(20 ILCS 3105/10.01A)
(from Ch. 127, par. 780.01A)
(a) To exercise all the powers, functions and duties, as
the successor agency to the Illinois Building Authority, authorized or required
by "An Act to create the Illinois Building Authority and to define its powers
and duties", approved August 15, 1961, as amended.
(b) In addition to the foregoing powers, the Authority shall have the
power (1) to effect net defeasance of all outstanding bonds of the Authority.
The term net defeasance, as used in this Section, means the deposit in escrow
of moneys in an amount sufficient, when added to guaranteed interest earnings
of such funds, to pay all remaining principal and interest until maturity
of all series of bonds outstanding, or (2) in the event net defeasance is
not effected, the Authority is hereby directed to effect gross
defeasance of all outstanding bonds of the Authority as soon as feasible.
The term gross defeasance, as used in this Section means the deposit in
escrow of cash or cash equivalents
in an amount sufficient to pay all remaining principal and interest until
maturity of any or all series of bonds outstanding.
(c) When any such escrow has been established, moneys so deposited will
be invested and reinvested only at the direction of the Treasurer, and all
interest income or profit derived therefrom in excess of the amount needed
for expenses of administration of the escrow, the cost of insurance unless
otherwise provided for, and the amount necessary to pay all remaining principal
and interest until maturity of bonds which are the subject of that escrow
shall be transmitted when earned to the Treasurer, pursuant to directions
from the Treasurer, to be credited to the Public Building Fund.
(d) When all outstanding bonds of the Authority are so defeased, all interest
income or profit derived therefrom in excess of the amount required for
purposes of subparagraph (c) shall be transmitted, when earned, to the
Treasurer. The Treasurer shall transfer quarterly any balance remaining
in the Public Building Fund to the General Revenue Fund.
(Source: P.A. 82-790.)