30 ILCS 330/1
Short Title
Short Title. This Act shall be known and may be cited as the "General Obligation Bond Act". (Source: P.A. 92-13, eff. 6-22-01.)
Illinois Compiled Statutes 30 ILCS 330 — General Obligation Bond Act.
Illinois · statute · 30 ILCS 330 · 30 active provisions
30 ILCS 330/1.5
Re-enactment; findings; purpose; validation
Re-enactment; findings; purpose; validation. (a) The General Assembly finds and declares that: (1) Article IV of Public Act 85-1135, effective July 28, 1988, contained provisions amending or creating Sections 2, 3, 16, and 20 of the General Obligation Bond Act, Section 5.242 of the State Finance Act, and Section 4 of t…
30 ILCS 330/2
Authorization for Bonds
Authorization for Bonds. 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 $82,664,839,969. The bonds authorized in this Sec…
30 ILCS 330/2.5
Limitation on issuance of Bonds
Limitation on issuance of Bonds. (a) Except as provided in subsection (b), no Bonds may be issued if, after the issuance, in the next State fiscal year after the issuance of the Bonds, the amount of debt service (including principal, whether payable at maturity or pursuant to mandatory sinking fund installments, and in…
30 ILCS 330/3
Capital facilities
Capital facilities. The amount of $23,642,011,269 is authorized to be used for the acquisition, development, construction, reconstruction, improvement, demolition, financing, architectural planning and installation of capital facilities within the State, consisting of buildings, structures, durable equipment, land, int…
30 ILCS 330/4
Transportation
Transportation. The amount of $27,548,062,400 is authorized for use by the Department of Transportation for the specific purpose of promoting and assuring rapid, efficient, and safe highway, air and mass transportation for the inhabitants of the State by providing monies, including the making of grants and loans, for t…
30 ILCS 330/5
School construction
School construction. (a) The amount of $58,450,000 is authorized to make grants to local school districts for the acquisition, development, construction, reconstruction, rehabilitation, improvement, financing, architectural planning and installation of capital facilities, including but not limited to those required for…
30 ILCS 330/6
Anti-Pollution
Anti-Pollution. (a) The amount of $752,650,642 is authorized for allocation by the Environmental Protection Agency for grants or loans to units of local government, including grants to disadvantaged communities without modern sewage systems, in such amounts, at such times and for such purpose as the Agency deems necess…
30 ILCS 330/7
Coal and Energy Development
Coal and Energy Development. The amount of $171,863,658 is authorized to be used by the Department of Commerce and Economic Opportunity (formerly Department of Commerce and Community Affairs) for coal and energy development purposes, pursuant to Sections 2, 3 and 3.1 of the Illinois Coal and Energy Development Bond Act…
30 ILCS 330/7.2
State pension funding
State pension funding. (a) The amount of $10,000,000,000 is authorized to be used for the purpose of making contributions to the designated retirement systems. For the purposes of this Section, "designated retirement systems" means the State Employees' Retirement System of Illinois; the Teachers' Retirement System of t…
30 ILCS 330/7.3
Medicaid enhancement funding
Medicaid enhancement funding. The amount of $250,000,000 is authorized to be issued only during fiscal year 2010 for the making of deposits into the Healthcare Provider Relief Fund for the exclusive purpose of funding Medicaid services subject to the enhanced federal participation due to expire on December 31, 2010. No…
30 ILCS 330/7.5
Tobacco securitization general obligation bonds
Tobacco securitization general obligation bonds. The amount of $750,000,000 is authorized to be issued only during fiscal year 2003 for the making of deposits of 50% of net proceeds to the General Revenue Fund to build the fiscal year ending general funds cash balance and to meet the ordinary and contingent expenses of…
30 ILCS 330/7.6
Income Tax Proceed Bonds
Income Tax Proceed Bonds. (a) As used in this Act, "Income Tax Proceed Bonds" means Bonds (i) authorized by Public Act 100-23 or any other Public Act of the 100th or 101st General Assembly authorizing the issuance of Income Tax Proceed Bonds and (ii) used for the payment of unpaid obligations of the State as incurred f…
30 ILCS 330/7.7
State Pension Obligation Acceleration Bonds
