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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0348 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
| | 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. |
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| | A BILL FOR |
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| | SB0348 | | LRB097 04096 PJG 44135 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Build Illinois Bond Act is amended by |
| 5 | | changing Section 2 as follows:
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| 6 | | (30 ILCS 425/2) (from Ch. 127, par. 2802)
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| 7 | | Sec. 2. Authorization for Bonds. The
The State of Illinois |
| 8 | | is
authorized to issue, sell and provide for the retirement of |
| 9 | | limited
obligation bonds, notes and other evidences of |
| 10 | | indebtedness of the State of
Illinois in the total principal |
| 11 | | amount of $4,615,509,000
herein called "Bonds". Such |
| 12 | | authorized amount of Bonds shall
be reduced from time to time |
| 13 | | by amounts, if any, which are equal to the
moneys received by |
| 14 | | the Department of Revenue in any fiscal year pursuant to
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| 15 | | Section 3-1001 of the "Illinois Vehicle Code", as amended, in |
| 16 | | excess of the
Annual Specified Amount (as defined in Section 3 |
| 17 | | of the "Retailers'
Occupation Tax Act", as amended) and |
| 18 | | transferred at the end of such fiscal
year from the General |
| 19 | | Revenue Fund to the Build Illinois Purposes Fund (now |
| 20 | | abolished) as
provided in Section 3-1001 of said Code; |
| 21 | | provided, however, that no such
reduction shall affect the |
| 22 | | validity or enforceability of any Bonds issued
prior to such |
| 23 | | reduction. Such amount of authorized Bonds
shall be exclusive |