093_HB1459eng

 
HB1459 Engrossed                     LRB093 05347 SJM 05437 b

 1        AN ACT concerning finance.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois  Development  Finance  Authority
 5    Act is amended by changing Section 8 as follows:

 6        (20 ILCS 3505/8) (from Ch. 48, par. 850.08)
 7        Sec. 8.  Outstanding bond authorization limits. Exclusive
 8    of the bonds authorized to be issued under Section 7.8, under
 9    Section  7.87, or under the Illinois Environmental Facilities
10    Financing Act,  and  exclusive  of  the  authorization  under
11    Section  7.56a  of  this  Act,  the  Authority  may  not have
12    outstanding at any one time bonds for any  of  its  corporate
13    purposes   in   an   aggregate   principal  amount  exceeding
14    $6,200,000,000, excluding bonds issued to refund  outstanding
15    bonds.  Up to $100,000,000 of such outstanding bonds shall be
16    issued  with  respect  to  industrial projects located within
17    areas designated as Enterprise Zones  by  the  Department  of
18    Commerce and Community Affairs.
19    (Source: P.A. 91-681, eff. 1-26-00; 92-605, eff. 7-1-02.)

20        Section  99.  Effective date.  This Act takes effect upon
21    becoming law.