HB5601 Summary

• Consolidates and repeals obsolete bond acts (Capital Development Bond Act of 1972, Transportation Bond Act, Anti-Pollution Bond Act, Illinois Coal and Energy Development Bond Act) into the General Obligation Bond Act, streamlining state financing mechanisms.

• Removes special fund provisions and transfers fund balances to consolidated accounts, including dissolution of the Korean War Memorial Construction Fund, Fire Service and Small Equipment Fund, and various other inactive/redundant special funds.

• Updates reporting requirements for state universities and veterans homes, changing report deadlines from July 1 to August 1 and establishing bi-annual reporting periods for veterans home health and safety data.

• Modifies various state program operations including adjustments to Department of Corrections reimbursement funds, Department on Aging data-sharing authority, and university employee compensation reporting timelines.

• Makes technical corrections and updates references throughout state law to reflect the consolidation of bond acts and elimination of obsolete statutory provisions, with an effective date upon becoming law.