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90_HB0018ham001
LRB9000201THpkam
1 AMENDMENT TO HOUSE BILL 18
2 AMENDMENT NO. . Amend House Bill 18 on page 2, by
3 replacing lines 1 through 27 with the following:
4 "(30 ILCS 330/2) (from Ch. 127, par. 652)
5 Sec. 2. Authorization for Bonds. The State of Illinois
6 is authorized to issue, sell and provide for the retirement
7 of General Obligation Bonds of the State of Illinois in the
8 total amount of $9,805,508,392 $8,805,508,392 herein called
9 "Bonds".
10 Of the total amount of bonds authorized above, up to
11 $2,200,000,000 in aggregate original principal amount may be
12 issued and sold in accordance with the Baccalaureate Savings
13 Act in the form of General Obligation College Savings Bonds.
14 Of the total amount of bonds authorized above, up to
15 $300,000,000 in aggregate original principal amount may be
16 issued and sold in accordance with the Retirement Savings Act
17 in the form of General Obligation Retirement Savings Bonds.
18 The issuance and sale of Bonds pursuant to the General
19 Obligation Bond Act is an economical and efficient method of
20 financing the capital needs of the State. This Act will
21 permit the issuance of a multi-purpose General Obligation
22 Bond with uniform terms and features. This will not only
23 lower the cost of registration but also reduce the overall
-2- LRB9000201THpkam
1 cost of issuing debt by improving the marketability of
2 Illinois General Obligation Bonds.
3 Bonds shall be issued for the categories and specific
4 purposes expressed in Sections 2 through 8 and Section 16 of
5 this Act.
6 (Source: P.A. 90-1, eff. 2-20-97.)".