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91_SB1823 LRB9113196MWpk 1 AN ACT to amend the General Obligation Bond Act by 2 changing Section 2. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The General Obligation Bond Act is amended by 6 changing Section 2 as follows: 7 (30 ILCS 330/2) (from Ch. 127, par. 652) 8 Sec. 2. Authorization for Bonds. The State of Illinois 9 is authorized to issue, sell and provide for the retirement 10 of General Obligation Bonds of the State of Illinois in the 11 total amount of $16,177,847,591
$16,177,847,592herein called 12 "Bonds". 13 Of the total amount of bonds authorized above, up to 14 $2,200,000,000 in aggregate original principal amount may be 15 issued and sold in accordance with the Baccalaureate Savings 16 Act in the form of General Obligation College Savings Bonds. 17 Of the total amount of bonds authorized above, up to 18 $300,000,000 in aggregate original principal amount may be 19 issued and sold in accordance with the Retirement Savings Act 20 in the form of General Obligation Retirement Savings Bonds. 21 The issuance and sale of Bonds pursuant to the General 22 Obligation Bond Act is an economical and efficient method of 23 financing the capital needs of the State. This Act will 24 permit the issuance of a multi-purpose General Obligation 25 Bond with uniform terms and features. This will not only 26 lower the cost of registration but also reduce the overall 27 cost of issuing debt by improving the marketability of 28 Illinois General Obligation Bonds. 29 Bonds shall be issued for the categories and specific 30 purposes expressed in Sections 2 through 8 and Section 16 of 31 this Act. -2- LRB9113196MWpk 1 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549, 2 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99; 3 91-53, eff 6-30-99.) 4 Section 99. Effective date. This Act takes effect upon 5 becoming law.
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