093_HB1459eng
HB1459 Engrossed LRB093 05347 SJM 05437 b
1 AN ACT concerning finance.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Development Finance Authority
5 Act is amended by changing Section 8 as follows:
6 (20 ILCS 3505/8) (from Ch. 48, par. 850.08)
7 Sec. 8. Outstanding bond authorization limits. Exclusive
8 of the bonds authorized to be issued under Section 7.8, under
9 Section 7.87, or under the Illinois Environmental Facilities
10 Financing Act, and exclusive of the authorization under
11 Section 7.56a of this Act, the Authority may not have
12 outstanding at any one time bonds for any of its corporate
13 purposes in an aggregate principal amount exceeding
14 $6,200,000,000, excluding bonds issued to refund outstanding
15 bonds. Up to $100,000,000 of such outstanding bonds shall be
16 issued with respect to industrial projects located within
17 areas designated as Enterprise Zones by the Department of
18 Commerce and Community Affairs.
19 (Source: P.A. 91-681, eff. 1-26-00; 92-605, eff. 7-1-02.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.