Illinois General Assembly - Full Text of Public Act 095-1026

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Public Act 095-1026

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Public Act 1026 95TH GENERAL ASSEMBLY

Public Act 095-1026

SB1511 Enrolled LRB095 04366 JAM 24409 b

    AN ACT concerning finance.

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

    Section 5. The General Obligation Bond Act is amended by
changing Sections 2 and 7 as follows:

    (30 ILCS 330/2)  (from Ch. 127, par. 652)
    Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $27,693,149,369
~~$27,658,149,369~~.
    The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
    Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
    Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
    Of the total amount of Bonds authorized in this Act, the
additional $10,000,000,000 authorized by this amendatory Act
of the 93rd General Assembly shall be used solely as provided
in Section 7.2.
    The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02;
92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)

    (30 ILCS 330/7)  (from Ch. 127, par. 657)
    Sec. 7. Coal and Energy Development. The amount of
$698,200,000 ~~$663,200,000~~is authorized to be used by the
Department of Commerce and Economic Opportunity (formerly
Department of Commerce and Community Affairs) for coal and
energy development purposes, pursuant to Sections 2, 3 and 3.1
of the Illinois Coal and Energy Development Bond Act, for the
purposes specified in Section 8.1 of the Energy Conservation
and Coal Development Act, ~~and~~for the purposes specified in
Section 605-332 of the Department of Commerce and Economic
Opportunity Law of the Civil Administrative Code of Illinois,
and for the purpose of facility cost reports prepared pursuant
to Section 1-75(d)(4) of the Illinois Power Agency Act. Of this
amount:
    (a) $115,000,000 is for the specific purposes of
acquisition, development, construction, reconstruction,
improvement, financing, architectural and technical planning
and installation of capital facilities consisting of
buildings, structures, durable equipment, and land for the
purpose of capital development of coal resources within the
State and for the purposes specified in Section 8.1 of the
Energy Conservation and Coal Development Act;
    (b) $35,000,000 is for the purposes specified in Section
8.1 of the Energy Conservation and Coal Development Act and
making a grant to the owner of a generating station located in
Illinois and having at least three coal-fired generating units
with accredited summer capability greater than 500 megawatts
each at such generating station as provided in Section 6 of
that Bond Act;
    (c) $13,200,000 is for research, development and
demonstration of forms of energy other than that derived from
coal, either on or off State property; ~~and~~
    (d) $500,000,000 is for the purpose of providing financial
assistance to new electric generating facilities as provided in
Section 605-332 of the Department of Commerce and Economic
Opportunity Law of the Civil Administrative Code of Illinois;
and ~~.~~
    (e) $35,000,000 is for the purpose of facility cost reports
prepared pursuant to Section 1-75(d)(4) of the Illinois Power
Agency Act.
(Source: P.A. 94-793, eff. 5-19-06.)

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

Effective Date: 01/12/2009

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