Bill Text: IL HB4733 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the General Obligation Bond Act. Makes a technical change in a Section concerning the total amount of General Obligation Bonds authorized under the Act.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee [HB4733 Detail]
Download: Illinois-2015-HB4733-Introduced.html
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
1 | AN ACT concerning finance.
| |||||||||||||||||||
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 The State of Illinois | |||||||||||||||||||
8 | is authorized to
issue, sell and provide for the retirement of | |||||||||||||||||||
9 | 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 $49,917,925,743. | |||||||||||||||||||
12 | The bonds authorized in this Section 2 and in Section 16 of | |||||||||||||||||||
13 | this Act are
herein called "Bonds". | |||||||||||||||||||
14 | Of the total amount of Bonds authorized in this Act, up to | |||||||||||||||||||
15 | $2,200,000,000
in aggregate original principal amount may be | |||||||||||||||||||
16 | issued and sold in accordance
with the Baccalaureate Savings | |||||||||||||||||||
17 | Act in the form of General Obligation
College Savings Bonds. | |||||||||||||||||||
18 | Of the total amount of Bonds authorized in this Act, up to | |||||||||||||||||||
19 | $300,000,000 in
aggregate original principal amount may be | |||||||||||||||||||
20 | issued and sold in accordance
with the Retirement Savings Act | |||||||||||||||||||
21 | in the form of General Obligation
Retirement Savings Bonds. | |||||||||||||||||||
22 | Of the total amount of Bonds authorized in this Act, the | |||||||||||||||||||
23 | additional
$10,000,000,000 authorized by Public Act 93-2, the |
| |||||||
| |||||||
1 | $3,466,000,000 authorized by Public Act 96-43, and the | ||||||
2 | $4,096,348,300 authorized by Public Act 96-1497 shall be used | ||||||
3 | solely as provided in Section 7.2. | ||||||
4 | The issuance and sale of Bonds pursuant to the General | ||||||
5 | Obligation Bond
Act is an economical and efficient method of | ||||||
6 | financing the long-term capital needs of
the State. This Act | ||||||
7 | will permit the issuance of a multi-purpose General
Obligation | ||||||
8 | Bond with uniform terms and features. This will not only lower
| ||||||
9 | the cost of registration but also reduce the overall cost of | ||||||
10 | issuing debt
by improving the marketability of Illinois General | ||||||
11 | Obligation Bonds. | ||||||
12 | (Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12; | ||||||
13 | 97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff. | ||||||
14 | 8-16-13; 98-781, eff. 7-22-14.)
|