Sec. 7.6. Income Tax Proceed Bonds.

302 words·~1 min read·/il/chapter-30/act-330/7-6

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)As used in this Act, "Income Tax Proceed Bonds" means Bonds

(i)authorized by Public Act 100-23 or any other Public Act of the 100th or 101st General Assembly authorizing the issuance of Income Tax Proceed Bonds and

(ii)used for the payment of unpaid obligations of the State as incurred from time to time and as authorized by the General Assembly.

(b)Income Tax Proceed Bonds in the amount of $6,000,000,000 are hereby authorized to be used for the purpose of paying vouchers incurred by the State prior to July 1, 2017. Additional Income Tax Proceed Bonds in the amount of $1,200,000,000 are hereby authorized to be used for the purpose of paying vouchers incurred by the State and accruing interest payable by the State prior to the date on which the Income Tax Proceed Bonds are issued.

(c)The Income Tax Bond Fund is hereby created as a special fund in the State treasury. All moneys from the proceeds of the sale of the Income Tax Proceed Bonds, less the amounts authorized in the Bond Sale Order to be directly paid out for bond sale expenses under Section 8, shall be deposited into the Income Tax Bond Fund. All moneys in the Income Tax Bond Fund shall be used for the purpose of paying vouchers incurred by the State prior to July 1, 2017 or for paying vouchers incurred by the State more than 90 days prior to the date on which the Income Tax Proceed Bonds are issued. For the purpose of paying such vouchers, the Comptroller has the authority to transfer moneys from the Income Tax Bond Fund to general funds and the Health Insurance Reserve Fund. "General funds" has the meaning provided in Section 50-40 of the State Budget Law.