State of Illinois
90th General Assembly
Legislation

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[ Introduced ][ Engrossed ][ House Amendment 001 ]
[ House Amendment 002 ]

90_HB0504ham003

                                           LRB9002463PTcwam04
 1                     AMENDMENT TO HOUSE BILL 504
 2        AMENDMENT NO.     .  Amend House Bill  504  by  replacing
 3    Section 115 with the following:
 4        "Section 115.  The General Obligation Bond Act is amended
 5    by changing Section 2 as follows:
 6        (30 ILCS 330/2) (from Ch. 127, par. 652)
 7        Sec.  2.  Authorization for Bonds.  The State of Illinois
 8    is authorized to issue, sell and provide for  the  retirement
 9    of  General  Obligation Bonds of the State of Illinois in the
10    total amount of $8,805,508,392 herein called "Bonds".
11        Of the total amount of  bonds  authorized  above,  up  to
12    $2,200,000,000  in aggregate original principal amount may be
13    issued and sold in accordance with the Baccalaureate  Savings
14    Act in the form of General Obligation College Savings Bonds.
15        Of  the  total  amount  of  bonds authorized above, up to
16    $300,000,000 in aggregate original principal  amount  may  be
17    issued and sold in accordance with the Retirement Savings Act
18    in the form of General Obligation Retirement Savings Bonds.
19        Of  the  total  amount  of  bonds authorized above, up to
20    $300,000,000 in aggregate original principal  amount  may  be
21    issued  and  sold  in  accordance with the Elder Care Savings
22    Bond Act in the form of General Obligation Elder Care Savings
                            -2-            LRB9002463PTcwamo4
 1    Bonds.
 2        The issuance and sale of Bonds pursuant  to  the  General
 3    Obligation  Bond Act is an economical and efficient method of
 4    financing the capital needs of  the  State.   This  Act  will
 5    permit  the  issuance  of  a multi-purpose General Obligation
 6    Bond with uniform terms and features.   This  will  not  only
 7    lower  the  cost  of registration but also reduce the overall
 8    cost of  issuing  debt  by  improving  the  marketability  of
 9    Illinois General Obligation Bonds.
10        Bonds  shall  be  issued  for the categories and specific
11    purposes expressed in Sections 2 through 8 and Section 16  of
12    this Act.
13    (Source: P.A. 90-1, eff. 2-20-97.)".

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