Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 425/9

(30 ILCS 425/9) (from Ch. 127, par. 2809)

Sec. 9. Allocation of Proceeds from Sale of Bonds.

Proceeds from
the sale of Bonds (other than refunding Bonds)
shall be deposited in the separate fund in the State Treasury
known as the Build Illinois Bond Fund and shall be expended only pursuant
to appropriation by the General Assembly.
Proceeds to be deposited into any debt service or reserve funds as may be
required under any trust indenture shall be paid from the Build Illinois
Bond Fund to the trustee under the trust indenture specified in the Bond
Sale Order at the time of the delivery of the Bonds as directed in the Bond Sale Order.
Accrued interest paid to the State at the time of the delivery of any
series of Bonds shall be deposited into the Build Illinois Bond Retirement
and Interest Fund in the State Treasury and shall be paid immediately
from that Fund to the trustee under the trust indenture specified in the
Bond Sale Order.

(Source: P.A. 93-839, eff. 7-30-04.)