State of Illinois
92nd General Assembly
Legislation

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92_HB4587

 
                                               LRB9214009REcs

 1        AN ACT concerning bonds.

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

 4        Section 5.  The Build Illinois Bond  Act  is  amended  by
 5    changing Section 2 as follows:

 6        (30 ILCS 425/2) (from Ch. 127, par. 2802)
 7        Sec.  2.  Authorization for Bonds.  The State of Illinois
 8    is authorized to issue, sell and provide for  the  retirement
 9    of  limited  obligation  bonds,  notes and other evidences of
10    indebtedness of the State of Illinois in the total  principal
11    amount   of   $3,540,714,999   $3,540,715,000  herein  called
12    "Bonds".  Such authorized amount of Bonds  shall  be  reduced
13    from  time to time by amounts, if any, which are equal to the
14    moneys received by the Department of Revenue  in  any  fiscal
15    year  pursuant  to  Section  3-1001  of the "Illinois Vehicle
16    Code", as amended, in excess of the Annual  Specified  Amount
17    (as  defined  in  Section 3 of the "Retailers' Occupation Tax
18    Act", as amended) and transferred at the end of  such  fiscal
19    year  from  the  General  Revenue  Fund to the Build Illinois
20    Purposes Fund as provided in Section  3-1001  of  said  Code;
21    provided,  however,  that  no such reduction shall affect the
22    validity or enforceability of any Bonds issued prior to  such
23    reduction.    Such   amount  of  authorized  Bonds  shall  be
24    exclusive of any refunding Bonds issued pursuant  to  Section
25    15  of this Act and exclusive of any Bonds issued pursuant to
26    this Section which are redeemed, purchased, advance refunded,
27    or defeased in accordance with paragraph (f) of Section 4  of
28    this  Act.   Bonds  shall  be  issued  for the categories and
29    specific purposes expressed in Section 4 of this Act.
30    (Source: P.A.  91-39,  eff.  6-15-99;  91-53,  eff.  6-30-99;
31    91-709, eff. 5-17-00; 92-9, eff. 6-11-01.)
 
                            -2-                LRB9214009REcs
 1        Section  99.   Effective  date.  This Act takes effect on
 2    July 1, 2002.

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