96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1517


 
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley
 
SYNOPSIS AS INTRODUCED:
 		













30 ILCS 330/2
  from Ch. 127, par. 652








    Amends the General Obligation Bond Act. Makes a technical change in a Section concerning  the total amount of
General Obligation Bonds authorized under
the Act. 















LRB096 04929 RCE 14995 b

















 


 


A BILL FOR









 











HB1517

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1
    AN ACT concerning finance.

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 

 
4
    Section 5. The General Obligation Bond Act is amended by 
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changing Section 2 as follows:
 



6
    (30 ILCS 330/2)  (from Ch. 127, par. 652)


7
    Sec. 2. Authorization for Bonds. The
The State of Illinois 
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is 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 
11
through 8 of this Act, in the total amount of $27,658,149,369.
12
    The bonds authorized in this Section 2 and in Section 16 of 
13
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 
17
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 
21
in the form of General Obligation
Retirement Savings Bonds.

22
    Of the total amount of Bonds authorized in this Act, the 
23
additional
$10,000,000,000 authorized by this amendatory Act 
 


 






HB1517
- 2 -
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1
of the 93rd General
Assembly shall be used solely as provided 
2
in Section 7.2.

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    The issuance and sale of Bonds pursuant to the General 
4
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

8
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.)