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:
 
30 ILCS 425/2   from Ch. 127, par. 2802

    Amends the Build Illinois Bond Act. Makes a technical change in a Section concerning the authorization for bonds. Effective July 1, 2005.


LRB094 04395 RCE 34424 b

 

 

A BILL FOR

 

SB0667 LRB094 04395 RCE 34424 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Build Illinois Bond Act is amended by
5 changing Section 2 as follows:
 
6     (30 ILCS 425/2)  (from Ch. 127, par. 2802)
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 $3,805,509,000 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
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 as provided in
20 Section 3-1001 of said Code; provided, however, that no such
21 reduction shall affect the validity or enforceability of any
22 Bonds issued prior to such reduction. Such amount of authorized
23 Bonds shall be exclusive of any refunding Bonds issued pursuant
24 to Section 15 of this Act and exclusive of any Bonds issued
25 pursuant to this Section which are redeemed, purchased, advance
26 refunded, or defeased in accordance with paragraph (f) of
27 Section 4 of this Act. Bonds shall be issued for the categories
28 and specific purposes expressed in Section 4 of this Act.
29 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99; 91-709,
30 eff. 5-17-00; 92-9, eff. 6-11-01; 92-598, 6-28-02.)
 
31     Section 99. Effective date. This Act takes effect July 1,
32 2005.