(30 ILCS 425/3)
(from Ch. 127, par. 2803)
The General Assembly hereby makes the following
findings and determinations:
(a) The issuance and sale of Bonds pursuant to this
Act is an economical and efficient method of financing long-term capital needs, including certain of the purposes
of the State, as set forth in Section 4 hereof.
(b) This Act will permit the issuance of Bonds, from time to time, for
various purposes and with varying terms, features and conditions in order
to enhance marketability and lower interest costs incurred by the State.
Subsection (a) of Section 6 of this Act authorizes the issuance, from time to
Bonds in one or more series, in such principal amounts, bearing interest at
such fixed rates or variable rates and having such other terms and
provisions as designated State officers may fix and determine pursuant to
the authority delegated under this Act. Subsection (b) of Section 6 of this
authorizes, in connection with the issuance of and as security for any
series of Bonds, the purchase of bond or interest rate insurance, the
establishment of credit and liquidity enhancement arrangements with
financial institutions, and participation in interest rate swaps or
guarantee agreements or other arrangements to limit interest rate risk.
(c) The financing of the facilities and other purposes described in
Section 4 of this Act through the issuance of Bonds will involve numerous
expenditures over extended periods of time, all of which expenditures shall
be made only pursuant to and in conformity with appropriations from Bond
proceeds by the General Assembly prior to the making of such expenditures.
(d) Determinations with respect to (i) advantageous timing and amounts
of such expenditures for particular approved facilities or purposes, (ii)
establishing an advantageous mix of short-term and long-term
debt instruments under bond market conditions prevailing from time to time,
and (iii) specific allocations of Bond proceeds to particular facilities
and purposes should be based upon financial, engineering and construction
management judgments made from time to time.
(e) The State's ability to issue Bonds from time to time, without
further action by the General Assembly, in separate series, in various
principal amounts and with various interest rates, maturities, redemption
provisions and other terms will enhance the State's opportunities to obtain
such financing as needed, upon favorable terms.
In order to provide for flexibility in meeting the financial, engineering
and construction needs of the State and its agencies and departments and in
order to provide continuing and adequate financing for the aforesaid
purposes on favorable terms, the delegations of authority to the Governor,
the Director of the
Governor's Office of Management and Budget, the State Comptroller, the State
Treasurer and other officers
of the State which are contained in this Act are necessary and desirable
because this General Assembly cannot itself as understandingly,
advantageously, expeditiously or conveniently exercise such authority and
make such specific determinations.
(Source: P.A. 93-839, eff. 7-30-04.)