95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1877


 
Introduced 1/10/2008, by Sen. Deanna Demuzio - Gary Forby
 
SYNOPSIS AS INTRODUCED:
 		














30 ILCS 330/12
  from Ch. 127, par. 662







    Amends the General Obligation Bond Act.  Removes a provision of the Act  that, under specified circumstances, allows the Governor and the Director of the Governor's Office of Management and Budget to provide for the reallocation of the unspent proceeds of certain bonds.  Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB1877

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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 General Obligation Bond Act is amended  by 
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changing Section 12 as follows:
 



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    (30 ILCS 330/12)  (from Ch. 127, par. 662)



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    Sec. 12. Allocation of Proceeds from Sale of Bonds. 

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    (a) Proceeds from the sale of Bonds, authorized by Section 
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3 of this Act,
shall be deposited in the separate fund known as 
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the Capital Development Fund.

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    (b) Proceeds from the sale of Bonds, authorized by 
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paragraph (a) of Section
4 of this Act, shall be deposited in 
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the separate fund known as the
Transportation Bond, Series A 
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Fund.

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    (c) Proceeds from the sale of Bonds, authorized by 
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paragraphs (b) and (c)
of Section 4 of this Act, shall be 
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deposited in the separate fund known
as the Transportation 
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Bond, Series B Fund.

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    (d) Proceeds from the sale of Bonds, authorized by Section 
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5 of this
Act, shall be deposited in the separate fund known as 
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the School Construction
Fund.

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    (e) Proceeds from the sale of Bonds, authorized by Section 
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6 of this Act,
shall be deposited in the separate fund known as 
 


 






SB1877
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the Anti-Pollution Fund.

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    (f) Proceeds from the sale of Bonds, authorized by Section 
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7 of this Act,
shall be deposited in the separate fund known as 
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the Coal Development Fund.

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    (f-2) Proceeds from the sale of Bonds, authorized by 
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Section 7.2 of this
Act, shall be deposited as set forth in 
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Section 7.2.

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    (f-5) Proceeds from the sale of Bonds, authorized by 
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Section 7.5 of this
Act, shall be deposited as set forth in 
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Section 7.5.

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    (g) Proceeds from the sale of Bonds, authorized by Section 
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8 of this Act,
shall be deposited in
the Capital Development 
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Fund.

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    (h) (Blank). Subsequent to the issuance of any Bonds for 
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the purposes described
in Sections 2 through 8 of this Act, the 
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Governor and the Director of the
Governor's Office of 
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Management and Budget may provide for the reallocation of 
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unspent proceeds
of such Bonds to any other purposes authorized 
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under said Sections of this
Act, subject to the limitations on 
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aggregate principal amounts  contained
therein.  Upon any such 
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reallocation, such unspent proceeds shall be
transferred to the 
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appropriate funds as determined by reference to
paragraphs (a) 
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through (g) of this Section.

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(Source: P.A. 93-2, eff. 4-7-03; 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.