95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5973


 
Introduced , by Rep. Tom Cross
 
SYNOPSIS AS INTRODUCED:
 		







  



30 ILCS 330/2
  from Ch. 127, par. 652








    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. 















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A BILL FOR









 











HB5973

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1
    AN ACT concerning finance.

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 


 
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    Section 5. The General Obligation Bond Act is amended by 
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changing Section 2 as follows:
 



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    (30 ILCS 330/2)  (from Ch. 127, par. 652)


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    Sec. 2. Authorization for Bonds. The
The State of Illinois 
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is authorized to
issue, sell and provide for the retirement of 
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General Obligation Bonds of
the State of Illinois for the 
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categories and specific purposes expressed in
Sections 2 
11
through 8 of this Act, in the total amount of $27,658,149,369.
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    The bonds authorized in this Section 2 and in Section 16 of 
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this Act are
herein called "Bonds".

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    Of the total amount of Bonds authorized in this Act, up to 
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$2,200,000,000
in aggregate original principal amount may be 
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issued and sold in accordance
with the Baccalaureate Savings 
17
Act in the form of General Obligation
College Savings Bonds.

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    Of the total amount of Bonds authorized in this Act, up to 
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$300,000,000 in
aggregate original principal amount may be 
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issued and sold in accordance
with the Retirement Savings Act 
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in the form of General Obligation
Retirement Savings Bonds.

22
    Of the total amount of Bonds authorized in this Act, the 
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additional
$10,000,000,000 authorized by this amendatory Act 
 


 






HB5973
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1
of the 93rd General
Assembly shall be used solely as provided 
2
in Section 7.2.

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    The issuance and sale of Bonds pursuant to the General 
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Obligation Bond
Act is an economical and efficient method of 
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financing the long-term capital needs of
the State.  This Act 
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will permit the issuance of a multi-purpose General
Obligation 
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Bond with uniform terms and features.  This will not only lower

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the cost of registration but also reduce the overall cost of 
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issuing debt
by improving the marketability of Illinois General 
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Obligation Bonds.

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(Source: P.A. 92-13, eff. 6-22-01; 92-596, eff. 6-28-02; 
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92-598, eff. 6-28-02; 93-2, eff. 4-7-03; 93-839, eff. 7-30-04.)