(20 ILCS 1110/8) (from Ch. 96 1/2, par. 4108)
Sec. 8. Sale of bonds. The bonds shall be issued and sold from time to
time in such amounts as directed by the Governor, upon recommendation by the
Director of the
Governor's Office of Management and Budget. The bonds shall be serial bonds in the
denomination of $5,000 or some multiple thereof, shall be payable within 30
years from their date, shall bear interest payable annually or semiannually
from their date at the rate of not more than 15% per annum, or such higher
maximum rate as may be authorized by "An Act to authorize public corporations
to issue bonds, other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein", approved May 26,
1970, as amended, shall be dated, and shall
be in such form as the Director of the
Governor's Office of Management and Budget shall fix and
determine in the order authorizing the issuance and sale of the bonds,
which order shall be approved by the Governor prior to the giving of notice
of the sale of any of the bonds. These bonds shall be payable as to both
principal and interest at such place or places, within or without the State
of Illinois, and may be made registrable as to either principal or as to
both principal and interest, as shall be fixed and determined by the
Director of the
Governor's Office of Management and Budget in the order authorizing the issuance
and sale of such bonds. The bonds may be callable as fixed and determined
by the Director of the
Governor's Office of Management and Budget in the order authorizing the
issuance and sale of the bonds; provided, however, that the State shall not
pay a premium of more than 3% of the principal of any bonds so called.
(Source: P.A. 94-793, eff. 5-19-06.)
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