Sec. 2.5. Limitation on issuance of Bonds.

270 words·~1 min read·/il/chapter-30/act-330/2-5

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(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 interest) on all then-outstanding Bonds, other than

(i)Bonds authorized by Public Act 100-23,

(ii)Bonds issued by Public Act 96-43,

(iii)Bonds authorized by Public Act 96-1497,

(iv)Bonds authorized by Public Act 100-587, and

(v)Bonds authorized by this amendatory Act of the 102nd General Assembly, would exceed 7% of the aggregate appropriations from the general funds, the State Construction Account Fund, and the Road Fund for the fiscal year immediately prior to the fiscal year of the issuance. For the purposes of this subsection (a), "general funds" has the same meaning as ascribed to that term under Section 50-40 of the State Budget Law of the Civil Administrative Code of Illinois.

(b)If the Comptroller and Treasurer each consent in writing, Bonds may be issued even if the issuance does not comply with subsection (a). In addition, $2,000,000,000 in Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, and $2,000,000,000 in Refunding Bonds under Section 16, may be issued during State fiscal year 2017 without complying with subsection (a). In addition, $2,000,000,000 in Bonds for the purposes set forth in Sections 3, 4, 5, 6, and 7, and $2,000,000,000 in Refunding Bonds under Section 16, may be issued during State fiscal year 2018 without complying with subsection (a).