Rep. Gary Hannig
Filed: 11/18/2008
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 1511




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    AMENDMENT NO. ______. Amend Senate Bill 1511, AS AMENDED, 
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by replacing everything after the enacting clause with the 
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following:

 
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    "Section 5. The General Obligation Bond Act is amended  by 
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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 
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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 $27,693,149,369 
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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 long-term capital needs of
the State.  This Act 
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will permit the issuance of a multi-purpose General
Obligation 
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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 
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issuing debt
by improving the marketability of Illinois General 
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Obligation Bonds.

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(Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; 
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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 
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$698,200,000 $663,200,000 is
authorized to be used by the 
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Department of Commerce and Economic Opportunity (formerly 
 


 






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Department of Commerce and Community Affairs) for
coal and 
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energy development purposes, pursuant to Sections 2, 3 and 3.1 
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of the
Illinois Coal and Energy Development Bond Act, for the 
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purposes
specified
in Section 8.1 of the Energy Conservation 
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and Coal Development Act, and for
the purposes specified in 
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Section 605-332 of the Department of Commerce and
Economic 
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Opportunity Law of the Civil Administrative Code of Illinois, 
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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 
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acquisition,
development, construction, reconstruction, 
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improvement, financing,
architectural and technical planning 
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and installation of capital facilities
consisting of 
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buildings, structures, durable equipment, and land for the

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purpose of capital development of coal resources within the 
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State and for the
purposes specified in Section 8.1 of the 
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Energy Conservation and Coal
Development Act;

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    (b) $35,000,000 is for the purposes specified in Section 
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8.1 of the
Energy
Conservation and Coal Development Act and 
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making a grant to the owner of a
generating station
located in 
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Illinois and having at least three coal-fired generating units

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with accredited summer capability greater than 500 megawatts 
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each at such
generating station as provided in Section 6 of 
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that Bond Act;

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    (c) $13,200,000 is for research, development and 
 


 






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demonstration
of forms of energy
other than that derived from 
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coal, either on or off State property; and

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    (d) $500,000,000 is for the purpose of providing financial 
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assistance to
new
electric generating facilities as provided in 
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Section 605-332 of the Department
of Commerce and Economic 
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Opportunity Law of the Civil Administrative Code of
Illinois; 
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and .

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    (e) $35,000,000 is for the purpose of facility cost reports 
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prepared pursuant to Section 1-75(d)(4) of the Illinois Power 
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Agency Act. 
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(Source: P.A. 94-793, eff. 5-19-06.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".