Full Text of SB0566 102nd General Assembly
SB0566 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 SB0566 Introduced 2/23/2021, by Sen. Laura Fine SYNOPSIS AS INTRODUCED: | | 30 ILCS 330/2 | from Ch. 127, par. 652 |
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Amends the General Obligation Bond Act. Makes a technical change in a Section concerning the total amount of
General Obligation Bonds authorized under
the Act. |
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| | A BILL FOR |
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| | | SB0566 | | LRB102 12913 RJF 18256 b |
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| 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 General Obligation Bond Act is amended by | 5 | | changing 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 | 8 | | is authorized to
issue, sell and provide for the retirement of | 9 | | General Obligation Bonds of
the State of Illinois for the | 10 | | categories and specific purposes expressed in
Sections 2 | 11 | | through 8 of this Act, in the total amount of $78,256,839,969. | 12 | | The bonds authorized in this Section 2 and in Section 16 of | 13 | | this Act are
herein called "Bonds". | 14 | | Of the total amount of Bonds authorized in this Act, up to | 15 | | $2,200,000,000
in aggregate original principal amount may be | 16 | | issued and sold in accordance
with the Baccalaureate Savings | 17 | | Act in the form of General Obligation
College Savings Bonds. | 18 | | Of the total amount of Bonds authorized in this Act, up to | 19 | | $300,000,000 in
aggregate original principal amount may be | 20 | | issued and sold in accordance
with the Retirement Savings Act | 21 | | in the form of General Obligation
Retirement Savings Bonds. | 22 | | Of the total amount of Bonds authorized in this Act, the | 23 | | additional
$10,000,000,000 authorized by Public Act 93-2, the |
| | | SB0566 | - 2 - | LRB102 12913 RJF 18256 b |
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| 1 | | $3,466,000,000 authorized by Public Act 96-43, and the | 2 | | $4,096,348,300 authorized by Public Act 96-1497 shall be used | 3 | | solely as provided in Section 7.2. | 4 | | Of the total amount of Bonds authorized in this Act, the | 5 | | additional $6,000,000,000 authorized by Public Act 100-23 | 6 | | shall be used solely as provided in Section 7.6 and shall be | 7 | | issued by December 31, 2017. | 8 | | Of the total amount of Bonds authorized in this Act, | 9 | | $1,000,000,000 of the additional amount authorized by Public | 10 | | Act 100-587 shall be used solely as provided in Section 7.7. | 11 | | The issuance and sale of Bonds pursuant to the General | 12 | | Obligation Bond
Act is an economical and efficient method of | 13 | | financing the long-term capital needs of
the State. This Act | 14 | | will permit the issuance of a multi-purpose General
Obligation | 15 | | Bond with uniform terms and features. This will not only lower
| 16 | | the cost of registration but also reduce the overall cost of | 17 | | issuing debt
by improving the marketability of Illinois | 18 | | General Obligation Bonds. | 19 | | (Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18; | 20 | | 101-30, eff. 6-28-19.) |
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