HB3551 Summary

• Increases total general obligation bond authorization from $79.256 billion to $79.441 billion, primarily for capital projects and infrastructure improvements across Illinois.

• Adjusts bond amounts for specific purposes including education ($6.334 billion), capital facilities ($18.745 billion), anti-pollution initiatives ($611.814 million), and coal/energy development ($212.7 million).

• Modifies Build Illinois Bond Act authorization from $9.485 billion to $10.020 billion for infrastructure, economic development, and education projects.

• Updates bond sale and procurement procedures, including requirements for competitive bidding, underwriter selection from qualified pools, and advertising through BidBuy eProcurement System.

• Changes refunding bond requirements to comply with Illinois Constitution provisions and expands the definition of capital facilities to include demolition activities.