HB4959 - Titanium General Obligation Bond Act

• Authorizes the State of Illinois to issue $25,000,000 in general obligation bonds to allocate to Illinois companies that produce, manufacture, or substantially use titanium powdered metals for infrastructure, engineering, legal, design, and research and development purposes.

• Bonds are serial bonds with $5,000 minimum denomination, payable within 30 years, bearing interest at not more than 15% per annum, sold by sealed bid to highest bidders for not less than par value.

• Creates two special funds: the Titanium Powdered Metals Development Fund to receive bond proceeds, and the Titanium Powdered Metals Development Bond Retirement and Interest Fund for bond repayment.

• Requires the Governor to include annual budget appropriations sufficient to pay bond interest as it accrues and principal as it matures; constitutes an irrevocable continuing appropriation if the General Assembly fails to appropriate adequate funds.

• Bonds are direct general obligations of Illinois backed by the full faith and credit of the State; bond holders may bring civil action in Illinois Supreme Court to compel payment upon default; allows refunding bonds up to 103% of original principal amount.