SB1327 95TH GENERAL ASSEMBLY

LRB095 10742 RCE 30984 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1327

Introduced 2/9/2007, by Sen. Jeffrey M. Schoenberg

SYNOPSIS AS INTRODUCED:

20 ILCS 3501/845-5

Amends the Illinois Finance Authority Act. Increases the limit on the aggregate principal amount of bonds that may be outstanding at any one time from $25,200,000,000 to $30,000,000,000. Effective immediately.

FISCAL NOTE ACT MAY APPLY

STATE DEBT IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Finance Authority Act is amended by changing Section 845-5 as follows:

(20 ILCS 3501/845-5)

Sec. 845-5. The Authority may not have outstanding at any one time bonds for any of its corporate purposes in an aggregate principal amount exceeding $30,000,000,000 $25,200,000,000, excluding bonds issued to refund the bonds of the Authority or bonds of the Predecessor Authorities.

(Source: P.A. 93-205, eff. 1-1-04; 93-1101, eff. 3-31-05; 94-1068, eff. 8-1-06.)

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