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90_SB0874
30 ILCS 425/2 from Ch. 127, par. 2802
Amends the Build Illinois Bond Act by reducing by $1 the
total principal amount of bonds authorized under this Act.
Effective immediately.
SRA90S0005MWcb
SRA90S0005MWcb
1 AN ACT to amend the Build Illinois Bond Act by changing
2 Section 2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Build Illinois Bond Act is amended by
6 changing Section 2 as follows:
7 (30 ILCS 425/2) (from Ch. 127, par. 2802)
8 Sec. 2. Authorization for Bonds. The State of Illinois
9 is authorized to issue, sell and provide for the retirement
10 of limited obligation bonds, notes and other evidences of
11 indebtedness of the State of Illinois in the total principal
12 amount of $2,036,499,999 $2,036,500,000 herein called
13 "Bonds". Such authorized amount of Bonds shall be reduced
14 from time to time by amounts, if any, which are equal to the
15 moneys received by the Department of Revenue in any fiscal
16 year pursuant to Section 3-1001 of the "Illinois Vehicle
17 Code", as amended, in excess of the Annual Specified Amount
18 (as defined in Section 3 of the "Retailers' Occupation Tax
19 Act", as amended) and transferred at the end of such fiscal
20 year from the General Revenue Fund to the Build Illinois
21 Purposes Fund as provided in Section 3-1001 of said Code;
22 provided, however, that no such reduction shall affect the
23 validity or enforceability of any Bonds issued prior to such
24 reduction. Such amount of authorized Bonds shall be
25 exclusive of any refunding Bonds issued pursuant to Section
26 15 of this Act and exclusive of any Bonds issued pursuant to
27 this Section which are redeemed, purchased, advance refunded,
28 or defeased in accordance with paragraph (f) of Section 4 of
29 this Act. Bonds shall be issued for the categories and
30 specific purposes expressed in Section 4 of this Act.
31 (Source: P.A. 86-44; 86-78; 86-1473.)
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1 Section 99. Effective date. This Act takes effect upon
2 becoming law.