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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0667
Introduced 2/18/2005, by Sen. Ira I. Silverstein - Emil Jones, Jr. SYNOPSIS AS INTRODUCED:
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30 ILCS 425/2 |
from Ch. 127, par. 2802 |
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Amends the Build Illinois Bond Act. Makes a technical change in a Section concerning the authorization for bonds. Effective July 1, 2005. |
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A BILL FOR
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SB0667 |
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LRB094 04395 RCE 34424 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 Build Illinois Bond Act is amended by |
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| changing Section 2 as follows:
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| (30 ILCS 425/2) (from Ch. 127, par. 2802)
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| Sec. 2. Authorization for Bonds. The
The State of Illinois |
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| is
authorized to issue, sell and provide for the retirement of |
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| limited
obligation bonds, notes and other evidences of |
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| indebtedness of the State of
Illinois in the total principal |
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| amount of $3,805,509,000
herein called "Bonds". Such |
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| authorized amount of Bonds shall
be reduced from time to time |
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| by amounts, if any, which are equal to the
moneys received by |
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| the Department of Revenue in any fiscal year pursuant to
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| Section 3-1001 of the "Illinois Vehicle Code", as amended, in |
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| excess of the
Annual Specified Amount (as defined in Section 3 |
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| of the "Retailers'
Occupation Tax Act", as amended) and |
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| transferred at the end of such fiscal
year from the General |
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| Revenue Fund to the Build Illinois Purposes Fund as
provided in |
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| Section 3-1001 of said Code; provided, however, that no such
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| reduction shall affect the validity or enforceability of any |
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| Bonds issued
prior to such reduction. Such amount of authorized |
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| Bonds
shall be exclusive of any refunding Bonds issued pursuant |
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| to Section 15 of
this Act and exclusive of any Bonds issued |
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| pursuant to this Section which
are redeemed, purchased, advance |
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| refunded, or defeased in accordance with
paragraph (f) of |
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| Section 4 of this Act. Bonds shall be issued for the
categories |
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| and specific purposes expressed in Section 4 of this Act. |
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| (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99; 91-709, |
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| eff.
5-17-00; 92-9, eff. 6-11-01; 92-598, 6-28-02.)
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| Section 99. Effective date. This Act takes effect July 1, |
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| 2005. |