Illinois General Assembly - Full Text of SB0566
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Full Text of SB0566  102nd General Assembly

SB0566 102ND GENERAL ASSEMBLY


 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB0566

 

Introduced 2/23/2021, by Sen. Laura Fine

 

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.


LRB102 12913 RJF 18256 b

 

 

A BILL FOR

 

SB0566LRB102 12913 RJF 18256 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 $78,256,839,969.
12    The bonds authorized in this Section 2 and in Section 16 of
13this Act are herein called "Bonds".
14    Of the total amount of Bonds authorized in this Act, up to
15$2,200,000,000 in aggregate original principal amount may be
16issued and sold in accordance with the Baccalaureate Savings
17Act in the form of General Obligation College Savings Bonds.
18    Of the total amount of Bonds authorized in this Act, up to
19$300,000,000 in aggregate original principal amount may be
20issued and sold in accordance with the Retirement Savings Act
21in the form of General Obligation Retirement Savings Bonds.
22    Of the total amount of Bonds authorized in this Act, the
23additional $10,000,000,000 authorized by Public Act 93-2, the

 

 

SB0566- 2 -LRB102 12913 RJF 18256 b

1$3,466,000,000 authorized by Public Act 96-43, and the
2$4,096,348,300 authorized by Public Act 96-1497 shall be used
3solely as provided in Section 7.2.
4    Of the total amount of Bonds authorized in this Act, the
5additional $6,000,000,000 authorized by Public Act 100-23
6shall be used solely as provided in Section 7.6 and shall be
7issued by December 31, 2017.
8    Of the total amount of Bonds authorized in this Act,
9$1,000,000,000 of the additional amount authorized by Public
10Act 100-587 shall be used solely as provided in Section 7.7.
11    The issuance and sale of Bonds pursuant to the General
12Obligation Bond Act is an economical and efficient method of
13financing the long-term capital needs of the State. This Act
14will permit the issuance of a multi-purpose General Obligation
15Bond with uniform terms and features. This will not only lower
16the cost of registration but also reduce the overall cost of
17issuing debt by improving the marketability of Illinois
18General Obligation Bonds.
19(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
20101-30, eff. 6-28-19.)