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| [ Introduced ] | [ Enrolled ] | [ Senate Amendment 001 ] |
92_HB4581eng HB4581 Engrossed LRB9214005REmb 1 AN ACT concerning bonds. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The General Obligation Bond Act is amended by 5 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 for the 10 categories and specific purposes expressed in Sections 2 11 through 8 of this Act, in the total amount of $15,265,007,499 12$15,265,007,500. 13 The bonds authorized in this Section 2 and in Section 16 14 of this Act are herein called "Bonds". 15 Of the total amount of Bonds authorized in this Act, up 16 to $2,200,000,000 in aggregate original principal amount may 17 be issued and sold in accordance with the Baccalaureate 18 Savings Act in the form of General Obligation College Savings 19 Bonds. 20 Of the total amount of Bonds authorized in this Act, up 21 to $300,000,000 in aggregate original principal amount may be 22 issued and sold in accordance with the Retirement Savings Act 23 in the form of General Obligation Retirement Savings Bonds. 24 The issuance and sale of Bonds pursuant to the General 25 Obligation Bond Act is an economical and efficient method of 26 financing the capital needs of the State. This Act will 27 permit the issuance of a multi-purpose General Obligation 28 Bond with uniform terms and features. This will not only 29 lower the cost of registration but also reduce the overall 30 cost of issuing debt by improving the marketability of 31 Illinois General Obligation Bonds. HB4581 Engrossed -2- LRB9214005REmb 1 (Source: P.A. 91-39, eff. 6-15-99; 91-53, eff 6-30-99; 2 91-710, eff. 5-17-00; 92-13, eff. 6-22-01.) 3 Section 99. Effective date. This Act takes effect July 4 1, 2002.