|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB3303
Introduced 2/19/2004, by Steven J. Rauschenberger SYNOPSIS AS INTRODUCED:
|
|
30 ILCS 425/2 |
from Ch. 127, par. 2802 |
|
Amends the Build Illinois Bond Act to decrease the authorization for bonds by
$1. Effective July 1, 2004.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
SB3303 |
|
LRB093 20551 SJM 46359 b |
|
|
| 1 |
| AN ACT concerning bonds.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Build Illinois Bond Act is amended by |
| 5 |
| changing
Section 2 as follows:
|
| 6 |
| (30 ILCS 425/2) (from Ch. 127, par. 2802)
|
| 7 |
| Sec. 2. Authorization for Bonds. The State of Illinois is
|
| 8 |
| authorized to issue, sell and provide for the retirement of |
| 9 |
| limited
obligation bonds, notes and other evidences of |
| 10 |
| indebtedness of the State of
Illinois in the total principal |
| 11 |
| amount of $3,805,508,999
$3,805,509,000
herein called "Bonds". |
| 12 |
| Such authorized amount of Bonds shall
be reduced from time to |
| 13 |
| time by amounts, if any, which are equal to the
moneys received |
| 14 |
| by the Department of Revenue in any fiscal year pursuant to
|
| 15 |
| Section 3-1001 of the "Illinois Vehicle Code", as amended, in |
| 16 |
| excess of the
Annual Specified Amount (as defined in Section 3 |
| 17 |
| of the "Retailers'
Occupation Tax Act", as amended) and |
| 18 |
| transferred at the end of such fiscal
year from the General |
| 19 |
| Revenue Fund to the Build Illinois Purposes Fund as
provided in |
| 20 |
| Section 3-1001 of said Code; provided, however, that no such
|
| 21 |
| reduction shall affect the validity or enforceability of any |
| 22 |
| Bonds issued
prior to such reduction. Such amount of authorized |
| 23 |
| Bonds
shall be exclusive of any refunding Bonds issued pursuant |
| 24 |
| to Section 15 of
this Act and exclusive of any Bonds issued |
| 25 |
| pursuant to this Section which
are redeemed, purchased, advance |
| 26 |
| refunded, or defeased in accordance with
paragraph (f) of |
| 27 |
| Section 4 of this Act. Bonds shall be issued for the
categories |
| 28 |
| and specific purposes expressed in Section 4 of this Act.
|
| 29 |
| (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99; 91-709, |
| 30 |
| eff.
5-17-00; 92-9, eff. 6-11-01; 92-598, 6-28-02.)
|
| 31 |
| Section 99. Effective date. This Act takes effect on July |
| 32 |
| 1, 2004.
|
Translate
