Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3805/26.1

(20 ILCS 3805/26.1) (from Ch. 67 1/2, par. 326.1)

Sec. 26.1.

In the event that the Authority determines that monies of the
Authority will not be sufficient for the payment of the principal of and
interest on its bonds (or on any notes issued for a maturity in excess of
three years) during the next State fiscal year, excluding amounts in the
debt service reserve fund for those bonds or notes, the Chairman shall
certify to the Governor, as soon as is practicable, the amount required by
the Authority to enable it to pay such principal of and interest on the
bonds or notes. The Governor shall submit the amount so certified to the
General Assembly as soon as practicable, but not later than the end of the
current State fiscal year.

In the event of a withdrawal of moneys from a reserve fund established
with respect to any issue or issues of bonds or notes of the Authority to pay
principal or interest on such bonds, the Chairman of the Authority, as soon
as practicable, shall certify to the Governor the amount required
to restore such reserve fund to the level required in the resolution or
indenture securing the bonds. The Governor shall submit the amount so
certified to the General Assembly as soon as practicable, but no later than
the end of the current State fiscal year.

This Section shall not apply to any bonds or notes as to which the
Authority shall have determined, in the resolution authorizing the issuance
of the bonds or notes, that this Section shall not apply.  Whenever the
Authority makes such a determination that fact shall be plainly stated on
the face of the bonds or notes and that fact shall also be reported to the
Governor. The Authority shall obtain written approval from the Governor for
bonds and notes issued under this Section.

(Source: P.A. 87-778.)