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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6994
Introduced 02/09/04, by David E. Miller SYNOPSIS AS INTRODUCED:
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30 ILCS 355/14 |
from Ch. 85, par. 1397g |
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Amends the Metropolitan Civic Center Support Act to provide for payment of bonds to be made by the Governor's Office of Management and Budget (rather than the Department of Commerce and Economic Opportunity). Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB6994 |
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LRB093 21267 RAS 47420 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Metropolitan Civic Center Support Act is |
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| amended by changing Section 14 as follows:
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| (30 ILCS 355/14) (from Ch. 85, par. 1397g)
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| Sec. 14. (a) To provide for the manner of repayment of
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| Bonds, the Governor shall include an appropriation in each |
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| annual State
Budget of monies in such amount as shall be |
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| necessary and sufficient, for
the period covered by such |
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| budget, to pay the interest, as it shall accrue,
on all Bonds |
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| issued under this Act, to pay and discharge the principal of
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| such Bonds as shall, by their terms fall due during such period |
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| and to pay
a premium, if any, on Bonds to be redeemed prior to |
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| the maturity date and
to replenish any reserve fund as may be |
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| required under any trust indenture.
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| (b) A separate fund in the State Treasury called the |
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| "Illinois Civic
Center Bond Retirement and Interest Fund" is |
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| hereby created.
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| (c) The Governor's Office of Management and Budget
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| Department shall pay subject to annual appropriation by the
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| General Assembly the principal of, interest on, and premium, if |
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| any, on
Bonds sold under this Act from the Bond Retirement |
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| Fund.
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| (Source: P.A. 84-245.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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