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91_SB0497
LRB9103242PTpkA
1 AN ACT to amend the Illinois Development Finance
2 Authority Act by changing Sections 7.56a and 8.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Development Finance Authority
6 Act is amended by changing Sections 7.56a and 8 as follows:
7 (20 ILCS 3505/7.56a) (from Ch. 48, par. 850.07z12a)
8 Sec. 7.56a. Infrastructure Bond Authorization Limits.
9 In addition to the bonds authorized to be issued under
10 Sections 7.8 and 8, the Authority may have outstanding at any
11 time, bonds for the purposes enumerated in Sections 7.50
12 through 7.61 in an aggregate principal amount that shall not
13 exceed $2,000,000,000 $1,000,000,000.
14 Such bonds shall not constitute an indebtedness or
15 obligation of the State of Illinois and it shall be plainly
16 stated on the face of each bond that it does not constitute
17 such an indebtedness or obligation but is payable solely from
18 the revenues, income or other assets of the Authority pledged
19 therefor.
20 (Source: P.A. 90-470, eff. 8-17-97.)
21 (20 ILCS 3505/8) (from Ch. 48, par. 850.08)
22 Sec. 8. Outstanding bond authorization limits. Exclusive
23 of the bonds authorized to be issued under Section 7.8,
24 Section 7.87, or under the Illinois Environmental Facilities
25 Financing Act, and exclusive of the authorization under
26 Section 7.56a of this Act, the Authority may not have
27 outstanding at any one time bonds for any of its corporate
28 purposes in an aggregate principal amount exceeding
29 $5,400,000,000 $4,400,000,000, excluding bonds issued to
30 refund outstanding bonds. Up to $100,000,000 of such
-2- LRB9103242PTpkA
1 outstanding bonds shall be issued with respect to industrial
2 projects located within areas designated as Enterprise Zones
3 by the Department of Commerce and Community Affairs.
4 (Source: P.A. 89-460, eff. 5-24-96; 90-470, eff. 8-17-97.)
5 Section 99. Effective date. This Act takes effect upon
6 becoming law.