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.   Decreases   to
      $2,036,499,999   (now  $2,036,500,000)  the  total  principal
      amount of bonds authorized under the Act.  Effective July  1,
 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-                SRA90S0044MWcp
 1        Section  99.   Effective  date.  This Act takes effect on
 2    July 1, 1998.

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