State of Illinois
92^nd General Assembly
Legislation

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92_SB2216eng

 
SB2216 Engrossed                               LRB9213825BDpr

 1        AN ACT concerning finance.

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

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

 6        (20 ILCS 3505/7.56a) (from Ch. 48, par. 850.07z12a)
 7        Sec. 7.56a.  Infrastructure  Bond  Authorization  Limits.
 8    In  addition  to  the  bonds  authorized  to  be issued under
 9    Sections 7.8 and 8, the Authority may have outstanding at any
10    time, bonds for the  purposes  enumerated  in  Sections  7.50
11    through  7.61 in an aggregate principal amount that shall not
12    exceed $2,000,000,001 $2,000,000,000.
13        Such  bonds  shall  not  constitute  an  indebtedness  or
14    obligation of the State of Illinois and it shall  be  plainly
15    stated  on  the face of each bond that it does not constitute
16    such an indebtedness or obligation but is payable solely from
17    the revenues, income or other assets of the Authority pledged
18    therefor.
19    (Source: P.A. 90-470, eff. 8-17-97; 91-681, eff. 1-26-00.)

20        (20 ILCS 3505/8) (from Ch. 48, par. 850.08)
21        Sec. 8.  Outstanding bond authorization limits. Exclusive
22    of the bonds authorized  to  be  issued  under  Section  7.8,
23    Section  7.87, or under the Illinois Environmental Facilities
24    Financing Act,  and  exclusive  of  the  authorization  under
25    Section  7.56a  of  this  Act,  the  Authority  may  not have
26    outstanding at any one time bonds for any  of  its  corporate
27    purposes   in   an   aggregate   principal  amount  exceeding
28    $5,400,000,001  $5,400,000,000,  excluding  bonds  issued  to
29    refund  outstanding  bonds.   Up  to  $100,000,000  of   such
30    outstanding  bonds shall be issued with respect to industrial
 
SB2216 Engrossed            -2-                LRB9213825BDpr
 1    projects located within areas designated as Enterprise  Zones
 2    by the Department of Commerce and Community Affairs.
 3    (Source: P.A. 90-470, eff. 8-17-97; 91-681, eff. 1-26-00.)

 4        Section  99.   Effective  date.  This Act takes effect on
 5    July 1, 2002.

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