|
| | HB5289 Enrolled | | LRB096 16711 HLH 32001 b |
|
|
| 1 | | AN ACT concerning finance.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The School Code is amended by changing Section |
| 5 | | 19-20 as follows:
|
| 6 | | (105 ILCS 5/19-20) (from Ch. 122, par. 19-20)
|
| 7 | | Sec. 19-20. Execution-Maturity-Callable.
|
| 8 | | The refunding bonds shall be of such form and denomination, |
| 9 | | payable at
such place, bear such date, and be executed by such |
| 10 | | officials as may be
provided by the corporate authorities of |
| 11 | | the school district in the bond
resolution. They shall mature |
| 12 | | within not to exceed 20 years from their
date, and may be made |
| 13 | | callable on any interest payment date at par and
accrued |
| 14 | | interest after notice has been given at the time and in the |
| 15 | | manner
provided in the bond resolution; however, the limitation |
| 16 | | shall be 25 years for bonds issued by Valley View Community |
| 17 | | Unit School District 365U that refund (i) bonds authorized |
| 18 | | under Section 19-3 of this Code or (ii) bonds refunding or |
| 19 | | continuing to refund bonds authorized under Section 19-3 of |
| 20 | | this Code.
|
| 21 | | (Source: Laws 1961, p. 31.)
|
| 22 | | Section 99. Effective date. This Act takes effect upon |