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91_HB2023
LRB9104508NTsb
1 AN ACT to amend the School Code by changing Section
2 34B-3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The School Code is amended by changing
6 Section 34B-3 as follows:
7 (105 ILCS 5/34B-3) (from Ch. 122, par. 34B-3)
8 Sec. 34B-3. The Notes shall bear interest at such rate
9 or rates as shall be determined by ordinance of the City as
10 hereinafter provided, which rate or rates shall not be
11 limited by any interest rate limitation provided by law
12 including, without limitation, the limitation contained in
13 Section 2 of "An Act to authorize public corporations to
14 issue bonds, other evidences of indebtedness and tax
15 anticipation warrants subject to interest rate limitations
16 set forth therein", approved May 26, 1970, as amended. The
17 Notes shall bear interest from the date of their issuance
18 until paid in full, but no interest shall be payable prior to
19 the earlier of the date of any prepayment thereof or October
20 1, 1980. The Notes shall mature within 2 two years from the
21 date of their issuance.
22 (Source: P.A. 81-1222.)