093_HB2968eng

 
HB2968 Engrossed                     LRB093 08155 SJM 08361 b

 1        AN ACT in relation to 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.
 
HB2968 Engrossed            -2-      LRB093 08155 SJM 08361 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.