Illinois General Assembly - Full Text of Public Act 096-0885
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Public Act 096-0885


 

Public Act 0885 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0885
 
SB1425 Enrolled LRB096 03847 JDS 13881 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The General Obligation Bond Act is amended by
changing Section 2 and by adding Section 7.3 as follows:
 
    (30 ILCS 330/2)  (from Ch. 127, par. 652)
    Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $37,217,777,443
$33,501,777,443 $34,159,149,369.
    The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
    Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
    Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
    Of the total amount of Bonds authorized in this Act, the
additional $10,000,000,000 authorized by Public Act 93-2 and
the $3,466,000,000 authorized by Public Act 96-43 this
amendatory Act of the 96th General Assembly shall be used
solely as provided in Section 7.2.
    The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
eff. 7-13-09; 96-43, eff. 7-15-09; revised 8-20-09.)
 
    (30 ILCS 330/7.3 new)
    Sec. 7.3. Medicaid enhancement funding. The amount of
$250,000,000 is authorized to be issued only during fiscal year
2010 for the making of deposits into the Healthcare Provider
Relief Fund for the exclusive purpose of funding Medicaid
services subject to the enhanced federal participation due to
expire on December 31, 2010. Notwithstanding this Act or any
other law to the contrary, bonds issued under this Section must
be payable within one year after their date of issuance.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 3/11/2010