Bill Status of SB0003 97th General Assembly
Short Description: GO BOND-STATE RESTRUCTURING
Sen. John J. Cullerton - Iris Y. Martinez
| 1/8/2013||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Finance Act. Creates the General Obligation Restructuring Bond Fund and the General Obligation Restructuring Bond Debt Service Fund as special funds in the State treasury. Provides that the Comptroller shall transfer into the General Obligation Restructuring Bond Debt Service Fund certain amounts to service debt due on State General Obligation Restructuring Bonds. Amends the General Obligation Bond Act. Increases the total authorized amount of General Obligation Bonds. Provides that the $8,750,000,000 of Bonds authorized by this amendatory Act shall be used to pay vouchers that are at least 60 days past due, medical expenses incurred by the State under its health plans, corporate income tax refunds, and other operating expenses of the State. Provides that the proceeds of these Bonds shall be deposited in the General Obligation Restructuring Bond Fund. Provides for the conditions for issuance and sale of State General Obligation Restructuring Bonds. Makes other changes. Effective immediately.