093_HB2658eng

 
HB2658 Engrossed                     LRB093 04140 RCE 04183 b

 1        AN ACT concerning bonds.

 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
 5    changing Section 2 and adding Section 3.5 as follows:

 6        (30 ILCS 330/2) (from Ch. 127, par. 652)
 7        Sec. 2. Authorization for Bonds.  The State  of  Illinois
 8    is  authorized  to issue, sell and provide for the retirement
 9    of General Obligation Bonds of the State of Illinois for  the
10    categories  and  specific  purposes  expressed  in Sections 2
11    through 8 of this Act, in the total amount of $17,678,149,369
12    $17,658,149,369 $16,908,149,369 $16,015,007,500.
13        The bonds authorized in this Section 2 and in Section  16
14    of this Act are herein called "Bonds".
15        Of  the  total amount of Bonds authorized in this Act, up
16    to $2,200,000,000 in aggregate original principal amount  may
17    be  issued  and  sold  in  accordance  with the Baccalaureate
18    Savings Act in the form of General Obligation College Savings
19    Bonds.
20        Of the total amount of Bonds authorized in this  Act,  up
21    to $300,000,000 in aggregate original principal amount may be
22    issued and sold in accordance with the Retirement Savings Act
23    in the form of General Obligation Retirement Savings Bonds.
24        The  issuance  and  sale of Bonds pursuant to the General
25    Obligation Bond Act is an economical and efficient method  of
26    financing  the  capital  and  general  operating needs of the
27    State.  This Act will permit the issuance of a  multi-purpose
28    General  Obligation  Bond  with  uniform  terms and features.
29    This will not only lower the cost of  registration  but  also
30    reduce  the  overall  cost  of  issuing debt by improving the
31    marketability of Illinois General Obligation Bonds.
 
HB2658 Engrossed            -2-      LRB093 04140 RCE 04183 b
 1    (Source:  P.A.  91-39,  eff.  6-15-99;  91-53,  eff  6-30-99;
 2    91-710, eff.  5-17-00;  92-13,  eff.  6-22-01;  92-596,  eff.
 3    6-28-02; 92-598, eff. 6-28-02; revised 10-8-02.)

 4        (30 ILCS 330/3.5 new)
 5        Sec.   3.5.  Civic   center   repair.    The   amount  of
 6    $20,000,000 is authorized to be used  by  the  Department  of
 7    Commerce  and  Community  Affairs  for grants to civic center
 8    authorities created under  the  Civic  Center  Code  for  the
 9    maintenance  and  repair  of  civic  centers.   Civic  center
10    authorities  may apply to the Department for the grants.  The
11    Department  shall,  by  rule,  set   requirements   for   the
12    applications and the criteria for awarding the grants.

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