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| 1 | AN ACT concerning State government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The General Obligation Bond Act is amended by | ||||||
| 5 | changing Section 2 and by adding Section 7.3 as follows: | ||||||
| 6 | (30 ILCS 330/2) (from Ch. 127, par. 652) | ||||||
| 7 | Sec. 2. Authorization for Bonds. The State of Illinois is | ||||||
| 8 | authorized to
issue, sell and provide for the retirement of | ||||||
| 9 | 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 $37,217,777,443 | ||||||
| 12 | $33,501,777,443 $34,159,149,369. | ||||||
| 13 | The bonds authorized in this Section 2 and in Section 16 of | ||||||
| 14 | this Act are
herein called "Bonds". | ||||||
| 15 | Of the total amount of Bonds authorized in this Act, up to | ||||||
| 16 | $2,200,000,000
in aggregate original principal amount may be | ||||||
| 17 | issued and sold in accordance
with the Baccalaureate Savings | ||||||
| 18 | Act in the form of General Obligation
College Savings Bonds. | ||||||
| 19 | Of the total amount of Bonds authorized in this Act, up to | ||||||
| 20 | $300,000,000 in
aggregate original principal amount may be | ||||||
| 21 | issued and sold in accordance
with the Retirement Savings Act | ||||||
| 22 | in the form of General Obligation
Retirement Savings Bonds. | ||||||
| 23 | Of the total amount of Bonds authorized in this Act, the | ||||||
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| 1 | additional
$10,000,000,000 authorized by Public Act 93-2 and | ||||||
| 2 | the $3,466,000,000 authorized by Public Act 96-43 this | ||||||
| 3 | amendatory Act of the 96th General Assembly shall be used | ||||||
| 4 | solely as provided in Section 7.2. | ||||||
| 5 | The issuance and sale of Bonds pursuant to the General | ||||||
| 6 | Obligation Bond
Act is an economical and efficient method of | ||||||
| 7 | financing the long-term capital needs of
the State. This Act | ||||||
| 8 | will permit the issuance of a multi-purpose General
Obligation | ||||||
| 9 | Bond with uniform terms and features. This will not only lower
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| 10 | the cost of registration but also reduce the overall cost of | ||||||
| 11 | issuing debt
by improving the marketability of Illinois General | ||||||
| 12 | Obligation Bonds. | ||||||
| 13 | (Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, | ||||||
| 14 | eff. 7-13-09; 96-43, eff. 7-15-09; revised 8-20-09.) | ||||||
| 15 | (30 ILCS 330/7.3 new) | ||||||
| 16 | Sec. 7.3. Medicaid enhancement funding. The amount of | ||||||
| 17 | $250,000,000 is authorized to be issued only during fiscal year | ||||||
| 18 | 2010 for the making of deposits into the Healthcare Provider | ||||||
| 19 | Relief Fund for the exclusive purpose of funding Medicaid | ||||||
| 20 | services subject to the enhanced federal participation due to | ||||||
| 21 | expire on December 31, 2010. Notwithstanding this Act or any | ||||||
| 22 | other law to the contrary, bonds issued under this Section must | ||||||
| 23 | be payable within one year after their date of issuance.
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| 24 | Section 99. Effective date. This Act takes effect upon | ||||||
| 25 | becoming law.
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