Public Act 096-0018
 		





SB1609 Enrolled
LRB096 08932 JAM 19069 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 9, 11, and 16 as follows:
 



    (30 ILCS 330/9)  (from Ch. 127, par. 659)


    Sec. 9. Conditions for Issuance and Sale of Bonds - 
Requirements for
Bonds.
    (a) Except as otherwise provided in this subsection, Bonds 
shall be issued and sold from time to time, in one or
more 
series, in such amounts and at such prices as may be directed 
by the
Governor, upon recommendation by the Director of the

Governor's Office of Management and Budget.
Bonds shall be in 
such form (either coupon, registered or book entry), in
such 
denominations, payable within 25 years from their date, subject 
to such
terms of redemption with or without premium, bear 
interest payable at
such times and at such fixed or variable 
rate or rates, and be dated
as shall be fixed and determined by 
the Director of
the
Governor's Office of Management and Budget


in the order authorizing the issuance and sale
of any series of 
Bonds, which order shall be approved by the Governor
and is 
herein called a "Bond Sale Order"; provided however, that 
interest
payable at fixed or variable rates shall not exceed 
that permitted in the
Bond Authorization Act, as now or 
hereafter amended.  Bonds shall be
payable at such place or 
places, within or without the State of Illinois, and
may be 
made registrable as to either principal or as to both principal 
and
interest, as shall be specified in the Bond Sale Order.  
Bonds may be callable
or subject to purchase and retirement or 
tender and remarketing as fixed
and determined in the Bond Sale 
Order. Bonds (i) except for refunding Bonds satisfying the 
requirements of Section 16 of this Act and sold during fiscal 
year 2009, 2010, or 2011, must be issued with principal or 
mandatory redemption amounts in equal amounts, with the first 
maturity issued occurring within the fiscal year in which the 
Bonds are issued or within the next succeeding fiscal year and 
(ii) must mature or be , with Bonds issued maturing or subject 
to mandatory redemption each fiscal year thereafter up to 25 
years, except for refunding Bonds satisfying the requirements 
of Section 16 of this Act and sold during fiscal year 2009, 
2010, or 2011 which must mature or be subject to mandatory 
redemption each fiscal year thereafter up to 16 years.

    In the case of any series of Bonds bearing interest at a 
variable interest
rate ("Variable Rate Bonds"), in lieu of 
determining the rate or rates at which
such series of Variable 
Rate Bonds shall bear interest and the price or prices
at which 
such Variable Rate Bonds shall be initially sold or remarketed 
(in the
event of purchase and subsequent resale), the Bond Sale 
Order may provide that
such interest rates and prices may vary 
from time to time depending on criteria
established in such 
Bond Sale Order, which criteria may include, without

limitation, references to indices or variations in interest 
rates as may, in
the judgment of a remarketing agent, be 
necessary to cause Variable Rate Bonds
of such series to be 
remarketable from time to time at a price equal to their

principal amount, and may provide for appointment of a bank, 
trust company,
investment bank, or other financial institution 
to serve as remarketing agent
in that connection.
The Bond Sale 
Order may provide that alternative interest rates or provisions

for establishing alternative interest rates, different 
security or claim
priorities, or different call or amortization 
provisions will apply during
such times as Variable Rate Bonds 
of any series are held by a person providing
credit or 
liquidity enhancement arrangements for such Bonds as 
authorized in
subsection (b) of this Section.
The Bond Sale 
Order may also provide for such variable interest rates to be

established pursuant to a process generally known as an auction 
rate process
and may provide for appointment of one or more 
financial institutions to serve
as auction agents and 
broker-dealers in connection with the establishment of
such 
interest rates and the sale and remarketing of such Bonds.

    (b) In connection with the issuance of any series of Bonds, 
the State may
enter into arrangements to provide additional 
security and liquidity for such
Bonds, including, without 
limitation, bond or interest rate insurance or
letters of 
credit, lines of credit, bond purchase contracts, or other

arrangements whereby funds are made available to retire or 
purchase Bonds,
thereby assuring the ability of owners of the 
Bonds to sell or redeem their
Bonds.  The State may enter into 
contracts and may agree to pay fees to persons
providing such 
arrangements, but only under circumstances where the Director 
of
the
Governor's Office of Management and Budget certifies 
that he or she reasonably expects the total
interest paid or to 
be paid on the Bonds, together with the fees for the

arrangements (being treated as if interest), would not, taken 
together, cause
the Bonds to bear interest, calculated to their 
stated maturity, at a rate in
excess of the rate that the Bonds 
would bear in the absence of such
arrangements.

