Full Text of SB0353 97th General Assembly
SB0353 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB0353 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED: | | 30 ILCS 330/2 | from Ch. 127, par. 652 |
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Amends the General Obligation Bond Act. Makes a technical change and revisory changes in a Section concerning the total amount of
General Obligation Bonds authorized under
the Act. |
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| | A BILL FOR |
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| | | SB0353 | | LRB097 04089 PJG 44128 b |
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| 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 General Obligation Bond Act is amended by | 5 | | changing Section 2 as follows: | 6 | | (30 ILCS 330/2) (from Ch. 127, par. 652) | 7 | | Sec. 2. Authorization for Bonds. The
The State of Illinois | 8 | | is 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 $37,217,777,443 | 12 | | $36,967,777,443 . | 13 | | The bonds authorized in this Section 2 and in Section 16 of | 14 | | this Act are
herein called "Bonds". | 15 | | 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. | 19 | | 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. | 23 | | Of the total amount of Bonds authorized in this Act, the |
| | | SB0353 | - 2 - | LRB097 04089 PJG 44128 b |
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| 1 | | additional
$10,000,000,000 authorized by Public Act 93-2 and | 2 | | the $3,466,000,000 authorized by Public Act 96-43 shall be used | 3 | | solely as provided in Section 7.2. | 4 | | 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
| 9 | | the cost of registration but also reduce the overall cost of | 10 | | issuing debt
by improving the marketability of Illinois General | 11 | | Obligation Bonds. | 12 | | (Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, | 13 | | eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10; | 14 | | 96-1000, eff. 7-2-10; revised 9-3-10.)
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