SB2065 102ND GENERAL ASSEMBLY

LRB102 16925 KTG 22338 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2065

Introduced 2/26/2021, by Sen. Cristina Castro

SYNOPSIS AS INTRODUCED:

20 ILCS 3805/22

from Ch. 67 1/2, par. 322

Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall not have outstanding at any one time bonds and notes for any of its corporate purposes in an aggregate principal amount exceeding $7,200,000,000 (rather than $3,600,000,000), excluding bonds and notes issued to refund outstanding bonds and notes. Provides that of the authorized aggregate principal amount of $7,200,000,000 (rather than $3,600,000,000), the amount of $150,000,000 shall be used for the specified purposes.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

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

Section 5. The Illinois Housing Development Act is amended by changing Section 22 as follows:

(20 ILCS 3805/22) (from Ch. 67 1/2, par. 322)

Sec. 22. (a) The Authority shall not have outstanding at any one time bonds and notes for any of its corporate purposes in an aggregate principal amount exceeding $7,200,000,000 $3,600,000,000, excluding bonds and notes issued to refund outstanding bonds and notes.

(b) Of the authorized aggregate principal amount of $7,200,000,000 $3,600,000,000 provided for by this Section, the amount of $150,000,000 shall be used for the purposes specified in Sections 7.23 and 7.24 of this Act.

(c) Of the $1,000,000,000 authorized by this amendatory Act of 1985, an amount not less than $100,000,000 shall be reserved for financing developments which involve the rehabilitation of dwelling accommodations, subject to the occupancy reservation of low or moderate income persons or families as provided in this Act.

(Source: P.A. 87-250; 87-884; 88-93.)