Bill Text: IL SB0527 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Build Illinois Bond Act. Makes a technical change in a Section concerning the authorization for bonds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB0527 Detail]

Download: Illinois-2017-SB0527-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB0527 Introduced 1/24/2017, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
30 ILCS 425/2 from Ch. 127, par. 2802
Amends the Build Illinois Bond Act. Makes a technical change in a Section concerning the authorization for bonds.
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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 Build Illinois Bond Act is amended by
changing Section 2 as follows:
(30 ILCS 425/2) (from Ch. 127, par. 2802)
Sec. 2. Authorization for Bonds. The The State of Illinois
is authorized to issue, sell and provide for the retirement of
limited obligation bonds, notes and other evidences of
indebtedness of the State of Illinois in the total principal
amount of $6,246,009,000 herein called "Bonds". Such
authorized amount of Bonds shall be reduced from time to time
by amounts, if any, which are equal to the moneys received by
the Department of Revenue in any fiscal year pursuant to
Section 3-1001 of the "Illinois Vehicle Code", as amended, in
excess of the Annual Specified Amount (as defined in Section 3
of the "Retailers' Occupation Tax Act", as amended) and
transferred at the end of such fiscal year from the General
Revenue Fund to the Build Illinois Purposes Fund (now
abolished) as provided in Section 3-1001 of said Code;
provided, however, that no such reduction shall affect the
validity or enforceability of any Bonds issued prior to such
reduction. Such amount of authorized Bonds shall be exclusive

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of any refunding Bonds issued pursuant to Section 15 of this
Act and exclusive of any Bonds issued pursuant to this Section
which are redeemed, purchased, advance refunded, or defeased in
accordance with paragraph (f) of Section 4 of this Act. Bonds
shall be issued for the categories and specific purposes
expressed in Section 4 of this Act.
(Source: P.A. 98-94, eff. 7-17-13.)