Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(30 ILCS 425/15) (from Ch. 127, par. 2815)
Sec. 15. Refunding Bonds. Refunding Bonds are hereby authorized for
the purpose of refunding any outstanding Bonds, including the payment of
any redemption premium thereon, any reasonable expenses of such refunding,
and any interest accrued or to accrue to the earliest or any subsequent
date of redemption or maturity of outstanding Bonds; provided that no refunding Bonds shall be offered for sale unless the net present value of debt service savings to be achieved by the issuance of the refunding Bonds is 3% or more of the principal amount of the refunded Bonds or the principal amount of the refunding Bonds to be issued; and further provided that refunding Bonds shall mature within the term of the Bonds being refunded in compliance with paragraph (e) of Section 9 of Article IX of the Illinois Constitution of 1970.
Refunding Bonds may be sold in such amounts and at such times, as
directed by the Governor upon
recommendation by the Director of the
Governor's Office of Management and Budget. The Governor
shall notify the State Treasurer and
Comptroller of such refunding. The proceeds received from the sale of
refunding Bonds shall be used
for the retirement at maturity or redemption of such outstanding Bonds on
any maturity or redemption date and, pending such use, shall be placed in
escrow, subject to such terms and conditions as shall be provided for in
the Bond Sale Order relating to the refunding Bonds. This Act shall
constitute an irrevocable and continuing
appropriation of all amounts necessary to establish an escrow account for
the purpose of refunding outstanding Bonds and to pay the reasonable
expenses of such refunding and of the issuance and sale of the refunding
Bonds. Any such escrowed proceeds may be invested and
reinvested in direct obligations of the United States of America, maturing
at such time or times as shall be appropriate to assure the prompt payment,
when due,
of the principal of and interest and redemption premium, if any, on the
refunded Bonds. After the terms of the escrow have been fully satisfied,
any remaining balance of such proceeds and interest, income and profits
earned or realized on the investments thereof shall be paid into the
General Revenue Fund. The liability of the State upon the refunded Bonds
shall continue, provided that the holders thereof shall thereafter be
entitled to payment only out of the moneys deposited in the escrow account
and the refunded Bonds shall be deemed paid, discharged and no longer to be
outstanding.
Except as otherwise herein provided in this Section, such refunding Bonds
shall in all other respects be issued pursuant to and subject to the terms
and conditions of this Act and shall be secured by and payable from only the
funds and sources which are provided under this Act.
(Source: P.A. 102-16, eff. 6-17-21; 103-7, eff. 7-1-23.)
|
