Sen. Jeffrey M. Schoenberg
Filed: 4/6/2006
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 668 




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    AMENDMENT NO. ______. Amend Senate Bill 668, AS AMENDED, 
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with reference to page and line numbers of Senate Amendment No. 
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1, on page 1, by replacing line 7 with the following:
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"changing Sections 2 and 5 as follows:

 



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    (30 ILCS 330/2)  (from Ch. 127, par. 652)


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    Sec. 2. Authorization for Bonds. The State of Illinois is 
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authorized to
issue, sell and provide for the retirement of 
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General Obligation Bonds of
the State of Illinois for the 
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categories and specific purposes expressed in
Sections 2 
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through 8 of this Act, in the total amount of $28,658,149,369

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$27,658,149,369.

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    The bonds authorized in this Section 2 and in Section 16 of 
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this Act are
herein called "Bonds".

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    Of the total amount of Bonds authorized in this Act, up to 
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$2,200,000,000
in aggregate original principal amount may be 
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issued and sold in accordance
with the Baccalaureate Savings 
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Act in the form of General Obligation
College Savings Bonds.

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    Of the total amount of Bonds authorized in this Act, up to 
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$300,000,000 in
aggregate original principal amount may be 
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issued and sold in accordance
with the Retirement Savings Act 
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in the form of General Obligation
Retirement Savings Bonds.

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    Of the total amount of Bonds authorized in this Act, the 
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additional
$10,000,000,000 authorized by this amendatory Act 
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of the 93rd General
Assembly shall be used solely as provided 
 


 






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in Section 7.2.

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    The issuance and sale of Bonds pursuant to the General 
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Obligation Bond
Act is an economical and efficient method of 
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financing the long-term capital needs of
the State.  This Act 
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will permit the issuance of a multi-purpose General
Obligation 
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Bond with uniform terms and features.  This will not only lower

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the cost of registration but also reduce the overall cost of 
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issuing debt
by improving the marketability of Illinois General 
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Obligation Bonds.

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(Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; 
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92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 
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7-30-04.)".