State of Illinois
2011 and 2012


Introduced 2/3/2012, by Rep. Tom Cross


30 ILCS 330/2  from Ch. 127, par. 652

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

LRB097 16330 PJG 61485 b





HB4743LRB097 16330 PJG 61485 b

1    AN ACT concerning finance.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The General Obligation Bond Act is amended by
5changing 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
8is authorized to issue, sell and provide for the retirement of
9General Obligation Bonds of the State of Illinois for the
10categories and specific purposes expressed in Sections 2
11through 8 of this Act, in the total amount of $45,476,125,743
12$41,314,125,743 $41,379,777,443.
13    The bonds authorized in this Section 2 and in Section 16 of
14this Act are herein called "Bonds".
15    Of the total amount of Bonds authorized in this Act, up to
16$2,200,000,000 in aggregate original principal amount may be
17issued and sold in accordance with the Baccalaureate Savings
18Act in the form of General Obligation College Savings Bonds.
19    Of the total amount of Bonds authorized in this Act, up to
20$300,000,000 in aggregate original principal amount may be
21issued and sold in accordance with the Retirement Savings Act
22in the form of General Obligation Retirement Savings Bonds.
23    Of the total amount of Bonds authorized in this Act, the



HB4743- 2 -LRB097 16330 PJG 61485 b

1additional $10,000,000,000 authorized by Public Act 93-2, the
2$3,466,000,000 authorized by Public Act 96-43, and the
3$4,096,348,300 authorized by Public Act 96-1497 this
4amendatory Act of the 96th General Assembly shall be used
5solely as provided in Section 7.2.
6    The issuance and sale of Bonds pursuant to the General
7Obligation Bond Act is an economical and efficient method of
8financing the long-term capital needs of the State. This Act
9will permit the issuance of a multi-purpose General Obligation
10Bond with uniform terms and features. This will not only lower
11the cost of registration but also reduce the overall cost of
12issuing debt by improving the marketability of Illinois General
13Obligation Bonds.
14(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
15eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;
1696-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1554, eff.
173-18-11; 97-333, eff. 8-12-11; revised 10-31-11.)