Bill > HB3374

This bill increases the state's bond authorization for various purposes, including capital facilities, economic development, education, scientific programs, and environmental conservation. Specifically, the bill increases the total General Obligation Bond authorization from $81,789,839,969 to $82,664,839,969, with key changes including: increasing capital facilities funding from $21,094,011,269 to $21,769,011,269, boosting economic development funds from $3,554,636,967 to $4,101,136,967, and expanding educational and development grants from $2,785,076,600 to $2,846,776,600. The bill also increases State Pension Obligation Acceleration Bonds from $2,000,000,000 to $2,200,000,000 and modifies the Build Illinois Bond Act to raise total bond authorization from $11,358,681,100 to $12,098,881,100. These bond authorizations will support various state projects including infrastructure improvements, economic development initiatives, educational facility upgrades, environmental conservation efforts, and accelerated pension benefit payments. The bill allows for flexibility in bond issuance, including provisions for variable interest rates and different maturity schedules, particularly for fiscal years 2025 and 2026.

Agriculture and Natural Resources, Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3374&GAID=18&DocTypeID=HB&SessionID=114&GA=104