(30 ILCS 330/2) (from Ch. 127, par. 652) Sec. 2. Authorization for Bonds. The State of Illinois is authorized to
issue, sell and provide for the retirement of General Obligation Bonds of
the State of Illinois for the categories and specific purposes expressed in
Sections 2 through 8 of this Act, in the total amount of $79,440,839,969. The bonds authorized in this Section 2 and in Section 16 of this Act are
herein called "Bonds". Of the total amount of Bonds authorized in this Act, up to $2,200,000,000
in aggregate original principal amount may be issued and sold in accordance
with the Baccalaureate Savings Act in the form of General Obligation
College Savings Bonds. Of the total amount of Bonds authorized in this Act, up to $300,000,000 in
aggregate original principal amount may be issued and sold in accordance
with the Retirement Savings Act in the form of General Obligation
Retirement Savings Bonds. Of the total amount of Bonds authorized in this Act, the additional
$10,000,000,000 authorized by Public Act 93-2, the $3,466,000,000 authorized by Public Act 96-43, and the $4,096,348,300 authorized by Public Act 96-1497 shall be used solely as provided in Section 7.2. Of the total amount of Bonds authorized in this Act, the additional $6,000,000,000 authorized by Public Act 100-23 shall be used solely as provided in Section 7.6 and shall be issued by December 31, 2017. Of the total amount of Bonds authorized in this Act, $2,000,000,000 of the additional amount authorized by Public Act 100-587 and by Public Act 102-718 shall be used solely as provided in Section 7.7. The issuance and sale of Bonds pursuant to the General Obligation Bond
Act is an economical and efficient method of financing the long-term capital needs of
the State. This Act will permit the issuance of a multi-purpose General
Obligation Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of issuing debt
by improving the marketability of Illinois General Obligation Bonds.(Source: P.A. 102-718, eff. 5-5-22; 103-7, eff. 7-1-23.) |