Full Text of HB3073 095th General Assembly
HB3073 95TH GENERAL ASSEMBLY
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB3073
Introduced 2/26/2007, by Rep. Tom Cross SYNOPSIS AS INTRODUCED: |
|
30 ILCS 330/2 |
from Ch. 127, par. 652 |
|
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. Effective July 1, 2007. |
| |
|
|
A BILL FOR
|
|
|
|
|
HB3073 |
|
LRB095 09250 BDD 29444 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 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 $27,658,149,369. | 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 this amendatory Act |
|
|
|
HB3073 |
- 2 - |
LRB095 09250 BDD 29444 b |
|
| 1 |
| of the 93rd General
Assembly shall be used solely as provided | 2 |
| in Section 7.2.
| 3 |
| The issuance and sale of Bonds pursuant to the General | 4 |
| Obligation Bond
Act is an economical and efficient method of | 5 |
| financing the long-term capital needs of
the State. This Act | 6 |
| will permit the issuance of a multi-purpose General
Obligation | 7 |
| Bond with uniform terms and features. This will not only lower
| 8 |
| the cost of registration but also reduce the overall cost of | 9 |
| issuing debt
by improving the marketability of Illinois General | 10 |
| Obligation Bonds.
| 11 |
| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | 12 |
| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
| 13 |
| Section 99. Effective date. This Act takes effect July 1, | 14 |
| 2007. |
|