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Rep. Gary Hannig
Filed: 11/18/2008
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LRB095 04366 JAM 53639 a |
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| AMENDMENT TO SENATE BILL 1511
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| AMENDMENT NO. ______. Amend Senate Bill 1511, AS AMENDED, |
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| by replacing everything after the enacting clause with the |
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| following:
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| "Section 5. The General Obligation Bond Act is amended by |
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| changing Sections 2 and 7 as follows:
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| (30 ILCS 330/2) (from Ch. 127, par. 652)
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| Sec. 2. Authorization for Bonds. The State of Illinois is |
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| authorized to
issue, sell and provide for the retirement of |
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| General Obligation Bonds of
the State of Illinois for the |
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| categories and specific purposes expressed in
Sections 2 |
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| through 8 of this Act, in the total amount of $27,693,149,369 |
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| $27,658,149,369 .
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| The bonds authorized in this Section 2 and in Section 16 of |
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| this Act are
herein called "Bonds".
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| Of the total amount of Bonds authorized in this Act, up to |
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LRB095 04366 JAM 53639 a |
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| $2,200,000,000
in aggregate original principal amount may be |
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| issued and sold in accordance
with the Baccalaureate Savings |
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| Act in the form of General Obligation
College Savings Bonds.
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| Of the total amount of Bonds authorized in this Act, up to |
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| $300,000,000 in
aggregate original principal amount may be |
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| issued and sold in accordance
with the Retirement Savings Act |
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| in the form of General Obligation
Retirement Savings Bonds.
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| Of the total amount of Bonds authorized in this Act, the |
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| additional
$10,000,000,000 authorized by this amendatory Act |
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| of the 93rd General
Assembly shall be used solely as provided |
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| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General |
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| Obligation Bond
Act is an economical and efficient method of |
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| financing the long-term capital needs of
the State. This Act |
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| will permit the issuance of a multi-purpose General
Obligation |
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| Bond with uniform terms and features. This will not only lower
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| the cost of registration but also reduce the overall cost of |
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| issuing debt
by improving the marketability of Illinois General |
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| Obligation Bonds.
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| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; |
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| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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| (30 ILCS 330/7) (from Ch. 127, par. 657)
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| Sec. 7. Coal and Energy Development. The amount of |
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| $698,200,000 $663,200,000 is
authorized to be used by the |
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| Department of Commerce and Economic Opportunity (formerly |
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| Department of Commerce and Community Affairs) for
coal and |
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| energy development purposes, pursuant to Sections 2, 3 and 3.1 |
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| of the
Illinois Coal and Energy Development Bond Act, for the |
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| purposes
specified
in Section 8.1 of the Energy Conservation |
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| and Coal Development Act, and for
the purposes specified in |
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| Section 605-332 of the Department of Commerce and
Economic |
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| Opportunity Law of the Civil Administrative Code of Illinois , |
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| and for the purpose of facility cost reports prepared pursuant |
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| to Section 1-75(d)(4) of the Illinois Power Agency Act . Of this
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| amount:
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| (a) $115,000,000 is
for the specific purposes of |
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| acquisition,
development, construction, reconstruction, |
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| improvement, financing,
architectural and technical planning |
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| and installation of capital facilities
consisting of |
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| buildings, structures, durable equipment, and land for the
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| purpose of capital development of coal resources within the |
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| State and for the
purposes specified in Section 8.1 of the |
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| Energy Conservation and Coal
Development Act;
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| (b) $35,000,000 is for the purposes specified in Section |
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| 8.1 of the
Energy
Conservation and Coal Development Act and |
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| making a grant to the owner of a
generating station
located in |
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| Illinois and having at least three coal-fired generating units
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| with accredited summer capability greater than 500 megawatts |
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| each at such
generating station as provided in Section 6 of |
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| that Bond Act;
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| (c) $13,200,000 is for research, development and |
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| demonstration
of forms of energy
other than that derived from |
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| coal, either on or off State property; and
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| (d) $500,000,000 is for the purpose of providing financial |
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| assistance to
new
electric generating facilities as provided in |
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| Section 605-332 of the Department
of Commerce and Economic |
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| Opportunity Law of the Civil Administrative Code of
Illinois ; |
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| and .
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| (e) $35,000,000 is for the purpose of facility cost reports |
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| prepared pursuant to Section 1-75(d)(4) of the Illinois Power |
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| Agency Act. |
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| (Source: P.A. 94-793, eff. 5-19-06.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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