093_HB2968
LRB093 08155 SJM 08361 b
1 AN ACT in relation to bonds.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The General Obligation Bond Act is amended by
5 changing Section 2 and adding Section 3.5 as follows:
6 (30 ILCS 330/2) (from Ch. 127, par. 652)
7 Sec. 2. Authorization for Bonds. The State of Illinois
8 is authorized to issue, sell and provide for the retirement
9 of General Obligation Bonds of the State of Illinois for the
10 categories and specific purposes expressed in Sections 2
11 through 8 of this Act, in the total amount of $17,678,149,369
12 $17,658,149,369 $16,908,149,369 $16,015,007,500.
13 The bonds authorized in this Section 2 and in Section 16
14 of this Act are herein called "Bonds".
15 Of the total amount of Bonds authorized in this Act, up
16 to $2,200,000,000 in aggregate original principal amount may
17 be issued and sold in accordance with the Baccalaureate
18 Savings Act in the form of General Obligation College Savings
19 Bonds.
20 Of the total amount of Bonds authorized in this Act, up
21 to $300,000,000 in aggregate original principal amount may be
22 issued and sold in accordance with the Retirement Savings Act
23 in the form of General Obligation Retirement Savings Bonds.
24 The issuance and sale of Bonds pursuant to the General
25 Obligation Bond Act is an economical and efficient method of
26 financing the capital and general operating needs of the
27 State. This Act will permit the issuance of a multi-purpose
28 General Obligation Bond with uniform terms and features.
29 This will not only lower the cost of registration but also
30 reduce the overall cost of issuing debt by improving the
31 marketability of Illinois General Obligation Bonds.
-2- LRB093 08155 SJM 08361 b
1 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff 6-30-99;
2 91-710, eff. 5-17-00; 92-13, eff. 6-22-01; 92-596, eff.
3 6-28-02; 92-598, eff. 6-28-02; revised 10-8-02.)
4 (30 ILCS 330/3.5 new)
5 Sec. 3.5. Civic center repair. The amount of
6 $20,000,000 is authorized to be used by the Department of
7 Commerce and Community Affairs for grants to civic center
8 authorities created under the Civic Center Code for the
9 maintenance and repair of civic centers. Civic center
10 authorities may apply to the Department for the grants. The
11 Department shall, by rule, set requirements for the
12 applications and the criteria for awarding the grants.
13 Section 99. Effective date. This Act takes effect upon
14 becoming law.