Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 330/14

(30 ILCS 330/14) (from Ch. 127, par. 664)

Sec. 14. Repayment.

(a) To provide for the manner of repayment of Bonds, the Governor shall
include an appropriation in each annual State Budget of monies in such amount
as shall be necessary and sufficient, for the period covered by such budget,
to pay the interest, as it shall accrue, on all Bonds issued under this Act,
to pay and discharge the principal of such Bonds as shall, by their terms,
fall due during such period, to pay a premium, if any, on Bonds to be
redeemed prior to the maturity date, and to pay sinking fund payments in connection with Qualified School Construction Bonds authorized by subsection (e) of Section 9.  Amounts included in such appropriations
for the payment of interest on variable rate bonds shall be the maximum amounts
of interest that may be payable for the period covered by the budget, after
taking into account any credits permitted in the related indenture or other
instrument against the amount of such interest required to be appropriated for
such period.  Amounts included in such appropriations for the payment of
interest shall include the amounts certified by the Director of the
Governor's Office of Management and Budget under subsection (b) of Section 9 of this Act.

(b) A separate fund in the State Treasury called the "General Obligation
Bond Retirement and Interest Fund" is hereby created.

(c) The General Assembly shall annually make appropriations to pay the
principal of, interest on, and premium, if any, on Bonds sold under this
Act from the General Obligation Bond Retirement and Interest Fund.
Amounts included in such appropriations for the payment of interest on
variable rate bonds shall be the maximum amounts of interest that may be
payable during the fiscal year, after taking into account any credits
permitted in the related indenture or other instrument against the amount
of such interest required to be appropriated for such period.  Amounts included
in such appropriations for the payment of interest shall include the amounts
certified by the Director of the
Governor's Office of Management and Budget under subsection (b) of
Section 9 of this Act.

If for any reason there are insufficient funds in either the General
Revenue Fund or the Road Fund to make
transfers to the General Obligation Bond Retirement and Interest Fund as
required by Section 15 of this Act, or if for any reason the General Assembly
fails to make appropriations sufficient to pay the principal of, interest on,
and premium, if any, on the Bonds, as the same by their terms shall become due,
this Act shall constitute an irrevocable and continuing appropriation of all
amounts necessary for that purpose, and the irrevocable and continuing
authority for and direction to the State Treasurer and the Comptroller to make
the necessary transfers, as directed by the Governor, out of and disbursements
from the revenues and funds of the
State.

(d) If, because of insufficient funds in either the General Revenue Fund
or the Road Fund, monies have been transferred to the General Obligation
Bond Retirement and Interest Fund, as required by subsection (c) of this
Section, this Act shall constitute the irrevocable and continuing authority
for and direction to the State Treasurer and Comptroller to reimburse these
funds of the State from the General Revenue Fund or the Road Fund, as
appropriate, by transferring, at such times and in such amounts, as directed by
the Governor, an amount to these funds equal to that transferred from them.

(Source: P.A. 96-828, eff. 12-2-09.)