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20 ILCS 3110/9
(20 ILCS 3110/9) (from Ch. 127, par. 213.9)
Sec. 9. Limitation on disbursements. The Authority shall keep account
of the gross total income derived from each separate project or any combination
thereof undertaken pursuant to this Act. Disbursements from a given account
in The Public Building Fund shall be ordered by the Authority only for the
payment of
(1) the principal of and interest on the bonds issued for each project,
or combination thereof, and (2) any other purposes set forth in the
resolution authorizing the issuance of such bonds.
An accurate record shall be kept of the rental payments under each
lease entered into by the Authority and any officer, department, board,
commission or other agency of the State of Illinois, the Director of the
Department of Central Management Services, the Board of Trustees of the
University of Illinois, the Board of Trustees of Southern Illinois University,
the Board of Trustees of Chicago State University, the Board of Trustees of
Eastern Illinois University, the Board of Trustees of Governors State
University, the Board of Trustees of Illinois State University, the Board of
Trustees of Northeastern Illinois University, the Board of Trustees of Northern
Illinois University, the Board of Trustees of Western Illinois University, or any public community
college district board, and when the rentals applicable to each project
or facility, or any combination thereof, constructed, completed, remodeled,
maintained
and equipped, have been paid in (1) amounts sufficient to amortize and pay
the principal of and interest upon the total principal amount
of bonds of the Authority issued to pay the cost of each project or facility,
including maintenance and operation expenses and that proportion of the
administrative expense of the Authority as provided for by each lease, or
(2) amounts which when invested in direct obligations of the United
States of America are, together with earnings thereon, sufficient to amortize
and pay the principal of and interest upon the total principal amount
of bonds of the Authority issued to pay the cost of each project
or facility, including maintenance and operation expenses and that proportion
of the administrative expense of the Authority as provided for by each lease,
the property shall be conveyed without charge to the lessee.
(Source: P.A. 94-1105, eff. 6-1-07.)
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