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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2404
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Jack D. Franks SYNOPSIS AS INTRODUCED:
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30 ILCS 425/2 |
from Ch. 127, par. 2802 |
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Amends the Build Illinois Bond Act. Makes a technical change in a Section concerning the authorization for bonds. Effective July 1, 2007. |
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A BILL FOR
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HB2404 |
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LRB095 01058 RCE 21060 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Build Illinois Bond Act is amended by |
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| changing Section 2 as follows:
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| (30 ILCS 425/2) (from Ch. 127, par. 2802)
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| Sec. 2. Authorization for Bonds. The
The State of Illinois |
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| is
authorized to issue, sell and provide for the retirement of |
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| limited
obligation bonds, notes and other evidences of |
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| indebtedness of the State of
Illinois in the total principal |
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| amount of $3,805,509,000
herein called "Bonds". Such |
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| authorized amount of Bonds shall
be reduced from time to time |
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| by amounts, if any, which are equal to the
moneys received by |
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| the Department of Revenue in any fiscal year pursuant to
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| Section 3-1001 of the "Illinois Vehicle Code", as amended, in |
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| excess of the
Annual Specified Amount (as defined in Section 3 |
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| of the "Retailers'
Occupation Tax Act", as amended) and |
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| transferred at the end of such fiscal
year from the General |
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| Revenue Fund to the Build Illinois Purposes Fund (now |
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| abolished) as
provided in Section 3-1001 of said Code; |
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| provided, however, that no such
reduction shall affect the |
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| validity or enforceability of any Bonds issued
prior to such |
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| reduction. Such amount of authorized Bonds
shall be exclusive |
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