(30 ILCS 350/8) (from Ch. 17, par. 6908)
Sec. 8.
Coverage covenant.
A governing body is authorized and may
covenant and contract with the holders of revenue bonds to levy, charge and
collect moneys pledged as security for the payment of revenue bonds in
amounts sufficient to provide for the prompt payment of debt service and to
provide an additional amount of money as coverage computed as a percentage
of the amount of debt service scheduled to be payable in any given year.
(Source: P.A. 85-1419.)
|