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(110 ILCS 920/4) (from Ch. 144, par. 2404)
Sec. 4. Issuance and Sale of College Savings Bonds. In order to
provide investors with investment alternatives to enhance their financial
access to Institutions of Higher Education located in the State of
Illinois, and in furtherance of the public policy of this Act, bonds
authorized by the provisions of the General Obligation Bond Act, in a total
aggregate original principal amount not to exceed
$2,200,000,000 may
be issued and sold from time to time, and as often as
practicable, as College Savings Bonds in such amounts as directed by the
Governor, upon recommendation by the Director of the
Governor's Office of Management and Budget.
Bonds to be issued and sold as College Savings Bonds shall be designated by
the Governor and the Director of the
Governor's Office of Management and Budget as "General
Obligation College Savings Bonds" in the proceedings authorizing the
issuance of such Bonds, and shall be subject to all of the terms and
provisions of the General Obligation Bond Act, except that College Savings
Bonds may bear interest payable at such time or times and may be sold at
such prices and in such manner as may be determined by the Governor and
the Director of the
Governor's Office of Management and Budget and except as otherwise provided
in this Act. If College Savings Bonds are sold at
public sale, the public sale procedures shall be as set forth in Section 11 of
the General Obligation Bond Act. College Savings Bonds may be sold at
negotiated sale if the Director of the
Governor's Office of Management and Budget determines that
a negotiated sale will result in either a more efficient and economic sale
of such Bonds or greater access to such Bonds by investors who are
residents of the State of Illinois. If any College Savings Bonds are sold at a
negotiated sale, the underwriter or underwriters to which such Bonds are
sold shall (a) be organized, incorporated or have their principal place of
business in the State of Illinois, or (b) in the judgment of the Director
of the
Governor's Office of Management and Budget, have sufficient capability to make a broad
distribution of such Bonds to investors resident in the State of Illinois.
In determining the aggregate principal amount of College Savings Bonds that
has been issued pursuant to this Act, the aggregate original principal
amount of such Bonds issued and sold shall be taken into account. Any bond
issued under this Act shall be payable in one payment on a fixed
date, unless the Governor and the Director of the
Governor's Office of Management and Budget
determine otherwise.
(Source: P.A. 94-793, eff. 5-19-06.)
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