Bill Text: IL SB1857 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Amends the Illinois Finance Authority Act. Increases the general bonding authority by $3,000,000,000. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-08-15 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB1857 Detail]
Download: Illinois-2009-SB1857-Introduced.html
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1 | AN ACT concerning debt.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Finance Authority Act is amended by | ||||||||||||||||||||||||
5 | changing Section 845-5 as follows:
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6 | (20 ILCS 3501/845-5)
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7 | Sec. 845-5. Bond limitations.
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8 | (a) The Authority may not have outstanding at any one time | ||||||||||||||||||||||||
9 | bonds
for any of its corporate purposes in an aggregate | ||||||||||||||||||||||||
10 | principal amount exceeding $31,150,000,000 $28,150,000,000 , | ||||||||||||||||||||||||
11 | excluding bonds issued to refund the bonds of the Authority or
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12 | bonds of the Predecessor Authorities. | ||||||||||||||||||||||||
13 | (b) The Authority may not have outstanding at any one time | ||||||||||||||||||||||||
14 | revenue bonds in an aggregate principal amount exceeding | ||||||||||||||||||||||||
15 | $4,000,000,000 on behalf of the Illinois Power Agency as set | ||||||||||||||||||||||||
16 | forth in Section 825-90. Any such revenue bonds issued on | ||||||||||||||||||||||||
17 | behalf of the Illinois Power Agency pursuant to this Act shall | ||||||||||||||||||||||||
18 | not be counted against the bond authorization limit set forth | ||||||||||||||||||||||||
19 | in subsection (a).
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20 | (Source: P.A. 94-1068, eff. 8-1-06; 95-481, eff. 8-28-07; | ||||||||||||||||||||||||
21 | 95-697, eff. 11-6-07; 95-876, eff. 8-21-08; 95-879, eff. | ||||||||||||||||||||||||
22 | 8-21-08.)
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.
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