Illinois General Assembly - Full Text of Public Act 096-1546
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Public Act 096-1546





Public Act 096-1546
HB5289 EnrolledLRB096 16711 HLH 32001 b

    AN ACT concerning finance.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The School Code is amended by changing Section
19-20 as follows:
    (105 ILCS 5/19-20)  (from Ch. 122, par. 19-20)
    Sec. 19-20. Execution-Maturity-Callable.
    The refunding bonds shall be of such form and denomination,
payable at such place, bear such date, and be executed by such
officials as may be provided by the corporate authorities of
the school district in the bond resolution. They shall mature
within not to exceed 20 years from their date, and may be made
callable on any interest payment date at par and accrued
interest after notice has been given at the time and in the
manner provided in the bond resolution; however, the limitation
shall be 25 years for bonds issued by Valley View Community
Unit School District 365U that refund (i) bonds authorized
under Section 19-3 of this Code or (ii) bonds refunding or
continuing to refund bonds authorized under Section 19-3 of
this Code.
(Source: Laws 1961, p. 31.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 3/10/2011