97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0353
 
Introduced 2/8/2011, by Sen. John J. Cullerton
 
SYNOPSIS AS INTRODUCED:
 
  
30 ILCS 330/2  from Ch. 127, par. 652

    Amends the General Obligation Bond Act. Makes a technical change and revisory changes in a Section concerning  the total amount of
General Obligation Bonds authorized under
the Act. 


LRB097 04089 PJG 44128 b

 
 
A BILL FOR
 


SB0353LRB097 04089 PJG 44128 b



1    AN ACT concerning finance.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 

 
4    Section 5. The General Obligation Bond Act is amended by 
5changing Section 2 as follows:
 
6    (30 ILCS 330/2)  (from Ch. 127, par. 652)
7    Sec. 2. Authorization for Bonds. The
The State of Illinois 
8is authorized to
issue, sell and provide for the retirement of 
9General Obligation Bonds of
the State of Illinois for the 
10categories and specific purposes expressed in
Sections 2 
11through 8 of this Act, in the total amount of $37,217,777,443 
12$36,967,777,443.
13    The bonds authorized in this Section 2 and in Section 16 of 
14this Act are
herein called "Bonds".
15    Of the total amount of Bonds authorized in this Act, up to 
16$2,200,000,000
in aggregate original principal amount may be 
17issued and sold in accordance
with the Baccalaureate Savings 
18Act in the form of General Obligation
College Savings Bonds.
19    Of the total amount of Bonds authorized in this Act, up to 
20$300,000,000 in
aggregate original principal amount may be 
21issued and sold in accordance
with the Retirement Savings Act 
22in the form of General Obligation
Retirement Savings Bonds.
23    Of the total amount of Bonds authorized in this Act, the 
 
 
SB0353- 2 -LRB097 04089 PJG 44128 b

1additional
$10,000,000,000 authorized by Public Act 93-2 and 
2the $3,466,000,000 authorized by Public Act 96-43 shall be used 
3solely as provided in Section 7.2.
4    The issuance and sale of Bonds pursuant to the General 
5Obligation Bond
Act is an economical and efficient method of 
6financing the long-term capital needs of
the State.  This Act 
7will permit the issuance of a multi-purpose General
Obligation 
8Bond with uniform terms and features.  This will not only lower

9the cost of registration but also reduce the overall cost of 
10issuing debt
by improving the marketability of Illinois General 
11Obligation Bonds.
12(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, 
13eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10; 
1496-1000, eff. 7-2-10; revised 9-3-10.)