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90_HB0487ham001
LRB9002331THpkam
1 AMENDMENT TO HOUSE BILL 487
2 AMENDMENT NO. . Amend House Bill 487 on page 1, by
3 replacing lines 16 through 19 with the following:
4 "be made by the Board to school districts in accordance"; and
5 by replacing lines 15 through 32 on page 2 and lines 3
6 through 9 on page 3 with the following:
7 "(30 ILCS 330/2) (from Ch. 127, par. 652)
8 Sec. 2. Authorization for Bonds. The State of Illinois
9 is authorized to issue, sell and provide for the retirement
10 of General Obligation Bonds of the State of Illinois in the
11 total amount of $9,165,508,392 $8,805,508,392 herein called
12 "Bonds".
13 Of the total amount of bonds authorized above, up to
14 $2,200,000,000 in aggregate original principal amount may be
15 issued and sold in accordance with the Baccalaureate Savings
16 Act in the form of General Obligation College Savings Bonds.
17 Of the total amount of bonds authorized above, up to
18 $300,000,000 in aggregate original principal amount may be
19 issued and sold in accordance with the Retirement Savings Act
20 in the form of General Obligation Retirement Savings Bonds.
21 The issuance and sale of Bonds pursuant to the General
22 Obligation Bond Act is an economical and efficient method of
-2- LRB9002331THpkam
1 financing the capital needs of the State. This Act will
2 permit the issuance of a multi-purpose General Obligation
3 Bond with uniform terms and features. This will not only
4 lower the cost of registration but also reduce the overall
5 cost of issuing debt by improving the marketability of
6 Illinois General Obligation Bonds.
7 Bonds shall be issued for the categories and specific
8 purposes expressed in Sections 2 through 8 and Section 16 of
9 this Act.
10 (Source: P.A. 90-1, eff. 2-20-97.)"; and
11 on page 4, by deleting lines 19 through 21.