State of Illinois
92nd General Assembly
Legislation

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92_SB2278

 
                                               LRB9213671REpk

 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 General Obligation Bond Act is amended by
 5    changing Section 2 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 $15,265,007,499
12    $15,265,007,500.
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-                LRB9213671REpk
 1    (Source:  P.A.  91-39,  eff.  6-15-99;  91-53,  eff  6-30-99;
 2    91-710, eff. 5-17-00; 92-13, eff. 6-22-01.)

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

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