State Government Administration Committee
Filed: 1/11/2010
 
 

 




 

 		












09600SB1425ham002

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AMENDMENT TO SENATE BILL 1425




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    AMENDMENT NO. ______. Amend Senate Bill 1425, 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 Section 2 and  by adding Section 7.3 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 $37,217,777,443 
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$33,501,777,443 $34,159,149,369.
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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 Public Act 93-2 and 
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the $3,466,000,000 authorized by Public Act 96-43 this 
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amendatory Act of the 96th General Assembly shall be used 
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solely as provided 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. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, 
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eff. 7-13-09;  96-43, eff. 7-15-09; revised 8-20-09.)
 
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    (30 ILCS 330/7.3 new)
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    Sec. 7.3. Medicaid enhancement funding. The amount of 
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$250,000,000 is authorized to be issued only during fiscal year 
 


 






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2010 for the making of deposits into the Healthcare Provider 
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Relief Fund for the exclusive purpose of funding Medicaid 
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services subject to the enhanced federal participation due to 
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expire on December 31, 2010. Notwithstanding this Act or any 
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other law to the contrary, bonds issued under this Section must 
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be payable within one year after their date of issuance.
 

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