    The State may, with respect to Bonds issued or anticipated 
to be issued,
participate in and enter into arrangements with 
respect to interest rate
protection or exchange agreements, 
guarantees, or financial futures contracts
for the purpose of  
limiting, reducing, or managing interest rate exposure.
The 
authority granted under this paragraph, however, shall not 
increase the principal amount of Bonds authorized to be issued 
by law. The arrangements may be executed and delivered by the 
Director
of the
Governor's Office of Management and Budget on 
behalf of the State.  Net payments for such
arrangements shall 
constitute interest on the Bonds and shall be paid from the

General Obligation Bond Retirement and Interest Fund.  The 
Director of the
Governor's Office of Management and Budget 
shall at least annually certify to the Governor and
the
State 
Comptroller his or her estimate of the amounts of such net 
payments to
be included in the calculation of interest required 
to be paid by the State.

    (c) Prior to the issuance of any Variable Rate Bonds 
pursuant to
subsection (a), the Director of the
Governor's 
Office of Management and Budget shall adopt an
interest rate 
risk management policy providing that the amount of the State's

variable rate exposure with respect to Bonds shall not exceed 
20%.  This policy
shall remain in effect while any Bonds are 
outstanding and the issuance of
Bonds
shall be subject to the 
terms of such policy. The terms of this policy may be
amended 
from time to time by the Director of the
Governor's Office of 
Management and Budget but in no
event shall any amendment cause 
the permitted level of the State's variable
rate exposure with 
respect to Bonds to exceed 20%.

(Source: P.A. 92-16, eff. 6-28-01; 93-9, eff. 6-3-03; 93-666, 
eff. 3-5-04; 93-839, eff. 7-30-04.)

 



    (30 ILCS 330/11)  (from Ch. 127, par. 661)



    Sec. 11. Sale of Bonds. Except as otherwise provided in 
this Section,
Bonds shall be sold from time to time pursuant to

notice of sale and public bid or by negotiated sale
in such 
amounts and at such
times as is directed by the Governor, upon 
recommendation by the Director of
the
Governor's Office of 
Management and Budget. At least 25%, based on total principal 
amount, of all Bonds issued each fiscal year shall be sold 
pursuant to notice of sale and public bid. At all times during 
each fiscal year, no more than 75%, based on total principal 
amount, of the Bonds issued each fiscal year, shall have been 
sold by negotiated sale. Failure to satisfy the requirements in 
the preceding 2 sentences shall not affect the validity of any 
previously issued Bonds; and  further provided that refunding 
Bonds satisfying the requirements of Section 16 of this Act and 
sold during fiscal year 2009, 2010, or 2011 shall not be 
subject to the requirements in the preceding 2 sentences. 

    If
any Bonds, including refunding Bonds, are to be sold by 
negotiated
sale, the
Director of the
Governor's Office of 
Management and Budget

shall comply with the
 competitive request 
for proposal process set forth in the Illinois
Procurement Code 
and all other applicable requirements of that Code.

    If Bonds are to be sold pursuant to notice of sale and 
public bid, the
Director of the
Governor's Office of Management 
and Budget shall, from time to time, as Bonds are to be sold, 
advertise
the sale of the Bonds in at least 2 daily newspapers, 
one of which is
published in the City of Springfield and one in 
the City of Chicago.  The sale
of the Bonds shall also be

advertised in the volume of the Illinois Procurement Bulletin 
that is
published by the Department of Central Management 
Services.  Each of
the advertisements for
proposals shall be 
published once at least
10 days prior to the date fixed
for the 
opening of the bids.  The Director of the
Governor's Office of 
Management and Budget may
reschedule the date of sale upon the 
giving of such additional notice as the
Director deems adequate 
to inform prospective bidders of
such change; provided, 
however, that all other conditions of the sale shall
continue 
as originally advertised.

    Executed Bonds shall, upon payment therefor, be delivered 
to the purchaser,
and the proceeds of Bonds shall be paid into 
the State Treasury as directed by
Section 12 of this Act.

