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90_HB2380
30 ILCS 330/2 from Ch. 127, par. 652
Amends the General Obligation Bond Act by reducing by $1
the total amount of General Obligation Bonds authorized under
this Act. Effective immediately.
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LRB9007385MWpc
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 (Text of Section before amendment by P.A. 90-8)
9 Sec. 2. Authorization for Bonds. The State of Illinois
10 is authorized to issue, sell and provide for the retirement
11 of General Obligation Bonds of the State of Illinois in the
12 total amount of $8,805,508,391 $8,805,508,392 herein called
13 "Bonds".
14 Of the total amount of bonds authorized above, up to
15 $2,200,000,000 in aggregate original principal amount may be
16 issued and sold in accordance with the Baccalaureate Savings
17 Act in the form of General Obligation College Savings Bonds.
18 Of the total amount of bonds authorized above, up to
19 $300,000,000 in aggregate original principal amount may be
20 issued and sold in accordance with the Retirement Savings Act
21 in the form of General Obligation Retirement Savings Bonds.
22 The issuance and sale of Bonds pursuant to the General
23 Obligation Bond Act is an economical and efficient method of
24 financing the capital needs of the State. This Act will
25 permit the issuance of a multi-purpose General Obligation
26 Bond with uniform terms and features. This will not only
27 lower the cost of registration but also reduce the overall
28 cost of issuing debt by improving the marketability of
29 Illinois General Obligation Bonds.
30 Bonds shall be issued for the categories and specific
31 purposes expressed in Sections 2 through 8 and Section 16 of
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1 this Act.
2 (Source: P.A. 90-1, eff. 2-20-97.)
3 (Text of Section after amendment by P.A. 90-8)
4 Sec. 2. Authorization for Bonds. The State of Illinois
5 is authorized to issue, sell and provide for the retirement
6 of General Obligation Bonds of the State of Illinois in the
7 total amount of $8,972,708,391 $8,972,708,392 herein called
8 "Bonds".
9 Of the total amount of bonds authorized above, up to
10 $2,200,000,000 in aggregate original principal amount may be
11 issued and sold in accordance with the Baccalaureate Savings
12 Act in the form of General Obligation College Savings Bonds.
13 Of the total amount of bonds authorized above, up to
14 $300,000,000 in aggregate original principal amount may be
15 issued and sold in accordance with the Retirement Savings Act
16 in the form of General Obligation Retirement Savings Bonds.
17 The issuance and sale of Bonds pursuant to the General
18 Obligation Bond Act is an economical and efficient method of
19 financing the capital needs of the State. This Act will
20 permit the issuance of a multi-purpose General Obligation
21 Bond with uniform terms and features. This will not only
22 lower the cost of registration but also reduce the overall
23 cost of issuing debt by improving the marketability of
24 Illinois General Obligation Bonds.
25 Bonds shall be issued for the categories and specific
26 purposes expressed in Sections 2 through 8 and Section 16 of
27 this Act.
28 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 6-1-98.)
29 Section 95. No acceleration or delay. Where this Act
30 makes changes in a statute that is represented in this Act by
31 text that is not yet or no longer in effect (for example, a
32 Section represented by multiple versions), the use of that
33 text does not accelerate or delay the taking effect of (i)
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1 the changes made by this Act or (ii) provisions derived from
2 any other Public Act.
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.