Full Text of SB1511 95th General Assembly
SB1511enr 95TH GENERAL ASSEMBLY
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The General Obligation Bond Act is amended by | 5 |
| changing Sections 2 and 7 as follows:
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| (30 ILCS 330/2) (from Ch. 127, par. 652)
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| Sec. 2. Authorization for Bonds. The State of Illinois is | 8 |
| authorized to
issue, sell and provide for the retirement of | 9 |
| 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 $27,693,149,369 | 12 |
| $27,658,149,369 .
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| The bonds authorized in this Section 2 and in Section 16 of | 14 |
| this Act are
herein called "Bonds".
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| Of the total amount of Bonds authorized in this Act, up to | 16 |
| $2,200,000,000
in aggregate original principal amount may be | 17 |
| issued and sold in accordance
with the Baccalaureate Savings | 18 |
| Act in the form of General Obligation
College Savings Bonds.
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| Of the total amount of Bonds authorized in this Act, up to | 20 |
| $300,000,000 in
aggregate original principal amount may be | 21 |
| issued and sold in accordance
with the Retirement Savings Act | 22 |
| in the form of General Obligation
Retirement Savings Bonds.
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| Of the total amount of Bonds authorized in this Act, the |
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| additional
$10,000,000,000 authorized by this amendatory Act | 2 |
| of the 93rd General
Assembly shall be used solely as provided | 3 |
| in Section 7.2.
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| The issuance and sale of Bonds pursuant to the General | 5 |
| Obligation Bond
Act is an economical and efficient method of | 6 |
| financing the long-term capital needs of
the State. This Act | 7 |
| will permit the issuance of a multi-purpose General
Obligation | 8 |
| Bond with uniform terms and features. This will not only lower
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| the cost of registration but also reduce the overall cost of | 10 |
| issuing debt
by improving the marketability of Illinois General | 11 |
| Obligation Bonds.
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| (Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; | 13 |
| 92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)
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| (30 ILCS 330/7) (from Ch. 127, par. 657)
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| Sec. 7. Coal and Energy Development. The amount of | 16 |
| $698,200,000 $663,200,000 is
authorized to be used by the | 17 |
| Department of Commerce and Economic Opportunity (formerly | 18 |
| Department of Commerce and Community Affairs) for
coal and | 19 |
| energy development purposes, pursuant to Sections 2, 3 and 3.1 | 20 |
| of the
Illinois Coal and Energy Development Bond Act, for the | 21 |
| purposes
specified
in Section 8.1 of the Energy Conservation | 22 |
| and Coal Development Act, and for
the purposes specified in | 23 |
| Section 605-332 of the Department of Commerce and
Economic | 24 |
| Opportunity Law of the Civil Administrative Code of Illinois , | 25 |
| and for the purpose of facility cost reports prepared pursuant |
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| to Section 1-75(d)(4) of the Illinois Power Agency Act . Of this
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| amount:
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| (a) $115,000,000 is
for the specific purposes of | 4 |
| acquisition,
development, construction, reconstruction, | 5 |
| improvement, financing,
architectural and technical planning | 6 |
| and installation of capital facilities
consisting of | 7 |
| buildings, structures, durable equipment, and land for the
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| purpose of capital development of coal resources within the | 9 |
| State and for the
purposes specified in Section 8.1 of the | 10 |
| Energy Conservation and Coal
Development Act;
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| (b) $35,000,000 is for the purposes specified in Section | 12 |
| 8.1 of the
Energy
Conservation and Coal Development Act and | 13 |
| making a grant to the owner of a
generating station
located in | 14 |
| Illinois and having at least three coal-fired generating units
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| with accredited summer capability greater than 500 megawatts | 16 |
| each at such
generating station as provided in Section 6 of | 17 |
| that Bond Act;
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| (c) $13,200,000 is for research, development and | 19 |
| demonstration
of forms of energy
other than that derived from | 20 |
| coal, either on or off State property; and
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| (d) $500,000,000 is for the purpose of providing financial | 22 |
| assistance to
new
electric generating facilities as provided in | 23 |
| Section 605-332 of the Department
of Commerce and Economic | 24 |
| Opportunity Law of the Civil Administrative Code of
Illinois ; | 25 |
| and .
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| (e) $35,000,000 is for the purpose of facility cost reports |
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| prepared pursuant to Section 1-75(d)(4) of the Illinois Power | 2 |
| Agency Act. | 3 |
| (Source: P.A. 94-793, eff. 5-19-06.)
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| Section 99. Effective date. This Act takes effect upon | 5 |
| becoming law.
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