15 ILCS 530/ Destruction of Indebtedness Certificates Act.

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15 ILCS 530/0.01

(15 ILCS 530/0.01) (from Ch. 130, par. 19c9)

Sec. 0.01.

Short title.

This Act may be cited as the

Destruction of Indebtedness Certificates Act.

(Source: P.A. 86-1324.)

15 ILCS 530/1

(15 ILCS 530/1) (from Ch. 130, par. 19d)

Sec. 1.

The State Treasurer is authorized to provide for the shredding,
cremation, or sale of all bonds, tax anticipation notes, revenue notes and
other evidences of indebtedness heretofore or hereafter issued, including
interest coupons relating thereto, in the possession or under the control
of the State Treasurer, which have been paid, redeemed or cancelled by the
State of Illinois at least one year prior to the date of such shredding,
cremation or sale. The authority herein contained shall extend to any
portion of any issue and to any portion of any serial issue of such bonds,
notes, evidences of indebtedness and interest coupons which have been so
paid, redeemed or cancelled.

The shredding or cremation of any bonds, notes, evidences of
indebtedness or interest coupons shall be conducted in the presence of the
State Treasurer, the State Comptroller and the Governor, or duly authorized
agents of such officers. It shall be the duty of such officers or agents,
as the case may be, to execute at such time a certificate of shredding or a
certificate of cremation which shall contain a brief description or
identification of the bonds, notes or other evidences of indebtedness or
interest coupons so shredded or cremated.

The State Treasurer may sell as scrap, for the best price possible, any
such bonds, notes, evidences of indebtedness and interest coupons which
have been effectively mutilated. If the value of such scrap by fair
appraisal is $500 or more, it shall be sold only to the highest bidder on
open competitive bidding after public advertisement, in such manner and for
such terms as the State Treasurer, by rule, may prescribe. The State
Treasurer shall execute a certificate of sale which shall describe or
identify briefly the property sold.

Each certificate of shredding, cremation or sale shall be filed in the
office of the State Treasurer for permanent keeping therein.

(Source: P.A. 78-230; 78-592; 78-1297.)