(Source: P.A. 93-839, eff. 7-30-04.)

 



    (30 ILCS 330/16)  (from Ch. 127, par. 666)



    Sec. 16. Refunding Bonds. The State of Illinois is 
authorized to issue,
sell, and provide for the retirement of 
General Obligation Bonds of the State
of Illinois in the amount 
of $4,839,025,000 $2,839,025,000, at any time and
from time to 
time outstanding, for the purpose of refunding
any State of 
Illinois general obligation Bonds then outstanding, including

the payment of any redemption premium thereon, any reasonable 
expenses of
such refunding, any interest accrued or to accrue 
to the earliest
or any subsequent date of redemption or 
maturity of such outstanding
Bonds and any interest to accrue 
to the first interest payment on the
refunding Bonds; provided 
that all non-refunding Bonds in an issue that includes


refunding Bonds shall mature no later
than the final maturity 
date of Bonds being refunded; provided that no refunding Bonds 
shall be offered for sale unless the net present value of debt 
service savings to be achieved by the issuance of the refunding 
Bonds is 3% or more of the principal amount of the refunding 
Bonds to be issued; and further provided that, except for 
refunding Bonds sold in fiscal year 2009, 2010, or 2011, the 
maturities of the refunding Bonds shall not extend beyond the 
maturities of the Bonds they refund, so that for each fiscal 
year in the maturity schedule of a particular issue of 
refunding Bonds, the total amount of refunding principal 
maturing and redemption amounts due in that fiscal year and all 
prior fiscal years in that schedule shall be greater than or 
equal to the total amount of refunded principal and redemption 
amounts that had been due over that year and all prior fiscal 
years prior to the refunding.

      The Governor shall notify the State Treasurer and

Comptroller of such refunding.  The proceeds received from the 
sale
of refunding Bonds shall be used for the retirement at 
maturity or
redemption of such outstanding Bonds on any 
maturity or redemption date
and, pending such use, shall be 
placed in escrow, subject to such terms and
conditions as shall 
be provided for in the Bond Sale Order relating to the

Refunding Bonds.  Proceeds not needed for deposit in an escrow 
account shall
be deposited in the General Obligation Bond 
Retirement and Interest Fund.
This Act shall constitute an 
irrevocable and continuing appropriation of all
amounts 
necessary to establish an escrow account for the purpose of 
refunding
outstanding general obligation Bonds and to pay the 
reasonable expenses of such
refunding and of the issuance and 
sale of the refunding Bonds.  Any such
escrowed proceeds may be 
invested and reinvested
in direct obligations of the United 
States of America, maturing at such
time or times as shall be 
appropriate to assure the
prompt payment, when due, of the 
principal of and interest and redemption
premium, if any,
on 
the refunded Bonds.  After the terms of the escrow have been 
fully
satisfied, any remaining balance of such proceeds and 
interest, income and
profits earned or realized on the 
investments thereof shall be paid into
the General Revenue 
Fund.  The liability of the State upon the Bonds shall
continue, 
provided that the holders thereof shall thereafter be entitled 
to
payment only out of the moneys deposited in the escrow 
account.

    Except as otherwise herein provided in this Section, such 
refunding Bonds
shall in all other respects be subject to the 
terms and conditions of this Act.

(Source: P.A. 93-839, eff. 7-30-04.)

 
    Section 10. The Build Illinois Bond Act is amended  by 
changing Sections 6, 8, and 15 as follows:
 



    (30 ILCS 425/6)  (from Ch. 127, par. 2806)


    Sec. 6. Conditions for Issuance and Sale of Bonds - 
Requirements for
Bonds - Master and Supplemental Indentures - 
Credit and Liquidity
Enhancement.  
    (a) Bonds shall be issued and sold from time to time, in 
one
or more series, in such amounts and at such prices as 
directed by the
Governor, upon recommendation by the Director 
of the
Governor's Office of Management and Budget.
Bonds shall 
be payable only from the specific sources and secured in the

manner provided in this Act.  Bonds shall be in such form, in 
such
denominations, mature on such dates within 25 years from 
their date of
issuance, be subject to optional or mandatory 
redemption, bear interest
payable at such times and at such 
rate or rates, fixed or variable, and be
dated as shall be 
fixed and determined by the Director of the
Governor's Office 
of Management and Budget

