State of Illinois
90th General Assembly
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90_SB0867

      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.
                                                     SRA90S0007MWcb
                                               SRA90S0007MWcb
 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        Sec.  2.  Authorization for Bonds.  The State of Illinois
 9    is authorized to issue, sell and provide for  the  retirement
10    of  General  Obligation Bonds of the State of Illinois in the
11    total amount of $8,146,008,391 $8,146,008,392  herein  called
12    "Bonds".
13        Of  the  total  amount  of  bonds authorized above, up to
14    $1,700,000,000 in aggregate original principal amount may  be
15    issued  and sold in accordance with the Baccalaureate Savings
16    Act in the form of General Obligation College Savings Bonds.
17        Of the total amount of  bonds  authorized  above,  up  to
18    $300,000,000  in  aggregate  original principal amount may be
19    issued and sold in accordance with the Retirement Savings Act
20    in the form of General Obligation Retirement Savings Bonds.
21        The issuance and sale of Bonds pursuant  to  the  General
22    Obligation  Bond Act is an economical and efficient method of
23    financing the capital needs of  the  State.   This  Act  will
24    permit  the  issuance  of  a multi-purpose General Obligation
25    Bond with uniform terms and features.   This  will  not  only
26    lower  the  cost  of registration but also reduce the overall
27    cost of  issuing  debt  by  improving  the  marketability  of
28    Illinois General Obligation Bonds.
29        Bonds  shall  be  issued  for the categories and specific
30    purposes expressed in Sections 2 through 8 and Section 16  of
31    this Act.
                            -2-                SRA90S0007MWcb
 1    (Source:  P.A. 87-144; 87-173; 87-836; 87-873; 88-93; 88-472;
 2    88-552, eff. 7-14-94; 88-670, eff. 12-2-94.)
 3        Section 99.  Effective date.  This Act takes effect  upon
 4    becoming law.

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