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92_HB3490 LRB9208385REdv 1 AN ACT concerning bonds. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Build Illinois Bond Act is amended by 5 changing Section 2 as follows: 6 (30 ILCS 425/2) (from Ch. 127, par. 2802) 7 Sec. 2. Authorization for Bonds. The State of Illinois 8 is authorized to issue, sell and provide for the retirement 9 of limited obligation bonds, notes and other evidences of 10 indebtedness of the State of Illinois in the total principal 11 amount of $2,851,969,999
$2,851,970,000herein called 12 "Bonds". Such authorized amount of Bonds shall be reduced 13 from time to time by amounts, if any, which are equal to the 14 moneys received by the Department of Revenue in any fiscal 15 year pursuant to Section 3-1001 of the "Illinois Vehicle 16 Code", as amended, in excess of the Annual Specified Amount 17 (as defined in Section 3 of the "Retailers' Occupation Tax 18 Act", as amended) and transferred at the end of such fiscal 19 year from the General Revenue Fund to the Build Illinois 20 Purposes Fund as provided in Section 3-1001 of said Code; 21 provided, however, that no such reduction shall affect the 22 validity or enforceability of any Bonds issued prior to such 23 reduction. Such amount of authorized Bonds shall be 24 exclusive of any refunding Bonds issued pursuant to Section 25 15 of this Act and exclusive of any Bonds issued pursuant to 26 this Section which are redeemed, purchased, advance refunded, 27 or defeased in accordance with paragraph (f) of Section 4 of 28 this Act. Bonds shall be issued for the categories and 29 specific purposes expressed in Section 4 of this Act. 30 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99; 31 91-709, eff. 5-17-00.) -2- LRB9208385REdv 1 Section 99. Effective date. This Act takes effect on 2 July 1, 2001.
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