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(30 ILCS 425/2)
(from Ch. 127, par. 2802)
Authorization for Bonds.
The State of Illinois is
authorized to issue, sell and provide for the retirement of limited
obligation bonds, notes and other evidences of indebtedness of the State of
Illinois in the total principal amount of $9,484,681,100
herein called "Bonds". Such authorized amount of Bonds shall
be reduced from time to time by amounts, if any, which are equal to the
moneys received by the Department of Revenue in any fiscal year pursuant to
Section 3-1001 of the "Illinois Vehicle Code", as amended, in excess of the
Annual Specified Amount (as defined in Section 3 of the "Retailers'
Occupation Tax Act", as amended) and transferred at the end of such fiscal
year from the General Revenue Fund to the Build Illinois Purposes Fund (now abolished) as
provided in Section 3-1001 of said Code; provided, however, that no such
reduction shall affect the validity or enforceability of any Bonds issued
prior to such reduction. Such amount of authorized Bonds
shall be exclusive of any refunding Bonds issued pursuant to Section 15 of
this Act and exclusive of any Bonds issued pursuant to this Section which
are redeemed, purchased, advance refunded, or defeased in accordance with
paragraph (f) of Section 4 of this Act. Bonds shall be issued for the
categories and specific purposes expressed in Section 4 of this Act.
(Source: P.A. 101-30, eff. 6-28-19.)