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| Public Act 096-0885 |
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AN ACT concerning State government.
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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 Section 2 and by adding Section 7.3 as follows: | ||||
(30 ILCS 330/2) (from Ch. 127, par. 652) | ||||
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 $37,217,777,443 | ||||
$33,501,777,443 $34,159,149,369. | ||||
The bonds authorized in this Section 2 and in Section 16 of | ||||
this Act are
herein called "Bonds". | ||||
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. | ||||
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. | ||||
Of the total amount of Bonds authorized in this Act, the | ||||
additional
$10,000,000,000 authorized by Public Act 93-2 and | ||
the $3,466,000,000 authorized by Public Act 96-43 this | ||
amendatory Act of the 96th General Assembly shall be used | ||
solely as provided in Section 7.2. | ||
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. | ||
(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, | ||
eff. 7-13-09; 96-43, eff. 7-15-09; revised 8-20-09.) | ||
(30 ILCS 330/7.3 new) | ||
Sec. 7.3. Medicaid enhancement funding. The amount of | ||
$250,000,000 is authorized to be issued only during fiscal year | ||
2010 for the making of deposits into the Healthcare Provider | ||
Relief Fund for the exclusive purpose of funding Medicaid | ||
services subject to the enhanced federal participation due to | ||
expire on December 31, 2010. Notwithstanding this Act or any | ||
other law to the contrary, bonds issued under this Section must | ||
be payable within one year after their date of issuance.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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