093_SB0039

 
                                     LRB093 02804 SJM 02820 b

 1        AN ACT concerning finance.

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

 4        Section 5.  The Build Illinois Bond  Act  is  amended  by
 5    changing Section 2 as follows:

 6        (30 ILCS 425/2) (from Ch. 127, par. 2802)
 7        Sec.  2.  Authorization for Bonds.  The State of Illinois
 8    is authorized to issue, sell and provide for  the  retirement
 9    of  limited  obligation  bonds,  notes and other evidences of
10    indebtedness of the State of Illinois in the total  principal
11    amount   of   $3,805,509,000  herein  called  "Bonds".   Such
12    authorized amount of Bonds shall be reduced from time to time
13    by amounts, if any, which are equal to the moneys received by
14    the Department of Revenue in  any  fiscal  year  pursuant  to
15    Section 3-1001 of the "Illinois Vehicle Code", as amended, in
16    excess  of the Annual Specified Amount (as defined in Section
17    3 of the "Retailers' Occupation Tax  Act",  as  amended)  and
18    transferred  at  the  end  of  the  such fiscal year from the
19    General Revenue Fund to the Build Illinois Purposes  Fund  as
20    provided in Section 3-1001 of the Illinois Vehicle said Code;
21    provided,  however,  that  no such reduction shall affect the
22    validity or enforceability of any Bonds issued prior  to  the
23    such  reduction.   Such  amount  of authorized Bonds shall be
24    exclusive of any refunding Bonds issued pursuant  to  Section
25    15  of this Act and exclusive of any Bonds issued pursuant to
26    this Section which are redeemed, purchased, advance refunded,
27    or defeased in accordance with paragraph (f) of Section 4  of
28    this  Act.   Bonds  shall  be  issued  for the categories and
29    specific purposes expressed in Section 4 of this Act.
30    (Source: P.A.  91-39,  eff.  6-15-99;  91-53,  eff.  6-30-99;
31    91-709, eff. 5-17-00; 92-9, eff. 6-11-01; 92-598, 6-28-02.)