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| Public Act 095-1026 |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The General Obligation Bond Act is amended by | ||||
changing Sections 2 and 7 as follows:
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(30 ILCS 330/2) (from Ch. 127, par. 652)
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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.
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The bonds authorized in this Section 2 and in Section 16 of | ||||
this Act are
herein called "Bonds".
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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.
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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.
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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.
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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
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the cost of registration but also reduce the overall cost of | ||
issuing debt
by improving the marketability of Illinois General | ||
Obligation Bonds.
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(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.)
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(30 ILCS 330/7) (from Ch. 127, par. 657)
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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
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amount:
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(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
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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;
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(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
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with accredited summer capability greater than 500 megawatts | ||
each at such
generating station as provided in Section 6 of | ||
that Bond Act;
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(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
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(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 .
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(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.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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