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91_SB1820 LRB9113204MWcs 1 AN ACT to amend the Build Illinois Bond Act by changing 2 Section 2. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Build Illinois Bond Act is amended by 6 changing Section 2 as follows: 7 (30 ILCS 425/2) (from Ch. 127, par. 2802) 8 Sec. 2. Authorization for Bonds. The State of Illinois 9 is authorized to issue, sell and provide for the retirement 10 of limited obligation bonds, notes and other evidences of 11 indebtedness of the State of Illinois in the total principal 12 amount of $2,790,969,999
$2,790,970,000herein called 13 "Bonds". Such authorized amount of Bonds shall be reduced 14 from time to time by amounts, if any, which are equal to the 15 moneys received by the Department of Revenue in any fiscal 16 year pursuant to Section 3-1001 of the "Illinois Vehicle 17 Code", as amended, in excess of the Annual Specified Amount 18 (as defined in Section 3 of the "Retailers' Occupation Tax 19 Act", as amended) and transferred at the end of such fiscal 20 year from the General Revenue Fund to the Build Illinois 21 Purposes Fund as provided in Section 3-1001 of said Code; 22 provided, however, that no such reduction shall affect the 23 validity or enforceability of any Bonds issued prior to such 24 reduction. Such amount of authorized Bonds shall be 25 exclusive of any refunding Bonds issued pursuant to Section 26 15 of this Act and exclusive of any Bonds issued pursuant to 27 this Section which are redeemed, purchased, advance refunded, 28 or defeased in accordance with paragraph (f) of Section 4 of 29 this Act. Bonds shall be issued for the categories and 30 specific purposes expressed in Section 4 of this Act. 31 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99.) -2- LRB9113204MWcs 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.
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