HB6496 Engrossed

LRB093 17641 SJM 43312 b






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    AN ACT concerning bonds. 

 
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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 Build Illinois Bond Act is amended by 
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changing
Section 2 as follows:


 
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    (30 ILCS 425/2)  (from Ch. 127, par. 2802)

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    Sec. 2. Authorization for Bonds.   The State of Illinois is

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authorized to issue, sell and provide for the retirement of 
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limited
obligation bonds, notes and other evidences of 
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indebtedness of the State of
Illinois in the total principal 
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amount of $3,805,508,999
$3,805,509,000
herein called "Bonds".  
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Such authorized amount of Bonds shall
be reduced from time to 
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time by amounts, if any, which are equal to the
moneys received 
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by the Department of Revenue in any fiscal year pursuant to

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Section 3-1001 of the "Illinois Vehicle Code", as amended, in 
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excess of the
Annual Specified Amount (as defined in Section 3 
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of the "Retailers'
Occupation Tax Act", as amended) and 
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transferred at the end of such fiscal
year from the General 
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Revenue Fund to the Build Illinois Purposes Fund as
provided in 
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Section 3-1001 of said Code; provided, however, that no such

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reduction shall affect the validity or enforceability of any 
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Bonds issued
prior to such reduction.  Such amount of authorized 
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Bonds
shall be exclusive of any refunding Bonds issued pursuant 
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to Section 15 of
this Act and exclusive of any Bonds issued 
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pursuant to this Section which
are redeemed, purchased, advance 
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refunded, or defeased in accordance with
paragraph (f) of 
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Section 4 of this Act.  Bonds shall be issued for the
categories 
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and specific purposes expressed in Section 4 of this Act.


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(Source: P.A. 91-39, eff. 6-15-99; 91-53, eff. 6-30-99; 91-709, 
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eff.
5-17-00; 92-9, eff. 6-11-01; 92-598, 6-28-02.)


 
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    Section 99. Effective date.   This Act takes effect on July 
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1, 2004.