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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6498
Introduced 2/6/2004, by Tom Cross SYNOPSIS AS INTRODUCED:
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30 ILCS 330/2 |
from Ch. 127, par. 652 |
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Amends the General Obligation Bond Act by reducing by $1 the total amount of
General Obligation Bonds authorized under
this Act. Effective July 1, 2004.
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A BILL FOR
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HB6498 |
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LRB093 17639 SJM 43310 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 General Obligation Bond Act is amended by |
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| changing
Section 2 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 |
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| authorized to
issue, sell and provide for the retirement of |
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| General Obligation Bonds of
the State of Illinois for the |
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| categories and specific purposes expressed in
Sections 2 |
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| through 8 of this Act, in the total amount of $27,658,149,368
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| $27,658,149,369.
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| The bonds authorized in this Section 2 and in Section 16 of |
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| this Act are
herein called "Bonds".
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| Of the total amount of Bonds authorized in this Act, up to |
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| $2,200,000,000
in aggregate original principal amount may be |
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| issued and sold in accordance
with the Baccalaureate Savings |
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| 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 |
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| $300,000,000 in
aggregate original principal amount may be |
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| issued and sold in accordance
with the Retirement Savings Act |
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| 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 |
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| of the 93rd General
Assembly shall be used solely as provided |
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| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General |
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| Obligation Bond
Act is an economical and efficient method of |
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| financing the capital and
general operating needs of
the State. |
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| This Act will permit the issuance of a multi-purpose General
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| Obligation Bond with uniform terms and features. This will not |
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| only lower
the cost of registration but also reduce the overall |