Illinois § 7.7
Full text of Illinois Illinois Compiled Statutes § 7.7, with citation guidance and answers to common questions.
§ 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. (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. (Source: P.A. 102-718, eff. 5-5-22.) (Text of Section after amendment by P.A. 104-8) Sec. 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, Public Act 102-718, and this amendatory Act of the 104th General Assembly and used for the purpose of making accelerated pension benefit payments under Articles 14, 15, and 16 of the Illinois Pension Code. (b) State Pension Obligation Acceleration Bonds in the amount of $2,200,000,000 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. (Source: P.A. 104-8, eff. 1-1-26.)
Frequently Asked Questions About Illinois § 7.7
What does Illinois Compiled Statutes § 7.7 cover?
Section 7.7 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 7.7?
A common citation format is "Illinois Compiled Statutes § 7.7" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 7.7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.