of buildings, structures,
durable equipment, and land for open spaces, recreational and conservation
purposes and the protection of land, all within the State of Illinois;
(d) $146,580,000 for the acquisition, development,
construction, reconstruction, improvement, financing, architectural planning
and installation of capital facilities consisting of buildings, structures,
durable equipment and land for child care facilities, mental and public
health facilities, and facilities for the care of veterans with disabilities and
their spouses, all within the State of Illinois;
(e) $348,846,200 for the acquisition, development,
construction, reconstruction, improvement, financing, architectural planning
and installation of capital facilities consisting of buildings, structures,
durable equipment and land for use by the State, its departments, authorities,
public corporations, commissions and agencies;
(f) To reimburse the Illinois Building Authority created by "An Act to
create the Illinois Building Authority and to define its powers and duties",
as approved August 15, 1961, as amended, for any and all costs and expenses
incurred, and to be incurred, by the Illinois Building Authority in connection
with the acquisition, construction, development, reconstruction, improvement,
planning, installation and financing of capital facilities consisting of
buildings, structures, equipment and land as enumerated in subsections (a)
through (e) hereof, and in connection therewith to acquire from the Illinois
Building Authority any such capital facilities; provided, however, that
nothing in this subparagraph shall be construed to require or permit the
acquisition of facilities financed by the Illinois Building
authority through the issuance of bonds;
(g) $24,853,800 for the acquisition, development,
construction, reconstruction, improvement, financing, architectural planning
and installation of buildings, structures, durable equipment, and land for:
(1) Cargo handling facilities for use by port districts, and
(2) Breakwaters, including harbor entrances incident thereto, for use
by port districts in conjunction with facilities for small boats and pleasure craft;
(h) $39,900,000 for the acquisition, development,
construction, reconstruction, modification, financing, architectural planning
and installation of capital facilities consisting of buildings, structures,
durable equipment and land for water resource management projects, all within
the State of Illinois;
(i) $9,852,713 for the acquisition, development, construction,
reconstruction, improvement, financing, architectural planning and installation
of capital facilities consisting of buildings, structures, durable equipment
and land for educational purposes by nonprofit, nonpublic health service
educational institutions;
(j) $48,000,000 for the acquisition, development,
construction, reconstruction, improvement, financing, architectural planning
and installation of capital facilities consisting of buildings, structures,
durable equipment and land for the provision of facilities for food production
research and related instructional and public service activities at the
State universities and public community colleges, all within the State of Illinois;
(k) $2,250,000 for grants by the Secretary of State,
as State Librarian,
for the construction, acquisition, development, reconstruction
and improvement of central library facilities authorized
under Section 8 of "The Illinois Library System Act", as amended.

(Source: P.A. 99-143, eff. 7-27-15.)
 
(30 ILCS 420/4) (from Ch. 127, par. 754)
Sec. 4. The Bonds shall be issued and sold from time to time in such amounts
as
directed by the Governor, upon recommendation by the Director of the
Governor's Office of Management and Budget. The Bonds shall be serial bonds and shall be in such form,
in the denomination of $5,000 or some multiple thereof, payable within
thirty (30) years from their date, bearing interest payable annually or
semiannually from their date at the rate of not more than seven per cent
(7%) per annum, and be dated as shall be fixed and determined by the
Director of the
Governor's Office of Management and Budget in the order authorizing the issuance
and sale of the Bonds, which order shall be approved by the Governor prior
to the giving of notice of the sale of any of the Bonds. Said Bonds shall
be payable as to both principal and interest at such place or places,
within or without the State of Illinois, and may be made registrable as to
either principal or as to both principal and interest, as shall be fixed
and determined by the Director of the
Governor's Office of Management and Budget in the order
authorizing the issuance and sale of such Bonds. The Bonds may be callable
as fixed and determined by the Director of the
Governor's Office of Management and Budget in the
order authorizing the issuance and sale of the Bonds; provided however,
that the State shall not pay a premium of more than 3% of the principal of
any Bonds so called.

(Source: P.A. 94-793, eff. 5-19-06.)
 
(30 ILCS 420/5) (from Ch. 127, par. 755)
Sec. 5.


The Bonds shall be signed by the Governor and attested by the Secretary
of State under the printed facsimile seal of the State and countersigned by
the Treasurer by his manual signature or by his duly authorized deputy. The
signatures of the Governor and the Secretary of State may be printed
facsimile signatures. Interest coupons with facsimile signatures of the
Governor, Secretary of State and 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.

(Source: P.A. 77-1916.)
 
