102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0853
 
Introduced 2/10/2021, by Rep. Michael J. Zalewski
 
SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/2  from Ch. 127, par. 652

    Amends the General Obligation Bond Act. Makes a technical change in a Section concerning  the total amount of
General Obligation Bonds authorized under
the Act. 


LRB102 12912 RJF 18255 b

 
 
A BILL FOR
 


HB0853LRB102 12912 RJF 18255 b



1    AN ACT concerning finance.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 

 
4    Section 5. The General Obligation Bond Act is amended by 
5changing Section 2 as follows:
 
6    (30 ILCS 330/2)  (from Ch. 127, par. 652)
7    Sec. 2. Authorization for Bonds. The
The State of Illinois 
8is authorized to
issue, sell and provide for the retirement of 
9General Obligation Bonds of
the State of Illinois for the 
10categories and specific purposes expressed in
Sections 2 
11through 8 of this Act, in the total amount of $78,256,839,969.
12    The bonds authorized in this Section 2 and in Section 16 of 
13this Act are
herein called "Bonds".
14    Of the total amount of Bonds authorized in this Act, up to 
15$2,200,000,000
in aggregate original principal amount may be 
16issued and sold in accordance
with the Baccalaureate Savings 
17Act in the form of General Obligation
College Savings Bonds.
18    Of the total amount of Bonds authorized in this Act, up to 
19$300,000,000 in
aggregate original principal amount may be 
20issued and sold in accordance
with the Retirement Savings Act 
21in the form of General Obligation
Retirement Savings Bonds.
22    Of the total amount of Bonds authorized in this Act, the 
23additional
$10,000,000,000 authorized by Public Act 93-2, the 
 
 
HB0853- 2 -LRB102 12912 RJF 18255 b

1$3,466,000,000 authorized by Public Act 96-43, and the 
2$4,096,348,300 authorized by Public Act 96-1497 shall be used 
3solely as provided in Section 7.2.
4    Of the total amount of Bonds authorized in this Act, the 
5additional $6,000,000,000 authorized by Public Act 100-23 
6shall be used solely as provided in Section 7.6 and shall be 
7issued by December 31, 2017. 
8    Of the total amount of Bonds authorized in this Act, 
9$1,000,000,000 of the additional amount authorized by Public 
10Act 100-587 shall be used solely as provided in Section 7.7. 
11    The issuance and sale of Bonds pursuant to the General 
12Obligation Bond
Act is an economical and efficient method of 
13financing the long-term capital needs of
the State.  This Act 
14will permit the issuance of a multi-purpose General
Obligation 
15Bond with uniform terms and features.  This will not only lower

16the cost of registration but also reduce the overall cost of 
17issuing debt
by improving the marketability of Illinois 
18General Obligation Bonds.
19(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18; 
20101-30, eff. 6-28-19.)