IL SB2198

Allows re-issuance of up to $2,200,000,000 in bonding authority previously authorized under Public Act 96-1497, with proceeds deposited into the General Obligation Bond Retirement and Interest Fund solely to retire outstanding bonds from that act.

Bonds issued under this amendatory act shall be payable within 10 years from their date.

Exempts bonds authorized by this act from debt service limitation requirements that normally restrict bonds to 7% of aggregate appropriations from general funds and Road Fund.

Exempts bonds authorized by this act from requirements concerning methods of bond sale (public bid versus negotiated sale).

Modifies Section 7.2 to allow $4,096,348,300 in bonds authorized by the 96th General Assembly to be used for purposes authorized in new Section 7.6, in addition to their original pension contribution purposes.