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91_SB0429
LRB9104757MWgc
1 AN ACT to amend the Illinois Farm Development Act by
2 changing Section 11.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Farm Development Act is amended
6 by changing Section 11 as follows:
7 (20 ILCS 3605/11) (from Ch. 5, par. 1211)
8 Sec. 11. Bonded indebtedness limitation. The Authority
9 shall not have outstanding at any one time bonds and notes
10 for any of its corporate purposes in an aggregate principal
11 amount exceeding $350,000,000 $300,000,000, $50,000,000 of
12 which shall be used for research and development purposes,
13 excluding bonds and notes issued to refund outstanding bonds
14 and notes and excluding the State Guarantees under Sections
15 12.1, 12.2, 12.4, and 12.5. The Authority shall not have
16 outstanding at any one time State Guarantees under Section
17 12.1 in an aggregate principal amount exceeding $160,000,000.
18 The Authority shall not have outstanding at any one time
19 State Guarantees under Sections 12.2, 12.4, and 12.5 in an
20 aggregate principal amount exceeding $50,000,000.
21 (Source: P.A. 89-527, eff. 7-19-96; 90-325, eff. 8-8-97.)
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.