96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1857

 

Introduced 2/20/2009, by Sen. Jeffrey M. Schoenberg

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3501/845-5

    Amends the Illinois Finance Authority Act. Increases the general bonding authority by $3,000,000,000. Effective immediately.


LRB096 09980 RCE 20144 b

FISCAL NOTE ACT MAY APPLY
STATE DEBT IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1857 LRB096 09980 RCE 20144 b

1     AN ACT concerning debt.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Finance Authority Act is amended by
5 changing Section 845-5 as follows:
 
6     (20 ILCS 3501/845-5)
7     Sec. 845-5. Bond limitations.
8     (a) The Authority may not have outstanding at any one time
9 bonds for any of its corporate purposes in an aggregate
10 principal amount exceeding $31,150,000,000 $28,150,000,000,
11 excluding bonds issued to refund the bonds of the Authority or
12 bonds of the Predecessor Authorities.
13     (b) The Authority may not have outstanding at any one time
14 revenue bonds in an aggregate principal amount exceeding
15 $4,000,000,000 on behalf of the Illinois Power Agency as set
16 forth in Section 825-90. Any such revenue bonds issued on
17 behalf of the Illinois Power Agency pursuant to this Act shall
18 not be counted against the bond authorization limit set forth
19 in subsection (a).
20 (Source: P.A. 94-1068, eff. 8-1-06; 95-481, eff. 8-28-07;
21 95-697, eff. 11-6-07; 95-876, eff. 8-21-08; 95-879, eff.
22 8-21-08.)
 

 

 

SB1857 - 2 - LRB096 09980 RCE 20144 b

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