(110 ILCS 610/4) (from Ch. 144, par. 1014)
Sec. 4.
The gross total income derived from the sale of bonds,
including receipts and income derived from charges or fees, rentals, and
all other revenue established for the use and service of any such
building or buildings or structures shall, within 3 days after receipt
thereof, be paid to the Treasurer of the State of Illinois and held by
him as a special fund known as "The Board of Governors of State Colleges
and Universities Revenue Fund". The State Treasurer shall be ex-officio
custodian of such special fund, which fund shall be held and disbursed
for the purposes provided in this Act. Such special fund shall be
protected by a corporate surety bond executed by the Treasurer of the
State of Illinois with a surety authorized to do business under the laws
of the State of Illinois. The amount of bonds shall be fixed by
resolution of The Board of Governors of State Colleges and Universities
or its successor and may be increased or diminished at any time. The
premiums of such bonds shall be payable from The Board of Governors of
State Colleges and Universities Revenue Fund and charged as an item of
maintenance expense. Such special fund shall be considered always
appropriated for the purposes as provided in this Act.
A certified copy of each resolution providing for the issuance of
bonds under this Act shall be filed with the Treasurer of the State of
Illinois, who shall keep and maintain separate accounts in "The Board of
Governors of State Colleges and Universities Revenue Fund" for each bond
issue in accordance with the covenants and directions
set out in the
resolution providing for the issuance of such bonds. All disbursements
for maintenance and operation costs shall be made from the proper
maintenance and operation account of each particular project upon order
of The Board of Governors of State Colleges and Universities or its
successor in accordance with the covenants set out in the resolution
authorizing the issuance of the bonds, and the State Treasurer shall
disburse funds from the proper account for the payment of principal and
interest on bonds in accordance with the direction and covenants of the
resolution authorizing the issue thereof.
(Source: Laws 1965, p. 1636.)
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