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Public Act 91-0681
HB1202 Enrolled LRB9103241PTpkA
AN ACT to amend the Illinois Development Finance
Authority Act by changing Sections 7.56a and 8.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Development Finance Authority
Act is amended by changing Sections 7.56a and 8 as follows:
(20 ILCS 3505/7.56a) (from Ch. 48, par. 850.07z12a)
Sec. 7.56a. Infrastructure Bond Authorization Limits.
In addition to the bonds authorized to be issued under
Sections 7.8 and 8, the Authority may have outstanding at any
time, bonds for the purposes enumerated in Sections 7.50
through 7.61 in an aggregate principal amount that shall not
exceed $2,000,000,000 $1,000,000,000.
Such bonds shall not constitute an indebtedness or
obligation of the State of Illinois and it shall be plainly
stated on the face of each bond that it does not constitute
such an indebtedness or obligation but is payable solely from
the revenues, income or other assets of the Authority pledged
therefor.
(Source: P.A. 90-470, eff. 8-17-97.)
(20 ILCS 3505/8) (from Ch. 48, par. 850.08)
Sec. 8. Outstanding bond authorization limits. Exclusive
of the bonds authorized to be issued under Section 7.8,
Section 7.87, or under the Illinois Environmental Facilities
Financing Act, and exclusive of the authorization under
Section 7.56a of this Act, the Authority may not have
outstanding at any one time bonds for any of its corporate
purposes in an aggregate principal amount exceeding
$5,400,000,000 $4,400,000,000, excluding bonds issued to
refund outstanding bonds. Up to $100,000,000 of such
outstanding bonds shall be issued with respect to industrial
projects located within areas designated as Enterprise Zones
by the Department of Commerce and Community Affairs.
(Source: P.A. 89-460, eff. 5-24-96; 90-470, eff. 8-17-97.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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