Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 415/7

(30 ILCS 415/7) (from Ch. 127, par. 707)

Sec. 7.

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 and also to pay and discharge the principal
of such of the Bonds as shall fall due during such period. To provide for
the manner of repayment of the Transportation Bonds, Series A, a separate
fund in the State Treasury called the "Transportation Bond, Series A
Retirement and Interest Fund" is hereby created. The General Assembly shall
annually make appropriations for monies to pay the principal of and
interest on the Transportation Bonds, Series A from the Transportation
Bond, Series A Retirement and Interest Fund and shall direct the transfer
from time to time of monies from the Road Fund to the Transportation Bond,
Series A Retirement and Interest Fund, an amount which shall be sufficient
to pay the principal of and interest on the Transportation Bonds, Series A
as the same become due. If there are insufficient funds in the Road Fund to
pay the principal of and interest on the Transportation Bonds, Series A, as
the same become due, the General Assembly shall direct the transfer from
time to time of monies from the General Revenue Fund to the Transportation
Bond, Series A Retirement and Interest Fund to the extent such transfer of
monies is necessary to pay the principal of and interest on such
Transportation Bonds, Series A which could not be paid by monies
transferred from the Road Fund. To provide for the manner of repayment of
the Transportation Bonds, Series B a separate fund in the State Treasury
called the "Transportation Bond, Series B Retirement and Interest Fund" is
hereby created. The General Assembly shall make appropriations for monies
to pay the principal of and interest on the Transportation Bonds, Series B
from the Transportation Bond, Series B Retirement and Interest Fund and
shall direct the transfer from time to time of monies from the General
Revenue Fund to the Transportation Bond, Series B Retirement and Interest
Fund, an amount which shall be sufficient to pay the principal of and
interest on the Transportation Bonds, Series B as the same become due.

If for any reason the General Assembly fails to make appropriations for
or transfers to the said Transportation Bond, Series A Retirement and
Interest Fund and the Transportation Bond, Series B Retirement and Interest
Fund, as the case may be, of amounts sufficient for the State to pay the
principal of and interest on the Bonds as the same 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 Auditor of Public Accounts, or Comptroller as his
successor, and to the Treasurer of the State to make the necessary
transfers out of and disbursements from the revenues and funds of the State
for that purpose.

All Bonds issued in accordance with the provisions of this Act shall be
direct, general obligations of the State of Illinois and shall so state on
the face thereof, and the full faith and credit of the State of Illinois
are hereby pledged for the punctual payment of the interest thereon as the
same shall become due and for the punctual payment of the principal thereof
at maturity, and the provisions of this Section shall be irrepealable until
all such Bonds are paid in full as to both principal and interest.

(Source: P.A. 77-150.)