State of Illinois
91st General Assembly
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91_SB0429

 
                                               LRB9104757MWgc

 1        AN  ACT  to  amend  the  Illinois Farm Development Act by
 2    changing Section 11.

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

 5        Section  5.  The Illinois Farm Development Act is amended
 6    by changing Section 11 as follows:

 7        (20 ILCS 3605/11) (from Ch. 5, par. 1211)
 8        Sec. 11.  Bonded indebtedness limitation.  The  Authority
 9    shall  not  have  outstanding at any one time bonds and notes
10    for any of its corporate purposes in an  aggregate  principal
11    amount  exceeding  $350,000,000  $300,000,000, $50,000,000 of
12    which shall be used for research  and  development  purposes,
13    excluding  bonds and notes issued to refund outstanding bonds
14    and notes and excluding the State Guarantees  under  Sections
15    12.1,  12.2,  12.4,  and 12.5.  The Authority shall not  have
16    outstanding at any one time State  Guarantees  under  Section
17    12.1 in an aggregate principal amount exceeding $160,000,000.
18    The  Authority  shall  not  have  outstanding at any one time
19    State Guarantees under Sections 12.2, 12.4, and  12.5  in  an
20    aggregate principal amount exceeding $50,000,000.
21    (Source: P.A. 89-527, eff. 7-19-96; 90-325, eff. 8-8-97.)

22        Section  99.  Effective date.  This Act takes effect upon
23    becoming law.

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