(105 ILCS 5/1E-80)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-80.
Debt service fund.
The Authority shall establish a debt service
fund for the Bonds to be maintained by a paying agent, escrow agent,
depository, or corporate trustee, which may be any
trust company or bank having the power of a trust company within this State,
separate and segregated from all other funds and accounts of the Authority and
the district. All moneys on deposit in the debt service fund shall be held in
trust in the debt service fund for the benefit of the holders of the Bonds,
shall
be applied solely for the payment of the principal of and sinking fund
installment,
redemption premium, if any, and interest on the Bonds, and shall not be used
for any other purpose. The holders of the Bonds shall have a security interest
in and lien upon all such moneys.
(Source: P.A. 92-547, eff. 6-13-02.)
|