State of Illinois
90th General Assembly
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90_SB1395

      30 ILCS 330/2             from Ch. 127, par. 652
          Amends the General Obligation  Bond  Act.   Decreases  to
      $10,334,908,390  (now  $10,334,908,392)  the  total amount of
      bonds that may be issued.  Effective July 1, 1998.
                                                     LRB9011324MWpc
                                               LRB9011324MWpc
 1        AN ACT to  amend  the  General  Obligation  Bond  Act  by
 2    changing Section 2.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The General Obligation Bond Act is amended by
 6    changing Section 2 as follows:
 7        (30 ILCS 330/2) (from Ch. 127, par. 652)
 8        Sec. 2. Authorization for Bonds.  The State  of  Illinois
 9    is  authorized  to issue, sell and provide for the retirement
10    of General Obligation Bonds of the State of Illinois  in  the
11    total amount of $10,334,908,390 $10,334,908,392 herein called
12    "Bonds".
13        Of  the  total  amount  of  bonds authorized above, up to
14    $2,200,000,000 in aggregate original principal amount may  be
15    issued  and sold in accordance with the Baccalaureate Savings
16    Act in the form of General Obligation College Savings Bonds.
17        Of the total amount of  bonds  authorized  above,  up  to
18    $300,000,000  in  aggregate  original principal amount may be
19    issued and sold in accordance with the Retirement Savings Act
20    in the form of General Obligation Retirement Savings Bonds.
21        The issuance and sale of Bonds pursuant  to  the  General
22    Obligation  Bond Act is an economical and efficient method of
23    financing the capital needs of  the  State.   This  Act  will
24    permit  the  issuance  of  a multi-purpose General Obligation
25    Bond with uniform terms and features.   This  will  not  only
26    lower  the  cost  of registration but also reduce the overall
27    cost of  issuing  debt  by  improving  the  marketability  of
28    Illinois General Obligation Bonds.
29        Bonds  shall  be  issued  for the categories and specific
30    purposes expressed in Sections 2 through 8 and Section 16  of
31    this Act.
                            -2-                LRB9011324MWpc
 1    (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
 2    eff. 12-8-97.)
 3        Section  99.   Effective  date.  This Act takes effect on
 4    July 1, 1998.

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