97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0353

 

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

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/2  from Ch. 127, par. 652

    Amends the General Obligation Bond Act. Makes a technical change and revisory changes in a Section concerning the total amount of General Obligation Bonds authorized under the Act.


LRB097 04089 PJG 44128 b

 

 

A BILL FOR

 

SB0353LRB097 04089 PJG 44128 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 General Obligation Bond Act is amended by
5changing Section 2 as follows:
 
6    (30 ILCS 330/2)  (from Ch. 127, par. 652)
7    Sec. 2. Authorization for Bonds. The The State of Illinois
8is authorized to issue, sell and provide for the retirement of
9General Obligation Bonds of the State of Illinois for the
10categories and specific purposes expressed in Sections 2
11through 8 of this Act, in the total amount of $37,217,777,443
12$36,967,777,443.
13    The bonds authorized in this Section 2 and in Section 16 of
14this Act are herein called "Bonds".
15    Of the total amount of Bonds authorized in this Act, up to
16$2,200,000,000 in aggregate original principal amount may be
17issued and sold in accordance with the Baccalaureate Savings
18Act in the form of General Obligation College Savings Bonds.
19    Of the total amount of Bonds authorized in this Act, up to
20$300,000,000 in aggregate original principal amount may be
21issued and sold in accordance with the Retirement Savings Act
22in the form of General Obligation Retirement Savings Bonds.
23    Of the total amount of Bonds authorized in this Act, the

 

 

SB0353- 2 -LRB097 04089 PJG 44128 b

1additional $10,000,000,000 authorized by Public Act 93-2 and
2the $3,466,000,000 authorized by Public Act 96-43 shall be used
3solely as provided in Section 7.2.
4    The issuance and sale of Bonds pursuant to the General
5Obligation Bond Act is an economical and efficient method of
6financing the long-term capital needs of the State. This Act
7will permit the issuance of a multi-purpose General Obligation
8Bond with uniform terms and features. This will not only lower
9the cost of registration but also reduce the overall cost of
10issuing debt by improving the marketability of Illinois General
11Obligation Bonds.
12(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
13eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;
1496-1000, eff. 7-2-10; revised 9-3-10.)