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90_HB0504ham003
LRB9002463PTcwam04
1 AMENDMENT TO HOUSE BILL 504
2 AMENDMENT NO. . Amend House Bill 504 by replacing
3 Section 115 with the following:
4 "Section 115. The General Obligation Bond Act is amended
5 by changing Section 2 as follows:
6 (30 ILCS 330/2) (from Ch. 127, par. 652)
7 Sec. 2. Authorization for Bonds. The State of Illinois
8 is authorized to issue, sell and provide for the retirement
9 of General Obligation Bonds of the State of Illinois in the
10 total amount of $8,805,508,392 herein called "Bonds".
11 Of the total amount of bonds authorized above, up to
12 $2,200,000,000 in aggregate original principal amount may be
13 issued and sold in accordance with the Baccalaureate Savings
14 Act in the form of General Obligation College Savings Bonds.
15 Of the total amount of bonds authorized above, up to
16 $300,000,000 in aggregate original principal amount may be
17 issued and sold in accordance with the Retirement Savings Act
18 in the form of General Obligation Retirement Savings Bonds.
19 Of the total amount of bonds authorized above, up to
20 $300,000,000 in aggregate original principal amount may be
21 issued and sold in accordance with the Elder Care Savings
22 Bond Act in the form of General Obligation Elder Care Savings
-2- LRB9002463PTcwamo4
1 Bonds.
2 The issuance and sale of Bonds pursuant to the General
3 Obligation Bond Act is an economical and efficient method of
4 financing the capital needs of the State. This Act will
5 permit the issuance of a multi-purpose General Obligation
6 Bond with uniform terms and features. This will not only
7 lower the cost of registration but also reduce the overall
8 cost of issuing debt by improving the marketability of
9 Illinois General Obligation Bonds.
10 Bonds shall be issued for the categories and specific
11 purposes expressed in Sections 2 through 8 and Section 16 of
12 this Act.
13 (Source: P.A. 90-1, eff. 2-20-97.)".