State of Illinois
92nd General Assembly
Legislation

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92_HB0625

 
                                               LRB9203881MWpk

 1        AN ACT in relation to bonds.

 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 and adding Section 7.5 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 for the
10    categories and specific  purposes  expressed  in  Sections  2
11    through 8 of this Act, in the total amount of $14,207,632,592
12    $14,197,632,592.
13        The  bonds authorized in this Section 2 and in Section 16
14    of this Act are herein called "Bonds".
15        Of the total amount of Bonds authorized in this  Act,  up
16    to  $2,200,000,000 in aggregate original principal amount may
17    be issued and  sold  in  accordance  with  the  Baccalaureate
18    Savings Act in the form of General Obligation College Savings
19    Bonds.
20        Of  the  total amount of Bonds authorized in this Act, up
21    to $300,000,000 in aggregate original principal amount may be
22    issued and sold in accordance with the Retirement Savings Act
23    in the form of General Obligation Retirement Savings Bonds.
24        The issuance and sale of Bonds pursuant  to  the  General
25    Obligation  Bond Act is an economical and efficient method of
26    financing the capital needs of  the  State.   This  Act  will
27    permit  the  issuance  of  a multi-purpose General Obligation
28    Bond with uniform terms and features.   This  will  not  only
29    lower  the  cost  of registration but also reduce the overall
30    cost of  issuing  debt  by  improving  the  marketability  of
31    Illinois General Obligation Bonds.
 
                            -2-                LRB9203881MWpk
 1    (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
 2    eff.  12-8-97;  90-586,  eff.  6-4-98;  91-39,  eff. 6-15-99;
 3    91-53, eff 6-30-99; 91-710, eff. 5-17-00.)

 4        (30 ILCS 330/7.5 new)
 5        Sec.  7.5.  Civic   center   repair.    The   amount   of
 6    $10,000,000  is  authorized  to  be used by the Department of
 7    Commerce and Community Affairs for  grants  to  civic  center
 8    authorities  created  under  the  Civic  Center  Code for the
 9    maintenance  and  repair  of  civic  centers.   Civic  center
10    authorities may apply to the Department for the grants.   The
11    Department   shall,   by   rule,  set  requirements  for  the
12    applications  and  the  criteria  for  awarding  the  grants.
13    Preference shall be given to the maintenance  and  repair  of
14    the original facilities of the civic  center authority.

15        Section  99.  Effective date.  This Act takes effect upon
16    becoming law.

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