(30 ILCS 420/6) (from Ch. 127, par. 756)
Sec. 6. The Bonds shall be sold from time to time by the Director of the
Governor's Office of Management and Budget to the highest and best bidders, for not less than their par
value, upon sealed bids, at not exceeding the maximum interest rate fixed
in the order authorizing the issuance of the Bonds, provided, that at no
one time shall Bonds in excess of the amount of $150,000,000 be offered for
sale. The right to reject any and all bids may be reserved. The Secretary
of State shall, from time to time, as the Bonds are to be sold, advertise
in at least two 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 once at
least 10 days prior to the date of the opening of the bids. The executed
Bonds shall, upon payment therefor, be delivered to the purchaser, and the
proceeds of the Bonds shall be paid into the State Treasury. The proceeds
of the Bonds shall be deposited in a separate fund known as the "Capital
Development Fund", which separate fund is hereby created.

(Source: P.A. 94-793, eff. 5-19-06.)
 
(30 ILCS 420/7) (from Ch. 127, par. 757)
Sec. 7.

At all times, the proceeds from the sale of the Bonds are
subject to appropriation by the General Assembly and may be expended,
with approval of the Governor, in such amounts and at such times as the
respective department, authority, public corporation, commission, board,
agency, university or college deems necessary or desirable for the
specific purposes contemplated by this Act. Provided, however, the
first proceeds from the sale of the Bonds shall be used for the purposes
stated in Section 3 (f) of this Act, and further provided that any
proceeds from the sale of Bonds to be used for the purposes stated in
Section 3(i) of this Act shall be appropriated to the Board of Higher
Education for further distribution to eligible institutions only in
accordance with the provisions of the "Health Services Education Grants
Act", approved July 7, 1970, as now or hereafter amended. Proceeds can
be used to initiate only those projects which can be totally completed with
unused bond authorization as found in Section 3 of this Act.

(Source: P.A. 80-476.)
 
(30 ILCS 420/8) (from Ch. 127, par. 758)
Sec. 8.

The Treasurer may, with the approval of the Governor, invest and
reinvest any money in the Capital Development Fund in the State Treasury
which, in the opinion of the Governor communicated in writing to the
Treasurer, is not needed for current expenditures due or about to become
due from such funds. Such investments shall be made at the existing market
price and in any event not to exceed 102% of par plus accrued interest, in
obligations, the principal of and interest on which is guaranteed by the
United States Government, or any certificates of deposit of any savings
and loan association or any State or
national bank which are fully secured by obligations, the principal of and
interest on which is guaranteed by the United States Government or secured
by bonds of this State or any of its units of local government, school
districts, or public community college districts or municipal
bonds of other states,
or bonds, notes or debentures of the Illinois Building Authority, Illinois
Toll Highway Authority, or Illinois Housing Development Authority.
Securities of other states and their political subdivisions shall not be
accepted at an amount exceeding ninety percent (90%) of their market value.
All securities shall be subject to acceptance only upon the approval of the
Treasurer. The cost price of all such obligations shall be considered as
cash in the custody of the Treasurer, and such obligations shall be
conveyed at cost price as cash by the Treasurer to his Successor. The money
in the Capital Development Fund in the form of such obligations shall be
set up by the Treasurer as separate accounts and shown distinctly in every
report issued by him regarding fund balances. All earnings received upon
any such investment shall be paid into the Capital Development Bond
Retirement and Interest Fund. All of the monies other than accrued interest
received from the sale of redemption of such investments shall be replaced
by the Treasurer in the funds from which the money was removed for such
investment.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments
of public funds by public agencies", approved July 23, 1943, as now or hereafter
amended.

(Source: P.A. 83-541.)
 
(30 ILCS 420/9) (from Ch. 127, par. 759)
Sec. 9.


To provide for the manner of repayment of the Bonds, the Governor shall
include an appropriation in each annual State Budget of monies in such
amount as shall be necessary and sufficient, for the period covered by such
budget, to pay the interest, as it shall accrue, on all Bonds issued under
this Act and also to pay and discharge the principal of the Bonds as shall
by their terms fall due during such period. A separate fund in the State
Treasury called the "Capital Development Bond Retirement and Interest Fund"
is hereby created. The General Assembly shall make appropriations to pay
the principal of and interest on the Bonds from the Capital Development
Bond Retirement and Interest Fund. If for any reason the General Assembly
fails to make appropriations of amounts sufficient for the State to pay the
principal of and interest on the Bonds as the same shall by the terms of
the Bonds become due, this Act shall constitute an irrevocable and
continuing appropriation of all amounts necessary for that purpose, and the
irrevocable and continuing authority for and direction to the Comptroller
and to the Treasurer of the State to make the necessary transfers out of
and disbursements from the revenues and funds of the State available for
that purpose.

(Source: P.A. 77-1916.)
 