in an order authorizing the
issuance 
and sale of any series of
Bonds, which order shall be approved 
by the Governor and is herein called a
"Bond Sale Order"; 
provided, however, that interest payable at fixed rates
shall 
not exceed that permitted in "An Act to authorize public 
corporations
to issue bonds, other evidences of indebtedness 
and tax anticipation
warrants subject to interest rate 
limitations set forth therein", approved
May 26, 1970, as now 
or hereafter amended, and interest payable at variable
rates 
shall not exceed the maximum rate permitted in the Bond Sale 
Order.
Said Bonds shall be payable at such place or places, 
within or without the
State of Illinois,
and may be made 
registrable
as to either principal only or as to both principal 
and interest, as shall
be specified in the Bond Sale
Order.  
Bonds may be callable or subject to purchase and retirement or

remarketing as fixed and determined in the Bond Sale Order. 
Bonds (i) except for refunding Bonds satisfying the 
requirements of Section 15 of this Act and sold during fiscal 
year 2009, 2010, or 2011, must be issued with principal or 
mandatory redemption amounts in  equal amounts, with the first 
maturity issued occurring within the fiscal year in which the 
Bonds are issued or within the next succeeding fiscal year and 
(ii) must mature or be , with Bonds issued maturing or subject 
to mandatory redemption each fiscal year thereafter up to 25 
years, except for refunding Bonds satisfying the requirements 
of Section 16 of this Act and sold during fiscal year 2009, 
2010, or 2011 which must mature or be subject to mandatory 
redemption each fiscal year thereafter up to 16 years.

    All Bonds authorized under this Act shall be issued 
pursuant
to a master trust indenture ("Master Indenture") 
executed and delivered on
behalf of the State by the Director 
of the
Governor's Office of Management and Budget, such
Master 
Indenture to be in substantially the form approved in the Bond 
Sale
Order authorizing the issuance and sale of the initial 
series of Bonds
issued under this Act.  Such initial series of 
Bonds may, and each
subsequent series of Bonds shall, also be 
issued pursuant to a supplemental
trust indenture 
("Supplemental Indenture") executed and delivered on behalf
of 
the State by the Director of the
Governor's Office of 
Management and Budget, each such
Supplemental
Indenture to be 
in substantially the form approved in the Bond Sale Order

relating to such series.  The Master Indenture and any 
Supplemental
Indenture shall be entered into with a bank or 
trust company in the State
of Illinois having trust powers and 
possessing capital and surplus of not
less than $100,000,000.  
Such indentures shall set forth the terms and
conditions of the 
Bonds and provide for payment of and security for the
Bonds, 
including the establishment and maintenance of debt service and

reserve funds, and for other protections for holders of the 
Bonds.
The term "reserve funds" as used in this Act shall 
include funds and
accounts established under indentures to 
provide for the payment of
principal of and premium and 
interest on Bonds, to provide for the purchase,
retirement or 
defeasance of Bonds, to provide for fees of
trustees, 
registrars, paying agents and other fiduciaries and to provide

for payment of costs of and debt service payable in respect of 
credit or
liquidity enhancement arrangements, interest rate 
swaps or guarantees or
financial futures contracts and
indexing 
and remarketing agents' services.

    In the case of any series of Bonds bearing interest at a 
variable
interest rate ("Variable Rate Bonds"), in lieu of 
determining the rate or
rates at which such series of Variable 
Rate Bonds shall bear interest and
the price or prices
at which 
such Variable Rate Bonds shall be initially sold or remarketed 
(in
the event of purchase and subsequent resale), the Bond
Sale 
Order may provide that such interest rates and prices may vary 
from time to time
depending on criteria established in such 
Bond Sale Order, which criteria
may include, without 
limitation, references to indices or variations in
interest 
rates as may, in the judgment of a remarketing agent, be

necessary to cause Bonds of such series to be remarketable from 
time to
time at a price equal to their principal amount (or 
compound accreted
value in the case of original issue discount 
Bonds), and may provide for
appointment of indexing agents and 
a bank, trust company,
investment bank or other financial 
institution to serve as remarketing
agent in that connection.  
The Bond Sale Order may provide that alternative
interest rates 
or provisions for establishing alternative interest rates,

different security or claim priorities or different call or 
amortization provisions
will apply during such times as Bonds 
of any series are held by a person
providing credit or 
liquidity enhancement arrangements for such Bonds as

authorized in subsection (b) of Section 6 of this Act.

