92nd General Assembly
Status of SB2151
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 Full Text  Bill Summary

   New Act                                                                     
   30 ILCS 105/6z-43                                                           

        Creates the Tobacco Settlement Bond Act. Provides that the Bureau      
   of the Budget may issue no more than $1,500,000,000 in  revenue  bonds      
   payable  solely  from and secured solely by the proceeds of the Master      
   Settlement Agreement related to the tobacco litigation. Provides that,      
   beginning on the effective date of this Act, all moneys in the Tobacco      
   Settlement Recovery Fund and  all  moneys  thereafter  paid  into  the      
   Tobacco  Settlement  Recovery Fund shall be transferred to the Tobacco      
   Settlement Bond Fund, a new Fund created in this Act, until the Bureau      
   of the Budget certifies to the State  Treasurer  and  the  Comptroller      
   that  the  amount  that will be necessary to finance the principal of,      
   interest on, and premium, if any, on the bonds issued  under  the  Act      
   has  been  paid into the new Fund. Provides that all proceeds from the      
   sale of the bonds under the Act shall be  deposited  into  the  School      
   Infrastructure Fund to be used only for grants to school districts for      
   school  construction  projects  and  school  maintenance  projects  as      
   provided  in the School Construction Law. Amends the State Finance Act      
   to require the State Treasurer to administer  the  Tobacco  Settlement      
   Recovery  Fund  consistently  with  the  Tobacco  Settlement Bond Act.      
   Effective immediately.                                                      
   FEB-07-2002  S  FIRST READING                                                  
   FEB-07-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary