093_HB2658ham001











                                     LRB093 04140 RCE 13810 a

 1                    AMENDMENT TO HOUSE BILL 2658

 2        AMENDMENT NO.     .  Amend House Bill 2658  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section  5.   The General Obligation Bond Act is amended
 5    by 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
 
                            -2-      LRB093 04140 RCE 13810 a
 1    in the form of General Obligation Retirement Savings Bonds.
 2        The  issuance  and  sale of Bonds pursuant to the General
 3    Obligation Bond Act is an economical and efficient method  of
 4    financing  the  capital  and  general  operating needs of the
 5    State.  This Act will permit the issuance of a  multi-purpose
 6    General  Obligation  Bond  with  uniform  terms and features.
 7    This will not only lower the cost of  registration  but  also
 8    reduce  the  overall  cost  of  issuing debt by improving the
 9    marketability of Illinois General Obligation Bonds.
10    (Source:  P.A.  91-39,  eff.  6-15-99;  91-53,  eff  6-30-99;
11    91-710, eff.  5-17-00;  92-13,  eff.  6-22-01;  92-596,  eff.
12    6-28-02; 92-598, eff. 6-28-02; revised 10-8-02.)

13        (30 ILCS 330/3.5 new)
14        Sec.   3.5.  Civic   center   repair.    The   amount  of
15    $20,000,000 is authorized to be used  by  the  Department  of
16    Commerce  and  Community  Affairs  for grants to civic center
17    authorities created under  the  Civic  Center  Code  for  the
18    maintenance  and  repair  of  civic  centers.   Civic  center
19    authorities  may apply to the Department for the grants.  The
20    Department  shall,  by  rule,  set   requirements   for   the
21    applications and the criteria for awarding the grants.

22        Section  99.  Effective date.  This Act takes effect upon
23    becoming law.".