(105 ILCS 5/32-4.3) (from Ch. 122, par. 32-4.3)
Sec. 32-4.3.
Resolution.
Said bonds shall be sold in such manner and upon such terms not
inconsistent with the provisions hereof as the board of inspectors shall
determine by resolution authorizing the issuance of said bonds. The
resolution may contain such covenants and restrictions upon the issuance of
additional revenue bonds thereafter as may be deemed necessary or advisable
for the assurance of the payment of all revenue bonds previously issued and
secured by the rentals and other revenue from any lease upon the same
school property. The resolution shall pledge the rentals and other revenue
from said school property for the purpose of paying the cost of operation
and maintenance of said school property, providing an adequate depreciation
fund, and paying the principal of and interest on bonds issued pursuant
thereto and shall provide for the deposit of all rentals and other revenue,
as received, in a special fund to be used only for the purpose of paying
the cost of operating and maintaining said school property, providing an
adequate depreciation fund, and paying the principal of and interest on
said bonds.
(Source: Laws 1961, p. 31.)
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