State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Enrolled ][ House Amendment 001 ]
[ Conference Committee Report 001 ]

91_SB1203eng

 
SB1203 Engrossed                               LRB9106016MWpc

 1        AN  ACT  to  amend  the  General  Obligation  Bond Act by
 2    changing Section 2.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The General Obligation Bond Act is amended by
 6    changing Section 2 as follows:

 7        (30 ILCS 330/2) (from Ch. 127, par. 652)
 8        Sec.  2.  Authorization for Bonds.  The State of Illinois
 9    is authorized to issue, sell and provide for  the  retirement
10    of  General  Obligation Bonds of the State of Illinois in the
11    total amount of $10,895,296,391 $10,895,296,392 herein called
12    "Bonds".
13        Of the total amount of  bonds  authorized  above,  up  to
14    $2,200,000,000  in aggregate original principal amount may be
15    issued and sold in accordance with the Baccalaureate  Savings
16    Act in the form of General Obligation College Savings Bonds.
17        Of  the  total  amount  of  bonds authorized above, up to
18    $300,000,000 in aggregate original principal  amount  may  be
19    issued and sold in accordance with the Retirement Savings Act
20    in the form of General Obligation Retirement Savings Bonds.
21        The  issuance  and  sale of Bonds pursuant to the General
22    Obligation Bond Act is an economical and efficient method  of
23    financing  the  capital  needs  of  the State.  This Act will
24    permit the issuance of  a  multi-purpose  General  Obligation
25    Bond  with  uniform  terms  and features.  This will not only
26    lower the cost of registration but also  reduce  the  overall
27    cost  of  issuing  debt  by  improving  the  marketability of
28    Illinois General Obligation Bonds.
29        Bonds shall be issued for  the  categories  and  specific
30    purposes  expressed in Sections 2 through 8 and Section 16 of
31    this Act.
 
SB1203 Engrossed            -2-                LRB9106016MWpc
 1    (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
 2    eff. 12-8-97; 90-586, eff. 6-4-98.)

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

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