Bill Text: IL SB0353 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the General Obligation Bond Act. Makes a technical change and revisory changes in a Section concerning the total amount of General Obligation Bonds authorized under the Act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [SB0353 Detail]

Download: Illinois-2011-SB0353-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 SB0353 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
30 ILCS 330/2 from Ch. 127, par. 652
Amends the General Obligation Bond Act. Makes a technical change and revisory changes in a Section concerning the total amount of General Obligation Bonds authorized under the Act.
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A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The General Obligation Bond Act is amended by
changing Section 2 as follows:
(30 ILCS 330/2) (from Ch. 127, par. 652)
Sec. 2. Authorization for Bonds. The The State of Illinois
is authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $37,217,777,443
$36,967,777,443.
The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
Of the total amount of Bonds authorized in this Act, the

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additional $10,000,000,000 authorized by Public Act 93-2 and
the $3,466,000,000 authorized by Public Act 96-43 shall be used
solely as provided in Section 7.2.
The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36,
eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10;
96-1000, eff. 7-2-10; revised 9-3-10.)