(20 ILCS 3501/825-75) Sec. 825-75. Additional Security. In the event that the Authority
determines
that monies of the Authority will not be sufficient for the payment of the
principal of and interest on any bonds issued by the Authority under
Sections
825-65 through 825-75 of this Act for Clean Coal Projects, Coal Projects, Energy Efficiency Projects, or Renewable Energy Projects
during the next State fiscal
year, the Chairperson, as soon as practicable, shall certify to the Governor
the
amount required by the Authority to enable it to pay such principal, premium,
if
any, and interest on such bonds. The Governor shall submit the amount so
certified to the General Assembly as soon as practicable, but no later than the
end of the current State fiscal year. This subsection shall
apply to any
bonds or notes as to which the Authority shall have determined, in the
resolution authorizing the issuance of the bonds or notes, that this subsection
shall apply. Whenever the Authority makes such a determination, that fact
shall be plainly stated on the face of the bonds or notes and that fact should
also be reported to the Governor.
In the event of a withdrawal of moneys from a reserve fund established with
respect to any issue or issues of bonds of the Authority to pay principal,
premium, if any, and interest on such bonds, the Chairman of the Authority, as
soon as practicable, shall certify to the Governor the amount required to
restore the reserve fund to the level required in the resolution or indenture
securing those bonds. The Governor shall submit the amount so certified to the
General Assembly as soon as practicable, but no later than the end of the
current State fiscal year. The Authority shall obtain written approval from the
Governor for any bonds and notes to be issued under this Section.(Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10; 96-817, eff. 1-1-10.) |