State of Illinois
91st General Assembly
Legislation

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91_HB1202eng

 
HB1202 Engrossed                              LRB9103241PTpkA

 1        AN  ACT  to  amend  the  Illinois   Development   Finance
 2    Authority Act by changing Sections 7.56a and 8.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Illinois  Development  Finance  Authority
 6    Act is amended by changing Sections 7.56a and 8 as follows:

 7        (20 ILCS 3505/7.56a) (from Ch. 48, par. 850.07z12a)
 8        Sec.  7.56a.   Infrastructure  Bond Authorization Limits.
 9    In addition to  the  bonds  authorized  to  be  issued  under
10    Sections 7.8 and 8, the Authority may have outstanding at any
11    time,  bonds  for  the  purposes  enumerated in Sections 7.50
12    through 7.61 in an aggregate principal amount that shall  not
13    exceed $2,000,000,000 $1,000,000,000.
14        Such  bonds  shall  not  constitute  an  indebtedness  or
15    obligation  of  the State of Illinois and it shall be plainly
16    stated on the face of each bond that it does  not  constitute
17    such an indebtedness or obligation but is payable solely from
18    the revenues, income or other assets of the Authority pledged
19    therefor.
20    (Source: P.A. 90-470, eff. 8-17-97.)

21        (20 ILCS 3505/8) (from Ch. 48, par. 850.08)
22        Sec. 8.  Outstanding bond authorization limits. Exclusive
23    of  the  bonds  authorized  to  be  issued under Section 7.8,
24    Section 7.87, or under the Illinois Environmental  Facilities
25    Financing  Act,  and  exclusive  of  the  authorization under
26    Section 7.56a  of  this  Act,  the  Authority  may  not  have
27    outstanding  at  any  one time bonds for any of its corporate
28    purposes  in  an   aggregate   principal   amount   exceeding
29    $5,400,000,000  $4,400,000,000,  excluding  bonds  issued  to
30    refund   outstanding  bonds.   Up  to  $100,000,000  of  such
 
HB1202 Engrossed            -2-               LRB9103241PTpkA
 1    outstanding bonds shall be issued with respect to  industrial
 2    projects  located within areas designated as Enterprise Zones
 3    by the Department of Commerce and Community Affairs.
 4    (Source: P.A. 89-460, eff. 5-24-96; 90-470, eff. 8-17-97.)

 5        Section 99.  Effective date.  This Act takes effect  upon
 6    becoming law.

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