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91_HB3243
LRB9111051MWpc
1 AN ACT to amend the General Obligation Bond Act by
2 changing Section 2 and adding Section 7.5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The General Obligation Bond Act is amended by
6 changing Section 2 and adding Section 7.5 as follows:
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 $16,187,847,592 $16,177,847,592 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
23 financing the capital needs of the State. This Act will
24 permit the issuance of a multi-purpose General Obligation
25 Bond with uniform terms and features. This will not only
26 lower the cost of registration but also reduce the overall
27 cost of issuing debt by improving the marketability of
28 Illinois General Obligation Bonds.
29 Bonds shall be issued for the categories and specific
30 purposes expressed in Sections 2 through 8 and Section 16 of
31 this Act.
-2- LRB9111051MWpc
1 (Source: P.A. 90-1, eff. 2-20-97; 90-8, eff. 12-8-97; 90-549,
2 eff. 12-8-97; 90-586, eff. 6-4-98; 91-39, eff. 6-15-99;
3 91-53, eff 6-30-99.)
4 (30 ILCS 330/7.5 new)
5 Sec. 7.5. Civic center repair. The amount of
6 $10,000,000 is authorized to be used by the Department of
7 Commerce and Community Affairs for grants to civic center
8 authorities created under the Civic Center Code for the
9 maintenance and repair of civic centers. Civic center
10 authorities may apply to the Department for the grants. The
11 Department shall, by rule, set requirements for the
12 applications and the criteria for awarding the grants.
13 Preference shall be given to the maintenance and repair of
14 the original facilities of the civic center authority.
15 Section 99. Effective date. This Act takes effect upon
16 becoming law.