97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0348

 

Introduced 2/8/2011, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 425/2  from Ch. 127, par. 2802

Amends the Build Illinois Bond Act. Makes a technical change in a Section concerning the authorization for bonds.


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A BILL FOR

 

SB0348LRB097 04096 PJG 44135 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Build Illinois Bond Act is amended by
5changing Section 2 as follows:
 
6    (30 ILCS 425/2)  (from Ch. 127, par. 2802)
7    Sec. 2. Authorization for Bonds. The The State of Illinois
8is authorized to issue, sell and provide for the retirement of
9limited obligation bonds, notes and other evidences of
10indebtedness of the State of Illinois in the total principal
11amount of $4,615,509,000 herein called "Bonds". Such
12authorized amount of Bonds shall be reduced from time to time
13by amounts, if any, which are equal to the moneys received by
14the Department of Revenue in any fiscal year pursuant to
15Section 3-1001 of the "Illinois Vehicle Code", as amended, in
16excess of the Annual Specified Amount (as defined in Section 3
17of the "Retailers' Occupation Tax Act", as amended) and
18transferred at the end of such fiscal year from the General
19Revenue Fund to the Build Illinois Purposes Fund (now
20abolished) as provided in Section 3-1001 of said Code;
21provided, however, that no such reduction shall affect the
22validity or enforceability of any Bonds issued prior to such
23reduction. Such amount of authorized Bonds shall be exclusive

 

 

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1of any refunding Bonds issued pursuant to Section 15 of this
2Act and exclusive of any Bonds issued pursuant to this Section
3which are redeemed, purchased, advance refunded, or defeased in
4accordance with paragraph (f) of Section 4 of this Act. Bonds
5shall be issued for the categories and specific purposes
6expressed in Section 4 of this Act.
7(Source: P.A. 96-36, eff. 7-13-09.)