Full Text of HB0667 99th General Assembly
HB0667 99TH GENERAL ASSEMBLY
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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB0667 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 30 ILCS 330/2 | from Ch. 127, par. 652 |
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Amends the General Obligation Bond Act. Makes a technical change in a Section concerning the total amount of
General Obligation Bonds authorized under
the Act. |
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| | A BILL FOR |
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| | | HB0667 | | LRB099 04476 SXM 24504 b |
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| | 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 General Obligation Bond Act is amended by | | 5 | | changing Section 2 as follows:
| | 6 | | (30 ILCS 330/2) (from Ch. 127, par. 652) | | 7 | | Sec. 2. Authorization for Bonds. The
The State of Illinois | | 8 | | is authorized to
issue, sell and provide for the retirement of | | 9 | | General Obligation Bonds of
the State of Illinois for the | | 10 | | categories and specific purposes expressed in
Sections 2 | | 11 | | through 8 of this Act, in the total amount of $49,917,925,743. | | 12 | | The bonds authorized in this Section 2 and in Section 16 of | | 13 | | this Act are
herein called "Bonds". | | 14 | | Of the total amount of Bonds authorized in this Act, up to | | 15 | | $2,200,000,000
in aggregate original principal amount may be | | 16 | | issued and sold in accordance
with the Baccalaureate Savings | | 17 | | Act in the form of General Obligation
College Savings Bonds. | | 18 | | Of the total amount of Bonds authorized in this Act, up to | | 19 | | $300,000,000 in
aggregate original principal amount may be | | 20 | | issued and sold in accordance
with the Retirement Savings Act | | 21 | | in the form of General Obligation
Retirement Savings Bonds. | | 22 | | Of the total amount of Bonds authorized in this Act, the | | 23 | | additional
$10,000,000,000 authorized by Public Act 93-2, the |
| | | HB0667 | - 2 - | LRB099 04476 SXM 24504 b |
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| | 1 | | $3,466,000,000 authorized by Public Act 96-43, and the | | 2 | | $4,096,348,300 authorized by Public Act 96-1497 shall be used | | 3 | | solely as provided in Section 7.2. | | 4 | | The issuance and sale of Bonds pursuant to the General | | 5 | | Obligation Bond
Act is an economical and efficient method of | | 6 | | financing the long-term capital needs of
the State. This Act | | 7 | | will permit the issuance of a multi-purpose General
Obligation | | 8 | | Bond with uniform terms and features. This will not only lower
| | 9 | | the cost of registration but also reduce the overall cost of | | 10 | | issuing debt
by improving the marketability of Illinois General | | 11 | | Obligation Bonds. | | 12 | | (Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | | 13 | | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. | | 14 | | 8-16-13; 98-781, eff. 7-22-14.) |
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