State of Illinois
90th General Assembly

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      30 ILCS 425/2             from Ch. 127, par. 2802
          Amends the Build Illinois Bond Act by reducing by $1  the
      total  principal  amount  of bonds authorized under this Act.
      Effective immediately.
 1        AN ACT to amend the Build Illinois Bond Act  by  changing
 2    Section 2.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The Build Illinois Bond  Act  is  amended  by
 6    changing Section 2 as follows:
 7        (30 ILCS 425/2) (from Ch. 127, par. 2802)
 8        Sec.  2.  Authorization for Bonds.  The State of Illinois
 9    is authorized to issue, sell and provide for  the  retirement
10    of  limited  obligation  bonds,  notes and other evidences of
11    indebtedness of the State of Illinois in the total  principal
12    amount   of   $2,036,499,999   $2,036,500,000  herein  called
13    "Bonds".  Such authorized amount of Bonds  shall  be  reduced
14    from  time to time by amounts, if any, which are equal to the
15    moneys received by the Department of Revenue  in  any  fiscal
16    year  pursuant  to  Section  3-1001  of the "Illinois Vehicle
17    Code", as amended, in excess of the Annual  Specified  Amount
18    (as  defined  in  Section 3 of the "Retailers' Occupation Tax
19    Act", as amended) and transferred at the end of  such  fiscal
20    year  from  the  General  Revenue  Fund to the Build Illinois
21    Purposes Fund as provided in Section  3-1001  of  said  Code;
22    provided,  however,  that  no such reduction shall affect the
23    validity or enforceability of any Bonds issued prior to  such
24    reduction.    Such   amount  of  authorized  Bonds  shall  be
25    exclusive of any refunding Bonds issued pursuant  to  Section
26    15  of this Act and exclusive of any Bonds issued pursuant to
27    this Section which are redeemed, purchased, advance refunded,
28    or defeased in accordance with paragraph (f) of Section 4  of
29    this  Act.   Bonds  shall  be  issued  for the categories and
30    specific purposes expressed in Section 4 of this Act.
31    (Source: P.A. 86-44; 86-78; 86-1473.)
                            -2-                SRA90S0006MWcb
 1        Section 99.  Effective date.  This Act takes effect  upon
 2    becoming law.

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