Full Text of HB1688 98th General Assembly
HB1688 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB1688 Introduced , by Rep. Tom Cross SYNOPSIS AS INTRODUCED: | | 30 ILCS 330/2 | from Ch. 127, par. 652 |
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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. |
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| | A BILL FOR |
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| | | HB1688 | | LRB098 09626 HLH 39772 b |
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| 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 General Obligation Bond Act is amended by | 5 | | changing 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 | 8 | | is authorized to
issue, sell and provide for the retirement of | 9 | | General Obligation Bonds of
the State of Illinois for the | 10 | | categories and specific purposes expressed in
Sections 2 | 11 | | through 8 of this Act, in the total amount of $47,092,925,743 | 12 | | $45,476,125,743 . | 13 | | The bonds authorized in this Section 2 and in Section 16 of | 14 | | this 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 | 17 | | issued and sold in accordance
with the Baccalaureate Savings | 18 | | Act 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 | 21 | | issued and sold in accordance
with the Retirement Savings Act | 22 | | in the form of General Obligation
Retirement Savings Bonds. | 23 | | Of the total amount of Bonds authorized in this Act, the |
| | | HB1688 | - 2 - | LRB098 09626 HLH 39772 b |
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| 1 | | additional
$10,000,000,000 authorized by Public Act 93-2, the | 2 | | $3,466,000,000 authorized by Public Act 96-43, and the | 3 | | $4,096,348,300 authorized by Public Act 96-1497 shall be used | 4 | | solely as provided in Section 7.2. | 5 | | The issuance and sale of Bonds pursuant to the General | 6 | | Obligation Bond
Act is an economical and efficient method of | 7 | | financing the long-term capital needs of
the State. This Act | 8 | | will permit the issuance of a multi-purpose General
Obligation | 9 | | Bond with uniform terms and features. This will not only lower
| 10 | | the cost of registration but also reduce the overall cost of | 11 | | issuing debt
by improving the marketability of Illinois General | 12 | | Obligation Bonds. | 13 | | (Source: P.A. 96-5, eff. 4-3-09; 96-36, eff. 7-13-09; 96-43, | 14 | | eff. 7-15-09; 96-885, eff. 3-11-10; 96-1000, eff. 7-2-10; | 15 | | 96-1497, eff. 1-14-11; 96-1554, eff. 3-18-11; 97-333, eff. | 16 | | 8-12-11; 97-771, eff. 7-10-12; 97-813, eff. 7-13-12; revised | 17 | | 7-23-12.)
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