95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1877

 

Introduced 1/10/2008, by Sen. Deanna Demuzio - Gary Forby

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 330/12   from Ch. 127, par. 662

    Amends the General Obligation Bond Act. Removes a provision of the Act that, under specified circumstances, allows the Governor and the Director of the Governor's Office of Management and Budget to provide for the reallocation of the unspent proceeds of certain bonds. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1877 LRB095 14716 CMK 40637 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The General Obligation Bond Act is amended by
5 changing Section 12 as follows:
 
6     (30 ILCS 330/12)  (from Ch. 127, par. 662)
7     Sec. 12. Allocation of Proceeds from Sale of Bonds.
8     (a) Proceeds from the sale of Bonds, authorized by Section
9 3 of this Act, shall be deposited in the separate fund known as
10 the Capital Development Fund.
11     (b) Proceeds from the sale of Bonds, authorized by
12 paragraph (a) of Section 4 of this Act, shall be deposited in
13 the separate fund known as the Transportation Bond, Series A
14 Fund.
15     (c) Proceeds from the sale of Bonds, authorized by
16 paragraphs (b) and (c) of Section 4 of this Act, shall be
17 deposited in the separate fund known as the Transportation
18 Bond, Series B Fund.
19     (d) Proceeds from the sale of Bonds, authorized by Section
20 5 of this Act, shall be deposited in the separate fund known as
21 the School Construction Fund.
22     (e) Proceeds from the sale of Bonds, authorized by Section
23 6 of this Act, shall be deposited in the separate fund known as

 

 

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1 the Anti-Pollution Fund.
2     (f) Proceeds from the sale of Bonds, authorized by Section
3 7 of this Act, shall be deposited in the separate fund known as
4 the Coal Development Fund.
5     (f-2) Proceeds from the sale of Bonds, authorized by
6 Section 7.2 of this Act, shall be deposited as set forth in
7 Section 7.2.
8     (f-5) Proceeds from the sale of Bonds, authorized by
9 Section 7.5 of this Act, shall be deposited as set forth in
10 Section 7.5.
11     (g) Proceeds from the sale of Bonds, authorized by Section
12 8 of this Act, shall be deposited in the Capital Development
13 Fund.
14     (h) (Blank). Subsequent to the issuance of any Bonds for
15 the purposes described in Sections 2 through 8 of this Act, the
16 Governor and the Director of the Governor's Office of
17 Management and Budget may provide for the reallocation of
18 unspent proceeds of such Bonds to any other purposes authorized
19 under said Sections of this Act, subject to the limitations on
20 aggregate principal amounts contained therein. Upon any such
21 reallocation, such unspent proceeds shall be transferred to the
22 appropriate funds as determined by reference to paragraphs (a)
23 through (g) of this Section.
24 (Source: P.A. 93-2, eff. 4-7-03; 94-793, eff. 5-19-06.)
 
25     Section 99. Effective date. This Act takes effect upon
26 becoming law.