    (b) In connection with the issuance of any series of Bonds, 
the State
may enter into arrangements to provide additional 
security and liquidity
for such Bonds, including, without 
limitation, bond or interest rate
insurance or letters of 
credit, lines of credit, bond purchase contracts or
other 
arrangements whereby funds are made
available to retire or 
purchase Bonds, thereby assuring the ability of
owners of the 
Bonds to sell or redeem their Bonds.
The State may enter into 
contracts and may agree to pay fees to persons
providing such 
arrangements, but only under circumstances where the
Director 
of the Bureau of the Budget
(now Governor's Office of 
Management and Budget)
certifies that he reasonably expects
the 
total interest paid or to be paid on the Bonds, together with 
the fees
for the arrangements (being treated as if interest), 
would not, taken
together, cause the Bonds to bear interest, 
calculated to their stated
maturity, at a rate in excess of the 
rate which the Bonds would bear in the
absence of such 
arrangements.  Any bonds, notes or other evidences of

indebtedness issued pursuant to any such arrangements for the 
purpose of
retiring and discharging outstanding Bonds
shall 
constitute refunding Bonds
under Section 15 of this Act.  The 
State may participate in and enter
into arrangements with 
respect to interest rate swaps or guarantees or
financial 
futures contracts for the
purpose of limiting or restricting 
interest rate risk; provided
that such arrangements shall be 
made with or executed through banks
having capital and surplus 
of not less than $100,000,000 or insurance
companies holding 
the
highest policyholder rating accorded insurers by A.M. Best &
 Co. or any
comparable rating service or government bond 
dealers reporting to, trading
with, and recognized as primary 
dealers by a Federal Reserve Bank and
having capital and 
surplus of not less than $100,000,000,
or other persons whose

debt securities are rated in the highest long-term categories 
by both
Moody's Investors' Services, Inc. and Standard & Poor's 
Corporation.
Agreements incorporating any of the foregoing 
arrangements may be executed
and delivered by the Director of 
the
Governor's Office of Management and Budget on behalf of the

State in substantially the form approved in the Bond Sale Order 
relating to
such Bonds.

(Source: P.A. 93-839, eff. 7-30-04.)

 



    (30 ILCS 425/8)  (from Ch. 127, par. 2808)


    Sec. 8. Sale of Bonds. Bonds, except as otherwise provided 
in this Section, shall be sold from time to time pursuant to

notice of sale and public bid or by negotiated sale in such 
amounts and at such
times as are directed by the Governor, upon 
recommendation by the Director of
the Governor's Office of 
Management and Budget. At least 25%, based on total principal 
amount, of all Bonds issued each fiscal year shall be sold 
pursuant to notice of sale and public bid. At all times during 
each fiscal year, no more than 75%, based on total principal 
amount, of the Bonds issued each fiscal year shall have been 
sold by negotiated sale. Failure to satisfy the requirements in 
the preceding 2 sentences shall not affect the validity of any 
previously issued Bonds; and further provided that refunding 
Bonds satisfying the requirements of Section 15 of this Act and 
sold during fiscal year 2009, 2010, or 2011 shall not be 
subject to the requirements in the preceding 2 sentences.
    If any Bonds are to be sold pursuant to notice of sale and 
public bid, the Director of the
Governor's Office of Management 
and Budget shall comply with the
competitive request for 
proposal process set forth in the Illinois
Procurement Code and 
all other applicable requirements of that Code.
    If Bonds are to be sold pursuant to notice of sale and 
public bid, the
Director of the
Governor's Office of Management 
and Budget shall, from time to time, as Bonds are to be sold, 
advertise
the sale of the Bonds in at least 2 daily newspapers, 
one of which is
published in the City of Springfield and one in 
the City of Chicago.  The sale
of the Bonds shall also be

advertised in the volume of the Illinois Procurement Bulletin 
that is
published by the Department of Central Management 
Services.  Each of
the advertisements for
proposals shall be 
published once at least 10 days prior to the date fixed
for the 
opening of the bids.  The Director of the
Governor's Office of 
Management and Budget may
reschedule the date of sale upon the 
giving of such additional notice as the
Director deems adequate 
to inform prospective bidders of
the change; provided, however, 
that all other conditions of the sale shall
continue as 
originally advertised.

Executed Bonds shall, upon payment

therefor, be delivered to the purchaser, and the proceeds of 
Bonds shall be
paid into the State Treasury as
directed by 
Section 9 of this Act.
The
Governor or the Director of the

Governor's Office of Management and Budget is hereby authorized

and directed to execute and
deliver contracts of sale with 
underwriters and to execute and deliver such
certificates, 
indentures, agreements and documents, including any

supplements or amendments thereto, and to take such actions and 
do such
things as shall be necessary or desirable to carry out 
the purposes of this
Act.
Any action authorized or permitted to 
be taken by the Director of the
Governor's Office of Management 
and Budget

pursuant to this Act is hereby authorized to be 
taken
by any person specifically designated by the Governor to 
take such action
in a certificate signed by the Governor and 
filed with the Secretary of State.

(Source: P.A. 93-839, eff. 7-30-04.)

 



    (30 ILCS 425/15)  (from Ch. 127, par. 2815)


    Sec. 15. Refunding Bonds. Refunding Bonds are hereby 
authorized for
the purpose of refunding any outstanding Bonds, 
including the payment of
any redemption premium thereon, any 
reasonable expenses of such refunding,
and any interest accrued 
or to accrue to the earliest or any subsequent
date of 
redemption or maturity of outstanding Bonds; provided that all 
non-refunding Bonds in an issue that includes

refunding Bonds 
shall mature no later than the final maturity date of Bonds

being refunded; provided that no refunding Bonds shall be 
offered for sale unless the net present value of debt service 
savings to be achieved by the issuance of the refunding Bonds 
is 3% or more of the principal amount of the refunding Bonds to 
be issued; and further provided that, except for refunding 
Bonds sold in fiscal year 2009, 2010, or 2011,  the maturities 
of the refunding Bonds shall not extend beyond the maturities 
of the Bonds they refund, so that for each fiscal year in the 
maturity schedule of a particular issue of refunding Bonds, the 
total amount of refunding principal maturing and redemption 
amounts due in that fiscal year and all prior fiscal years in 
that schedule shall be greater than or equal to the total 
amount of refunded principal and redemption amounts that had 
been due over that year and all prior fiscal years prior to the 
refunding.

    Refunding Bonds may be sold in such amounts and at such 
times, as
directed by the Governor upon
recommendation by the 
Director of the
Governor's Office of Management and Budget.  The 
Governor
shall notify the State Treasurer and
Comptroller of 
such refunding.  The proceeds received from the sale of

refunding Bonds shall be used
for the retirement at maturity or 
redemption of such outstanding Bonds on
any maturity or 
redemption date and, pending such use, shall be placed in

escrow, subject to such terms and conditions as shall be 
provided for in
the Bond Sale Order relating to the refunding 
Bonds.  This Act shall
constitute an irrevocable and continuing

appropriation of all amounts necessary to establish an escrow 
account for
the purpose of refunding outstanding Bonds and to 
pay the reasonable
expenses of such refunding and of the 
issuance and sale of the refunding
Bonds.  Any such escrowed 
proceeds may be invested and
reinvested in direct obligations 
of the United States of America, maturing
at such time or times 
as shall be appropriate to assure the prompt payment,
when due,

of the principal of and interest and redemption premium, if 
any, on the
refunded Bonds.  After the terms of the escrow have 
been fully satisfied,
any remaining balance of such proceeds 
and interest, income and profits
earned or realized on the 
investments thereof shall be paid into the
General Revenue 
Fund.  The liability of the State upon the refunded Bonds
shall 
continue, provided that the holders thereof shall thereafter be

entitled to payment only out of the moneys deposited in the 
escrow account
and the refunded Bonds shall be deemed paid, 
discharged and no longer to be
outstanding.

    Except as otherwise herein provided in this Section, such 
refunding Bonds
shall in all other respects be issued pursuant 
to and subject to the terms
and conditions of this Act and 
shall be secured by and payable from only the
funds and sources 
which are provided under this Act.

(Source: P.A. 93-839, eff. 7-30-04.)

 

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