(30 ILCS 420/9a) (from Ch. 127, par. 759a)
Sec. 9a.
The unused portion of federal funds received for or as reimbursement for a capital improvement
project for which moneys from the Capital Development Fund have been expended
shall remain in the Capital Development Board Contributory Trust Fund and shall be used for capital projects and for no other purpose, subject to appropriation and as directed by the Capital Development Board. Any federal funds received as reimbursement
for the completed construction of a capital improvement project for which
moneys from the Capital Development Fund have been expended may be used for any expense or project necessary for implementation of the Quincy Veterans' Home Rehabilitation and Rebuilding Act for a period of 5 years from July 17, 2018 (the effective date of Public Act 100-610).

(Source: P.A. 102-699, eff. 4-19-22.)
 
(30 ILCS 420/10) (from Ch. 127, par. 760)
Sec. 10.


All Bonds issued in accordance with the provisions of this Act shall be
direct, general obligations of the State of Illinois and shall so state on
the face thereof, and the full faith and credit of the State of Illinois
are hereby pledged for the punctual payment of the interest thereon as the
same shall become due and for the punctual payment of the principal thereof
at maturity, and the provisions of this Section shall be irrepealable until
all such Bonds are paid in full as to both principal and interest.

(Source: P.A. 77-1916.)
 
(30 ILCS 420/11) (from Ch. 127, par. 761)
Sec. 11.


If the State fails to pay the principal of or interest on any of the
Bonds as the same become due, a civil action to compel payment may be
instituted in the Supreme Court of Illinois as a court of original
jurisdiction by the holder or holders of the Bonds on which such default of
payment exists. Delivery of a summons and a copy of the complaint to the
Attorney General shall constitute sufficient service to give the Supreme
Court of Illinois jurisdiction of the subject matter of such a suit and
jurisdiction over the State and its officers named as defendants for the
purpose of compelling such payment. Any case, controversy or cause of
action concerning the validity of this Act relates to the revenue of the
State of Illinois.

(Source: P.A. 77-1916.)
 
(30 ILCS 420/12) (from Ch. 127, par. 762)
Sec. 12.

Upon each delivery of Bonds authorized to be
issued under this Act, the Comptroller shall compute and
certify to the State Treasurer the total amount of principal
of and interest on the Bonds issued that will be payable in order to retire
such Bonds and the amount of principal of and interest on such Bonds that
will be payable on each payment date according to the tenor of such Bonds
during the then current and each succeeding fiscal year. On or before the
last day of the month preceding each payment date, the Treasurer and the
Comptroller shall transfer from the General Revenue Fund in the State
Treasury to the Capital Development Bond Retirement and Interest Fund a sum
of money, appropriated for such purpose, so such Fund contains an amount
equal to the aggregate of the amount of principal of and interest on the
Bonds payable by the terms of the Bonds on the next payment date. Such
computations and transfers shall be made for each series of the Bonds
issued and delivered. The transfer of monies hereinabove directed is not
required if monies in the Capital Development Bond Retirement and Interest
Fund received from other sources are more than the amount otherwise to be
transferred as hereinabove provided, and if the Governor notifies the
Comptroller and the Treasurer of such fact.

(Source: P.A. 83-1280.)
 
(30 ILCS 420/13) (from Ch. 127, par. 763)
Sec. 13.


The State of Illinois is authorized, from time to time as the Governor
shall determine, to issue, sell and provide for the retirement of Bonds of
the State of Illinois for the sole purpose of refunding all or any portion
of the principal of the Bonds; provided that such refunding bonds shall
mature no later than the final maturity date of the Bonds being refunded.
Such refunding bonds shall in all other respects be subject to the terms
and conditions of Sections 4, 5, 7, 8, 9, 10, 11, and 12 of this Act. The
principal amount of any such refunding bonds shall not exceed 103% of the
principal amount of the Bonds refunded with the proceeds of such refunding
bonds.

(Source: P.A. 77-1916.)
 
(30 ILCS 420/14) (from Ch. 127, par. 764)
Sec. 14.


If any Section, sentence, or clause of this Act is for any reason held
invalid or to be unconstitutional, such decision shall not affect the
validity of the remaining portions of this Act.

(Source: P.A. 77-1916.)
 
(30 ILCS 420/15) (from Ch. 127, par. 765)
Sec. 15.
This Act takes effect immediately upon its becoming law.

(Source: P.A. 77-1916.)
 
(30 ILCS 420/16) (from Ch. 127, par. 766)
Sec. 16.

After December 1, 1984 no additional bonds shall be issued or
sold pursuant to this Act; instead all State of Illinois general obligation
bonds shall be issued and sold pursuant to the "General Obligation Bond Act".

(Source: P.A. 83-1490.)

Structure Illinois Compiled Statutes