State Pension Obligation Acceleration Bonds. (a) As used in this Act, "State Pension Obligation Acceleration Bonds" means Bonds authorized by Public Act 100-587, Public Act 102-718, Public Act 104-8, and this amendatory Act of the 104th General Assembly and used for the purpose of making accelerated pension benefit pay…
30 ILCS 330/8
Bond sale expenses
Bond sale expenses. (a) An amount not to exceed 0.5 percent of the principal amount of the proceeds of sale of each bond sale is authorized to be used to pay the reasonable costs of each issuance and sale of State of Illinois general obligation bonds authorized and sold pursuant to this Act, including, without limitati…
30 ILCS 330/9
Conditions for issuance and sale of Bonds; requirements for Bonds
Conditions for issuance and sale of Bonds; requirements for Bonds. (a) Except as otherwise provided in this subsection, subsection (h), and subsection (i), Bonds shall be issued and sold from time to time, in one or more series, in such amounts and at such prices as may be directed by the Governor, upon recommendation…
30 ILCS 330/10
Execution of Bonds
Execution of Bonds. Bonds shall be signed by the Governor and attested by the Secretary of State under the printed facsimile seal of the State and countersigned by the State Treasurer by his manual signature or by his duly authorized deputy. If Bonds are issued in registered form pursuant to the Registered Bond Act, th…
30 ILCS 330/11
Sale of Bonds
Sale of Bonds. Except as otherwise provided in this Section, Bonds shall be sold from time to time pursuant to notice of sale and public bid or by negotiated sale in such amounts and at such times as is directed by the Governor, upon recommendation by the Director of the Governor's Office of Management and Budget. At l…
30 ILCS 330/12
Allocation of proceeds from sale of Bonds
Allocation of proceeds from sale of Bonds. (a) Proceeds from the sale of Bonds, authorized by Section 3 of this Act, shall be deposited in the separate fund known as the Capital Development Fund, a special fund that was created under Section 6 of the Capital Development Bond Act of 1972 (repealed) and is continued unde…
30 ILCS 330/13
Appropriation of proceeds from sale of Bonds
Appropriation of proceeds from sale of Bonds. (a) At all times, the proceeds from the sale of Bonds issued pursuant to this Act are subject to appropriation by the General Assembly and, except as provided in Sections 7.2, 7.6, and 7.7, may be obligated or expended only with the written approval of the Governor, in such…
30 ILCS 330/14
Repayment
Repayment. (a) To provide for the manner of repayment of Bonds, the Governor shall include an appropriation in each annual State Budget of monies in such amount as shall be necessary and sufficient, for the period covered by such budget, to pay the interest, as it shall accrue, on all Bonds issued under this Act, to pa…
30 ILCS 330/15
Computation of principal and interest; transfers
Computation of principal and interest; transfers. (a) Upon each delivery of Bonds authorized to be issued under this Act, the Comptroller shall compute and certify to the Treasurer the total amount of principal of, interest on, and premium, if any, on Bonds issued that will be payable in order to retire such Bonds, the…
30 ILCS 330/15.5
Compliance with the Business Enterprise for Minorities, Women, and Persons with Disabilities Act
Compliance with the Business Enterprise for Minorities, Women, and Persons with Disabilities Act. Notwithstanding any other provision of law, the Governor's Office of Management and Budget shall comply with the Business Enterprise for Minorities, Women, and Persons with Disabilities Act. (Source: P.A. 100-391, eff. 8-2…
30 ILCS 330/16
Refunding Bonds
Refunding Bonds. The State of Illinois is authorized to issue, sell, and provide for the retirement of General Obligation Bonds of the State of Illinois in the amount of $4,839,025,000, at any time and from time to time outstanding, for the purpose of refunding any State of Illinois general obligation Bonds then outsta…
30 ILCS 330/17
Bonds as General Obligations of the State
Bonds as General Obligations of the State. All Bonds issued in accordance with the provisions of this Act shall be direct, general obligations of the State of Illinois and shall so state on the face thereof, and the full faith and credit of the State of Illinois are hereby pledged for the punctual payment of the intere…
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