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