Illinois Statutes Chapter 30. Finance § 330/7.7. State Pension Obligation Acceleration Bonds

(a) As used in this Act, “State Pension Obligation Acceleration Bonds” means Bonds authorized by Public Act 100-587 and this amendatory Act of the 102nd General Assembly and used for the purpose of making accelerated pension benefit payments under Articles 14, 15, and 16 of the Illinois Pension Code.  1

(b) State Pension Obligation Acceleration Bonds in the amount of $2,000,000,000 are hereby authorized to be used for the purpose of making accelerated pension benefit payments under Articles 14, 15, and 16 of the Illinois Pension Code.

(c) The proceeds of State Pension Obligation Acceleration Bonds authorized in subsection (b) of this Section, less the amounts authorized in the Bond Sale Order to be directly paid out for bond sale expenses under Section 8, shall be deposited directly into the State Pension Obligation Acceleration Bond Fund, and the Comptroller and the Treasurer shall, as soon as practical, make accelerated pension benefit payments under Articles 14, 15, and 16 of the Illinois Pension Code.

(d) There is created the State Pension Obligation Acceleration Bond Fund as a special fund in the State Treasury. Funds deposited in the State Pension Obligation Acceleration Bond Fund may only be used for the purpose of making accelerated pension benefit payments under Articles 14, 15, and 16 of the Illinois Pension Code or for the payment of principal and interest due on State Pension Obligation Acceleration Bonds. This subsection shall constitute an irrevocable and continuing appropriation of all amounts necessary for such purposes.