SB3431 Summary

• Authorizes the State of Illinois to issue $25,000,000 in general obligation bonds with proceeds allocated 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, and sold through sealed competitive bidding with advertisements in Springfield and Chicago newspapers at least 10 days prior to bid opening.

• 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 to hold appropriations for principal and interest payments.

• Pledges the full faith and credit of the State for bond repayment; provides that if the General Assembly fails to appropriate sufficient funds, the Act creates an irrevocable continuing appropriation and directs the Comptroller and Treasurer to make necessary transfers from state revenues.

• Allows bond holders to initiate civil action in Illinois Supreme Court for payment upon default, with service to the Attorney General constituting sufficient jurisdiction; permits issuance of refunding bonds up to 103% of original principal amount.