{"data":{"id":"us-il/30-ilcs-330-2","jurisdiction":"us-il","citation":"30 ILCS 330/2","heading":"Authorization for Bonds.","body":"(Text of Section from P.A. 104-467)\nThe 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 $83,664,839,969.\nThe bonds authorized in this Section 2 and in Section 16 of this Act are herein called \"Bonds\".\nOf 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.\nOf 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.\nOf the total amount of Bonds authorized in this Act, the additional $10,000,000,000 authorized by Public Act 93-2, the $3,466,000,000 authorized by Public Act 96-43, and the $4,096,348,300 authorized by Public Act 96-1497 shall be used solely as provided in Section 7.2.\nOf the total amount of Bonds authorized in this Act, the additional $6,000,000,000 authorized by Public Act 100-23 shall be used solely as provided in Section 7.6 and shall be issued by December 31, 2017.\nOf the total amount of Bonds authorized in this Act, $3,200,000,000 of the additional amount authorized by Public Act 100-587, Public Act 102-718, Public Act 104-8, and this amendatory Act of the 104th General Assembly shall be used solely as provided in Section 7.7.\nThe 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.\n(Text of Section from P.A. 104-469)\nAuthorization 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 $85,137,839,969.\nThe bonds authorized in this Section 2 and in Section 16 of this Act are herein called \"Bonds\".\nOf 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.\nOf 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.\nOf the total amount of Bonds authorized in this Act, the additional $10,000,000,000 authorized by Public Act 93-2, the $3,466,000,000 authorized by Public Act 96-43, and the $4,096,348,300 authorized by Public Act 96-1497 shall be used solely as provided in Section 7.2.\nOf the total amount of Bonds authorized in this Act, the additional $6,000,000,000 authorized by Public Act 100-23 shall be used solely as provided in Section 7.6 and shall be issued by December 31, 2017.\nOf the total amount of Bonds authorized in this Act, $2,200,000,000 of the additional amount authorized by Public Act 100-587, Public Act 102-718, and Public Act 104-8 shall be used solely as provided in Section 7.7.\nThe 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.","path":["CHAPTER 30 FINANCE","General Obligation Bond Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=508\u0026ChapterID=7\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:18Z","sha256":"d87bf225671720c6cfb5b709a642c853daa2efc5f8dab8f6e01a673a38449b29","source_id":"us-il","stale":false,"prev":"us-il/30-ilcs-330-1.5","next":"us-il/30-ilcs-330-2.5"},"notice":"GroundRules: Original legal text. Not legal advice."}