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Public Act 095-1026
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| SB1511 Enrolled |
LRB095 04366 JAM 24409 b |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The General Obligation Bond Act is amended by |
changing Sections 2 and 7 as follows:
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(30 ILCS 330/2) (from Ch. 127, par. 652)
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Sec. 2. Authorization for Bonds. The State of Illinois is |
authorized to
issue, sell and provide for the retirement of |
General Obligation Bonds of
the State of Illinois for the |
categories and specific purposes expressed in
Sections 2 |
through 8 of this Act, in the total amount of $27,693,149,369 |
$27,658,149,369.
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The bonds authorized in this Section 2 and in Section 16 of |
this Act are
herein called "Bonds".
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Of the total amount of Bonds authorized in this Act, up to |
$2,200,000,000
in aggregate original principal amount may be |
issued and sold in accordance
with the Baccalaureate Savings |
Act in the form of General Obligation
College Savings Bonds.
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Of the total amount of Bonds authorized in this Act, up to |
$300,000,000 in
aggregate original principal amount may be |
issued and sold in accordance
with the Retirement Savings Act |
in the form of General Obligation
Retirement Savings Bonds.
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Of the total amount of Bonds authorized in this Act, the |
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additional
$10,000,000,000 authorized by this amendatory Act |
of the 93rd General
Assembly shall be used solely as provided |
in Section 7.2.
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The issuance and sale of Bonds pursuant to the General |
Obligation Bond
Act is an economical and efficient method of |
financing the long-term capital needs of
the State. This Act |
will permit the issuance of a multi-purpose General
Obligation |
Bond with uniform terms and features. This will not only lower
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the cost of registration but also reduce the overall cost of |
issuing debt
by improving the marketability of Illinois General |
Obligation Bonds.
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(Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; |
92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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(30 ILCS 330/7) (from Ch. 127, par. 657)
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Sec. 7. Coal and Energy Development. The amount of |
$698,200,000 $663,200,000 is
authorized to be used by the |
Department of Commerce and Economic Opportunity (formerly |
Department of Commerce and Community Affairs) for
coal and |
energy development purposes, pursuant to Sections 2, 3 and 3.1 |
of the
Illinois Coal and Energy Development Bond Act, for the |
purposes
specified
in Section 8.1 of the Energy Conservation |
and Coal Development Act, and for
the purposes specified in |
Section 605-332 of the Department of Commerce and
Economic |
Opportunity Law of the Civil Administrative Code of Illinois, |
and for the purpose of facility cost reports prepared pursuant |
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to Section 1-75(d)(4) of the Illinois Power Agency Act. Of this
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amount:
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(a) $115,000,000 is
for the specific purposes of |
acquisition,
development, construction, reconstruction, |
improvement, financing,
architectural and technical planning |
and installation of capital facilities
consisting of |
buildings, structures, durable equipment, and land for the
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purpose of capital development of coal resources within the |
State and for the
purposes specified in Section 8.1 of the |
Energy Conservation and Coal
Development Act;
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(b) $35,000,000 is for the purposes specified in Section |
8.1 of the
Energy
Conservation and Coal Development Act and |
making a grant to the owner of a
generating station
located in |
Illinois and having at least three coal-fired generating units
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with accredited summer capability greater than 500 megawatts |
each at such
generating station as provided in Section 6 of |
that Bond Act;
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(c) $13,200,000 is for research, development and |
demonstration
of forms of energy
other than that derived from |
coal, either on or off State property; and
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(d) $500,000,000 is for the purpose of providing financial |
assistance to
new
electric generating facilities as provided in |
Section 605-332 of the Department
of Commerce and Economic |
Opportunity Law of the Civil Administrative Code of
Illinois; |
and .
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(e) $35,000,000 is for the purpose of facility cost reports |